721 21St AvePortland, OR 97209

For Sale
$1,101,000

Prime location, high NOI, strong market.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional 2,500 square foot restaurant and bar, located at 721 NW 21st Ave in Portland, Oregon's desirable Northwest district, presents a rare investment opportunity. Built in 1914, the property sits on a 5,000 square foot lot and is zoned C2. The asking price is $1,101,000, reflecting a price per square foot of $440.40 and a pro-forma cap rate of 6.13%. The property boasts a strong pro-forma net operating income (NOI) of $67,491. Situated between NW Lovejoy and NW Glisan, this location offers unparalleled exposure in a vibrant retail corridor known for its eclectic mix of shops, restaurants, and cafes, attracting both locals and tourists. The Northwest submarket has shown remarkable performance over the past three years, with average transaction cap rates at 5.2%, and limited availability (only 13 sales since January 1, 2022, with just one in the past year) makes this a highly desirable off-market opportunity. Favorable economic conditions, including a strong labor market and gradually declining inflation, further enhance the investment potential. This property offers a unique blend of established business and prime real estate in a thriving Portland neighborhood.

Highlights

  • Exceptional location in Portland's desirable Northwest District, on NW 21st Ave between NW Lovejoy and NW Glisan, offering high visibility in a vibrant retail corridor.
  • Strong market performance with limited inventory; only 13 sales in the Northwest submarket since January 1, 2022, and just one in the past year, resulting in a 5.2% average cap rate.
  • Favorable economic conditions, including a strong job market and easing inflation, contribute to a positive investment outlook.

Property Details for 721 21St Ave

Property type
Other retail properties, Restaurants
Square Feet
2,500 SF
Year Built
1914

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.5281567
Longitude
-122.6947136
721 21St Ave, Portland, Oregon

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
721 21St Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message