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The Society Hotel – Portland 203-209 NW 3rd Ave 38 Room Hotel Portland, OR 97209 $4,500,000 ($118,421/Room) 9.63% Cap Rate
Investment Highlights
- 9.63% Cap Rate | 11.77% ROI | 4.18 GRM (Actuals)
- Qualified Opportunity Zone Location | Ideal For Multifamily, Co-Housing, Or Adaptive Reuse
- Historic Property With LEED Silver Certification | Independent Hotel - Brand Does Not Transfer
- Economy | Select-Service | 38 Keys + 24 Bunks (62 Beds Total) | Flexible Ensuite, European, and Dorm-style Rooms
- Walkable Old Town Chinatown Neighborhood | 3 Blocks To Waterfront Park & River
- TripAdvisor's #1 Ranked Portland Metro Hostel
Executive Summary
The Society Hotel – Portland is a 62-bed independent, economy-scale, interior-corridor hospitality asset housed in a historic, 4-story, 11,924 SF brick building in downtown Portland’s Old Town Chinatown neighborhood. Extensively renovated to achieve LEED Silver certification, the property features a highly flexible room mix of custom bunkbeds, traditional rooms with shared private baths, and premium ensuite king units. On-site amenities include a ground-floor cafe and bar with a full liquor license, a historic lobby lounge, and a panoramic rooftop deck featuring a year-round outdoor spa and sauna lounge area. Rooftop deck offers live music. Event/Meeting space on the roof may be rented for gatherings, music, yoga & classes, retail pop-ups, and photoshoots.
Operating 100% unencumbered by franchise flags or management agreements, the asset offers ultimate operational flexibility and a proven independent brand identity. Positioned just three blocks from Tom McCall Waterfront Park and two blocks from the MAX Light Rail system in downtown Portland, the building’s layout and federal Opportunity Zone designation support a continued boutique lodging rebrand or an immediate adaptive-reuse conversion into senior, student, multifamily, or transitional housing to capture steady regional demand anchored by Portland's $5.5B visitor economy.
Property Facts
| Price | $4,500,000 | Lot Size | 0.07 AC |
| Price Per Room | $118,421 | Building Size | 11,924 SF |
| Sale Type | Investment | No. Rooms | 38 |
| Cap Rate | 9.63% | No. Stories | 4 |
| Sale Condition | Business Value Included | Year Built/Renovated | 1881/2015 |
| Property Type | Hospitality | Corridor | Interior |
| Property Subtype | Hotel | Opportunity Zone |
Yes
|
| Building Class | B | ||
| Zoning | CX - CX (Central Commercial) zoning allows for dense, mixed-use development. This Property IS in a Qualified Opportunity Zone Location. | ||
| Price | $4,500,000 |
| Price Per Room | $118,421 |
| Sale Type | Investment |
| Cap Rate | 9.63% |
| Sale Condition | Business Value Included |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 0.07 AC |
| Building Size | 11,924 SF |
| No. Rooms | 38 |
| No. Stories | 4 |
| Year Built/Renovated | 1881/2015 |
| Corridor | Interior |
| Opportunity Zone |
Yes |
| Zoning | CX - CX (Central Commercial) zoning allows for dense, mixed-use development. This Property IS in a Qualified Opportunity Zone Location. |
Amenities
- Restaurant
- Patio
- On-Site Bar
- Meeting Event Space
- Public Access Wifi
- Smoke-Free
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 12 | $124.00 | - |
| Guest Room | 26 | $62.00 | - |
Sustainability
Sustainability
LEED Certification Developed by the U.S. Green Building Council (USGBC), the Leadership in Energy and Environmental Design (LEED) is a green building certification program focused on the design, construction, operation, and maintenance of green buildings, homes, and neighborhoods, which aims to help building owners and operators be environmentally responsible and use resources efficiently. LEED certification is a globally recognized symbol of sustainability achievement and leadership. To achieve LEED certification, a project earns points by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health and indoor environmental quality. Projects go through a verification and review process and are awarded points that correspond to a level of LEED certification: Platinum (80+ points) Gold (60-79 points) Silver (50-59 points) Certified (40-49 points)
Property Taxes
| Parcel Number | R140396 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,535,080 |
Property Taxes
