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The George - Retail 404 NW 23rd Ave 29,574 SF 100% Leased Retail Building Portland, OR 97210 $14,500,000 ($490.30/SF) 5.85% Cap Rate
Investment Highlights
- 100% Occupied
- Fully Renovated
- Parking Lot with Development Potential
Executive Summary
CBRE is pleased to present The George, a unique mixed-use asset located along NW 23rd Avenue, Portland's most coveted retail corridor. The property features 10 fully renovated two-bedroom townhome units averaging 1,323 square feet, alongside 16,344 square feet of fully leased commercial space anchored by SnowPeak's flagship store, Takibi restaurant, and SnowPeak's North American Headquarters. The entirety of the commercial space is leased to SnowPeak, who recently signed a 5-year extension.
Investment highlights include:
- Institutional-Quality Renovations: $11.135 million in recent building, renovation, and tenant improvements, with upscale residential renovations completed in 2016 at $60,000 per unit.
- Stable Retail Income: Fully leased commercial space with a recently signed 5-year Snow Peak renewal through August 2031 — at blended rents 22% below market, providing meaningful upside at renewal.
- Premier NW 23rd Avenue Location: Situated along Portland's highest-rent retail corridor with a 97 Walk Score and 84 Bike Score, offering unmatched visibility and foot traffic. Recent leases along NW 23rd have been in the $50-$60/SF NNN range, well above the average in-place rent for the commercial space at the subject property.
Please reach out to Matt Dodd, Sam Lawhead, or Wes Bochner for more information and/or to tour.
Investment highlights include:
- Institutional-Quality Renovations: $11.135 million in recent building, renovation, and tenant improvements, with upscale residential renovations completed in 2016 at $60,000 per unit.
- Stable Retail Income: Fully leased commercial space with a recently signed 5-year Snow Peak renewal through August 2031 — at blended rents 22% below market, providing meaningful upside at renewal.
- Premier NW 23rd Avenue Location: Situated along Portland's highest-rent retail corridor with a 97 Walk Score and 84 Bike Score, offering unmatched visibility and foot traffic. Recent leases along NW 23rd have been in the $50-$60/SF NNN range, well above the average in-place rent for the commercial space at the subject property.
Please reach out to Matt Dodd, Sam Lawhead, or Wes Bochner for more information and/or to tour.
Financial Summary (Actual - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Building Size
29,574 SF
Year Built/Renovated
1987/2022
Price
$14,500,000
Price Per SF
$490.30
Cap Rate
5.85%
NOI
$848,138
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Building FAR
1.44
Lot Size
0.47 AC
Zoning
CM2 - Commercial Mixed Use 2
Parking
24 Spaces (0.81 Spaces per 1,000 SF Leased)
Frontage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- SnowPeak
- Retailer
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| SnowPeak | Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Exceptionally walkable
100/100
Fairly drivable
50/100
Good public transit
70/100
Moderately bikeable
70/100
Nearby Major Retailers
1 of 10
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