Melody Ballroom 615 SE Alder St 35,528 SF Retail Building Portland, OR 97214 $6,675,000 ($187.88/SF) 7.51% Cap Rate

Capacity Commercial Group is pleased to exclusively present the unique opportunity to acquire a Meeting/Event Space/Concert Hall/Retail/Office Property in Portland’s Central Eastside Industrial District.
The Melody Ballroom presents a rare opportunity to acquire a fully leased, income-generating asset in Portland’s dynamic Central Eastside Industrial District. This ±35,528 SF property spans three levels and has undergone extensive renovations between 2017 and 2019, eliminating the need for seismic upgrades and enhancing its long-term durability. With two established tenants—Realm and The Get Down—on NNN leases, the asset delivers a strong 7.51% cap rate and zero physical vacancy.
Positioned within an Opportunity Zone and the PDX Enterprise Zone, the property offers potential tax advantages for investors. The site’s zoning (EXd) and unrealized FAR of ±199,153 SF provide future development flexibility. Located in a vibrant district known for its eclectic mix of restaurants, nightlife, and creative businesses, the property benefits from proximity to Portland’s downtown, major transit corridors, and Portland International Airport.
The surrounding area is a magnet for tech, apparel, and healthcare firms, with major employers like Nike, Intel, and OHSU contributing to a robust economic ecosystem. The neighborhood’s walkability, transit access, and cultural amenities make it a highly desirable location for tenants and visitors alike.