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23rd and Hawthorne Building 1423-1431 SE 23rd Ave 13,426 SF 67% Leased Retail Building Portland, OR 97214 $6,295,599 CAD ($468.91 CAD/SF) 5% Cap Rate
INVESTMENT HIGHLIGHTS
- Immediate Cash Flow & Upside: 67% leased with two tenants; over 7% cash-on-cash return potential upon full lease-up, with day-one income
- Redevelopment Potential: CM2-zoned ~1/3 acre lot allows for mixed-use (retail, office, multifamily) redevelopment
- NNN Leases with Annual Growth: Both tenants on full NNN leases with 3% yearly rent increases
- Prime Location & Demographics: Dense, affluent area (245K+ people, $136K avg income within 3 miles); high visibility on Hawthorne Blvd
EXECUTIVE SUMMARY
The Property sits on approximately 1/3 of an acre zoned CM2, which permits medium-scale mixed-use redevelopment with minimum residential densities of 1 unit per 1,450 square feet of site area and a max FAR of 2.5:1, increasing to 4:1 with bonus provisions. The zoning allows a wide range of retail, office, and multifamily uses, supported by a straightforward building envelope and broad entitlements that create clear redevelopment optionality. This flexibility—combined with strong surrounding demographics and demand for multifamily in the Hawthorne District—provides significant long-term value creation potential.
PROPERTY FACTS
AMENITIES
- Bus Line
- Signage
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
Second generation fitness studio (2,922 SF), available May 1, 2025. Large open fitness studio with high ceilings, and private restrooms located within space. Please don’t disturb the current tenant!
Second generation veterinary clinic (1,451 SF), available now! Has 4 treatment rooms/privates, front reception w/ adjacent office and central procedure room. Ideal for veterinary, medical, wellness or creative office use!
| Space | Size | Space Use | Position | Available |
| 1423 | 2,964 SF | Retail | - | Now |
| 1431 | 1,455 SF | Retail | - | Now |
1423
| Size |
| 2,964 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
1431
| Size |
| 1,455 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
1423
| Size | 2,964 SF |
| Space Use | Retail |
| Position | - |
| Available | Now |
Second generation fitness studio (2,922 SF), available May 1, 2025. Large open fitness studio with high ceilings, and private restrooms located within space. Please don’t disturb the current tenant!
1431
| Size | 1,455 SF |
| Space Use | Retail |
| Position | - |
| Available | Now |
Second generation veterinary clinic (1,451 SF), available now! Has 4 treatment rooms/privates, front reception w/ adjacent office and central procedure room. Ideal for veterinary, medical, wellness or creative office use!
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | R264440 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,197,576 CAD |
PROPERTY TAXES
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23rd and Hawthorne Building | 1423-1431 SE 23rd Ave
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