Eliot Tower Retail Condos — Lease in Portland, OR

  • Price: $2.2M
  • Listing type: For lease
  • Asset type: Retail Business
  • Location: Portland, OR 97205

Description

NNN LEASES | ESTABLISHED TENANTS WITH A LONG TERM HISTORY IN THIS LOCATION CBRE, Inc. has been appointed as the exclusive agent for the sale of the Eliot Tower Retail Condos, which encompass approximately 7,897 square feet of prime retail space occupied by three established tenants, with a remaining vacancy of 1,481 square feet. This unique property is divided across two distinct and separated condo sets and notably, the majority of its retail space is leased to long-term tenants who have maintained their occupancy for over a decade. Most tenants operate under NNN leases, with a couple of very small leased spaces on gross leases, ensuring that they fully reimburse all associated expenses, thereby providing a stable income stream. It is important to note that the Portland Art Museum, being a not-for-profit entity, benefits from tax-exempt status for its leased space. Constructed in 2006, the Eliot Tower stands as an 18-story modern condominium high-rise that integrates retail and residential uses, featuring street-level retail complemented by 223 condominium homes above. This property boasts LEED certification, underscoring its commitment to sustainability. Strategically located in the heart of Portland’s Central Business District, the Eliot Tower enjoys exceptional walkability with a score of 99/100, a transit score of 95/100, and a bike score of 93/100, making it an attractive investment opportunity within a vibrant urban environment.

Market Context

This retail in Portland, OR is listed for lease at $2,150,000. It has been on the market for 195 days. Compare it against other retail listings for lease in Portland, OR — view the full market.

As of Q1 2026, the Portland retail market showed a 10.0% vacancy rate, average asking rents near $45.00/SF/yr, rents up 16.0% year over year, and cap rates around 6.4%. Source: multiple brokerage reports, Q1 2026.

Rising rents point to a competitive market where well-priced, well-located space leases quickly.

Retail market FAQ

What is the typical cap rate for retail in Portland?
About 6.4% as of Q1 2026, per multiple brokerage reports.
Is the Portland retail market tightening or softening?
Vacancy is around 10.0%, with asking rents rising year over year (Q1 2026).

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