1422 NW 23rd Ave, Portland, OR 97210 For Sale

Northmarq is pleased to present the Distillery Building, a fully occupied, three-tenant streetfront retail asset on NW 23rd Avenue—West Portland’s marquee retail corridor. The Offering is a fully leased, retail asset in Portland’s most coveted retail submarket. Properties rarely trade along this corridor, making this a once in a generation opportunity, especially considering the corner location and significant frontage on NW 23rd. The e-commerce-resistant, restaurant-anchored lineup is led by Casa Del Matador, which has successfully operated in nearly half the building since 2007. A weighted average lease term of approximately six years underpins cash-flow durability, while between 2-3% annual rent increases across all leases provide predictable growth. The Property is surrounded by dense, affluent infill demographics and a hyper-walkable, bike-friendly environment (Walk Score 98 / Bike Score 95) that fuels steady daily patronage, further supported by more than 2,300 multifamily units delivered since 2023 or currently under development within one mile. One block from the New Seasons–anchored Slabtown Marketplace—where visitor counts have climbed roughly 30% over the past three years—the Distillery Building benefits from additive demand drivers and strong tenant performance. With prominent exposure to approximately 13,000 vehicles per day and robust pedestrian activity along NW 23rd, the asset pairs durable in-place income with best-in-class urban fundamentals in one of Portland’s most coveted retail submarkets.