The former Gordon’s Fireplace Shop, a highly visible multi-story building right next to I-84, went out of business in 2016. Investors swooped in and bought it for $2.7 million in 2017 during Portland’s boom time. Sadly, it has become a vacant, graffiti-covered building as investors waited out the market.

In another clear sign of Portland’s unprecedented commercial real estate collapse, the building was just sold in 2025 for $575,000. A 78% decline in just 8 years.

This marks another major commercial property sold at more than a 70% discount in Portland. Since COVID and the riots of 2020, Portland has experienced the highest commercial vacancy rate in the country as well as a 3 year population decline as both businesses and residents flee the 2nd highest taxes in the country.