After roughly 50 years on Southeast McLoughlin Boulevard, the Acropolis Steakhouse, a blue-and-white corner staple known for cheap steaks and late-night entertainment, may be closing far sooner than its owners had hoped. Employees have been telling customers that this weekend could be the final chance to grab one of the Acrop’s famously affordable steaks and catch the late-night shows that helped cement its status as a Portland fixture. The club’s fate now rests on whether a buyer steps up for the building and adjoining lots that are on the market.
As reported by The Oregonian/OregonLive, one employee said “there is a very good chance Saturday will be the last day” to visit Acropolis. The outlet noted that the property, which includes the restaurant building and two parking lots, has been listed for sale. It also reported that Diane Polizos took over operations after founder Bob Polizos died in 2019.
Property Listed For $1.95 Million
The commercial listing for 8325 SE McLoughlin Blvd shows the 7,778-square-foot building and two parking lots are on the market for $1.95 million. According to LoopNet, the site includes roughly 40 parking spaces, a 271-foot frontage on Highway 99 and a December 2025 market date, and is being framed as a redevelopment opportunity. The listing identifies eXp Realty as the contact and lists the sale type as investment or owner-user.
A Local Institution Since 1976
Known around town simply as “the Acrop,” the steakhouse opened in 1976 and built a loyal following around bargain rib-eyes and steak bites paired with late-night entertainment, Eater Portland reported in April. Its family-run operation, cheap menu and kitschy neon sign helped lock it into Portland lore even as dining trends and neighborhoods shifted around it.
Financial Strains And Family Ownership
The Polizos family has owned several Acropolis properties, and Willamette Week reported in 2023 that they had fallen behind on property taxes at the Acropolis Hotel and other holdings. That coverage also noted Bobby Polizos’s 2019 death and that his widow Diane had said she would try to keep the business going, context that now hangs over the current sale.
Safety History And Staff Reaction
The club’s parking lot was the scene of a double homicide in March 2021, an incident covered in local reporting at the time. The account printed by The Bulletin reproduced initial coverage that tied the shootings to the Acropolis parking area on McLoughlin Boulevard. Staff have said they would keep operating until the property sells, but word that the club might close after this weekend has regulars scrambling for one last visit.
What’s Next
For now, the restaurant and nightclub remain open while the building is marketed, and any buyer will have to decide whether to keep Acropolis operating or pursue redevelopment under Commercial Employment zoning. Any large-scale change would require permits and could take months, leaving customers and neighbors guessing about what comes next for this old-school Portland landmark. Ultimately, public records and the commercial listing will reveal the timeline for any sale or redevelopment.
