Office to multifamily redevelopment opportunity
Property Details
Price
$12,500,000
Building Size
80,770 SF
Property Details
Office Building
Total Lot Size
4.8 Acres
Year Built
1974
Description

Introducing an exceptional opportunity for redevelopment of an existing two-story office complex into multifamily in the Tigard Triangle. This impressive property boasts three two-story buildings totaling approximately 80,770 SF with 70 office suites, and 316 surface parking spaces. Zoned "Triangle Mixed Use (TMU)," the property offers versatility and potential for diverse usage, currently at 90% occupancy with short-term leases, and the ability to maintain cash flow while redeveloping the property in phases. The structures lend themselves well to multifamily redevelopment by virtue of the building widths, central courtyards, wood framing, and existing infrastructure. There is excess land area that could accommodate an additional building and still have ample parking ratios. Its strategic location further enhances its appeal, positioning it as a prime asset for investors seeking a lucrative addition to their portfolio. This sought-after property represents a compelling investment opportunity in the thriving Southwest Portland market.

Highlights
Three separate buildings totaling 80,770 SF
70 existing office suites
316 existing surface parking spaces
Zoned Triangle Mixed Use (TMU)
Easy conversion to multifamily
10' ceiling heights
90% occupancy, short term leases
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Brokers

Skip Rotticci, CCIM
Broker
Stu Peterson, SIOR
Broker
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