Redevelopment Opportunity Along NE 122nd Avenue
29 NE 122nd Avenue, Portland, OR 97230
Overview
| Property Type | Retail |
|---|---|
| Property Subtype | Street Retail |
| Total Lot Size | 10,875 SF |
| Building Size | 1,092 SF |
| Size Summary | 1,092 SF |
Highlights
- Current lease expires on 3/31/2024
- 5.7% cap rate based upon April's rent
- Flexible zoning allows for generous development standards
- Off-street parking
- Walking distance to the MAX Blue Line
- Highly visible location on NE 122nd Avenue
Description
Excellent redevelopment opportunity in the Hazelwood neighborhood of Northeast Portland.
The property is leased to a Cricket Wireless store until March 31, 2024. The current rent is $2,918 per month (plus NNN) and increases to $3,066 per month on April 1, 2022. The tenant has been in the subject location since 2007. The property is zoned Commercial Mixed Use 3 -City of Portland, which allows for a wide range of uses from retail, office, household living, vehicle repair, and more.
Location
The subject property is located near the intersection of NE 122nd Avenue and E Burnside Street with close access to the MAX line along with multiple bus lines.
Contact Broker
Joe Kappler
Principal Broker, Vice President
Macadam Forbes
| Office | 503.972.7294 |
|---|
Powered by Buildout