Fully Leased Investment Opportunity

Overview

Highlights

• 100% leased investment with two long-term tenants
• 7% cap rate factoring in 5% reserves
• Major improvements to the 6,000 SF building in 2018 (seismic upgrade, new ADA restrooms, lighting and access controls).
• The north building tenant recently renewed for five years

Description

This two-building retail complex is located right on NE 82nd Avenue, south of Interstate 84, and comes with dedicated off-street parking.

The south building is a 6,000 square foot retail/flex building leased to a sports facility. The lease for this building expires on November 15th, 2025 and they are currently paying $8,984.37/NNN per month. In 2018 the tenant paid for a major remodel of the building. Improvements include a seismic upgrade due to the change in use to a sports facility, new ADA bathrooms, lighting, and new access controls. The 1,500 square foot north building is leased to an auto repair shop that just renewed for another five years, the new lease expiration date is July 31st, 2027, and they are currently paying $3,862.50/NNN per month.

The property is zoned CM2, Commercial Mixed Use 2. This designation provides for a wide variety of office, retail, and commercial uses. The base zone allows for a 45' height limit and a 2.5 to 1 FAR.

Location

The property is located within close proximity to the Interstate 84 and Interstate 205 interchange. It also boasts immediate access to the 72 bus line and is just a 5-minute walk to the NE 82nd Avenue MAX station. In addition, the Portland International Airport is a 14-minute drive and Vancouver, Washington is a 19-minute drive away.

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