$146.76
Price / SF
5.97%
Cap Rate
$173,130
Net Operating Income
19,760 SF
Rentable Bldg. Area
3.22 AC
Land Area
Investment Highlights
An exceptional opportunity to acquire a fully diversified four-building complex, offering a unique blend of stable cash flow and significant value-add potential. The varied product type (Retail, Industrial, Office, Residential) mitigates vacancy risk and appeals to a broad tenant base.
- Stable Cash Flow Anchor: Buildings A (Retail) and D (Residential) are fully leased with seasoned tenants, providing a reliable income foundation.
- Significant Value-Add Potential: Buildings B (Industrial) and C (Office) represent 46% of the property's income, with major tenants vacating in early 2026. This presents a clear path to re-leasing at market rates, reconfiguring spaces, or accommodating an owner-user.
- Owner-User Flexibility: The versatile office and industrial spaces offer a prime opportunity for an owner to occupy up to half of the premises for their own business needs.
- Prime Location: Situated on a major arterial just South of SE Division Street with high visibility and accessibility.
- Recent Updates: Property features many recent updates, including new HVAC units and some metal roofs, reducing near-term capital expenditures.
Building Breakdown
Building A - Retail
SF: 4,475 | Status: Stable
Home to three seasoned retail operators (Deli, Salon, Disc Heroes) on staggered leases at market rent. Provides consistent, reliable income.
Current Income: $6,247/mo ($74,964/yr)
Building B - Industrial
SF: 5,600 | Status: Value-Add
Existing industrial operator may vacate early 2026. Features heavy power and 5 OH doors. The space can be divided into 3 units, offering significant re-leasing upside.
Current Income: $4,130/mo ($49,560/yr)
Building C - Office
SF: 5,693 | Status: Value-Add
Existing office tenant (Centennial SD) vacating early 2026. This two-story building includes an elevator, kitchens, and large classrooms, ideal for an owner-user or multiple office tenants.
Current Income: $6,500/mo ($78,000/yr)
Building D - Residential
SF: 4,608 | Status: Stable
A fully occupied four-unit townhouse building. All units feature garages, W/D hookups, back decks, and have received many recent updates, ensuring low turnover.
Current Income: $6,420/mo ($77,040/yr)
Tenant Roster
Effective January 1, 2026:
| Building | Tenant | SF | Base Rent/Mo | Lease Expires |
|---|---|---|---|---|
| A | Deli | 1,100 | $1,612 | 5-31-28 |
| A | Salon | 1,100 | $1,485 | 12-31-26 |
| A | Disc Heroes | 2,275 | $2,750 | 10-19-25 |
| B | Disc Heroes | 800 | $400 | 10-19-25 |
| B | Vacant | 800 | - | - |
| B | VS Manuf. | 4,000 | $3,493 | Mo/Mo |
| C | Centennial SD | 5,693 | $6,500 | 12-31-25 |
| D | Jones (Home F) | 1,152 | $1,970 | Beg. 8-24 |
| D | Dutson | 1,152 | $1,325 | Mo/Mo (2002) |
| D | Home Forward | 1,152 | $1,325 | Mo/Mo (1997) |
| D | Gueta | 1,152 | $1,800 | Beg. 1-31-24 |
Financial Overview (Pro-Forma)
| Description | Annual Amount |
|---|---|
| Effective Gross Income (EGI) | $271,180 |
| Operating Expenses | |
| Property Taxes | $30,800 |
| Insurance (est.) | $20,000 |
| Landscape | $7,500 |
| Garbage | $5,100 |
| Water/Sewer | $15,000 |
| Management (3%, est.) | $8,100 |
| Maintenance/Reserves (4%, est.) | $10,850 |
| Net Operating Income (NOI) | $172,830 |
*Figures are based on seller-provided Pro-Forma and should be independently verified during due diligence. Final NOI used for CAP rate is $173,130.
Site & Location Details
Property Information
Year Built: 1995
Rentable Building Area: 19,760 SF
Land Area: 3.22 Acres (140,396 SF)
Location: On a major arterial just South of SE Division Street, Portland.
Tax Information (2025)
Parcel R338201: $10,662.61
Parcel R338211: $21,090.90
Total County Taxes: $31,753.51