Listed by Northmarq - Seattle, Northmarq
$2,995,000
West Union Retail Center
Details
APN R2099452, R2005121
Property Type Retail
Sub Type QSR/Fast Food, Storefront
Square Footage 4,175
Net Rentable (SqFt) 4,175
Cap Rate 6%
NOI $179,552
Occupancy 100%
Tenancy Multi
Brand/Tenant Starbucks, Evolve Physical Therapy
Lease Type NNN
Class A
Year Built 2010
Year Renovated 2020
Buildings 1
Stories 1
Lot Size (SqFt) 38,757
Parking Spaces 23 spaces
Parking per 1,000 SqFt 5.51
Investment Type Stabilized
Ground Lease No
Ownership Private
Two-Tenant Pad to Grocery Anchor in Bethany Suburb of Portland MSA
Marketing description
The Offering provides the opportunity to acquire a 2-tenant building fully leased to a Starbucks drive-thru and Evolve Physical Therapy. Both tenants operate on NNN leases with five years remaining. The Property is pad to a Safeway-anchored shopping center in Bethany, an affluent Portland suburb, with extremely high-density surrounding residential with above-average household incomes of $180K. The Property benefits from strong daily-needs and commuter traffic, synergy with adjacent retailers, and proximity to two of the state’s largest employers in the submarket, Nike and Intel, of which a number of employees reside in the Bethany area.
Investment highlights
- 100% leased to Starbucks (investment-grade credit of BBB) and Evolve Physical Therapy, a growing PNW PT clinic with two locations.
- Evolve recently extended their lease term two years early.
- Access off of West Union Road, a major thoroughfare, with two additional points of ingress.
- Above-average area incomes of $182k, roughly 49% above the Portland city average.
- High-density surrounding residential with 219,420 residents within 5 miles.
- Located in Washington County, with a reputation for offering lower taxes than Multnomah County.
- Extremely high barriers-to-entry in the submarket due to Urban Growth Boundary.
Listing Contacts
Listed by Northmarq - Seattle, Northmarq
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$179,552.00
$14,962.67/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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