Commerce Plaza
Opportunity Zone Covered Land Play
Marketing description
Opportunity Zone redevelopment offering 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.
Investment highlights
Three separate buildings totaling 80,770 SF
70 units
300+ 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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