Listed by Northmarq - Seattle, Northmarq
$2,230,000
Lexis @ The Blocks
Details
Property Type Retail
Sub Type Storefront
Square Footage 7,195
Units 3
Cap Rate 6%
NOI $133,696
Occupancy 76%
Tenancy Multi
Lease Type NNN
Rent Bumps Yes
Pro-Forma Cap Rate 8.40%
Pro-Forma NOI $195,555
Price per SqFt $310
Class A
Year Built 2005
Investment Type Value Add
Ownership Condo
Ground Floor Retail Condo @ The Blocks
Marketing description
• 7,195 SF retail condo in Portland’s Pearl District
• 76% leased with value-add opportunity through lease-up of a single 1,720 SF available suite at market rent
• Style Aesthetics recently signed a new 10-year NNN lease with 3% annual increases, anchoring 46% of the building
• Ensō Float has operated at this location since 2016, providing wellness/float therapy services with an with extension currently being negotiated by Seller
• Tenancy is entirely health/beauty/wellness focused, aligning with the Pearl District’s experiential retail demand
• Part of The Blocks mixed-use portfolio (10 buildings; ~94,000+ SF retail)
• Supported by ~1,200 nearby residential condo units and strong walkable density
Investment highlights
Listing Contacts
Listed by Northmarq - Seattle, Northmarq
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$133,696.00
$11,141.33/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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