Listed by Northmarq - Seattle, Northmarq
$2,850,000
Cosmopolitan @ The Blocks
Details
Property Type Retail
Sub Type Storefront
Net Rentable (SqFt) 7,876
Units 4
Occupancy 45%
Tenancy Multi
Lease Type NNN
Pro-Forma Cap Rate 7.10%
Pro-Forma NOI $219,774
Class A
Year Built 2016
Investment Type Value Add
Ownership Condo
Ground Floor Retail Condo @ The Blocks
Marketing description
• 7,876 SF retail condo in Portland’s Pearl District
• Strong value-add opportunity at 45% occupancy leased to Tea Bar and Pizzicato (both in place since 2016 and expected to extend)
• Pizzicato is a well-known Portland pizza brand operated by the same restaurateur behind Lovejoy Bakers
• Part of The Blocks mixed-use portfolio (10 buildings; ~94,000+ SF retail)
• Benefits from ~1,200 nearby residential condo units and strong walkable density.
Listing Contacts
Listed by Northmarq - Seattle, Northmarq
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