821 NW 11th Ave, Portland, OR 97209 For Sale

Sean Tufts

PRO

WA 74057

WA 85667

WA WA 21001346

ID SP58913

WA WA 24010216

Listed by Northmarq - Seattle, Northmarq

$3,870,000

117 days on market

Updated 117 days ago

Riverstone @ The Blocks

Details

APN

R257426, R257428, R257430, R257432, R257434, R257436, R257437, R257438, R257439, R257440

Property Type

Retail

Sub Type

Bank, Restaurant

Square Footage

10,249

Net Rentable (SqFt)

10,249

Cap Rate

4.25%

Occupancy

62%

Tenancy

Multi

Pro-Forma Cap Rate

7.70%

Price per SqFt

$38

Class

Year Built

1998

Investment Type

Value Add

Tenant Credit

No Credit Rating

Ground Lease

Ownership

Condo

10,249 SF Retail Condo @ The Blocks

Investment highlights

10,249 SF retail condo in Portland’s Pearl District 62% leased to 4 tenants
Value-add opportunity upon lease-up of 3 available suites ranging between 837-1,991 SF
Wells Fargo occupies nearly 26% of the GLA and has occupied the Property for over 20 years, providing institutional-credit income through September 2030 with 1, 5-year option
Cool Moon Ice Cream is a beloved Pearl District artisan ice cream shop, operating since 2008 and frequently cited among Portland’s best; featured by Travel Oregon, Portland Monthly, and Eater Portland
Piazza Italia is a well-established Italian restaurant with a loyal following and in operation at this location for over 25 years, with an extension currently being negotiated by Seller
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