Listed by Northmarq - Seattle, Northmarq
$4,250,000
Park Place @ The Blocks
Details
Property Type Retail
Sub Type Storefront
Square Footage 15,203
Units 6
Cap Rate 1.6%
NOI $67,992
Occupancy 41%
Pro-Forma Cap Rate 8.50%
Pro-Forma NOI $432,441
Price per SqFt $280
Class A
Year Built 2004
Investment Type Value Add
Ownership Condo
Ground Floor Retail Condo @ The Blocks
Marketing description
• 15,203 SF retail condo in Portland’s Pearl District
• Heavy value-add opportunity with 8,951 SF of available space across three suites
• 41% leased to three tenants, including Lovejoy Bakers (a wellknown Portland bakery in operation for 10+ years), Alchemy Jeweler and US Bank (both in operation for 20+ years at this location)
• US Bank provides stable institutional-credit with a recent 5-year extension
• Available space provides flexibility for owner-user occupancy, creative re-tenanting, or potential suite reconfiguration
• 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
Listing Contacts
Listed by Northmarq - Seattle, Northmarq
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$67,992.00
$5,666.00/mo
Valuation Metrics
0
DSCR
1.6%
Cap Rate
1.6%
ROI
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
