1030 NW Johnson St, 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

$5,330,000

118 days on market

Updated 118 days ago

Tanner Place @ The Blocks

Details

APN

R498479, R498480, R498481, R498482, R498483, R498484, R498485, R498486, R501691, R501692

Property Type

Retail

Sub Type

Restaurant, Storefront

Square Footage

11,346

Net Rentable (SqFt)

11,346

Cap Rate

6.50%

Occupancy

86%

Tenancy

Multi

Lease Type

NNN

Rent Bumps

Yes

Price per SqFt

$38

Class

Year Built

2000

Investment Type

Net Lease

Tenant Credit

No Credit Rating

Ground Lease

Ownership

Condo

11,346 SF Ground Floor Retail Condo @ The Blocks

Investment highlights

11,346 SF retail condo in Portland’s Pearl District
86% leased to 4 tenants with a value-add opportunity through lease-up of a single 1,643 SF available suite at market rent
Yama Sushi & Sake Bar occupies nearly 34% of the GLA, and is a highly rated Pearl District restaurant recognized as one of Portland’s ﬁnest sushi bars with over 1k 4-star Yelp reviews
Visage Eyewear is a long-tenured operator having occupied the property for 25+ years with a brand new 3-year extension
Varied tenant mix of restaurant, personal service/health, and niche retail demonstrated by Pearl Audio Video, a high-end audio store that has operated at this location for over 18 years
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