The 2330 Building
7-Year NNN Leaseback with Primary Tenant and Seller upon Sale
Marketing description
Marcus & Millichap's Hefner Team presents The 2330 Building, an 18,788 SF industrial flex property at 2330 NW 31st Avenue in Portland's Northwest Industrial District. The offering provides seller flexibility for both owner/occupiers seeking a premium operational footprint and investors seeking stable, long-term income — a combination that is genuinely rare in this submarket.
The building is anchored by Cine Rent West, the Pacific Northwest's largest sound stage production facility, with a potential 10-year leaseback available at close. Long-tenured secondary tenants in legal, accounting, and production round out a low-turnover rent roll at 91.7% occupancy. Significant capital improvements include $200,000+ in 2025 HVAC upgrades, a 2,400-amp 3-phase electrical system, new second-story creative office with seismic retrofitting and custom soundproofing, and a fenced/gated parking yard — all supporting Heavy Industrial (IH) zoning with multiple active conditional uses.
Priced at $4,950,000 ($263.47/SF), the property offers a current 5.78% cap rate with a clear path to 7.23% through lease-up of three vacant suites. Comparable assets in the Portland market have traded at $239–$296/SF, positioning this offering competitively given its infrastructure, tenancy, and location 10 minutes from Downtown Portland via US-30 and I-405.
Investment highlights
The 2330 Building offers a rare dual-purpose opportunity in Portland's Northwest Industrial District — ideal for a 58% owner/occupier or a pure investment with a new 10-year anchor leaseback at a 7.23% pro forma cap rate.
Two Clear Acquisition Paths
- Owner/Occupier: Occupy 10,000+ SF upon closing while retaining third-party cash flow or absorbing space as leases roll.
- Investment/Leaseback: Anchor tenant Cine Rent West leases back 10,237+ SF for 10 years from close, delivering immediate stabilized income.
Irreplaceable Anchor & Proven Tenancy Cine Rent West — the Pacific Northwest's largest sound stage for commercial and still photography — anchors 67.6% of occupied space. Multiple secondary tenants (legal, accounting, production) have been in place 10+ years, supporting historically low vacancy and 91.7% current occupancy.
Institutional-Grade Infrastructure at $263/SF
- $200,000+ in HVAC upgrades (2025); individual systems in all units
- 2,400-amp, 3-phase electrical; dock-high and ramped roll-up doors
- New second-story creative office with seismic retrofit and custom soundproofing
- Fenced/gated lot with 20 parking spaces and ±12,000 SF paved yard
- IH (Heavy Industrial) zoning; 10 min to Downtown via US-30 and I-405
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