3004-3016 NE Broadway
LONG-TENURED DAILY NEEDS RETAIL ACROSS FROM A TOP FRED MEYER
Marketing description
Northmarq is pleased to present the opportunity to acquire a 6,600-square-foot multi-tenant retail property located at 3004–3016 NE Broadway in Portland, Oregon. The Property is 85% occupied by three established tenants—Verizon, Batteries Plus, and Broadway Physical Therapy—all of which have operated at the Property for more than 20 years. The Offering provides investors with stable in-place income from long-tenured national and local tenants, near-term upside through lease-up of the 1,000-square-foot vacancy, and exposure to one of Portland’s most recognizable eastside retail corridors. Adjacent to a top 1% Fred Meyer location nationwide and in Oregon, which draws approximately 2.2 million annual visits per Placer.ai, the Property benefits from a major daily-needs traffic driver next door. The Property is also near the planned Lloyd Center redevelopment and sits along NE Broadway, which sees approximately 15,000 VPD.
Investment highlights
• STABLE NATIONAL AND SERVICE-ORIENTED TENANCY: The Property is leased to a mix of national and local service-oriented tenants, providing exposure to wireless, specialty retail, and healthcare uses.
• SMALL TENANT SPACES MAKE FOR EASY RE-TENANTING: With suites ranging in size from 1,000–2,000 square feet, there is a plentiful pool of available tenants, acting as a hedge against vacancy.
• OFF-STREET PARKING: It is rare for a retail property of this size in this location to be able to offer off-street parking, giving the Subject Property an advantage over the competition.
• EXCEPTIONAL TENANT RETENTION: All three tenants have occupied the Property for over 20 years, with Verizon, Batteries Plus, and Broadway Physical Therapy in place since 2004, 2005, and 1999, respectively.
• ADJACENT TOP 1% NATIONAL FRED MEYER: The adjacent Fred Meyer ranks in the top 1% of locations nationwide and in Oregon, drawing approximately 2.2 million annual visits.
• NNN LEASE STRUCTURE: All existing tenants operate on NNN leases, reducing landlord expense exposure and supporting predictable income.
• LLOYD CENTER REDEVELOPMENT: The Property is near the planned Lloyd Center redevelopment, a $1B transformation of the 29.3-acre site into a mixed-use neighborhood with up to 5,000 residences, office, retail, and a new 4,000-seat music venue.
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