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1221-1241 SW 10th Ave - Eliot Tower
7,897 SF Retail Condo Unit Offered at $2,150,000 in Portland, OR 97205
Investment Highlights
- Mixed-Use Building: Strategically designed to generate consistent foot traffic through diverse retail and residential spaces
- NNN Leases: Triple net leases in place, ensuring reimbursement of building expenses such as taxes, insurance, and maintenance
- Prime Location: Situated adjacent to Safeway and amidst popular downtown retail
- Established Tenants: Features long-term tenants with proven track records, enhancing stability and reliability.
- Staggered Lease Schedule: Leasing structure allows for a continuous income stream and reduces vacancy risk with varied expiration dates
Executive Summary
Most tenants operate under NNN leases, with a couple of very small leased spaces on gross leases, ensuring that they fully reimburse all associated expenses, thereby providing a stable income stream. It is important to note that the Portland Art Museum, being a not-for-profit entity, benefits from tax-exempt status for its leased space. Constructed in 2006, the Eliot Tower stands as an 18-story modern condominium high-rise that integrates retail and residential uses, featuring street-level retail complemented by 223 condominium homes above. This property boasts LEED certification, underscoring its commitment to sustainability. Strategically located in the heart of Portland’s Central Business District, the Eliot Tower enjoys exceptional walkability with a score of 99/100, a transit score of 95/100, and a bike score of 93/100, making it an attractive investment opportunity within a vibrant urban environment.
Property Facts
1 Unit Available
Unit R1, R2
| Unit Size | 7,897 SF | Sale Type | Investment |
| Price | $2,150,000 | Cap Rate | 7.47% |
| Price Per SF | $272.26 | NOI | $160,651 |
| Condo Use | Retail |
| Unit Size | 7,897 SF |
| Price | $2,150,000 |
| Price Per SF | $272.26 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 7.47% |
| NOI | $160,651 |
Description
CBRE, Inc. has been appointed as the exclusive agent for the sale of the Eliot Tower Retail Condos, which encompass approximately 7,897 square feet of prime retail space occupied by three established tenants, with a remaining vacancy of 1,481 square feet. This unique property is divided across two distinct and separated condo sets and notably, the majority of its retail space is leased to long-term tenants who have maintained their occupancy for over a decade.
Sale Notes
Proximity to Portland State University: Located less than half a mile from PSU’s 44-acre campus, serving over 21,000 students and contributing $1.8B to the local economy through its extensive academic programs.
Portland Art Museum Renovation: PAM is currently undergoing an $11M Campus Transformation that will include an entrance on 10th street from their original building located directly across the street from the subject property. This entrance will provide seamless connection between the two buildings and encourage increased foot traffic to The Eliot.
zoning
| Zoning Code | RX |
| RX |
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1221-1241 SW 10th Ave - Eliot Tower
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