Waverly Court 2510-2524 SE Clinton St

Marcus & Millichap has been exclusively selected to list for sale Waverly Court. This fully leased, mixed-use asset is well located at 2510-2524 SE Clinton Street in Southeast Portland's Division-Clinton Neighborhood. The property consists of 14,178 square feet of gross building area situated over two stories on an 8,240 square foot lot zoned Commercial Mixed-Use 1 (CM1). The building is currently 100% occupied by (6) commercial tenants on the main level and (11) residential tenants on the second level. There are nine (9) studios and (2) one-bedroom apartments.
The commercial tenants are currently on modified gross leases with lease expirations dates ranging from 1 to 4 years with an average lease term of 2.25 years. These staggered leases help reduce risk for an investor while they increase rents to market rates and convert leases to a Triple Net (NNN) expense reimbursement structure during renewal periods.
On average, the (11) apartment units are leased at a monthly rent that is more than 11% below market. This provides an investor another opportunity to further add value over time by improving units, increasing rents, and implementing residential utility bill-backs (RUBS).