8501-8511 N Lombard St
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8501-8511 N Lombard St
7,508 SF 100% Leased Retail Building Portland, OR 97203 $1,285,000 ($171/SF) 7.51% Cap Rate
Investment Highlights
- Thriving neighborhood business district
- Build to 25.9% cash-on-cash return in year 5
- 3.4% annual rent increases
- Future development potential
Executive Summary
8501-8511 N Lombard Street (the “Property”) provides an opportunity to invest in a newly renovated, fully leased, income-generating property with future development potential in one of the most vibrant neighborhoods of Portland. The Property consists of 7,508 square feet of retail space with frontage on one of the city’s most up-and-coming neighborhood retail corridors, six miles from the heart of Downtown Portland.
The Property is fully occupied by two successful local tenants, each of which have invested heavily in their spaces. The Property offers strong cash flow and provides numerous opportunities to add value in both the short and long term. The Property is currently leased at below-market rents, with both tenants scheduled to renew their leases when market rents are forecasted to have increased by an additional 10%.
Long-term, the 7,508 square foot site possesses excellent development potential, with 30,000
square feet of commercial or multi-family development allowed.
The Property is fully occupied by two successful local tenants, each of which have invested heavily in their spaces. The Property offers strong cash flow and provides numerous opportunities to add value in both the short and long term. The Property is currently leased at below-market rents, with both tenants scheduled to renew their leases when market rents are forecasted to have increased by an additional 10%.
Long-term, the 7,508 square foot site possesses excellent development potential, with 30,000
square feet of commercial or multi-family development allowed.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
7,508 SF
Building Class
C
Year Built/Renovated
1923/2023
Price
$1,285,000
Price Per SF
$171
Cap Rate
7.51%
NOI
$96,565
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
1.00
Lot Size
0.17 AC
Zoning
CM2 - Commercial Mixed Use 2
Frontage
75 FT on Lombard St
Amenities
- Bus Line
- Pylon Sign
- Signage
Walk Score ®
Walker's Paradise (94)
Bike Score ®
Biker's Paradise (94)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | R232274 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $310,730 |
PROPERTY TAXES
Parcel Number
R232274
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$310,730
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8501-8511 N Lombard St
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