2510-2524 SE Clinton St - Storefront Retail/Office FOR SALE


Portland, OR 97202- Hosford-Abernethy
$2,600,000 USD
503-616-8962
2510-2524 SE Clinton St, Portland, OR for Sale
$2,600,000 USD
Storefront Retail/Office - FOR SALE
1/5
null | 6.29% Cap Rate

2510-2524 SE Clinton St
Portland, OR 97202
Hosford-Abernethy


HIGHLIGHTS

  • Fully Lesaed to Long Term Commercial Tenants
  • (11) Apartment Units Leased at Below Market Rates
  • Seller Financing Available for Qualified Borrower

OVERVIEW

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).

FOR SALE DETAILS

PRICE

$2,600,000 USD

PRICE/SF

$189 USD /SF

CAP RATE

6.29%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Waverly Court

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

ADD'L SUBTYPES

Restaurant, Storefront Retail/Residential, Movie Theatre

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1913

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

CROSS STREETS

se 26th ave

LAND ACRES

0.19 AC

LAND SF

8,276 SF

ZONING

CM1

APN/PARCEL ID

R270400

ASK ABOUT THIS PROPERTY

Nathan DrakeMarcus & MillichapMore Info
503-616-8962

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Nathan DrakeMarcus & MillichapMore Info
503-616-8962

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.