122-140 NE Broadway Portland, OR 97232

This mixed-use property is located in an Opportunity Zone, potentially offering significant tax advantages. Zoned CXd, the site allows for redevelopment with a 100-foot height limit (125 feet with bonus) and a 4:1 FAR. The property features long-term tenants on short-term leases, providing a combination of stability and flexibility. All tenants have occupied the location for five to thirteen years. The property has a 7.1% cap rate and a stable, pandemic-resistant tenant base. Gem and Creo manufacture and wholesale their products onsite, diversifying their income streams, while WOB uses their showroom by appointment only and subleases space to an architect. The lower floor is occupied by contractors and used for storage; all tenants have consistently paid rent throughout the pandemic. The property includes 2,300 square feet of creative office space available for lease, featuring high ceilings, exposed beams, skylights, and direct street access, making it suitable for an owner-occupant or a new tenant. The location benefits from high traffic counts, with over 40,000 vehicles on Broadway and an additional 23,000+ on Weidler. East/west streetcar and bus stops are located on either side of the block, and I-5 (with 134,000 cars per day) is nearby. With a Walk Score of 92 and a Bike Score of 100, the location is highly accessible for pedestrians and cyclists. The Convention Center, Moda Center, Lloyd Center, Pearl District, and Old Town are all within walking distance. Street parking is metered on Broadway and 2nd Avenue and is free north of Broadway. The property includes three parking spaces on the lower level, with the potential to open up the entire floor for additional parking.