1940 Powell Blvd Gresham, OR 97080
- Retail properties
- 28,297 SF
- 4.44 lot acres
Current Use by Public Records
- Retail properties
Property Details for 1940 Powell Blvd
- Year built
- 1972
- Lot size
- 4.44 lot acres
- Property size
- 28,297 SF
- Property type
- Retail properties
- Property subtype
- Auto shops
Description
This exceptional investment opportunity presents a 28,297 square foot, net-leased automotive dealership located at 1940 E Powell Blvd, Gresham, Oregon. The property sits on a 4.44-acre lot and boasts a 100% occupancy rate with The Hertz Corporation as the tenant under a NNN lease. The current lease, commenced February 28, 2018, has a remaining term of 3.6 years, extending to June 30, 2028, with a 2.5% annual rent increase. One five-year lease option remains. The property features two single-story buildings constructed in 1972 and renovated in 2018. The current Net Operating Income (NOI) is $393,730, yielding a 6.00% cap rate. The property's asking price is $6,575,000, translating to $232.36 per square foot. Situated on high-visibility E Powell Blvd, with approximately 15,698 average daily traffic, the property benefits from significant frontage and alternate access via SE Hogan Drive. The property's MC (Moderate Commercial) zoning allows for a variety of potential redevelopment uses. Recent improvements include a new roof, new HVAC system, and a lighted parking lot. Its prime location near major retail centers and arterial roadways makes this a compelling investment opportunity with strong potential for future growth and appreciation. The property's strong corporate tenant, The Hertz Corporation, provides financial stability and security.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Gresham
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.412
- Latitude
- 45.4966
