8501-8511 Lombard St Portland, OR 97203
- Retail properties
- 7,508 SF
Current Use by Public Records
- Retail properties
Property Details for 8501-8511 Lombard St
- Year built
- 1927
- Property size
- 7,508 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional Portland, Oregon retail property at 8501-8511 N Lombard St offers a compelling investment opportunity. The 7,494 square foot, fully leased storefront boasts a strong 7.51% cap rate and a Net Operating Income (NOI) of $96,565. Currently occupied by two tenants under a modified lease with 3.5 years remaining on a 5-year term, featuring a 3.4% average annual rent bump. The property, built in 1927 and extensively renovated in 2022, sits on a 7,500 square foot lot and includes 2,492 square feet of air rights, presenting significant future development potential. Located in a vibrant neighborhood just six miles from downtown Portland, this single-story building benefits from a CM2 zoning designation. The property's strong cash flow, coupled with below-market rents and the potential for substantial rent increases upon lease renewal, makes this a highly attractive investment. The 100% occupancy and established tenants contribute to the property's stability and potential for long-term growth. This stabilized investment presents a rare opportunity to acquire a high-performing asset in a desirable Portland location.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.754
- Latitude
- 45.5899
