1458 Alberta St Portland, OR 97211
- Retail properties
- 2,834 SF
Current Use by Public Records
- Mister OK's Essentials / Candle Store
Property Details for 1458 Alberta St
- Year built
- 1998
- Property size
- 2,834 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional mixed-use property, located at 1458 NE Alberta St in Portland, Oregon's vibrant Alberta Arts District, presents a compelling investment opportunity. The 2,834 square foot building, constructed in 1998 and renovated in 2008, boasts a desirable corner lot within a thriving retail and mixed-use area. The property features a diverse tenancy including a long-term ground floor restaurant tenant (Fuel Cafe, since 2011) operating under a NNN lease covering 66% of taxes, insurance, and repairs. Four residential units occupy the upper floor, with two tenants residing since 2014 and 2018 respectively. The building is currently 100% occupied, generating a strong Net Operating Income (NOI) of $68,631, representing a 4.36% cap rate. Pro-forma NOI is projected at $82,798, yielding a 5.26% cap rate. The property includes five units in total, spread across two stories, and sits on a 2,500 square foot lot. The permitted zoning is CM2. Rent bumps are in place, ensuring future income growth. This stabilized investment, classified as Class B, offers a compelling combination of established income and significant upside potential. The asking price is $1,575,000, translating to $555.75 per square foot. The property's excellent condition, prime location, and strong tenant base make it an ideal addition to any portfolio. APN: P240221. Suitable for a 1031 exchange.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.651
- Latitude
- 45.5589
