326 Martin Luther King Jr Blvd Portland, OR 97214

Property Details for 326 Martin Luther King Jr Blvd

Year built

1884

Property size

13,349 SF

Property type

Office Properties & Spaces

Description

This exceptional 13,349 square foot traditional office building, located at 326 SE Martin Luther King Jr Blvd in Portland, Oregon, presents a compelling owner-user or value-add investment opportunity. Built in 1884 and situated on a 10,000 square foot lot, the property boasts a desirable location in Portland's Central Eastside, zoned EX - Central Employment. Currently 25% occupied with two tenants whose leases expire in 2025, this presents significant upside potential for lease-up. The asking price is $2,390,000, translating to $179.03 per square foot, with an 8.00% cap rate. The building features 15 parking spaces and has undergone a partial seismic retrofit following renovations completed after its 2002 purchase. Its prime location offers easy access to major freeways (I-5 and I-84 within a quarter mile), public transportation (bus, MAX light rail, and bike lanes), and numerous amenities including hotels, restaurants, breweries, and the Willamette waterfront. Less than half a mile from the Oregon Convention Center and near the Hotel Grand Stark, this property offers a unique blend of historic charm and modern convenience. The building's high ceilings and creative office buildout, along with an on-site shower, add to its appeal. Rents are currently below market rates for comparable spaces in the area. This fee simple ownership opportunity includes a building listed on the U.S. National Register of Historic Places. The Burnside Bridge replacement project, with construction anticipated to begin in 2025, will further enhance the property's accessibility from West Portland.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Longitude

-122.662

Latitude

45.5201