2144 Broadway Portland, OR 97232
- Mixed-use properties
- 5,125 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 2144 Broadway
- Year built
- 1908
- Property size
- 5,125 SF
- Property type
- Mixed-use properties
- Property subtype
- Apartment buildings
Description
This exceptional three-unit mixed-use property in Portland's desirable Broadway/Irvington district presents a compelling investment opportunity. The building, constructed in 1908 (residential) with a commercial addition in 1956 and a 2021 renovation, boasts 5,125 square feet on a 4,500 square foot lot. Currently fully occupied, it features a turnkey remodeled commercial space with prime Broadway street frontage, leased to Paz Hair Lounge until March 31, 2025, with a potential extension. The remaining two units comprise an income-generating duplex showcasing classic Arts & Crafts details, including high ceilings, hardwood floors, and built-in woodwork. The property offers five parking spaces and benefits from CM2 Commercial zoning, allowing for future expansion possibilities. The current NOI is $53,566, with a pro-forma NOI of $60,130, resulting in a 6.70% cap rate and a pro-forma cap rate of 7.53%. Rentometer projections suggest market rents of $1,926 for a one-bedroom unit and $2,257 for a two-bedroom unit. The asking price is $799,000, representing a price per square foot of $155.90 and a price per unit of $266,333.33. The property's financial performance demonstrates strong current returns with significant potential for future growth. Please note: All information should be verified independently by the buyer.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.644
- Latitude
- 45.5349
