10120 Washington St Portland, OR 97216

Property Details for 10120 Washington St

Year built

1971

Property size

134,722 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 134,722 sq ft Home Depot storefront in Portland, Oregon. Located at the intersection of I-84 and I-205, this top-performing store (87th percentile nationally, per Placer.AI) boasts a long-term lease extending to January 2037, with seven remaining five-year options and built-in 7% rent increases every five years. The property sits on a 543,267 sq ft lot with 907 parking spaces, serving a high-density residential area with over 448,000 residents within a 5-mile radius, averaging $116,000 in annual income. The Home Depot tenant, with an investment-grade credit rating (S&P: A), is responsible for roof maintenance, repair, and replacement. The asking price is $41,000,000, representing a 5.65% cap rate and $304 per square foot. The property's strategic location, coupled with the tenant's strong performance and lease terms, makes this a compelling investment with significant long-term growth potential. The adjacent former interior mall is undergoing redevelopment, with new leases already secured by Burlington and Urban Air, further enhancing the property's value and drawing power. Over 1.1 million store visits were recorded between October 2023 and September 2024 (Placer.ai). This is a NNN lease with a single tenant. The building was constructed in 1971.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Longitude

-122.56

Latitude

45.5177