11703-11731 Glisan St Portland, OR 97220
- Office Properties & Spaces
- 8,000 SF
Current Use by Public Records
- Office Properties & Spaces
Property Details for 11703-11731 Glisan St
- Year built
- 1950
- Property size
- 8,000 SF
- Property type
- Office Properties & Spaces
Description
This exceptional investment opportunity presents a two-building, 8,000 square foot office complex in Portland, Oregon's desirable Glendoveer neighborhood. Located at 11703-11731 NE Glisan St, 97220, this Class C property boasts a strong 100% occupancy rate across eight tenants, generating a substantial net operating income (NOI) of $128,000. The property features nine individual suites, each with two parking spaces, making it highly attractive to a diverse range of businesses. Built in 1950 and renovated three years ago, the property benefits from recently updated HVAC systems. The current asking price is $1,800,000, representing a compelling cap rate of 7.11%. The property is zoned for commercial use and operates under a net lease agreement, with tenants responsible for utilities (water, sewer, gas, electricity, HVAC, and internet). Annual rent increases of up to 5% are built into the leases, ensuring consistent income growth. The majority of tenants have leases with two or more years remaining, or are on the verge of renewal with five-year contracts at the 5% annual increase. Property taxes are paid by the owner, currently capped at $16,000 annually. This property is ideally suited for a 1031 exchange. The NOI is projected to increase to over 6.5% in early 2025 due to lease renewals and annual rent escalations. Detailed lease information will be provided to qualified buyers.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.542
- Latitude
- 45.5265
