2714 Lombard St Portland, OR 97217

Property Details for 2714 Lombard St

Year built

1958

Lot size

0.12 lot acres

Property size

2,940 SF

Zone code

CG

Property type

Office Properties & Spaces

APN

1N1E16BA 00600

APU

1N1E16BA00600

Description

This exceptional investment opportunity presents the fee simple ownership of a Chase Bank branch located at 2714 N Lombard St, Portland, OR 97217. The property, a single-story, 2,940 square foot building on a 0.24-acre lot, is situated in the Arbor Lodge neighborhood of North Portland, enjoying high visibility on N. Lombard Street (US 30 Bypass), less than a mile from I-5. Built in 1958 and renovated in 2008, the building is zoned CM2. The property is currently 100% occupied under a Net Lease (NNN) agreement with Chase Bank, a corporate guaranteed tenant, with a remaining lease term of approximately 3.8 years. The lease commenced August 26, 2003, and includes a 5-year option with a fixed 10% rental increase. The current Net Operating Income (NOI) is $54,450, with a pro-forma NOI of $59,895, yielding a current cap rate of 5.76% and a pro-forma cap rate of 6.34%. The asking price is $945,000, translating to a price per square foot of $321.43. This location boasts an average of $157 million in annual deposits. N. Lombard Street, a main thoroughfare, sees over 21,000 vehicles per day. Recent significant improvements to N. Lombard Street totaling over $16 million enhance safety and travel times. This presents a stable, income-producing asset with a long-term tenant history.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Longitude

-122.695

Latitude

45.5769

CBSA code

38900

CBSA name

PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments