2928 Hawthorne Blvd Portland, OR 97214-4147

Abbey House, located at 2928 SE Hawthorne Blvd in Portland, Oregon's vibrant Hawthorne District, presents a compelling investment opportunity. This 5,145 square foot mixed-use building, constructed in 1901 and zoned CM2 (Commercial Mixed Use 2), offers a blend of medical office, storefront, and traditional office spaces. Currently operating at 100% occupancy with twelve units, the property boasts a strong historical leasing performance and recent building upgrades. The asking price is $1,300,000, translating to $252.67 per square foot and $108,333.33 per unit. The current Net Operating Income (NOI) is $82,254, yielding a 6.33% capitalization rate (Cap Rate). The property features gross leases with a remaining term of one year on the current multi-tenant occupancy, providing a value-add opportunity for the new owner. This freestanding building offers an ideal scenario for an owner-user or an investor seeking a property with significant upside potential in a highly desirable Portland location. The property's strong NOI and current occupancy make it an attractive investment with a projected pro-forma cap rate of 6.33% and pro-forma NOI of $82,254.