1611 Virginia Ave.
North Bend,, OR 97459 ·
351,300 SF · Retail For Sale
Pony Village Mall
|Gross Leasable Area||351,300 SF||Occupancy||83%|
|Property Use Type||Investment||Lot Size||37 AC|
|Listing ID: 14698990||Date Created: 07/11/2006||Last Updated: 10/30/2006|
This offering represents an opportunity to own the dominant Power Center Mall on the Oregon coast. North Bend and the surrounding Oregon Bay Area is currently experiencing a renaissance of commercial and residential growth spurred by the influx of new retiree residents, a growing tourism base and pending job growth.
Pony Village Mall is an 87% occupied, 351,300 square foot retail center with an enclosed mall component. National tenants such as Macy s, Safeway, Ross, JCPenney, Sears and Jo-Ann Fabrics occupy 69% of the feasable space.
These tenants are experiencing upward trends in sales in recent years, stimulating tenant demand evidenced by increased new leasing and renewal activity. The Property is priced on actual in-place income, providing the opportunity to enhance value through absorption of the vacancy, while still achieving a good yield on the existing income stream. Lease up of the vacant space equates to roughly $4,000,000 of value at a 7% capitalization rate.
Pony Village Mall is located in the dominant retail area of North Bend, Oregon. North Bend, combined with Coos Bay and Charleston, make up the Bay Area of Oregon, a community with a population of approximately 63,785. Situated 115 miles from Eugene, the second largest city in the state, this location serves a diverse business and residential mix as well as seasonal travelers visiting the area.
- Trade Area Experiencing a Renaissance in Growth
- Excellent Price Per Foot, Discount to Replacement Cost
- Priced on Actual In-Place Income
- Dominant Coastal Grocery Anchored Power Center with Enclosed Mall Component
- Tenants Include Safeway, Macy's, Ross, JCPenney, Jo-Ann's, Sears, Sam Goody, Subway, Bank of America and Dollar Tree.
- On-site Management Well Suited to Remote Ownership
1611 Virginia Ave., North Bend,, OR 97459
Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property
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