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10052 SE Washington St
Portland, OR 97216
Home Depot at Marketplace 205 · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Home Depot just exercised two options early, resulting in an extension to January 2037
- Investment-grade credit rating (S&P: A)
- Freeway location at the corner of two major transportation routes connecting to I-205
- Top-performing location ranked in the 87th percentile nationally (per Placer.AI)
- Scheduled 7% rent increases every five years, including at the start of each of the 7, 5-year remaining extension options
- High-density surrounding residential base with over 448,000 residents within a 5-mile radius, earning an average of $116,000 annually
EXECUTIVE SUMMARY
The Offering provides the rare opportunity to acquire The Home Depot at Marketplace 205, a regional shopping center located in Portland’s Gateway District. The Property is located at the intersection of I-84 and I-205, in a dynamic daily-needs trade area with high-density surrounding residential. This Home Depot is ranked in the 87th percentile and benefits from added draw from the adjacent Target, each ranked a "Top Performing Store" by Placer.ai; and is the only Home Depot and Target in a 4.5-mile radius, providing a far-reaching trade area. Home Depot has occupied the center since 2001 and recently extended their lease through 2037, with 7 remaining 5-year options and 7% contractual rent increases at every option period. The current owner of the center is redeveloping the adjacent former interior mall, with new leases executed by Burlington and Urban Air. A number of other LOI’s have been executed and are in the works that will provide additional draws to the center. Please follow this link for more information: https://hubs.la/Q02XdFsT0
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
134,722 SF
Building Class
B
Year Built/Renovated
1971/2002
Price
$41,000,000
Price Per SF
$304.33
Cap Rate
5.65%
NOI
$2,316,500
Percent Leased
52%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
8 Exterior
Building FAR
0.25
Lot Size
12.47 AC
Opportunity Zone
Yes
Zoning
CX
Parking
907 Spaces (6.73 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Freeway Visibility
- Signage
- Signalized Intersection
- Air Conditioning
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
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STREET VIEW
STREET
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