1135-1137 SW Yamhill St
Portland, OR 97205
Retail Property For Sale

Marcus & Millichap is pleased to present for sale the Orton Building, a 5,000-square foot, mixed-use office/retail property located on the westside of Portland’s CBD ("Subject Property"). The west-end of Downtown Portland is among the most sought-after neighborhoods given the plethora of new developments including Block 216, which is a mixed-use, full-block development and will include the Pacific Northwest’s first ever Ritz Carlton (see the Offering Memorandum development map for more details). Fully refurbished and fully leased, the Subject Property is well situated to be a passive investment in an area experiencing significant growth. For an owner/user, the Seller has included a Landlord termination right for the office tenant which will allow occupancy within the first year. The Orton Building is two stories, each comprised of 2,500 square feet. There is very little common area and the leases reflect a load factor so that rent is based on the building’s total square footage. The building was fully remodeled in 2016 which included a new roof, HVAC, plumbing and electrical, in addition to new tenant and common area finishes. The building is configured into four distinct spaces, two retail suites on the ground floor and two office suites on the second story. All finishes reflect a modern creative look with great window lines and natural light. There are four separate electric meters, so each tenant pays that expense directly. The Westside of Downtown Portland had gone through a transformation in the last 10 years and the remaking of this area of the CBD is only accelerating with numerous new developments. The total downtown RBA (1,000 square feet) has increased more than 18,630 between 2007-2017. Redevelopment kicked-off with the modern bohemian style of the Ace Hotel in 2007, where the well-known Clyde Common restaurant is conveniently located right off the lobby. Some larger multi-use developments include Twelve West, Park Avenue West, 12th & Morrison and Broadway Tower. Twelve West opened the 22-floor, multi-use building in 2009, with the lower floor providing retail space, four floors of office space, with the remaining as the Indigo Apartments. Park Avenue West high-rise opened in 2016 including one floor retail, 15 floors for apartments and 14 floors of office. 12th & Morrison’s upscale office spaces showcase views of the West Hills. While the 19-story Broadway Tower, opened in 2018, houses the Radisson Red on the first eight floors, 11 floors of office space plus four underground parking levels. New construction includes Hyatt Centric on 11th and Alder, Moxy Hotel to be located on 10th and Alder and the Ritz Carlton which will reside on the 900 block of SW Washington. Smart Park’s 10th and Yamhill will include seismic updates and more ground-floor retail space once complete. Additional buildings received remodel updates such as the Portland Clinic and 12|Stark. The Galleria is currently in the land use review stage to include new office penthouses and roof terraces, while the Fliedner Building is in permit review to have both seismic and building upgrades. The Orton Building is surrounded by all the above-mentioned developments, notable restaurants, food cart pods, downtown shopping districts and numerous cultural/event spaces. It offers an investor an opportunity to benefit from the appreciation occurring in the area with a relatively low risk, easy to manage asset.