11933 NE Davis St
Portland, OR 97220
Hazelwood Community Apartments · Multifamily Property For Sale · 120 Units

Glisan Street Station is a 43,884-square-foot, established multi-tenant retail center located in Portland, Oregon. The property features three retail pads with great visibility and frontage on Northeast 122nd and Northeast Glisan and an inline multi-tenant building. The property is shadow-anchored by the Gateway submarket’s largest tenant, the Oregon Department of Human Services, which occupies a 117,500-square-foot office building adjacent to Glisan Street Station. The center is 96 percent leased offering a stable income stream and is being offered for sale at a 7.40 percent cap rate. There is future upside through in-place leases containing fixed annual rent increases. Glisan Street Station has had a great history of occupancy with 68 percent of the tenants having occupied their space for at least seven years and half of those tenants occupying their spaces for 20 years, since the property was originally developed back in 1998. All of the leases are on a true triple-net lease structure with the tenants reimbursing for their pro-rata share of taxes, insurance, and common area maintenance (CAM).