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1221-1241 SW 10th Ave - Eliot Tower Retail Condominium R1 3,108 SF Retail Condo Unit Offered at $1,149,000 in Portland, OR 97205
INVESTMENT HIGHLIGHTS
- Mixed-Use Building: Strategically designed to generate consistent foot traffic through diverse retail and residential spaces.
- NNN Leases: Triple net leases in place, ensuring reimbursement of building expenses such as taxes, insurance and maintenance.
- Proximity to Portland State University: Located less than half a mile from PSU’s 44-acre campus, serving over 21,000 students w/ a $1.8B impact.
- Established Tenants: Features long-term tenants with proven track records, enhancing stability and reliability.
- Prime Location: Situated adjacent to Safeway and amidst popular downtown retail.
EXECUTIVE SUMMARY
Eliot Tower is one of Portland’s premier condominium buildings, featuring 18 stories with 223 residential condos. As the Core Business District of Portland evolves and recover from Covid related vacancies, now is the best time to take advantage of the opportunity to purchase real estate and reap the rewards as improvement takes hold. The property is well situated in the middle of the CBD next door to Safeway and less than half a mile from the 44 acre Portland State University Campus teaching more than 21,000 students. The property is located just west of the city park blocks on Jefferson Street and sandwiched between SW 10th and SW 11th Avenue with close proximity to Interstate 405 (Average Daily Traffic Counts Exceed 130K Vehicles, 2022 Costar) and Highway 26 (Average Daily Traffic Counts Exceed 77K Vehicles, 2022 Costar) Interchange.
PROPERTY FACTS
| Total Building Size | 527,780 SF | Typical Floor Size | 7,897 SF |
| Property Type | Multifamily (Condo) | Year Built | 2006 |
| Property Subtype | Apartment | Lot Size | 0.07 AC |
| Building Class | B | Opportunity Zone |
Yes
|
| Floors | 18 | ||
| Zoning | RX | ||
| Total Building Size | 527,780 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | B |
| Floors | 18 |
| Typical Floor Size | 7,897 SF |
| Year Built | 2006 |
| Lot Size | 0.07 AC |
| Opportunity Zone |
Yes |
| Zoning | RX |
1 UNIT AVAILABLE
Unit R1, S139
| Unit Size | 3,108 SF | Sale Type | Investment |
| Price | $1,149,000 | Cap Rate | 8.06% |
| Price Per SF | $369.69 | NOI | $92,570 |
| Condo Use | Retail |
| Unit Size | 3,108 SF |
| Price | $1,149,000 |
| Price Per SF | $369.69 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 8.06% |
| NOI | $92,570 |
DESCRIPTION
One condo unit comprised of two retail spaces with long time tenants. Canoe just renewed for an additional year ahead of their renewal deadline.
SALE NOTES
CBRE, INC. HAS BEEN APPOINTED AS THE EXCLUSIVE AGENT FOR THE SALE OF THE ELIOT TOWER RETAIL CONDOS, WHICH ENCOMPASS APPROXIMATELY 3,108 SQUARE FEET OF PRIME RETAIL SPACE OCCUPIED BY TWO ESTABLISHED TENANTS. THIS UNIQUE PROPERTY IS LEASED TO LONG-TERM TENANTS WHO HAVE MAINTAINED THEIR OCCUPANCY FOR OVER A DECADE.
Both tenants operate under NNN leases ensuring that they fully reimburse all associated expenses, thereby providing a stable income stream. Constructed in 2006, the Eliot Tower stands as an 18-story modern condominium high-rise that integrates retail and residential uses, featuring street-level retail complemented by 223 condominium homes above. This property boasts LEED certification, underscoring its commitment to sustainability. Strategically located in the heart of Portland’s Central Business District, the Eliot Tower enjoys exceptional walkability with a score of 99/100, a transit score of 95/100, and a bike score of 93/100, making it an attractive investment opportunity within a vibrant urban environment.
Portland Art Museum Renovation: PAM, located both next door and in their full museum space across the street, is currently undergoing an $11M Campus Transformation that will include an entrance on 10th street from their original building located directly across the street from the subject property. This entrance will encourage increased foot traffic to The Eliot.
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1221-1241 SW 10th Ave - Eliot Tower Retail Condominium R1
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