1401 SE Morrison St | Portland, OR 97214
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- LoopNet Team
1401 SE Morrison St
Portland, OR 97214
Morrison Place · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- The Property is a fully occupied, six-tenant retail center primarily occupied by restaurant and food service, medical, and specialty retail.
- Over 92% of the building has been occupied for over seven years, with recent extensions exercised by Mint Dental and Stereotypes for 5 and 3 years.
- The Property sits on nearly one acre of land with mixed-use zoning, providing long-term flexibility in an area with high barriers to entry.
- Nostrana, occupies nearly a third of the building and is owned and operated by the six-time James Beard Foundation Award nominee Cathy Whims.
- The Property is an attractive, well-maintained asset with attention to detail in design and location appeal, including rare onsite parking.
- Annual lift in NOI provided by 3% rent increases each year for all tenants excluding Nostrana, who has a 5% rent increase every other year.
PROPERTY FACTS
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
15,411 SF
Building Class
B
Year Built/Renovated
1955/2018
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.38
Lot Size
0.92 AC
Zoning
CM2
Parking
44 Spaces (2.86 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Pylon Sign
- Signage
PROPERTY TAXES
| Parcel Number | R150635 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,933,890 |
PROPERTY TAXES
Parcel Number
R150635
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,933,890
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