1408-1424 NE 181st Ave
Portland, OR 97230
I-84 Plaza · Retail Property For Sale

Marcus & Millichap has been chosen to exclusively market for sale I-84 Plaza, a retail center, on Northeast 181st Avenue. The building is concrete construction and consists of approximately 10,276 square feet of gross leasable area situated on a 0.86-acre parcel of land. The building is fully leased to four commercial retail tenants. Good Vibes Nutrition and the Go Hard MMA & Fitness both have leases through the Summer of 2023, which provides stability for the center while an investor increases rents elsewhere. Thai Restaurant is the newest tenant, who signed a three year lease through the summer of 2022. They are currently paying $18.80 per square foot. In 2018, CrossFit Cimmeria did significant tenant improvements in exchange for below market rent. They signed a two year lease and come up for renewal July 2020. They have an option to renew for another two years at a pre-negotiated rate of $14 per square foot. Market rate is $20 per square foot, so they are still considerably below market. This provides long-term upside for an investor and increases the probability they renew next year.