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West Union Retail Center 18215 NW West Union Rd 4,175 SF 100% Leased Retail Building Portland, OR 97229 $3,078,000 ($737.25/SF) 5.75% Cap Rate



INVESTMENT HIGHLIGHTS
- 100% leased to Starbucks (investment-grade credit of BBB) and Evolve Physical Therapy, a growing PNW PT clinic with two locations.
- Access off of West Union Road, a major thoroughfare, with two additional points of ingress.
- High-density surrounding residential with 219,420 residents within 5 miles.
- Evolve recently extended their lease term two years early.
- Above-average area incomes of $182k, roughly 49% above the Portland city average.
- Located in Washington County, with a reputation for offering lower taxes than Multnomah County.
EXECUTIVE SUMMARY
The Offering provides the opportunity to acquire a 2-tenant building fully leased to a Starbucks drive-thru and Evolve Physical Therapy. Both tenants operate on NNN leases with five years remaining. The Property is pad to a Safeway-anchored shopping center in Bethany, an affluent Portland suburb, with extremely high-density surrounding residential with above-average household incomes of $180K. The Property benefits from strong daily-needs and commuter traffic, synergy with adjacent retailers, and proximity to two of the state’s largest employers in the submarket, Nike and Intel, of which a number of employees reside in the Bethany area.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Building Size
4,175 SF
Building Class
C
Year Built/Renovated
2010/2020
Price
$3,078,000
Price Per SF
$737.25
Cap Rate
5.75%
NOI
$176,985
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.11
Lot Size
0.89 AC
Zoning
NC
Parking
23 Spaces (5.51 Spaces per 1,000 SF Leased)
Frontage
260’ on Northwest West Union Road
Bike Score®
Very Bikeable (76)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $1,065,970 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,065,970
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West Union Retail Center | 18215 NW West Union Rd
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