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21st and Clinton 2032-2038 SE Clinton St 10,511 SF 100% Leased Retail Building Portland, OR 97202 $4,750,000 ($451.91/SF) 6.66% Cap Rate
Investment Highlights
- 2 buildings, fully occupied by service-oriented tenants on NNN leases. Class A attractive 2005 construction.
- Tenants representing 73% of the GLA have occupied the Property since at least 2006.
- Average household incomes exceed $150,000 within a half mile of the Property.
- Proximity to many amenities, restaurants, retail, coffee, community centers w/ nearby parks with a high walk score of 95 and a bike score of 99.
- Xenana Spa & Wellness, 82 Acres, Blink Optometry & American Pacific Mortgage all recently executed extensions, contributing to a 3.9-year WALT.
- Over 3,700 multifamily units have been built since 2022 or are currently in the process of being developed (2-mile radius).
Executive Summary
The Subject Property is a creatively designed, fully-occupied retail asset featuring Class A construction completed in 2005 and is leased to a strong mix of service-oriented tenants on NNN leases. The Property boasts exceptional tenant stability, with 73% of the GLA in place since 2006 and a recent 10-year renewal by Xenana Spa & Wellness. Additional renewals with 82 Acres, Blink Optometry, & American Pacific Mortgage have been inked since October 2025, demonstrating continued stability. Located in a highly walkable and bike-friendly Portland neighborhood (Walk Score: 95, Bike Score: 99), the Property is surrounded by restaurants, retail, parks, and community hubs. Strong local demographics include average household incomes exceeding $150,000 within a half-mile, and the area continues to densify with over 3,700 multifamily units delivered or underway since 2022 (2-mile radius).
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
10,511 SF
Building Class
B
Year Built
2005
Price
$4,750,000
Price Per SF
$451.91
Cap Rate
6.66%
NOI
$316,132
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.67
Lot Size
0.36 AC
Zoning
CM1 – Commercial Mixed Us
Frontage
98’ on SE Clinton St
Amenities
- Bus Line
- Signage
- Signalized Intersection
Exceptionally walkable
100/100
Moderately drivable
60/100
Good public transit
60/100
Very bikeable
80/100
Nearby Major Retailers
Property Taxes
| Parcel Number | R110560 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,997,760 |
Property Taxes
Parcel Number
R110560
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,997,760
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