2332 NW Westover Rd
Portland, OR 97210
Retail Property For Sale

2332 NW Westover is comprised of two residential apartments and two retail spaces. The property was fully remodeled in 2017 and 2018, inclusive of all new major systems, siding, roofing, windows, hard and soft-scaping, and complete redesign and rebuild of all interiors. The apartments include a two-bedroom/one-bath 700 square foot unit and a three-bedroom/1.5 bath 1,100 square foot unit. Both apartments offer secured intercom gated entry. Finishes include marble and quartz counter-tops, solid oak flooring, stainless appliances, recessed lighting and in-unit washer/dryers. The three bedroom offers expansive nine-foot ceilings and an open floor plan complete with built-in microwave, pendant lighting and breakfast bar, while the two bedroom has an open kitchen/living room layout with more traditional eight-foot ceilings. Both apartment units have individual outdoor spaces, one of which is a spacious patio of roughly 300 square feet that overlooks NW Westover Rd. The retail consists of one 1,600 square foot suite on the main level and one 1,020 square foot suite on the lower level. The main level is leased to Fish & Rice, a sushi restaurant, on a new five year lease with a percentage rent clause of six percent. The lower level is leased to Pretty Sweet Sugaring Studio, a hair removal salon, on a new five year lease with four percent annual increases. The owner of the salon had operated at her previous location on NW 25th and Upshur for over 10 years. She decided to relocate into this building because of its superior visibility and increased foot traffic. Both leases are triple net. The commercial tenants reimburse for their pro rata share of the operating expenses such as taxes, insurance, utilities, repairs, maintenance, and management. Both are service/experience based retailers, which provides added security for an investor as these business models are not threatened by the “Amazon Effect”.