4936-4938 N Lombard St
Portland, OR 97203
Lombard Mixed-Use · Retail Property For Sale

Marcus & Millichap has been exclusively selected to market for sale 4926-4940 North Lombard Street, a mixed-use retail and residential investment property located off the eastern shore of the Willamette River in North Portland’s University Park neighborhood. This two-story, wood framed building was built in 1904 and consists of approximately 7,291 square feet of gross building area. The main building and detached garage are situated on a 0.23-acre parcel of land, which is zoned CM2. The ground floor commercial space consists of a complimentary mix of service-based retailers, which includes a hair salon, tattoo parlor and pizza restaurant. There are four multifamily units ranging from a studio to two bedrooms.   Well located on North Lombard and near the well known Catholic college, the University of Portland (enrollment of 4,250 students). This investment presents a unique opportunity to acquire an urban-infill, mixed-use asset at an attractive price per foot near the University of Portland campus. With rents considerably below market, an experienced investor can grow their equity by negotiating triple net, market rate leases with the commercial tenants.   The storefront commercial space is leased to Hair Design, Nova Tattoo, and Louie’s Pizza. All three tenants have been at the building for over five years. All of the tenants are on modified gross leases. Tenants are responsible for utilities and all repairs and maintenance inside their tenant space. Hair Design and Nova Tattoo are “holdover” tenants and are month-to-month. Louie’s Pizza has one year left on their lease with no renewal options. The Landlords are currently using the detached garage for storage, which is approximately 500 square feet. There is both a garage door and a man door. The proforma analysis assumes a new owner would lease this space out for $250 per month gross.   There are four residential apartment units. Units #1 & #4 have both been turned with modest updating in the last two years. The tenant in Unit #2 has leased their unit for over 20 years, so no major updates have been done. Unit #3 is currently occupied by the Landlords and will be vacated upon the Close of Escrow. The multifamily rents are, on average, 7.5% below market. This provides yet another opportunity for a seasoned investor to add value by improving units and raising rents.