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51385 SW Old Portland Rd 22,203 SF 76% Leased Office Building Scappoose, OR 97056 $5,640,000 ($254.02/SF) 6.42% Cap Rate
Investment Highlights
- INSTITUTIONAL-GRADE ANCHOR TENANT
- EXCELLENTLY MAINTAINED & MANAGED
- VALUE-ADD LEASE-UP OPPORTUNITY
- STRATEGIC LOCATION IN GROWTH CORRIDOR
Executive Summary
Current in-place income offers investors a 6.05% cap rate at the asking price which is only $254 per SF for high-qulaity medical office space. The build-to cap rate is close to 8.00% assuming conservative rents and lease up costs.
Building I is fully leased to OHSU, a state-supported academic medical center with superior credit. The lease extends through 2031 with 3% annual rental escalations, ensuring stable and growing income.
Building II offers 6,363 SF of vacant space, including a medical-ready shell and a finished suite. These spaces provide immediate upside through professional leasing efforts, with potential for OHSU expansion or subdivision into smaller suites.
Building I is fully leased to OHSU, a state-supported academic medical center with superior credit. The lease extends through 2031 with 3% annual rental escalations, ensuring stable and growing income.
Building II offers 6,363 SF of vacant space, including a medical-ready shell and a finished suite. These spaces provide immediate upside through professional leasing efforts, with potential for OHSU expansion or subdivision into smaller suites.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
22,203 SF
Building Class
C
Year Built
2004
Price
$5,640,000
Price Per SF
$254.02
Cap Rate
6.42%
NOI
$362,088
Percent Leased
76%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
11,042 SF
Building FAR
0.21
Lot Size
2.38 AC
Zoning
EC - Employment Commercial
Parking
90 Spaces (8.15 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Health Care and Social Assistance
- -
- -
- -
ATI Physical Therapy began in 1996 with a single clinic in Willowbrook, Illinois, and grew into a national outpatient physical therapy provider in the United States. ATI Physical Therapy focuses on outpatient rehabilitation and adjacent healthcare services, including physical therapy, online and hybrid care, workplace prevention services, athletic training support, worksite solutions, and sports medicine. The company also offers specialty therapies and treatment techniques designed to address injuries, mobility issues, and recovery needs across a broad patient base.
- Erhardt Physical Therapy And Sports Medicine, Pc
- Health Care and Social Assistance
- -
- -
- -
- Pinpoint Acupuncture Clinic
- Health Care and Social Assistance
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Health Care and Social Assistance | - | - | - | ||
| Erhardt Physical Therapy And Sports Medicine, Pc | Health Care and Social Assistance | - | - | - | ||
| Pinpoint Acupuncture Clinic | Health Care and Social Assistance | - | - | - |
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
- 1st Floor
- 5,421 SF
- Office/Medical
- Shell Space
- Now
| Space | Size | Space Use | Build-Out | Available |
| 1st Floor | 5,421 SF | Office/Medical | Shell Space | Now |
1st Floor
| Size |
| 5,421 SF |
| Space Use |
| Office/Medical |
| Build-Out |
| Shell Space |
| Available |
| Now |
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Fairly walkable
40/100
Very drivable
80/100
Limited public transit
20/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 0101032130310300000 | Improvements Assessment | $589,840 |
| Land Assessment | $145,210 | Total Assessment | $735,050 |
Property Taxes
Parcel Number
0101032130310300000
Land Assessment
$145,210
Improvements Assessment
$589,840
Total Assessment
$735,050
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