7202 NE Glisan St
Portland, OR 97213
Retail Property For Sale

Marcus & Millichap has been exclusively selected to market for sale 7202-7204 Northeast Glisan Street, a mixed-use retail and residential property located on the east side of the Willamette River in Portland’s Montavilla neighborhood. This two-story, wood framed building was built in 1890 and is approximately 6,480 square feet. The building is situated on a 0.09 acre parcel of land which is currently zoned CS. The ground floor is leased to two commercial tenants which include a veterinarian clinic and a market. There are 6 apartments which consist of a mix of studios, one-bedrooms and two-bedrooms. Well located near mass transit. The nearest MAX Station is on the Northeast 60th Avenue MAX Station which serves the Red, Blue and Green lines. Buses serve the neighborhood on Northeast Glisan, East Burnside and 60th Avenue. The area boasts a Bike Score of 90, which is considered "Very Bikeable". A marked bike route travels east/west on Davis and Everett streets and the planned 50s bike boulevard extends through North Tabor. The property allows easy access to Lloyd Center, downtown Portland and the airport by way of MAX station, Interstate 84 and major arterial streets. This investment presents an opportunity to add value by rolling over leases to market rates, which have already been proven through recent lease ups. Viva Pet Care recently signed a 10-year lease which provides added security on the retail and the market is due for renewal next year. This provides an opportunity for the new owner to increase his cash flow by negotiating a market rate lease. The market rent for this suite has been calculated at $14.00 NNN in the proforma analysis. The apartments are currently leased more than 12 percent below market which provides additional upside. This property provides an investor the rare chance to acquire a 100 percent leased, mixed-use investment in Montavilla, a rapidly emerging Portland submarket. With the Glisan Fred Meyer, restaurants, coffee shops and bars nearby, it makes for a very active, local community. Located west of the subject property, Providence Portland Medical Center serves as one of the neighborhood's largest employers.