Marcus & Millichap has been chosen to exclusively market for sale Double Springs, an urban-infill, mixed-use building in Sellwood. Built in 2016 / 2017, the two buildings consist of approximately 8,961 square feet of gross leasable area situated on a 0.23-acre parcel of land. The current zoning is Commercial Mixed-Use 2 (CM2), which allows for a variety of uses including retail, office and residential.
The northern building is currently 80% occupied. There is one remaining retail suite being marketed for lease by CRA Northwest. The space is approximately 1,217 square feet and is being marketed for $24 NNN. The remainder of the building is occupied by two commercial tenants (Uno Dos Tres & Prana Pilates) and four residential tenants. The residential units consist of two 1 bedroom / 1 bath units as well as two 1 bedroom + / 1 bath units. The apartments are fully leased.
The southern building is 100% occupied by Uno Dos Tres on a long-term, triple net lease. They are currently paying $28.64 NNN for the entire building. They also occupy a smaller footprint in the northern building where they are paying $32.88 NNN. Their lease expires at the end of October in 2030, which provides stability for the next owner. There are approximately 3% annual escalations to the base rent as per the lease.
