2928 Hawthorne BlvdPortland, OR 97214

For Sale
$1,300,000

Mixed-use building, strong NOI, value-add potential.

Overview

Added:
Dec 11, 2024
Days on market:
93
Abbey House, located at 2928 SE Hawthorne Blvd in Portland, Oregon's vibrant Hawthorne District, presents a compelling investment opportunity. This 5,145 square foot mixed-use building, constructed in 1901 and zoned CM2 (Commercial Mixed Use 2), offers a blend of medical office, storefront, and traditional office spaces. Currently operating at 100% occupancy with twelve units, the property boasts a strong historical leasing performance and recent building upgrades. The asking price is $1,300,000, translating to $252.67 per square foot and $108,333.33 per unit. The current Net Operating Income (NOI) is $82,254, yielding a 6.33% capitalization rate (Cap Rate). The property features gross leases with a remaining term of one year on the current multi-tenant occupancy, providing a value-add opportunity for the new owner. This freestanding building offers an ideal scenario for an owner-user or an investor seeking a property with significant upside potential in a highly desirable Portland location. The property's strong NOI and current occupancy make it an attractive investment with a projected pro-forma cap rate of 6.33% and pro-forma NOI of $82,254.

Highlights

  • Recently renovated building.
  • Excellent historical occupancy rates.

Property Details for 2928 Hawthorne Blvd

Property type
Other retail properties, Individual retail properties
Square Feet
5,145 SF
Year Built
1901
Units
12

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.5118544
Longitude
-122.6354412
2928 Hawthorne Blvd, Portland, Oregon

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2928 Hawthorne Blvd
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