2144 BroadwayPortland, OR 97232

For Sale
$799,000

Three-unit building, high ROI potential.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional three-unit mixed-use property in Portland's desirable Broadway/Irvington district presents a compelling investment opportunity. The building, constructed in 1908 (residential) with a commercial addition in 1956 and a 2021 renovation, boasts 5,125 square feet on a 4,500 square foot lot. Currently fully occupied, it features a turnkey remodeled commercial space with prime Broadway street frontage, leased to Paz Hair Lounge until March 31, 2025, with a potential extension. The remaining two units comprise an income-generating duplex showcasing classic Arts & Crafts details, including high ceilings, hardwood floors, and built-in woodwork. The property offers five parking spaces and benefits from CM2 Commercial zoning, allowing for future expansion possibilities. The current NOI is $53,566, with a pro-forma NOI of $60,130, resulting in a 6.70% cap rate and a pro-forma cap rate of 7.53%. Rentometer projections suggest market rents of $1,926 for a one-bedroom unit and $2,257 for a two-bedroom unit. The asking price is $799,000, representing a price per square foot of $155.90 and a price per unit of $266,333.33. The property's financial performance demonstrates strong current returns with significant potential for future growth. Please note: All information should be verified independently by the buyer.

Highlights

  • Three-unit mixed-use building in Portland's Broadway/Irvington district.
  • Turnkey commercial space with Broadway street frontage, leased to Paz Hair Lounge until March 31, 2025, with extension option.
  • Income-generating duplex featuring Arts & Crafts details, high ceilings, hardwood floors, and ample parking.
  • CM2 Commercial zoning allows for future development potential.
  • 6.7% cap rate, 11.5 GRM, $53,566 NOI (actual), $60,130 pro-forma NOI; Rentometer projects $1,926 (1-bedroom) and $2,257 (2-bedroom) market rents.
  • Built 1908 (residential), 1956 (commercial), renovated 2021; 100% occupied; buyer to verify all information; owner principal holds inactive Oregon real estate license.

Property Details for 2144 Broadway

Property type
Multifamily properties, Apartment buildings
Square Feet
5,125 SF
Class
C
Year Built/Renovated
1908/1957
Buildings
1
Stories
3
Units
3

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.534899879381
Longitude
-122.64384434792
2144 Broadway, Portland, Oregon

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2144 Broadway
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