1458 Alberta StPortland, OR 97211

For Sale
$1,575,000

Portland, OR: 5-unit, high-return investment

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional mixed-use property, located at 1458 NE Alberta St in Portland, Oregon's vibrant Alberta Arts District, presents a compelling investment opportunity. The 2,834 square foot building, constructed in 1998 and renovated in 2008, boasts a desirable corner lot within a thriving retail and mixed-use area. The property features a diverse tenancy including a long-term ground floor restaurant tenant (Fuel Cafe, since 2011) operating under a NNN lease covering 66% of taxes, insurance, and repairs. Four residential units occupy the upper floor, with two tenants residing since 2014 and 2018 respectively. The building is currently 100% occupied, generating a strong Net Operating Income (NOI) of $68,631, representing a 4.36% cap rate. Pro-forma NOI is projected at $82,798, yielding a 5.26% cap rate. The property includes five units in total, spread across two stories, and sits on a 2,500 square foot lot. The permitted zoning is CM2. Rent bumps are in place, ensuring future income growth. This stabilized investment, classified as Class B, offers a compelling combination of established income and significant upside potential. The asking price is $1,575,000, translating to $555.75 per square foot. The property's excellent condition, prime location, and strong tenant base make it an ideal addition to any portfolio. APN: P240221. Suitable for a 1031 exchange.

Highlights

  • Excellent corner lot mixed-use investment opportunity in the Alberta Arts District.
  • High-growth potential in a vibrant, established neighborhood.
  • Strong tenant base with upside potential for rental income.
  • Prime location with high visibility and foot traffic.
  • Desirable mixed-use zoning allows for flexibility and future expansion.

Property Details for 1458 Alberta St

Property type
Other retail properties, Restaurants
Square Feet
2,834 SF
Class
B
Year Built/Renovated
1998/2008
Buildings
1
Stories
2
Units
5

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.5589341
Longitude
-122.6505276
1458 Alberta St, Portland, Oregon

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1458 Alberta St
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