422 10Th AveHillsboro, OR 97123

For Sale
$2,065,000

High-yield Aaron's storefront, 8+ years remaining.

Overview

Added:
Dec 11, 2024
Days on market:
95
This exceptional investment opportunity presents a fee-simple ownership of a 10,369 square foot Aaron's storefront located at 422 SE 10th Ave, Hillsboro, OR 97123. The property sits on a 0.55-acre lot in Washington County, zoned SCC-DT, and boasts 20 on-site parking spaces, plus an easement agreement providing access to an additional 16 spaces at a neighboring hotel. Built in 1965 and renovated in 2010, this single-tenant retail building offers a strong, corporate-guaranteed, absolute NNN lease with a remaining term of approximately 8.1 years, expiring December 31, 2032. The lease commenced January 1, 2012, and includes attractive 10% rent bumps every five years, with the next increase scheduled for January 1, 2027. This increase will boost the current 7.26% cap rate to a pro-forma 7.99%. The current net operating income (NOI) is $149,919, projected to increase to $164,911. The asking price is $2,065,000, translating to $199.15 per square foot and $86.19 per square foot for land value. The property's prime corner location at a signalized intersection in Hillsboro, a thriving bedroom community of Portland, ensures high visibility and accessibility. Lease options include three five-year terms. This is a 1031 exchange eligible property.

Highlights

  • Corporate-backed NNN lease with Aaron's Company.
  • Over eight years remaining on the lease term.
  • 10% fixed rent increases every five years.
  • Below-market rent currently being paid.
  • Corner lot at a signalized intersection with ample on-site parking.
  • Potential owner-user opportunity; tenant is actively marketing for sublease.

Property Details for 422 10Th Ave

Property type
Other retail properties, Individual retail properties
Square Feet
10,369 SF
Year Built/Renovated
1965/2010
Buildings
1
Lot Size (sq. ft)
23,958 SF
Units
1

Location Insight

City
Hillsboro
County
Washington
State
Oregon
Latitude
45.518703995387
Longitude
-122.97385056108
422 10Th Ave, Hillsboro, Oregon

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422 10Th Ave
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