326 Martin Luther King Jr BlvdPortland, OR 97214

For Sale
$2,390,000

Historic Portland office building, owner-user opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional 13,349 square foot traditional office building, located at 326 SE Martin Luther King Jr Blvd in Portland, Oregon, presents a compelling owner-user or value-add investment opportunity. Built in 1884 and situated on a 10,000 square foot lot, the property boasts a desirable location in Portland's Central Eastside, zoned EX - Central Employment. Currently 25% occupied with two tenants whose leases expire in 2025, this presents significant upside potential for lease-up. The asking price is $2,390,000, translating to $179.03 per square foot, with an 8.00% cap rate. The building features 15 parking spaces and has undergone a partial seismic retrofit following renovations completed after its 2002 purchase. Its prime location offers easy access to major freeways (I-5 and I-84 within a quarter mile), public transportation (bus, MAX light rail, and bike lanes), and numerous amenities including hotels, restaurants, breweries, and the Willamette waterfront. Less than half a mile from the Oregon Convention Center and near the Hotel Grand Stark, this property offers a unique blend of historic charm and modern convenience. The building's high ceilings and creative office buildout, along with an on-site shower, add to its appeal. Rents are currently below market rates for comparable spaces in the area. This fee simple ownership opportunity includes a building listed on the U.S. National Register of Historic Places. The Burnside Bridge replacement project, with construction anticipated to begin in 2025, will further enhance the property's accessibility from West Portland.

Highlights

  • Owner-user or value-add opportunity with significant upside potential.
  • Features include ample off-street parking, high ceilings, creative office space, and an on-site shower.
  • Excellent location in Portland's Central Eastside, within a quarter-mile of I-5 and I-84.
  • Convenient access from West Portland via the Burnside Bridge (replacement project starting in 2025).
  • Located near the recently renovated Hotel Grand Stark.
  • Below-market rents compared to similar properties.

Property Details for 326 Martin Luther King Jr Blvd

Property type
Other office properties, Office properties
Square Feet
13,349 SF
Year Built
1884
Buildings
1

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.520105224586
Longitude
-122.66178061205
326 Martin Luther King Jr Blvd, Portland, Oregon

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326 Martin Luther King Jr Blvd
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