1221-1241 SW 10th Ave - Eliot Tower Retail Condominium R2 4,789 SF Flex Condo Unit Offered at $1,737,717 CAD in Portland, OR 97205
INVESTMENT HIGHLIGHTS
- Mixed-Use Building: Strategically designed to generate consistent foot traffic through diverse retail and residential spaces.
- NNN Leases: Portland Art Museum and Canoe are on triple net leases, ensuring reimbursement of building expenses.
- Proximity to Portland State University: Located less than half a mile from PSU’s 44-acre campus, serving over 21,000 students w/ a $1.8B impact.
- Income Offset: Reliable and stable income from Portland Art Museum provides security and stability while trying to establish a new retail location.
- Prime Location: Situated adjacent to Safeway and amidst popular downtown retail
EXECUTIVE SUMMARY
Eliot Tower is one of Portland’s premier condominium buildings, featuring 18 stories with 223 residential condos. As the Core Business District of Portland evolves and recover from Covid related vacancies, now is the best time to take advantage of the opportunity to purchase real estate and reap the rewards as improvement takes hold. The property is well situated in the middle of the CBD next door to Safeway and less than half a mile from the 44 acre Portland State University Campus teaching more than 21,000 students. The property is located just west of the city park blocks on Jefferson Street and sandwiched between SW 10th and SW 11th Avenue with close proximity to Interstate 405 (Average Daily Traffic Counts Exceed 130K Vehicles, 2022 Costar) and Highway 26 (Average Daily Traffic Counts Exceed 77K Vehicles, 2022 Costar) Interchange.
DATA ROOM Click Here to Access
PROPERTY FACTS
1 UNIT AVAILABLE
Unit R2
| Unit Size | 4,789 SF |
| Price | $1,737,717 CAD |
| Price Per SF | $362.86 CAD |
| Condo Use | Flex |
| Sale Type | Investment or Owner User |
SALE NOTES
CBRE, INC. HAS BEEN APPOINTED AS THE EXCLUSIVE AGENT FOR THE SALE OF THE ELIOT TOWER CONDOMINIUM UNIT R2, WHICH ENCOMPASSES APPROXIMATELY 4,789 SQUARE FEET OF PRIME RETAIL SPACE HOUSING LONG TERM TENANT PORTLAND ART MUSEUM’S RENTAL SALES GALLERY, WITH A REMAINING VACANCY OF 1,601 SQUARE FEET. THIS UNIQUE PROPERTY PROVIDES AN UNMATCHED OPPORTUNITY FOR AN OWNER USER TO ESTABLISH A LOCATION IN DOWNTOWN PORTLAND WHILE COLLECTING INCOME AND HEDGING THEIR OWN EXPENSES AGAINST A LONG TERM, RELIABLE TENANT THAT RELIES ON THIS LOCATION DUE TO THE PROXIMITY OF ITS PARENT TENANT, PORTLAND ART MUSEUM, DIRECTLY ACROSS THE STREET.
Portland Art Museum and Canoe operate under NNN leases, while Harris & Tailor operates under a gross lease on a month to month term. It is important to note that the Portland Art Museum, being a not-for-profit entity, benefits from tax-exempt status for its leased space. Constructed in 2006, the Eliot Tower stands as an 18-story modern condominium high-rise that integrates retail and residential uses, featuring street-level retail complemented by 223 condominium homes above. This property boasts LEED certification, underscoring its commitment to sustainability. Strategically located in the heart of Portland’s Central Business District, the Eliot Tower enjoys exceptional walkability with a score of 99/100, a transit score of 95/100, and a bike score of 93/100, making it an attractive investment opportunity within a vibrant urban environment.
Portland Art Museum Renovation: PAM is currently undergoing an $11M Campus Transformation that will include an entrance on 10th street from their original building located directly across the street from the subject property. This entrance will provide seamless connection between the two buildings, encourage increased foot traffic to The Eliot, and secure the need to renew the Lease for Portland Art Museum in this location.
MAJOR TENANT INFORMATION Click Here to Access
| TENANT | SF OCCUPIED | LEASE END DATE |
|---|---|---|
| Portland Art Museum |
99,999 SF SF
|
Jan 0000
|
| Canoe |
99,999 SF SF
|
Jan 0000
|
| Harris & Tailor |
99,999 SF SF
|
Jan 0000
|
