1448-1452 NE 28th Ave
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1448-1452 NE 28th Ave
2,903 SF Retail Building Portland, OR 97232 £977,280 (£337/SF) 9.79% Net Initial Yield
Investment Highlights
- Heavy Daytime Foot Traffic
- Flexible Floorplan
- Everything Completely Renovated
- Prime Location
- Live Work Space Opportunity
Executive Summary
**Rare Mixed-Use Commercial Building located in the heart of Sullivans Gulch** Completely Restored from the studs! CM1 Zoning. Commercial portion downstairs (Zoned "M" for Mercantile/Retail). Currently Leased on Gross modified Lease. Residential portion (Zoned R3) located upstairs also completely renovated. New Grease trap installed in downstairs, New Garage doors, New closed cell insulation throughout commercial walls, TESLA charging ports in Driveway. Would make great coffee shop, bar, or restaurant or even office space! Plumbed for cat6, New Electrical throughout, New Plumbing, New Siding, New HVAC, & Central Air, New reclaimed hardwood, New windows, New Doors, And anything else you can think of. (2) 220 amp plugs in drive way. Hot/Cold outside water. Upstairs completely remodeled. Can be used for Airbnb. Or building can be used a Work Live Space. Upstairs has large 220 square ft Balcony. New Exterior lighting and Brick. Photos of the entire process taken of Renovation. No corners cut. Bike Score: 97 Walk Sore: 95 Transportation Score: 60 Distance to airport: 6.6 miles Distance to Rose Quarter: 2 miles Distance to Downtown PDX: 4.8 miles
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£106,175
|
£36.57
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£106,175
|
£36.57
|
| Taxes |
£2,358
|
£0.81
|
| Operating Expenses |
£11,155
|
£3.84
|
| Total Expenses |
£13,513
|
£4.65
|
| Net Operating Income |
£92,662
|
£31.92
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £106,175 |
| Annual Per SF | £36.57 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £106,175 |
| Annual Per SF | £36.57 |
| Taxes | |
|---|---|
| Annual | £2,358 |
| Annual Per SF | £0.81 |
| Operating Expenses | |
|---|---|
| Annual | £11,155 |
| Annual Per SF | £3.84 |
| Total Expenses | |
|---|---|
| Annual | £13,513 |
| Annual Per SF | £4.65 |
| Net Operating Income | |
|---|---|
| Annual | £92,662 |
| Annual Per SF | £31.92 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
2,903 SF
Building Class
C
Year Built/Renovated
1909/2020
Price
£977,280
Price Per SF
£337
Net Initial Yield
9.79%
NOI
£95,642
Tenancy
Multiple
Number of Floors
2
Loading Docks
1 Exterior
Building FAR
1.33
Land Acres
0.05 AC
Zoning
CM1 - Mixed Use Commercia "M" Occupancy Use & R3 For Upstairs.
Parking
1 Space (10 Spaces per 1,000 SF Leased)
Frontage
98 ft on 1448-1452 NE 28TH AVE
Amenities
- 24 Hour Access
- Bus Route
- Conferencing Facility
- Corner Lot
- Fenced Lot
- Freeway Visibility
- Public Transport
- Restaurant
- Signage
- Tenant Controlled HVAC
- Storage Space
- Recessed Lighting
- Monument Signage
- Air Conditioning
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Creative Culture
- Accommodation and Food Services
- 1,750 SF
- £30.36
- Modified Gross
- Feb 2025
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Creative Culture | Accommodation and Food Services | 1,750 SF | £30.36 | Modified Gross | Feb 2025 |
Walk Score ®
Walker's Paradise (94)
Bike Score ®
Biker's Paradise (94)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | R313811 | Total Assessment | £89,012 |
| Land Assessment | £0 | Annual Taxes | £2,358 (£0.81/sf) |
| Improvements Assessment | £0 | Tax Year | 2023 Payable 2023 |
PROPERTY TAXES
Parcel Number
R313811
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£89,012
Annual Taxes
£2,358 (£0.81/sf)
Tax Year
2023 Payable 2023
-
Santino Filipelli -
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1448-1452 NE 28th Ave
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