575 Main Ave N
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575 Main Ave N
1,920 SF Retail Building Tillamook, OR 97141 £622,723 (£324/SF) 9.50% Net Initial Yield
Investment Highlights
- Located in the heart of Tillamook on Hwy 101
- Large, paved parking area
- Renovated in 2016
- Close to McDonalds, Fred Meyer and Safeway
Executive Summary
Sale Leaseback with Oregon's largest cannabis retailer. 47+ locations including California and Ohio. New 10-year lease at closing with 2% annual rate increases. Five 5-year options. Prominent Hwy frontage on US 101 in the heart of Tillamook. Tillamook County has over 28,000 residents and the City of Tillamook provides retail services to the surrounding areas. This Nectar location is just south of McDonalds and the Tillamook Creamery, the largest employer in the county. The two major grocery retailers in Tillamook County, Fred Meyer and Safeway, are both located in the City of Tillamook. Nectar is conveniently located between these two stores. The primary access route from the Portland Metro area to Tillamook is via Hwy 6. Nectar is the first dispensary after Hwy 6 traffic merges north on Hwy 101. Nectar is using sale leaseback transactions to free up capital to fund their continued growth.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£59,159
|
£30.81
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£59,159
|
£30.81
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £59,159 |
| Annual Per SF | £30.81 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £59,159 |
| Annual Per SF | £30.81 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
1,920 SF
Building Class
C
Year Built
1973
Price
£622,723
Price Per SF
£324
Net Initial Yield
9.50%
NOI
£59,159
Tenancy
Single
Number of Floors
1
Building FAR
0.16
Lot Size
0.27 AC
Zoning
TM-C-H - Cannabis approved.
Parking
25 Spaces (13.02 Spaces per 1,000 SF Leased)
Frontage
100 ft on Hwy 101
Amenities
- Bus Route
- Dedicated Turn Lane
- Raised Floor
- Tenant Controlled HVAC
- Monument Signage
Bike Score ®
Very Bikeable (76)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | R0121013 | Improvements Assessment | £79,505 (2023) |
| Land Assessment | £88,435 (2023) | Total Assessment | £167,940 (2023) |
PROPERTY TAXES
Parcel Number
R0121013
Land Assessment
£88,435 (2023)
Improvements Assessment
£79,505 (2023)
Total Assessment
£167,940 (2023)
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575 Main Ave N
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