Salmonberry Square | 810 Broadway
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Salmonberry Square 810 Broadway
8,450 SF 47% Leased Retail Building Seaside, OR 97138 £938,940 (£111/SF) 7.08% Net Initial Yield
Investment Highlights
- Prime Downtown Location: Situated in the heart of Seaside, Oregon
- Three Stairwells Creating Excellent Tenant Flow
- Historic Charm & Modern Renovations: Renovated in 2006, new roof in 2022, significant interior upgrades 2022-2024
- Ideal Partial Owner-User Investment Opportunity
- 1,440 SF Atrium not included in NRA, great for tenant use or events
- Four Total Restrooms, Two Kitchenettes, and a Mailroom with Alleyway Access
Executive Summary
Prime Downtown Location: Situated in the heart of Seaside, Oregon, this property is positioned along the main corridor, making it highly accessible and visible.
Historic Charm with Modern Renovations: Originally built in 1965, the building underwent significant renovations in 2006, including a new roof in 2022 and new furnace and interior updates in 2023.
Investment Opportunity: Salmonberry Square is ideal for both investors and partial owner-users, with a mix of occupied and vacant spaces, offering a solid tenant base while also leaving room for additional leasing potential.
Flexible Space: The property features a total of 11,238 SF with a net rentable area (NRA) of 8,450 SF. The ground floor atrium (1,440 SF) adds value for events or tenant use, though it is not included in the NRA.
Financial Highlights: The property generates potential gross revenue of $130,477 annually, with a cap rate of 7.08%. The current tenants include Capricorn Pub, Seaside Massage, and Salon on Broadway, with vacant spaces available for further rental income.
Flow & Common Areas: With three staircases, a common mail area, alleyway access, and a shared single-user restroom on each floor (and one each storefront space) the property provides excellent tenant flow and access.
Sale Price: The property is listed for $1,200,000 $142/SF NRA or $107/SF GBA!
Historic Charm with Modern Renovations: Originally built in 1965, the building underwent significant renovations in 2006, including a new roof in 2022 and new furnace and interior updates in 2023.
Investment Opportunity: Salmonberry Square is ideal for both investors and partial owner-users, with a mix of occupied and vacant spaces, offering a solid tenant base while also leaving room for additional leasing potential.
Flexible Space: The property features a total of 11,238 SF with a net rentable area (NRA) of 8,450 SF. The ground floor atrium (1,440 SF) adds value for events or tenant use, though it is not included in the NRA.
Financial Highlights: The property generates potential gross revenue of $130,477 annually, with a cap rate of 7.08%. The current tenants include Capricorn Pub, Seaside Massage, and Salon on Broadway, with vacant spaces available for further rental income.
Flow & Common Areas: With three staircases, a common mail area, alleyway access, and a shared single-user restroom on each floor (and one each storefront space) the property provides excellent tenant flow and access.
Sale Price: The property is listed for $1,200,000 $142/SF NRA or $107/SF GBA!
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
8,450 SF
Building Class
B
Year Built/Renovated
1965/2006
Price
£938,940
Price Per SF
£111
Net Initial Yield
7.08%
NOI
£66,523
Percent Leased
47%
Tenancy
Multiple
Number of Floors
2
Building FAR
1.21
Lot Size
0.16 AC
Zoning
C-4 - This is zoned for commercial use.
Frontage
77 ft on Broadway
Amenities
- 24 Hour Access
- Atrium
- Mezzanine
- Signage
- Accent Lighting
- Air Conditioning
- Balcony
Walk Score ®
Very Walkable (88)
Bike Score ®
Very Bikeable (85)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 11482 | Total Assessment | £558,885 (2023) |
| Land Assessment | £0 (2023) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £0 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
11482
Land Assessment
£0 (2023)
Improvements Assessment
£0 (2023)
Total Assessment
£558,885 (2023)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2024
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Salmonberry Square | 810 Broadway
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