407 NW 17TH AVENUE - LoopNet...Accelerating success. • Professional Office: Medical or Dental • Property boasts premier visibility and architectural quality • 18,467 RSF

Lincoln High School

The Civic

Pearl District

StadiumDistrict

W Burnside Street

NW 18

th S

treet

NW 19

th S

treetNW Glisan Street

NW Everett Street

SW Morrison StreetSW Alder Street

Accelerating success.

• Professional Office: Medical or Dental

• Property boasts premier visibility and architectural quality

• 18,467 RSF

• 24 on-site parking spaces

• Building price/SF: $244

• Land price/SF: $228

FOR SALE | 407 NE 17th Avenue | Portland, OR

NW Glisan & NW 17th AvenueALPHABET DISTRICT

Colliers International851 SW 6th Avenue, Suite 1200

Portland, Oregon 97204

Denis O’NeillSenior Vice President+1 503 542 [email protected]

Steve DoddsVice President+1 503 542 [email protected]

407 NW 17TH AVENUEPRIDE OF

OWNERSHIP QUALITY PORT

LAND

ORE

GON

9721

4$4,500,000

Asking Price:

Central BusinessDistrict

Pearl Hardware

• The Offering• Investment Highlights• Zoning: Redevelopment Potential

CALL FOR PRICINGSECTION 1: EXECUTIVE SUMMARY

CONTENTS

SECTION 2: BUILDING DESCRIPTION• Building Description• Photos• Area Amenities• Floor Plans

SECTION 3: FINANCIAL INFORMATION• Lease Expirations• Rent Roll• Sale Comparables• Portland Highlights

SECTION 1: EXECUTIVE SUMMARY

THE OFFERINGUNIQUE PROPERTY

• In the heart of NW Portland

• Parking adjacent to suites

• High barrier to entry

• 1,481 SF available for a User

• 3,500 SF available November, 2020

PROPERTY OVERVIEW

Price Rentable SF $4,500,000 ($244/RSF)

Location 407 NW 17th Avenue Portland, OR 97209

Net rentable area 18,467 SF

Gross building area 19,260 SF

Land 20,000 SF

Site coverage 52.2%

Current Zoning CM3

Year Built 1950

Renovated 1996

On-Site Parking 24 spaces

2035 Comp Plan CM3d - Mixed use urban center

Assessed Real Market Value $5,018,300 ($272/RSF)

Colliers International has been retained by the owner to exclusively market the property and will conduct tours with any prospective purchaser, with reasonable notice.

INVESTMENTHIGHLIGHTS

VALUE-ADDOPPORTUNITY

» Extraordinary ease of access for clients or patients

» On-site parking available on both NW Glisan & NW Flanders

» Walking distance to NW amenities, the Pearl and Stadium Districts

» Immediate access to I-405 at NW Everett & NW Glisan

» Own an extraordinary building at below replacement cost

» Existing rents significantly below market

» Expiring leases allow for expansion or increased value

» 3,500 SF Available November 30, 2020

» Existing tenants provide income and rent upside

» Spaces with on-site parking in high demand

ZONING - REDEVELOPMENT POTENTIAL

Land Size: 20,000SF

Base Zone: CM3

Plan District: Northwest Plan District

Overlay: Design

Base OverlayCombination:

CM3d

Height Limit: 65’/75’

FAR: 3:1/5:1

Maximum SF: 60,000/100,000

Comp Plan: Mixed Use - Urban Center

Zoning & District:

SECTION 2: BUILDING DESCRIPTION

NW Glisan Street

NW Flanders Street

PEARLHARDWARE

BUILDING DESCRIPTIONAddress 407 NW 17th Avenue

Portland, OR 97209Assessor’s Parcel Number R14085D, Multnomah County

Zoning CM3 - Mixed Use

Year Built 1950

Renovated 1996

Exposure High visibility from NW Glisan Street

Access Immediate access to I-405 at NW Everett St.

Lobby Access to the main lobby is provided from NW Glisan parking lot

Foundation Concrete

Exterior Walls Painted concrete

Flooring A combination of polished concrete and commercial grade carpet

Interior Outside Walls Drywall

Ceilings Exposed and acoustical tile

Interior Build-out The building is a former industrial building converted to multi-tenant retail and office. The ground floor has two primary entrances at the north and south side of the building. A common area corridor bisects the building providing access to each ground floor ten-ant’s space. There is a set of common area women’s and men’s restrooms on both the first and the second floors. The building has two stairwells and one freight elevator.

Windows Retail storefront glass in aluminum frames

Exterior doors Glass in metal frames

Heating Forced air

Air Conditioning Central HVAC

Fire protection Sprinkler system in basement area

Roof Flat built-up roof

PHOTOS

10 Barrell BrewingAndinaBaristaBrix TavernCafe UmbriaMcDonaldsMcMennamins Mission TheaterParagon Restaurant & BarRogue Pearl Public HouseTILTWorld Cup Coffee & Tea

Ace HardwareBirdie’s Teas Cards & GiftsKeen Footwear Mud BayVinopolis

Yoga Space Northwest

WALK SCORE 98 Walker’s ParadiseDaily errands do not require a car

BIKE SCORE 96 Biker’s ParadiseFlat as a pancake, excellent bike lanes

TRANSIT SCORE 88 Excellent TransitTransit is convenient for most trips.

AREA AMENITIES

Burnside Street

Couch Street

Everett Street

Glisan Street

Walk Score:98

Transit Score:88

Bike Score:96

FLOORPLANS

TOILETWOMEN'S

TOILETMEN'S

STAIR

OFFICE BUILDINGPORTLAND, OREGON

FIRST FLOOR PLANSCALE: 1/16" = 1'-0" JULY 17, 2018

96103-01

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1\Dra

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floor

plan

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1 ©

2018

JRJ

arch

itects

, llc

0 4' 8' 16'

407 NW 17TH AVENUE

THRIVE AESTHETICS

Suite 2&3

Elevator

STAIR

ICONSuite 1

Suite 6Vacant

FISH SAUCESuite 4

Corridor

(FS)Suite 7

Common AreasNon-Rentable

MILLER ACCUPUNCTURE

Suite 5

Vacant

September 1, 2019Tenant Floor Plans

ELEV.SHAFT

STAIR

STAIR

KITCHENTOILETWOMEN'S

TOILETMEN'S

OPEN TO BELOWSPACE


SECOND FLOOR PLANSCALE: 1/16" = 1'-0" JULY 17, 2018

96103-01

shaw

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plan

s.dwg

2 ©

2018

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arch

itects

, llc

0 4' 8' 16'

407 NW 17TH AVENUE

OPEN TO BELOWSPACE

Vacant219

ICON218

Vacant216

217Conference

Room

FritzPhoto200 FRIENDS OF TIMBERLINE

201 202

Vacant215

Corridor




BASEMENT FLOOR PLANSCALE: 1/16" = 1'-0" JULY 17, 2018

96103-01

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July

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plan

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8 JR

J arc

hitec

ts, llc

0 4' 8' 16'

407 NW 17TH AVENUE

UNEXCAVATED

Elevator

STAIR

FISH SAUCE (FS)B3

(FS)B2

(FS)B1

(FS)B5

Shaft

STAIR (FS) B4

CorridorFerrito Martial Arts

B7 & B8

B6Vacant

B9Vacant

B10Vacant



FLOORPLANS

SECTION 3: FINANCIAL INFORMATION

NW Glisan - Tenants

9/22/2019

APPROX START EXPIR. LeaseTENANT Suite # RENTABLE DATE DATE Type

1st floorIcon (Christy House of Beauty) 1 2,275 10/15/09 10/31/22 NNNThrive Aesthetics 2&3 3,626 3/1/10 11/30/20 NNNFish Sauce (BSB, LLC) 4 1,293 12/15/11 6/14/22 NNNMiller Chiropractor 5 1,796 2/1/19 12/31/23 NNNVacant - Office 6 1,481Fish Sauce - incl with basement 7 137 6/14/22Vacant - storage 8 31Vacant - storage 9 77subtotal 10,716

2nd floorFritz Photography 200 233 2/1/19 1/31/23 MGrossFriend of Timberline 201-202 441 12/1/15 MTM MGrossVacant - Office 215 267Vacant - Office 216 604Conference room 217Icon 218 237 10/15/09 MTM MGrossVacant - Work Space 219 241subtotal 2,023

BasementFish Sauce B1-B5 1,613 6/14/22 MGrossVacant - Work Space B6 1,901Ferrito Martial Arts B7 & B8 1,508 8/1/19 7/31/22 MGrossVacant - Work Space B9 635Vacant - storage B10 72subtotal 5,729

Total 18,468

Occupied 13,188 71.4%Vacant 5,280 28.6%Total 18,468 100%

The information contained herein has been obtained from sources we deem reliable. We do not, however, guarantee its accuracy. All information should be verified prior to purchase or lease.

NW Glisan - Tenants

9/22/2019





Total 18,468



NW Glisan - Tenants

9/22/2019





Total 18,468



Subject Property 1 2Property Name NW Glisan North Pearl CreativeAddress 407 NW 17th Ave 1435 NW Northrup St. 1001 SE Sandy Blvd.City Portland, OR 97209 Portland, OR 97209 Portland, OR 97214

Zoning CM3d - Mixed-Use Urban Center GI1 ExdRentable Building Size: 18,467 26,022 10,636Land Area 20,000 10,000 10,018Parking 24 spaces No Parking 6 spacesYear Renovated 1996 2018 2018Year Built 1950 1929 1976

Sale Date: - 1/10/2018 6/29/2018Sale Price: $4,500,000 $7,546,380 $3,125,000Price/SF: $244 $290 $294Occupancy: 71% 0% 50%

Comments Subject Property Great location, needs TI's Spaces built outzero occupancy, no parking Some parking

Compared to Subject - Comparable ComparableAdjustment - 0% 0%Value Indication PSF - $290.00 $293.81

3 4 5Property Name Lithia Motors A.G Long BuildingAddress 2233 SW Jefferson 1640 NW Irving St 1121-1127 NW 16th AveCity Portland, OR 97201 Portland, OR 97209 Portland, OR 97209

Zoning CXd Exd ExdRentable Building Size: 16,000 10,000 14,000Land Area 13,983 10,018 8,726Parking 24 spaces No Parking 6 spacesYear RenovatedYear Built 1978 1929 1911

Sale Date: 10/13/2015 10/16/2017 1/1/2018Sale Price: $3,900,000 $2,550,000 $3,155,000Price/SF: $244 $255 $225Occupancy: 0% 0% 0%

Comments Secondary location Zero occupancy Poor constructionzero occupancy, with parking no parking zero occupancy

Compared to Subject Inferior Inferior InferiorAdjustment 15% 15% 15%Value Indication PSF $280.31 $293.25 $259.16

Subject Property Valuation Matrix

18,467Pricing Matrix $ Amount $ Price Per Sq FT

High Value $294Low Value $259

Weighted Average $5,231,825 $283Subjects Indicated Value $4,912,222 $266

Adjustments to Value

Superior -15%Comparable 0%

Inferior 15%

SALE COMPS

Comparable # 32233 SW Jefferson Street

Comparable # 41640 NW Irving Street

Comparable # 11435 NW Northrup Street

Comparable # 21001 SE Sandy Boulevard

Comparable # 51121-1127 NW 16th Avenue

Subject Property407 NW 17th Avenue

SALE COMPS

POPULATIONEMPLOYMENT

HOME SALESHOME VALUESRETAIL SALES

UNEMPLOYMENT

PROJECTED TRENDS

FOR 2019

5Named one of the Top

5 Cities for High Tech by

The Atlantic Portland is

an enduring technology

hub*

35.4of the working population in Portland has a bachelor’s of

arts degree or higher*

*GREATER PORTLAND WORKBOOK 2013-1420%Portland’s high-tech employment is 20%

greater than tech-centric Austin*

PORTLAND, OREGON

Oregon is #2 for inbound moves in the USA

Portland ranks #1 in “best places for business and careers” by Forbes

The Urban Land Institute ranks Portland #6 in parks

#5 most bikeable cities (92.3 bike score)

Ranked 11th in transit ridership in the country

Fastest Growing Tech Market in the U.S.

84.3%OF OREGON’S TECH WORKERS LIVE IN

PORTLAND

49,770SOFTWARE &

TECHNOLOGY JOBS IN PORTLAND MSA

1/3LARGER SHARE

OF TECH JOBS IN PORTLAND THAN

NATIONAL AVERAGE

$103,000AVERAGE SOFTWARE

DEVELOPER SALARY IN PORTLAND

Portland’s high concentration of tech business has earned it the title of “Silicon Forest.”

DENIS O’NEILLSenior Vice President503 542 [email protected]

STEVE DODDSVice President503 542 [email protected]

851 SW Sixth Avenue, Suite 1200Portland, Oregon 97204503 223 3123

Documents

407 NW 17TH AVENUE - LoopNet...Accelerating success. • Professional Office: Medical or Dental • Property boasts premier visibility and architectural quality • 18,467 RSF