Urban Trophy Asset - LoopNet · 2017-12-14 · Investment Highlights > TROPHY LOCATION AT THE CORNER OF NW 23RD AND W BURNSIDE. > SURROUNDING AREA OF URBAN PORTLAND BOOMING WITH MULTI-FAMILY

Excellent Owner/User orInvestor Opportunity2275 West Burnside Street, Portland, OR 97210

Portland, or

www.CapitalPacific.com

Urban Trophy Asset

www.Norris-Stevens.com

PRICE: $3,500,000CALL FOR OFFERS: JANUARY 15, 2018

PARKING . . . . . . . . . . . . . . . . . . . . . . . .±23 Spaces or 3.5/1,000 SF

LEASABLE SF . . . . . . . . . . . . . . . . . . . .±6,652 SF; Ground floor: 4,618, Second Floor: 2,034

LAND AREA . . . . . . . . . . . . . . . . . . . . . .±13,939 SF

YEAR BUILT . . . . . . . . . . . . . . . . . . . . . .1970; Remodeled 1991 (added 2nd floor)

COMBINED TRAFFIC COUNTS . . . . .38,491 VPD

ZONING . . . . . . . . . . . . . . . . . . . . . . . . .CX (Central Commercial Zone) with Historical Overlay

ACCESS . . . . . . . . . . . . . . . . . . . . . . . . .Via NW 23RD & W Burnside

2275 W Burnside2275 W Burnside is an urban trophy asset in the highly desirable Northwest District at the corner of NW 23rd Avenue and W Burnside Street in Portland, OR, offering rare off-street parking.

Known as a walkable, trendy neighborhood, the 23rd Ave retail district showcases excellent visibility from high traffic counts and an urban population that is in the midst of substantial growth. The dense infill location has recently recognized new construction of more than 2,700 multi-family units within close proximity to the Property.

The Offering is currently not leased, yet per its premier location in the heart of the Northwest District, provides a significant opportunity for upside through lease-up of the Premises to one or two tenants, or an owner/user that wants premiere signage and ample parking in a parking deficient market.

ADDRESS:2275 West Burnside Street, Portland, OR 97210

2275 W BURNSIDE - PORTLAND | 2

Investment Highlights > TROPHY LOCATION AT THE CORNER OF NW 23RD AND W BURNSIDE.

> SURROUNDING AREA OF URBAN PORTLAND BOOMING WITH MULTI-FAMILY DEVELOPMENT.

> long term upside potential via lease-up of space in highly-coveted location.

> 23 STALLS CREATE RARE off-street parking ADVANTAGE AMONG NEIGHBORING RETAIL PROPERTIES.

> Tight retail/office market suggests quick lease-up of area vacancies.

> EXCELLENT VISIBILITY AND SIGNAGE ON MAJOR INTERSECTION AT THE ENTRANCE TO THE NW 23RD RETAIL DISTRICT.

> NEAR PERFECT WALK AND BIKE SCORES OF 97 ADDS TO ALREADY HIGH COMBINED TRAFFIC COUNTS ON 23RD AND BURNSIDE OF 45,000 VEHICLES PER DAY.

> NEARBY RESIDENTS EXHIBIT STRONG PURCHASING POWER WITH AVERAGE HOUSEHOLD INCOMES NEARING $90,000 PER YEAR.

> Westside neighborhoods of Arlington Heights and Hillside recognized household incomes of $167,000-$207,000 per year.

> DENSE urban LOCATION WITH 384,000 RESIDENTS WITHIN A FIVE-MILE RADIUS and more than 27,000 close-in total households.

Investment Highlights


Hillside2016 Population: 2,320Total Households: 1,115Average HH Income: $208,542

Arlington Heights2016 Population: 721Total Households: 278Average HH Income: $167,014

Goose Hollow2016 Population: 5,992Total Households: 3,989Average HH Income: $64,964

Downtown Portland2016 Population: 18,221Total Households: 10,099Average HH Income: $52,678

Pearl District2016 Population: 7,060Total Households: 4,888Average HH Income: $92,189

Nob Hill2016 Population: 10,616Total Households: 7,117Average HH Income: $70,632

5

52275 W BURNSIDE

405

405

405

Hillside

Arlington Heights

Goose Hollow

Downtown Portland

PearlNob Hill

Located at a marquee intersection in downtown Portland, the Property is surrounded by several affluent neighborhoods. Most notably, the neighborhoods immediately west recognize average household incomes nearly three times the Portland MSA median income.

27,486TOTAL HOUSEHOLDS

WITHIN A 1.5 MILE RADIUS

Neighborhood Demographics

Parcel & Zoning

PURPOSE The Central Commercial (CX) zone is intended to provide for commercial development within Portland’s most urban and intense areas. A broad range of uses is allowed to reflect Portland’s role as a commercial, cultural and governmental center. Development is intended to be very intense with high building coverage, large buildings, and buildings placed close together. Development is intended to be pedestrian-oriented with a strong emphasis on a safe and attractive streetscape.

PERMITTED USES Retail, Office, Multi-Family, Entertainment Venue, Parks, Education Facilities, Medical Centers, and Religious Facilities.

MAXIMUM DENSITY & HEIGHT RESTRICTION - Floor Area Ratio of 4:1

- Bonus Floor Area Ratio of 6:1 if it meets percentage of the affordable housing requirements.

- Height Restriction: 75 Feet

SETBACKSZero required setbacks. BUILDING COVERAGE RESTRICTION/MINIMUM LANDSCAPED AREA

No limit, building can cover 100% of the parcel. LOCATION The Portland location allows for a wide variety of commercial uses and an urban level of density which could hold future office or multi-family redevelopment potential if a change of use was determined to be the highest and best.

PARCEL – R277714 SIZE – 13,939 SF; 0.32 ACRES

PARKING – 23 SPACES OR 3.5 PER 1,000/SF

ZONING - CX (CENTRAL COMMERCIAL) ZONE WITH HISTORIC OVERLAY

[ CONCEPTUAL SIGNAGE ] 2275 W BURNSIDE - PORTLAND | 5

84

Ace HardwareAugust MoonBar MingoBeau ThaiBen & Jerry’sB Street Coffee HouseCaffe MingoChipotle Mexican GrillChown Hardware Cinema 21City MarketDick’s Kitchen

Dollar TreeEuropean Wax CenterFat Head’s Brewery Ferguson Fred MeyerGoodwillGreenleaf Juicing CompanyJimmy John’sKells Brew Pub Les Schwab TiresLe HappyLevi’s

Mazatlan MexicanMcDonald’s Miller Paint Company Moda CenterMud BayNew Seasons MarketNorth 45 PubObaOfficeMaxOregon Convention Center PatagoniaPottery Barn

Powell’s BooksProvidence ParkREI Restoration HardwareRingSide SteakhouseSafewaySerrattoSilver Dollar PizzaSmokehouse 21StarbucksTaco BellTarget

Trader Joe’sUrban GrindUrban Outfitters Walgreens Williams-SonomaWorld Cup Coffee World Foods24 Hour Fitness Many additional retailers and restaurants not listed

Aerial

W BURNSIDE ST

405

5

N 23RD AVE

2275 W BURNSIDE

12,453 DAILY

26,038 DAILY 33,294 DAILY

143,300 DAILY

Retail

2275 W BURNSIDEW BURNSIDE ST

N 23RD AVE

NW EVERETT ST

26,038 DAILY

12,453 DAILY


Neighborhoods & Amenities

DOWNTOWN PORTLAND

2275 W BURNSIDE

OLD TOWN CHINATOWN

PEARL DISTRICT

SLABTOWN

NW DISTRICTNEIGHBORHOOD

GOOSE HOLLOW NEIGHBORHOOD

Bike Score

75“Very Bikeable”

Transit Score

73“Excellent Transit”

Walk Score

96“Walker’s Paradise”

*Scores out of 100


SITE PLAN KEY

PARCEL OUTLINE:

LAND AREA: ±13,939 SF

BUILDING AREA: ±6,652 SF

INGRESS/EGRESS:

Site Plan

W Burnside St

NW 23rd Ave

33,294 DAILY12,455 DAILY

WHAT IMPROVEMENTS HAVE RECENTLY BEEN DONE TO THE PROPERTY?

A: The exterior has recently been repainted, and a brand new roof and HVAC units were replaced in 2015. The new roof comes with a 20-year warranty dated 2/9/15.

ENTRANCE TO UNDERGROUND PARKING

WITH EIGHT (8) STALLS

FIVE (5) COVERED PARKING STALLS

LOCATED UNDERNEATH

BUILDING OVERHANG


ADJACENT RETAIL

NW 23rd Neighborhood


NV APARTMENTS (275 UNITS) 1261 NW Overton St

THE COSMOPOLITAN CONDOS (150 UNITS) 1075 NW Northrup St

2

THE PARKER APARTMENTS (177 UNITS) 1447 NW 12th Ave

3

MODERA PEARL (290 UNITS) NW 13th Ave & NW Quimby St

4

COUCH 9 (135 UNITS) 115 NW 9th Ave

5

PEARL DISTRICTSAVIER FLATS (179 UNITS) 2270 NW Savier St

1

SLABTOWN BLOCK 294E (385 UNITS) Western side of NW 21st between Thurman & NW Raleigh

2

LL HAWKINS (113 APARTMENTS) 1515 NW 21st Ave

3

SLABTOWN BLOCK 295 (160 UNITS) 1717 NW 21st St

4

NW 23RD/SLABTOWNArea Developments

THE BENEVENTO (24 UNITS) 1606 NW 23rd Ave

5

FRANKLIN IDE (92 UNITS)2240 NW Lovejoy St

6

SAWYER’S ROW (40 UNITS) 1958 NW Raleigh St

7

1

MODERA DAVIS (204 UNITS) 229 NW 10th Ave

6

TESS O’BRIEN APARTMENTS (123 UNITS) 1953 NW Overton St

1

THE MUSE APARTMENTS (58 UNITS) 1313 NW 19th Ave

2

OTHER AREAS

Within close proximity to NW 23rd Avenue high density residential growth has been booming over the last few years. More than 2,700 multi-family units have been developed within a one-mile radius of Mattress Firm. The amount of recent residential development has increased the number of close-in housing units by more than 10% as residents continue to be attracted to urban housing developments.

14

32

65

1

3

4 25

6

7

1 2

2275 W BURNSIDE

405

84

5

PRESS BLOCKS (337 UNITS) 817 SW 17th Ave * Also includes 150,000 SF Office Tower and four-story office building with ground floor retail.

3

3 2275 W BURNSIDE - PORTLAND | 11

WILLIAMS SONOMA 5

BEDMART6

BROOKLYN INDUSTRIES

Location: 735 NW 23rd Ave Size: 5,018 SF

Rent: $53.20/SF w/3% Annual Increases

1

LUCKY BRAND 4

PIZZICATO PIZZA 2

BLUSH BEAUTY BAR 3


Rent: $37.58/SF


Rent: $39.07/SF


Rent: $40.00/SF

Area Rents


Rent: $39.82/SF


Rent: $36.05/SF With 3% Annual Increases

1

2

34

5

6

2275 W BURNSIDE


SEATTLE

Portland

Eugene

110 Miles

170 Miles

1-Mile 3-Mile 5-Mile Median $42,114 $53,000 $60,597Average $77,341 $85,447 $88,699

2016 HOUSEHOLD INCOMES

1-Mile 3-Mile 5-Mile 2010 34,063 122,234 359,0192016 36,742 133,257 384,5852021 39,265 142,879 408,489

POPULATION

23RD AVE NEIGHBORHOOD

With a walk score of 96, the Northwest 23rd Ave neighborhood is considered a “Walker’s Paradise”. Northwest 23rd Ave was named “One of America’s Best Shopping Streets” in 2012 by US News & World Report, with some of the best dining and shopping in the city. With Providence Park and I-405 located just a few blocks away, this neighborhood serves as a bustling destination in Portland.

5 Miles

3 Miles

1 Mile

2275 W BURNSIDE

Area Intel & Demos


URBAN GROWTH BOUNDARY (UGB)

Portland constrains its development to a tight ring around Portland’s center. This has led to the re-development of a large portion of downtown, a number of mid-rise and high-rise developments, and an overall increase in housing and business density. UGB’s limitations on development have also led to increased property values over the years.

HIGHLY DIVERSIFIED ECONOMY & SKILLED WORKFORCE

Leading economic drivers are renewable energy, technology, health care, and professional services.

High tech employment is responsible for the employment of 72,100 people (7.2% of labor force).

30% of workers have a bachelor’s degree.

Home of Intel, Nike, and Adidas America.

LOW COST OF DOING BUSINESS

CNBC ranked Oregon 19th for cost of doing business.

IN-MIGRATION

In a 2013 survey, United Van Lines ranked Oregon as the #1 state for in-migration.

Portland Metro

23rd

LARGEST METRO AREA IN THE US

SOURCE: PORTLAND BUSINESS JOURNAL

PORTLAND MSAPOPULATION

2.31 million

AVERAGE HH INCOME

$79,377

PORTLAND MSA TOP 20 EMPLOYERS

COMPANY ± EMPLOYEES

Intel 17,500US Federal Government 17,500Providence Health & Services 15,239Oregon Health & Science 14,616State of Oregon 14,200Kaiser Permanent Northwest 11,881Legacy Health System 10,436Fred Meyer 10,237City of Portland 8,558Nike 8,000Portland Public Schools 6,266Multnomah County 5,616Wells Fargo 4,617Portland State University 4,353US Bank 4,000Beaverton School District 3,905PeaceHealth Southwest 3,300Portland Community College 3,255Vancouver School District 3,200Evergreen Public Schools 3,100


SCOTT FRANK [email protected] | (503) 675-8383

MICHAEL [email protected] | (503) 675-8381

PETER [email protected] | (503) 607-0197

KEVIN ADATTO [email protected] | (503) 675-7726

SEAN MACK [email protected] | (503) 675-8378

SEAN TUFTS [email protected] | (206) 693-3352

DAVID [email protected] | (206) 693-3349

Capital Pacific is a Commercial Real Estate Brokerage Firm specializing in Retail Investment Sales in the Pacific Northwest as well as Nationally.

Our goal is to deliver results for our clients while providing a level of service that will earn repeat business. We have a very human approach that we call the Capital Pacific Experience - CPx. Our team works together on every single assignment, which ultimately benefits our clients.

Today Capital Pacific has offices in Seattle, Portland & San Francisco.

WE SELL COMMERCIAL REAL ESTATEBUT WE VALUE PEOPLE

FOR MORE INFORMATION ON 2275 W BURNSIDE PLEASE CONTACT:

LISTED IN CONJUNCTION WITH:

Contact Information

TODD VANDOMELEN Norris & Stevens [email protected] | (503) 225-8475

[ www.CapitalPacific.com ]

The information contained in this document has been obtained from sources Capital Pacific believes to be reliable.Capital Pacific makes no representation or warranty in respect to its accuracy. It is your responsibility to confirm its accuracy and completeness.

[ Copyright © 2017 Capital Pacific LLC ]

www.CapitalPacific.com

Documents

Urban Trophy Asset - LoopNet · 2017-12-14 · Investment Highlights > TROPHY LOCATION AT THE CORNER OF NW 23RD AND W BURNSIDE. > SURROUNDING AREA OF URBAN PORTLAND BOOMING WITH MULTI-FAMILY