LOCATION OFFERING PRICE FOR LEASE...
Transcript of LOCATION OFFERING PRICE FOR LEASE...
All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
DON [email protected] in Oregon | MELVIN MARK BROKERAGE CO.
111 SOUTHWEST COLUMBIA | PORTLAND, OREGON 97201 | P: 503.223.9203 | F: 503.223.4604 | MELVINMARK.COM
MEDICAL CLINIC / RETAIL
FOR SALE/LEASE 17332 SE Powell
LOCATION17332 SE POWELL BLVD PORTLAND, OR 97236
OFFERING PRICE$1,600,000
FOR LEASE$23.00/SF NNN
AVAILABLE LAND AREA 30,056 +/- SF (.69 AC)
BUILDING AREA 5,881 +/- SF 1- STORY CURRENTLY BUILT OUT AS MEDICAL CLINIC (DIVISIBLE)
TENANCIES 5,881 SF LEASED TO LEGACY THROUGH 2.29.19
TENANT RECEPTIVE TO EARLY TERMINATION / PROPERTY IS UNOCCUPIED
RENT: 9.1.16 TO 8.30.17 - $7722.30/MO. - NNN9.1.17 TO 8.30.18 - $7053.97/MO. - NNN9.1.18 TO 2.29.19 - $8192.59/MO. - NNN
PARKING24,000 +/- SURFACE PARKING LOT – APPROXIMATELY 42 – SPACES (7:1000)
YEAR BUILT 1996 - Last remodel 2013 - new from shell medical clinic build out
CONSTRUCTION TYPE Concrete block / store front windows / built up roof
ZONING CG - CITY OF PORTLAND
FAR CURRENT 3:1 w/ bonus 3.5:1 Subject to CC&Rs
HEIGHT LIMIT 65’
USES Retail Sale & Services / Office / Residential
LOCATIONThe property is at the corner of SE Powell Blvd and SE 174th on an out parcel of Meadowland Shopping Center in the City of Portland. Other Tenant’s include Bi-Mart, La Cosita, Burger King, Chu’s Restaurant, Powell KinderCare. Nearby are numerous apartment complexes. It is short distance to Powell Butte Nature Park, Centennial High School, Lynch Wood Elementary and City of Gresham. The Site is served by Tri Met Transit.
EAST PORTLAND ENTERPRISE ZONE
All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
DON [email protected] in Oregon | MELVIN MARK BROKERAGE CO.
111 SOUTHWEST COLUMBIA | PORTLAND, OREGON 97201 | P: 503.223.9203 | F: 503.223.4604 | MELVINMARK.COM
MEDICAL CLINIC / RETAIL
FOR SALE/LEASE 17332 SE PowellSUBMARKET OVERVIEWThe Eastside/Gresham/EastMultnomah submarket, one of five distinct geographic concentrations within Portland, contains 4.8 millionsquare feet, or 19.6% of the metro’s total inventory of neighborhood and community shopping center space.
In the ten-year period beginning with Q2 2007, new additions to the submarket totaled 8,000 square feet; over the same period, the metro growth rate has been 0.9%.
Asking and Effective Rent:
Asking rents fell by 0.1% during the first quarter of 2017 to an average of $20.92, higher than only the East Clackamas submarket’s $18.11.
Over the past four quarters, asking rents have climbed a total of 1.2%, up from $20.67. The Eastside / Gresham / East Multnomah submarket’s current asking rent levels and growth rates compare unfavorably to the metro’s averages of $21.52 and 0.3%.
Effective rents, which exclude the value of concessions offered to prospective tenants, also fell by 0.1% during the first quarter. The identical rates of change suggest that, although rents drifted downward, landlords have avoided increasing the relative value of incentives packages used to attract and retain lessees.
COMPETITIVE INVENTORY, ABSORPTIONSince the beginning of Q2 2007, the metro experienced an average annual absorption rate of 138,900 square feet.
During the first quarter 2017, metropolitan absorption totaled 67,000 square feet, of which the Eastside / Gresham / East Multnomah submarket captured 29,000 square feet, the highest level of absorption among Portland’s five submarkets.
Over the last four quarters, submarket absorption totaled 123,000 square feet, sharply higher than the average annual absorption rate of 1,700 square feet recorded since the beginning of Q2 2007.
The submarket’s average vacancy rate declined by 60 basis points during the first quarter to 6.2%, which is 2.2 percentage points lower than the long-term average, and 1.0 percentage point lower than the current metro average.
COMPETITIVE INVENTORY, ABSORPTIONSince the beginning of Q2 2007, the metro experienced an average annual absorption rate of 138,900 square feet. During the first quarter, metropolitan absorption totaled 67,000 square feet, of which the Eastside/Gresham/East Multnomah submarket captured 29,000 square feet, the highest level of absorption among Portland’s five submarkets.
Over the last four quarters, submarket absorption totaled 123,000 square feet, sharply higher than the average annual absorption rate of 1,700 square feet recorded since the beginning of Q2 2007. The submarket’s average vacancy rate declined by 60 basis points during the first quarter to 6.2%, which is 2.2 percentage points lower than the long-term average, and 1.0 percentage point lower than the current metro average.
OUTLOOKReis’s new construction specialists report that no competitive retail stock will be introduced to the submarket this year, and net total absorption will be positive 16,000 square feet. Thus, the vacancy rate will continue to drift downward to finish the year at 5.9%. During 2018 and 2019, developers are expected to deliver a total of 35,000 square feet of neighborhood and community shopping center space to the submarket amounting to 22.3% of the new construction introduced to Portland.
Total employment growth during 2018 and 2019 is projected to average 1.8% annually, while household formations are anticipated to average an increase of 1.8% per year. Over the same period the metro absorption rate is expected to average 4,000 square feet per year.
The Eastside/Gresham/East Multnomah submarket is expected to post absorption averaging 22,000 square feet per year. The submarket vacancy rate will finish 2018 at 6.1% and will fall 0.4 percentage points to 5.7% by year end 2019. Between now and year-end 2017 asking rents are expected to rise 1.1% to a level of $21.15, while effective rents will advance by 1.2% to $18.39. On an annualized basis through 2018 and 2019, asking and effective rents are projected to increase by 1.7% and 2.0%, respectively, to finish 2019 at $21.88 and $19.14.
Source: REIS, Inc 2017
All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
DON [email protected] in Oregon | MELVIN MARK BROKERAGE CO.
111 SOUTHWEST COLUMBIA | PORTLAND, OREGON 97201 | P: 503.223.9203 | F: 503.223.4604 | MELVINMARK.COM
MEDICAL CLINIC / RETAIL
FOR SALE/LEASE 17332 SE PowellLOCATION | 17332 SE POWELLThe property is at the corner of SE Powell Blvd and SE 174th on an out parcel of Meadowland Shopping Center in the City of Portland. Other tenants include Bi-Mart, La Cosita, Burger King, Chu’s Restaurant, and Powell KinderCare. Nearby are numerous apartment complexes. It is a short distance to Powell Butte Nature Park, Centennial High School, Lynch Wood Elementary and City of Gresham. The Site is served by Tri Met Transit.
1 Mi 3 Mi
POPULATION 17,451 147,743
HOUSEHOLDS 6,302 51,761
AVG. AGE 37.80 36.50
MEDIAN HOUSEHOLD INCOME $47,023 $50,044
DAYTIME EMPLOYEES 2,593 26,772
POP. GROWTH ‘17-’22 +6.2% +6.1%
HOUSEHOLD GROWTH ‘17-’22 +6.2% +6.1%
Collection Street Cross Street Traffic Vol. Year Distance
SE Powell Bvd. SE 17th Ave. E 22,009 2015 0.06
SE Powell Bvd. SE 17th Ave. W 18,185 2015 0.07
174th Ave. SE Francis St. N 9,437 2015 0.14
174th Ave. SE Jenne Rd. S 13,036 2015 029
166th Ave. SE Powell Blvd. S 674 2015 0.41
Made with TrafficMetrix® Products
AVG. RETAIL LAND VALUES PORTLANDSOURCE: COSTAR
All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
DON [email protected] in Oregon | MELVIN MARK BROKERAGE CO.
111 SOUTHWEST COLUMBIA | PORTLAND, OREGON 97201 | P: 503.223.9203 | F: 503.223.4604 | MELVINMARK.COM
MEDICAL CLINIC / RETAIL
FOR SALE/LEASE 17332 SE Powell
AVG. RETAIL RENTS PER SQ.FT. PORTLAND METRO:
AVG. RETAIL PER SQ.FT. VALUES PORTLAND:
All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
DON [email protected] in Oregon | MELVIN MARK BROKERAGE CO.
111 SOUTHWEST COLUMBIA | PORTLAND, OREGON 97201 | P: 503.223.9203 | F: 503.223.4604 | MELVINMARK.COM
MEDICAL CLINIC / RETAIL
FOR SALE/LEASE 17332 SE Powell
17332 SE POWELL
17332 SE POWELL
17332 SE POWELL
All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
DON [email protected] in Oregon | MELVIN MARK BROKERAGE CO.
111 SOUTHWEST COLUMBIA | PORTLAND, OREGON 97201 | P: 503.223.9203 | F: 503.223.4604 | MELVINMARK.COM
MEDICAL CLINIC / RETAIL
FOR SALE/LEASE 17332 SE Powell
10735 NE HalseyPortland, OR.NE Submarket
BUYER
Brooklyn 46th LLC
DATE
2.7.17
LAND A/C
.81
BLD. SF
5400
PRICE / SF OF BLDG
$319
ZONING
CSd
FAR
3:1
NOTES Purchased by Owner User
10735 NE Halsey Portland, OR. NE Submarket
BUYER
Cannacea Inc
DATE
8.11.15
LAND A/C
.81
BLD. SF
5400
PRICE / SF OF BLDG
$278
ZONING
CSd
FAR
3:1
NOTES Purchased by Owner User
2520 SE 145th Portland, OR.SE Submarket
BUYER
JNS Properties
DATE
10.22.16
LAND A/C
.43
BLD. SF
7488
PRICE / SF OF BLDG
$274
ZONING
CG
FAR
3:1
NOTES
Purchase as 1031
Investment
17424 SE Stark Portland, OR.SE Submarket
BUYER
Happy Mart LLC
DATE
9.29.16
LAND A/C
.24
BLD. SF
3000
PRICE / SF OF BLDG
$252
ZONING
NC
FAR
3:1
NOTES
Purchased as Investment
862-829 NW Burnside Gresham, OR.
Gresham Submarket
BUYER
Gresham Medical Prop Owner LLC
DATE
2.27.16
LAND A/C
4.69 AC Part ofMulti-Bldg Sale
BLD. SF
9873
PRICE / SF OF BLDG
$265
ZONING
TD
FAR
N/A
NOTES
Purchased for Medical Use
605-617 NW 12th Gresham, OR.
Gresham Submarket
BUYER
DDR Gresham Station LLC
DATE
9.27.16
LAND A/C
1.52 AC Part of Multi-Bldg Sale
BLD. SF
5590
PRICE / SF OF BLDG
$253
ZONING
TD
FAR
N/A
NOTES
Purchased as Investment
12044 SE Division Portland, OR
E. Portland Submarket
BUYER
ROIC Oregon LLC
DATE
4.5.17
LAND A/C
.52 AC Part ofMulti-Bldg Sale
BLD. SF
4240
PRICE / SF OF BLDG
$271
ZONING
CG
FAR
3:1
NOTES
Purchased as Investment
17332 SE Powell Blvd.Portland, OR.
E. Portland Submarket
BUYER
TBD
DATE
TBD
LAND A/C
.69
BLD. SF
5880
PRICE / SF OF BLDG
TBD
ZONING
CG
FAR
3:1
NOTES
Can be Used for Medical
– Retail Service - Office –
Residential Redevelopment
COMPARABLE RETAIL/OFFICE SALES
All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
DON [email protected] in Oregon | MELVIN MARK BROKERAGE CO.
111 SOUTHWEST COLUMBIA | PORTLAND, OREGON 97201 | P: 503.223.9203 | F: 503.223.4604 | MELVINMARK.COM
MEDICAL CLINIC / RETAIL
FOR SALE/LEASE 17332 SE Powell
AS BUILT FLOOR PLAN SITE PLAN (SE POWELL & SE 174TH FRONTAGE)