1111-1139 NE Broadway St
Portland, OR 97232 Lloyd District

• Unit Size: 15,316 SF
• Condo Use: Retail
• Price: $6,640,000 USD
• Sale Type: Investment
• Price/SF: $433.53 USD

Sale Notes

Northmarq is pleased to present Irvington Place, a fully occupied, multi-tenant retail condo on NE Broadway in Portland’s Irvington neighborhood. The asset is leased to a durable mix of national and regional users—Wells Fargo, Mattress Firm, Jimmy John’s, Heartfelt Veterinary, and New Identity—with every lease containing scheduled rent increases and a weighted average remaining term of 5.7 years. 

The Property enjoys Broadway frontage (23,000+ VPD) with Safeway located directly across the street serving as a strong shadow anchor, plus immediate access to multiple MAX lines and the Portland Streetcar that reinforce steady customer traffic. Within the larger condo’s first floor parking lot, the Property benefits from 20 dedicated parking stalls, a rare convenience in an urban, transit-rich setting. As the nearby Lloyd Center is repositioned into a vibrant mixed-use district with new housing, hospitality, office, and entertainment, the site is poised to capture rising visitation; notably, construction is underway on a new multi level live music venue at the former Nordstrom location, signaling tangible momentum. The greater condo development is comprised of 54 total units, with the subject Property as the only commercial unit, and the remaining 53 residential units provide additional built-in visitor traffic.

Condo ownership centralizes major building elements at the HOA (roof/exterior/structure), reducing landlord operational burden while preserving leasing rights for the commercial unit. With 59% of GLA secured by national retailers and strong surrounding demographics—~29,000 residents within 1 mile and $123K average household income—Irvington Place offers secure cash flow today and visible income growth via contractual bumps, all within a supply-constrained, needs-based corridor.