1221-1241 SW 10th Ave
Portland, OR 97205 Arts District

• Unit Size: 3,108 SF
• Condo Use: Retail
• Price: $1,149,000 USD
• Sale Type: Investment
• Price/SF: $369.69 USD

Description

One condo unit comprised of two retail spaces with long time tenants.  Canoe just renewed for an additional year ahead of their renewal deadline.

Sale Notes

CBRE, INC. HAS BEEN APPOINTED AS THE  EXCLUSIVE AGENT FOR THE SALE OF THE ELIOT TOWER RETAIL CONDOS, WHICH ENCOMPASS APPROXIMATELY 3,108 SQUARE FEET OF PRIME RETAIL SPACE OCCUPIED BY TWO ESTABLISHED TENANTS. THIS UNIQUE PROPERTY IS LEASED TO LONG-TERM TENANTS WHO HAVE MAINTAINED THEIR OCCUPANCY FOR OVER A DECADE.

Both tenants operate under NNN leases ensuring that they fully reimburse all associated expenses, thereby providing a stable income stream. Constructed in 2006, the Eliot Tower stands as an 18-story modern condominium high-rise that integrates retail and residential uses, featuring street-level retail complemented by 223 condominium homes above. This property boasts LEED certification, underscoring its commitment to sustainability. Strategically located in the heart of Portland’s Central Business District, the Eliot Tower enjoys exceptional walkability with a score of 99/100, a transit score of 95/100, and a bike score of 93/100, making it an attractive investment opportunity within a vibrant urban environment.

Portland Art Museum Renovation: PAM, located both next door and in their full museum space across the street, is currently undergoing an $11M Campus Transformation that will include an entrance on 10th street from their original building located directly across the street from the subject property. This entrance will encourage increased foot traffic to The Eliot.