Mixed-Use
Portland Ice Cream Co. Building
1206 N Killingsworth St, Portland, OR 97217
Listing Price: $2,500,000
Investment Overview
The brick mixed-use multi tenant building and extra lot at 1200-1220 N Killingsworth presents a unique opportunity for an investor to generate multiple streams of income by utilizing the improvements made by the previous owner, a beloved local entrepreneur who ran Future Pops ice cream manufacturing, storage and distribution as well as several restaurants including Future Bar, The Tardis Room and The Fish & Chip Shop. Located in Portland's desirable Overlook neighborhood the property is situated in an ideal location for walkable retail and industrial cold storage one block from I-5. The property consists of 10 suites and 6 bathrooms in a 7,500 square foot building. Local businesses have consistently reached out in need of space for lease including a signed lease that was not pursued which is available for review with a submitted offer. Several elements of previous businesses including fixtures, intellectual property and established distribution contacts are available as well, please contact broker Jason VanAbrams for details at 503-200-2027. A major element of the Pro-Forma analysis includes the 7,200 cubic foot walk-in freezer measuring 50'x12'x12' in a warehouse space with high ceilings, built-in loft and roll-up door. A lease quote is available detailing a rate of up to $7.11 per cubic foot although the Pro-Forma High assumption uses $3.32 and the low uses $1.66. The rest of the building is underwritten at $2 per square foot modified gross in current condition. With fully built out restaurant, bar, retail, office and commercial kitchen space in separate suites with dedicated entries, each space may be leased at a much higher rate depending on tenant, use and improvements. Developers have expressed interest as the two lots are on an easily accessible corner totaling 10,000 square feet with CM3 zoning. New construction in the neighborhood is typically 6-7 stories with multifamily over ground floor retail; parking is not required in this configuration although pure residential is allowable with parking. Buyer to perform all due diligence.
Exclusively Listed By
Financing By
Listing Price: $2,500,000
Investment Highlights
- Multiple Cashflow Options with up to 10 Leased Suites
- 7200 Cubic Foot Freezer Accessible by Roll-Up Door
- Ideal location on North Killingsworth at I-5 with CM3 Mixed Use Zoning
Investment Overview
The brick mixed-use multi tenant building and extra lot at 1200-1220 N Killingsworth presents a unique opportunity for an investor to generate multiple streams of income by utilizing the improvements made by the previous owner, a beloved local entrepreneur who ran Future Pops ice cream manufacturing, storage and distribution as well as several restaurants including Future Bar, The Tardis Room and The Fish & Chip Shop. Located in Portland's desirable Overlook neighborhood the property is situated in an ideal location for walkable retail and industrial cold storage one block from I-5. The property consists of 10 suites and 6 bathrooms in a 7,500 square foot building. Local businesses have consistently reached out in need of space for lease including a signed lease that was not pursued which is available for review with a submitted offer. Several elements of previous businesses including fixtures, intellectual property and established distribution contacts are available as well, please contact broker Jason VanAbrams for details at 503-200-2027. A major element of the Pro-Forma analysis includes the 7,200 cubic foot walk-in freezer measuring 50'x12'x12' in a warehouse space with high ceilings, built-in loft and roll-up door. A lease quote is available detailing a rate of up to $7.11 per cubic foot although the Pro-Forma High assumption uses $3.32 and the low uses $1.66. The rest of the building is underwritten at $2 per square foot modified gross in current condition. With fully built out restaurant, bar, retail, office and commercial kitchen space in separate suites with dedicated entries, each space may be leased at a much higher rate depending on tenant, use and improvements. Developers have expressed interest as the two lots are on an easily accessible corner totaling 10,000 square feet with CM3 zoning. New construction in the neighborhood is typically 6-7 stories with multifamily over ground floor retail; parking is not required in this configuration although pure residential is allowable with parking. Buyer to perform all due diligence.
Exclusively Listed By
Financing By
