Investment Overview

815 N Lombard St is a well-maintained 1914 mixed-use asset, featuring a blend of five apartments with varied floor plans, an established retail suite tenant, and two additional commercial spaces, situated in the Piedmont neighborhood of North Portland. Benefiting from its proximity to major transportation routes, including highways and public transit options, this accessibility enhances the property’s visibility to customers and tenants. This bustling neighborhood offers a supportive ecosystem for commercial enterprises, with a steady flow of foot traffic and local patronage. 815 N Lombard is a high-performing asset with all rents at or near market value. This positions it as an asset with maximized income-earning potential, rent optimization, and year-over-year increases with Multnomah County’s rent control. Recent high quality renovations, including granite countertops in select units, stainless steel appliances, and tile backsplash in bathrooms, drive tenant satisfaction and minimize loss on turnover. Mi Burrito, boasting over eight years of successful operation and a stellar rating of 4.6 stars on both Yelp and Google, contributes to a reliable diversified income stream, further enhancing the property’s appeal for investors seeking steady returns. Recent capital expenditures include a new roof in 2020, upgraded electrical systems, fresh exterior paint, and modernized windows, ensuring the property’s structural integrity and aesthetic appeal. Recent improvements such as a replaced water main, restored sidewalk, and upgraded heating systems have primed this asset for long-term stability and tenant satisfaction.