Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Professional Plaza 102, a value-add or owner/user medical office opportunity in Portland, OR’s Gateway District. Currently 52.6% occupied, the property offers ±24,800 square feet of vacancy, allowing investors to increase NOI from $403,350 to over $1 million annually at stabilization—yielding a 15.27% cap rate. Priced at just $130/SF, well below replacement cost and recent comps ($156–$193/SF), the asset offers exceptional basis in a core location. Anchored by essential healthcare and public service tenants including Multnomah County, Yakima Valley Farm Workers Clinic, and New Narrative, the property benefits from strong tenant alignment and nearly 40% of GLA leased to tenants with over five years of tenure. Recent renovations include new roofs, siding, HVAC units, and parking lot upgrades. Located near Kaiser Permanente Gateway, Adventist Medical Center, and The Oregon Clinic, the site is well-positioned for long-term demand and tenant retention. The property offers excellent access via I-205, I-84, MAX light rail, and multiple transit routes. All current tenants are on NNN leases, providing strong expense recovery. Situated on a 3.1-acre lot with ample parking, the property is zoned Central Commercial (CX), allowing for a wide range of uses including medical, office, retail, and mixed-use. The Gateway submarket boasts a low 3.5% vacancy rate and 3.9% average annual rent growth over the past decade. Multiple signage locations and staggered lease expirations across the currently occupied suites provide visibility, flexibility, and predictable income.