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Mixed-Use

4741-4743 NE Fremont St

4741-4743 NE Fremont St, Portland, OR 97213

Listing Price: $1,250,000

Cap Rate
7.54%
Gross SF
4,922
Rentable SF
4,922
Price/Gross SF
$253.96
Lot Size
0.12 acres
Year Built
1987

Investment Overview

4741-4743 NE Fremont St is a two-story mixed use building totaling approximately 4,922 SF. This property has two retail suites on the ground floor and retail/office space on the second floor. The property has been well-maintained by the current owner with a new furnace, siding, and windows in 2018 and a new HVAC system in 2016. The property is well located on NE Fremont in the heart of the retail corridor surrounded by tenants like Pip’s Donuts, Amalfi’s Italian Restaurant, Starbucks, and Grand Central Bakery. Currently the building is 67% occupied by Found on Fremont which is a vintage store that sells clothing, collectable memorabilia, and decor. Found on Fremont occupies about a third of the ground floor space and the entire second floor on a gross month-to-month lease. The other ground floor retail space has been occupied by H&R Block since 2005, but they vacated on 4/30/22. This is a unique opportunity for an investor to acquire a well-located property with value to add. There is upside potential in getting the vacant suite leased up, converting Found on Fremont to a NNN lease and raising their rent to market rates which is about $24-$30/SF for the ground floor and approximately $15-$18/SF for the second floor. There is also the option to do a potential conversion on the second floor to apartments or Air BNB units with off street parking.

Investment Highlights

  • Flexible, value-add opportunity
  • Located on a highly trafficked retail corridor on Fremont Street in NE Portland
  • 67% occupied with strong historical occupancy
  • Building has been well-maintained by the current owner including a new HVAC system in 2016 and a new furnace, siding, and windows in 2018
  • Opportunity to increase yield by raising below market rents and converting leases from gross to NNN
  • Includes three off street parking stalls

Exclusively Listed By

Mixed-Use

4741-4743 NE Fremont St

Listing Price: $1,250,000

Cap Rate
7.54%
Gross SF
4,922
Rentable SF
4,922
Price/Gross SF
$253.96
Lot Size
0.12 acres
Year Built
1987

Investment Highlights

  • Flexible, value-add opportunity
  • Located on a highly trafficked retail corridor on Fremont Street in NE Portland
  • 67% occupied with strong historical occupancy
  • Building has been well-maintained by the current owner including a new HVAC system in 2016 and a new furnace, siding, and windows in 2018
  • Opportunity to increase yield by raising below market rents and converting leases from gross to NNN
  • Includes three off street parking stalls

Investment Overview

4741-4743 NE Fremont St is a two-story mixed use building totaling approximately 4,922 SF. This property has two retail suites on the ground floor and retail/office space on the second floor. The property has been well-maintained by the current owner with a new furnace, siding, and windows in 2018 and a new HVAC system in 2016. The property is well located on NE Fremont in the heart of the retail corridor surrounded by tenants like Pip’s Donuts, Amalfi’s Italian Restaurant, Starbucks, and Grand Central Bakery. Currently the building is 67% occupied by Found on Fremont which is a vintage store that sells clothing, collectable memorabilia, and decor. Found on Fremont occupies about a third of the ground floor space and the entire second floor on a gross month-to-month lease. The other ground floor retail space has been occupied by H&R Block since 2005, but they vacated on 4/30/22. This is a unique opportunity for an investor to acquire a well-located property with value to add. There is upside potential in getting the vacant suite leased up, converting Found on Fremont to a NNN lease and raising their rent to market rates which is about $24-$30/SF for the ground floor and approximately $15-$18/SF for the second floor. There is also the option to do a potential conversion on the second floor to apartments or Air BNB units with off street parking.

Exclusively Listed By

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