Multi-Tenant Retail    

Rockwood Plaza

  Portland, OR

Asking Price

$16,160,000

Cap Rate

8.00%

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Year Built

1962

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Hard Corner

42K VPD

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Leasable SF

92,677 SF

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Avg HHI

$89,269

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Occupancy

97%

For more details on this exclusive listing, execute the following NDA.

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INVESTMENT HIGHLIGHTS

  • Hard corner of two prominent arterials running through the East Portland/Gresham submarkets.
  • Stabilized center at 97% occupancy leased to a dynamic mix discount retail, food, fitness, education, and personal services, provides protection from popularity of e-commerce retail.
  • The Property is being offered well below replacement cost at $174 PSF, allowing an owner to stay competitive on renewals and push rents as options expire.
  • Over half of the tenants executed substantial extensions over the last few years, including a 10-year Dollar Tree extension in 2021 and a 10-year Planet Fitness extension in 2023.
  • High-density surrounding residential with over 310K residents within a five-mile radius with an average household income of $89K.
  • 36% of GLA has been occupied by the same tenancy for over 20 years and 80% for over 10 years.
  • Dollar Tree performs well at the center with reported sales roughly double the national average.
  • Ingress and Egress provided off SE 182nd and SE Division, the major arterial of SE Division Street that connects East.
  • Owner benefits from discounted property taxes due to nonprofit status of POIC.
  • Planet Fitness recently invested over $1M into their space.

Exclusively Listed By

Kevin Adatto

Managing Director, Investment Sales
  kadatto@northmarq.com      503.675.7726
OR Lic. #200003168

Sean Tufts

Managing Director, Investment Sales
  seantufts@northmarq.com      +1 206.693.3352

Joe Dugoni

Associate, Investment Sales
  jdugoni@northmarq.com      +1 206.693.3329

Michael Salzman

Senior Vice President, Debt & Equity
  msalzman@northmarq.com      303.225.2111

Patrick O'Malley

Vice President, Debt & Equity
  pomalley@northmarq.com      303.225.2126

Jared Wiedmeyer

Transaction Manager, Debt & Equity
  jwiedmeyer@northmarq.com      206.225.2110

Northmarq

4260 Galewood St. Suite A

Lake Oswego, OR 97035


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