Eliot Tower Retail Condos 1221 Southwest 10th Avenue
Portland, OR 97205
Sale Price
$2,150,000
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Retail For Sale - Unavailable
NNN LEASES | ESTABLISHED TENANTS WITH A LONG TERM HISTORY IN THIS LOCATION
Mixed-Use Building: Strategically designed to generate consistent foot traffic through diverse retail and residential spaces
Established Tenants: Features long-term tenants with proven track records, enhancing stability and reliability.
NNN Leases: Triple net leases in place, ensuring reimbursement of building expenses such as taxes, insurance, and maintenance
Staggered Lease Schedule: Leasing structure allows for a continuous income stream and reduces vacancy risk with varied expiration dates
Prime Location: Situated adjacent to Safeway and amidst popular downtown retail
Proximity to Portland State University: Located less than half a mile from PSU’s 44-acre campus, serving over 21,000 students and contributing $1.8B to the local economy through its extensive academic programs.
Portland Art Museum Renovation: PAM is currently undergoing an $11M Campus Transformation that will include an entrance on 10th street from their original building located directly across the street from the subject property. This entrance will provide seamless connection between the two buildings and encourage increased foot traffic to The Eliot.
Get in touch
Joey Blatner
Lic: OR Lic. #980500024
JB
Megan Wallachy
Lic: OR Lic. #200603442
MW
Taki Chalkiopoulos
CBRE, Inc. has been appointed as the exclusive agent for the sale of the Eliot Tower Retail Condos, which encompass approximately 7,897 square feet of prime retail space occupied by three established tenants, with a remaining vacancy of 1,481 square feet. This unique property is divided across two distinct and separated condo sets and notably, the majority of its retail space is leased to long-term tenants who have maintained their occupancy for over a decade.
Most tenants operate under NNN leases, with a couple of very small leased spaces on gross leases, ensuring that they fully reimburse all associated expenses, thereby providing a stable income stream. It is important to note that the Portland Art Museum, being a not-for-profit entity, benefits from tax-exempt status for its leased space. Constructed in 2006, the Eliot Tower stands as an 18-story modern condominium high-rise that integrates retail and residential uses, featuring street-level retail complemented by 223 condominium homes above. This property boasts LEED certification, underscoring its commitment to sustainability. Strategically located in the heart of Portland’s Central Business District, the Eliot Tower enjoys exceptional walkability with a score of 99/100, a transit score of 95/100, and a bike score of 93/100, making it an attractive investment opportunity within a vibrant urban environment.
Most tenants operate under NNN leases, with a couple of very small leased spaces on gross leases, ensuring that they fully reimburse all associated expenses, thereby providing a stable income stream. It is important to note that the Portland Art Museum, being a not-for-profit entity, benefits from tax-exempt status for its leased space. Constructed in 2006, the Eliot Tower stands as an 18-story modern condominium high-rise that integrates retail and residential uses, featuring street-level retail complemented by 223 condominium homes above. This property boasts LEED certification, underscoring its commitment to sustainability. Strategically located in the heart of Portland’s Central Business District, the Eliot Tower enjoys exceptional walkability with a score of 99/100, a transit score of 95/100, and a bike score of 93/100, making it an attractive investment opportunity within a vibrant urban environment.
Eliot Tower is one of Portland’s premier condominium buildings, featuring 18 stories with 223 residential condos. As the Core Business District of Portland evolves and recovers from Covid related vacancies, now is the best time to take advantage of the opportunity to purchase real estate and reap the rewards as improvement takes hold. The property is well situated in the middle of the CBD next door to Safeway and less than half a mile from the 44 acre Portland State University Campus teaching more than 21,000 students.
The property is located just west of the city park blocks on Jefferson Street and sandwiched between SW 10th and SW 11th Avenue with close proximity to Interstate 405 (Average Daily Traffic Counts Exceed 130K Vehicles, 2022 Costar) and Highway 26 (Average Daily Traffic Counts Exceed 77K Vehicles, 2022 Costar) Interchange.
Portland is the most populous city in Oregon, located in the Pacific Northwest region. Situated in the northwestern area of the state at the confluence of the Willamette and Columbia rivers, it is the county seat of Multnomah County, Oregon’s most populous county. As of 2023, Portland’s population was 622,882, making it the 26th-most populous city in the United States, and the second-most populous in the Pacific Northwest, after Seattle. Portland’s location is beneficial for several industries. Relatively low energy cost, accessible resources, north–south and east–west Interstates, international air terminals, large marine shipping facilities, and both west coast intercontinental railroads are all economic advantages. The city’s marine terminals alone handle over 13 million tons of cargo per year, and the port is home to one of the largest commercial dry docks in the country. The Port of Portland is the third-largest export tonnage port on the west coast of the U.S., and being about 80 miles upriver, it is the largest fresh-water port. The scrap steel industry thrives in the region, with Schnitzer Steel Industries, a prominent scrap steel company, ESCO Corporation and Oregon Steel Mills.
Technology is a major component of the city’s economy, with more than 1,200 technology companies existing within the metro. This high density of technology companies has led to the nickname Silicon Forest being used to describe the Portland area, a reference to the abundance of trees in the region and to the Silicon Valley region in Northern California. The area also hosts facilities for software companies and online startup companies, some supported by local seed funding organizations and business incubators. Computer components manufacturer Intel is the Portland area’s largest employer, providing jobs for more than 15,000 people, with several campuses to the west of central Portland in the city of Hillsboro. The Portland metro area has become a business cluster for athletic/outdoor gear and footwear manufacturer’s headquarters. Shoes are not manufactured in Portland. The area is home to the global, North American or U.S. headquarters of Nike, Adidas, Columbia Sportswear, LaCrosse Footwear, Dr. Martens, Li-Ning, Keen, and Hi-Tec Sports. While headquartered elsewhere, Merrell, Amer Sports and Under Armour have design studios and local offices in the Portland area.
Other notable Portland-based companies include industrial goods and metal fabrication company Precision Castparts, film animation studio Laika; commercial vehicle manufacturer Daimler Trucks North America; advertising firm Wieden+Kennedy; bankers Umpqua Holdings; child care and early childhood education provider KinderCare Learning Centers; and retailers Fred Meyer, New Seasons Market, Storables, and Powell’s Books.
Portland, Oregon has over 70 breweries, making it one of the cities in the world with the highest number of breweries. The Portland metropolitan area is also the largest craft brewing market in the United States. Additionally, the city boasts a robust coffee culture that now rivals Seattle and hosts over 20 coffee roasters.
In 2023, visitors to Portland spent $5.4 billion, producing $260 million in state and local tax revenue. The travel industry supports 34,300 jobs in the Portland area, generating $1.7 billion in employment earnings.
The property is located just west of the city park blocks on Jefferson Street and sandwiched between SW 10th and SW 11th Avenue with close proximity to Interstate 405 (Average Daily Traffic Counts Exceed 130K Vehicles, 2022 Costar) and Highway 26 (Average Daily Traffic Counts Exceed 77K Vehicles, 2022 Costar) Interchange.
Portland is the most populous city in Oregon, located in the Pacific Northwest region. Situated in the northwestern area of the state at the confluence of the Willamette and Columbia rivers, it is the county seat of Multnomah County, Oregon’s most populous county. As of 2023, Portland’s population was 622,882, making it the 26th-most populous city in the United States, and the second-most populous in the Pacific Northwest, after Seattle. Portland’s location is beneficial for several industries. Relatively low energy cost, accessible resources, north–south and east–west Interstates, international air terminals, large marine shipping facilities, and both west coast intercontinental railroads are all economic advantages. The city’s marine terminals alone handle over 13 million tons of cargo per year, and the port is home to one of the largest commercial dry docks in the country. The Port of Portland is the third-largest export tonnage port on the west coast of the U.S., and being about 80 miles upriver, it is the largest fresh-water port. The scrap steel industry thrives in the region, with Schnitzer Steel Industries, a prominent scrap steel company, ESCO Corporation and Oregon Steel Mills.
Technology is a major component of the city’s economy, with more than 1,200 technology companies existing within the metro. This high density of technology companies has led to the nickname Silicon Forest being used to describe the Portland area, a reference to the abundance of trees in the region and to the Silicon Valley region in Northern California. The area also hosts facilities for software companies and online startup companies, some supported by local seed funding organizations and business incubators. Computer components manufacturer Intel is the Portland area’s largest employer, providing jobs for more than 15,000 people, with several campuses to the west of central Portland in the city of Hillsboro. The Portland metro area has become a business cluster for athletic/outdoor gear and footwear manufacturer’s headquarters. Shoes are not manufactured in Portland. The area is home to the global, North American or U.S. headquarters of Nike, Adidas, Columbia Sportswear, LaCrosse Footwear, Dr. Martens, Li-Ning, Keen, and Hi-Tec Sports. While headquartered elsewhere, Merrell, Amer Sports and Under Armour have design studios and local offices in the Portland area.
Other notable Portland-based companies include industrial goods and metal fabrication company Precision Castparts, film animation studio Laika; commercial vehicle manufacturer Daimler Trucks North America; advertising firm Wieden+Kennedy; bankers Umpqua Holdings; child care and early childhood education provider KinderCare Learning Centers; and retailers Fred Meyer, New Seasons Market, Storables, and Powell’s Books.
Portland, Oregon has over 70 breweries, making it one of the cities in the world with the highest number of breweries. The Portland metropolitan area is also the largest craft brewing market in the United States. Additionally, the city boasts a robust coffee culture that now rivals Seattle and hosts over 20 coffee roasters.
In 2023, visitors to Portland spent $5.4 billion, producing $260 million in state and local tax revenue. The travel industry supports 34,300 jobs in the Portland area, generating $1.7 billion in employment earnings.
Sale Price
$2,150,000
Get in touch
Joey Blatner
Lic: OR Lic. #980500024
JB
Megan Wallachy
Lic: OR Lic. #200603442
MW
Taki Chalkiopoulos