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For Sale

CIPOLE INDUSTRIAL PARK & LAND

19730 SW Cipole Rd | Tualatin, OR 97062

Property Details

Price$6,300,000
Building Size12,900 SF
Property Size3.80 Acres

Supporting Documents

Description

  • Norris & Stevens is pleased to exclusively present for sale the property located at 19730 SW Cipole Road in Tualatin, Oregon. The property consists of approximately ± 12,900 SF of industrial improvements with an additional 2.13 acres of unimproved land, both of which are zoned for commercial use. The improved portion consists of two multi-tenant commercial incubator buildings.
  • Number of Buildings: 2
  • Land Size: 3.80 AC (± 165,528 SF)

Highlights

  • Zoning: MG - General Manufacturing
  • Rare opportunity to acquire an industrial park with additional land
  • Perfectly sized to build another incubator building or single tenant building
  • Unimproved land parcel can be paved and used as storage for existing tenants
  • Additional land offers a development opportunity for additional improvements or possibly separated into its own individual tax lot
  • Significant leasing upside exists with renewed lease rates on existing tenants. Existing tenants have had a very long tenancy at this park
  • Rents are nearly 40% below market rate
  • The average rent in each space is $.70 PSF + NNN expenses. On average, NNN expenses are currently $.18 PSF per month
  • Every tenant is on a month to month lease with no options to renew, no first right of refusals, and no options to purchase the building
  • The buyer will have an opportunity to raise the rent from $.70 PSF to $1.28-$1.32 PSF + NNN and put 3 - 5 year leases in place with 4% annual increases
  • Small incubator units are consistently in demand, and these types of units may be recession proof; as seen in 2009 and 2010, many businesses that were in 10,000 SF spaces consolidated and moved down to these smaller units. Once the economy improved, the businesses that were in their garage upgraded into these units
  • Each suite is well-balanced between office and warehouse space with roll-up loading doors

Brokers