Norris & Stevens, Inc. is pleased to present this investment opportunity located at 6144 SE Foster Road, Portland Oregon. The 17,687 SF building is 100% occupied by two tenants (7-Eleven and Multnomah County). The building is a one story freestanding retail center with 335 feet of frontage facing SE Foster Road on a 42,253 SF land site. Overall, the site offers great retail exposure with a walker's paradise score of 90 and a highly visible pylon sign on the eastern corner. The subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain fee simple ownership of two stable tenant income streams.
STABLE SECURE TENANCY 7-Eleven has been in the property for over 10 years. Then in 2017 Multnomah County moved in and spent nearly $3 million on the space, demonstrating their commitment to this location. The county has 5 years of remaining lease term and 7-Eleven has three; both tenants have multiple renewal options.
EXCELLENT LOCATION Prime corner along major retail corridor with significant frontage on both SE Foster Road and SE Holgate Street with combined traffic counts of 26,000 Vehicle Per Day
STRUCTURED RENT INCREASES The 7-Eleven lease allows for 10% rent increases every 5 years, including the renewal options. The next increase could occur in September 2026. Multnomah County has annual 2% increases, with the next increase coming in November 2023.
NATIONAL RETAILERS IN THE TRADE AREA Walgreens, Round Table Pizza, Dutch Bros, Dollar Tree, Popeye’s, Harbor Freight Tools and Subway
GREAT SIGNAGE OPPORTUNITIES Ingress and egress options on both SE Foster Rd and SE Holgate, with long view corridor down SE Foster Rd.