For Sale
$3,075,000

11222 Main StMilwaukie, OR 97222

Two Retail Buildings, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
117
Exceptional investment opportunity in vibrant Downtown Milwaukie, Oregon. This portfolio comprises two Class A retail buildings totaling 16,888 square feet on a combined 34,440 square foot lot. Building 11138, a 5,546 square foot single-tenant structure, is leased to a local tech company, while the adjacent 11,342 square foot Building 11222 houses two tenants: the United States Postal Service (USPS), holding an investment-grade credit rating (AA+), with a recently signed five-year lease extension, and a specialty retailer. Both buildings boast strong occupancy and benefit from annual 3% rent increases for two of the tenants. Constructed in 1965, the property features 30 parking spaces and is zoned Downtown Mixed-Use (DMU), offering flexible redevelopment potential. The strategic location on Main Street provides convenient access to TriMet's Max Light Rail Orange Line and bus service, enhancing visibility and accessibility. Below-market rents for some tenants present a significant opportunity for future income growth. The fee-simple ownership offers a stabilized investment with a 7.00% cap rate and an asking price of $3,075,000. This prime location in a thriving downtown area, coupled with the strong tenant mix and flexible zoning, makes this a compelling investment prospect.

Highlights

  • Investment-grade tenant, USPS (S&P: AA+), with a new five-year lease, contributing 28% of total income.
  • Prime location in Downtown Milwaukie, OR, within Clackamas County's thriving business environment.
  • Below-market rents from existing tenants, Sapphire and Broken Arrow.
  • Retail building with adaptable layout, suitable for various retail uses and future re-tenanting.
  • Downtown Mixed-Use zoning allows for flexible redevelopment options, including multifamily, retail, and office.
  • Excellent walkability in Downtown Milwaukie, near amenities such as government services, restaurants, shopping, and parks.

Property Details for 11222 Main St

Property type
Retail properties, Retail space
Square Feet
16,888 SF
Class
A
Year Built
1965
Buildings
2

Location Insight

City
Milwaukie
County
Clackamas
State
Oregon
Latitude
45.441585316696
Longitude
-122.64072798442
11222 Main St, Milwaukie, Oregon

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
11222 Main St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message