2383-2389 Thurman StPortland, OR 97210

Property Details for 2383-2389 Thurman St

Year built

1910

Lot size

0.13 AC

Property size (Sq ft)

7,000 SF

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This exceptional mixed-use property presents a compelling investment opportunity in Portland's coveted Northwest 23rd neighborhood. The 7,000 square foot building, constructed in 1910 and renovated in 1985, sits on a 0.13-acre corner lot at 2383-2389 NW Thurman St, zip code 97210. Currently boasting 100% occupancy with six tenants (three ground-floor retail units and three second-floor, two-bedroom/one-bathroom apartments), this property generates a current NOI of $150,000 and a pro-forma NOI of $170,000, representing a 5.15% pro-forma cap rate. The asking price is $3,300,000 ($471.43 per square foot). The CM2 zoning allows for potential expansion, leveraging the additional buildable land. Recent improvements include new energy-efficient upstairs windows and completed seismic upgrades. Long-term, successful retail tenants provide a stable income stream with an average 5% annual rent increase. The property benefits from its prime location, surrounded by new multi-family housing, thriving retail, and planned neighborhood revitalization efforts. Average household income within a quarter-mile radius is $132,194. This meticulously maintained property offers a blend of historic charm and modern upgrades, making it an ideal investment for long-term ownership. Seller financing options may be available.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.5356

Longitude

-122.701

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