4504 Corbett AvePortland, OR 97239

Property Details for 4504 Corbett Ave

Year built

1954

Lot size

0.19 AC

Property size (Sq ft)

8,096 SF

Zone code

CS

Property type

Office properties

APN

1S1E10CD 07100

APU

1S1E10CD07100

Description

Exceptional investment opportunity: The Panorama Building, located at 4504 S Corbett Ave, Portland, OR 97239, presents a compelling opportunity for investors seeking a stabilized, multi-tenant office complex. This Class B, three-story building, totaling 15,720 square feet with 10,400 net rentable square feet, is currently 100% occupied by seven professional tenants. Originally constructed in 1954 and extensively renovated in 1985 (a complete studs-out renovation), the building boasts a modern design with stunning views of the Willamette River and Mount Hood. Recent capital improvements include a new roof, updated HVAC systems throughout, and tenant improvements in 90% of the suites. Amenities include an elevator, fire sprinkler system, security alarm, key card access, tenant break room, shower suite, on-site parking for 15 vehicles, and access to off-site permit parking. Large windows throughout maximize natural light and showcase the impressive views. The building's location offers convenient access to downtown Portland, Barbur Blvd, Interstate 5, and Highway 99. Leases are gross, all-inclusive, and feature a 5% annual rent increase. The asking price is $2,600,000 ($165.39/sq ft). This property is zoned for commercial use and is an excellent candidate for a 1031 exchange due to its stable occupancy, excellent condition, and recent capital and tenant improvements. The building is owned by DEC Morton Holdings and is being offered for sale by owner.

• CAP approach

  CAP return

  Valuation

  6%

  $1,772,850

  6.5%

  $1,636,477

  7%

  $1,519,586

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,448,696

  Geo Method

  $1,559,128

• Alternative Use

  Use

  Valuation

  Residential

  $2,029,232

  Hospitality

  $1,858,765

  Educational

  $1,546,471

  Medical

  $1,599,656

  Retail

  $2,405,621

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.4907

Longitude

-122.676

CBSA code

38900

CBSA name

PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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