402 N State St - Storefront FOR SALE


Lake Oswego, OR 97034- Evergreen
$3,500,000 USD
503-421-4121
402 N State St, Lake Oswego, OR for Sale
$3,500,000 USD
Storefront - FOR SALE
1/9
null | 5.71% Cap Rate

402 N State St
Lake Oswego, OR 97034
Evergreen


HIGHLIGHTS

  • GENERATIONAL PROPERTY - The Rogers Building has not sold for more than 50 years.
  • GREAT EXPOSURE - The Rogers Building is ideally located at the entrance to downtown Lake Oswego, Portland’s most affluent suburb.
  • LONG TERM TENANTS (100% LEASED) - All tenants have been at the property for a number of years, 4 of them for more than 10 years.
  • SHORT TERM LEASES - Short leases enable owner-user investment or property redevelopment potential.
  • EXCELLENT VALUE ADD - The existing short-term leases will allow a new owner to increase income by marking rents to market, or incorporating NNN leases
  • OUTSTANDING DEMOGRAPHICS - 87,166 residents within 3-miles of the property with an average household income of $128,701.

OVERVIEW

The Rogers Building is a multi-tenant retail property ideally located at the strategic entrance to downtown Lake Oswego, Oregon’s most affluent suburb. The building is truly a “Generational Asset” since it is the first time on the market in over 50 years. The property is 100% leased to 5 tenants, 4 of whom have been at the center for more than 10 years. All of the tenants are on short-term leases which will give a new owner the opportunity to potentially occupy space as an Owner/User, or look to increase income in the short term by marking rents to market. The Rogers Building is surrounded by numerous high-end retail tenants, restaurants, a Safeway market and the Lake Oswego City Hall. The outstanding location on the NW corner of State Street and A Avenue features a daily traffic count of 19,000+ vehicles and a Walk Score of 90 (Walker’s Paradise).

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$318 USD /SF

CAP RATE

5.71%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1925

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

DD

APN/PARCEL ID

00198440

ASK ABOUT THIS PROPERTY

Gary GriffCushman & Wakefield of Oregon, Inc.More Info
503-421-4121

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Gary GriffCushman & Wakefield of Oregon, Inc.More Info
503-421-4121

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.