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1111-1139 NE Broadway St - Irvington Place 15,316 SF Retail Condo Unit Offered at $9,038,169 CAD in Portland, OR 97232
Investment Highlights
- National Credit Rent Roll: Stabilized mix of national tenants; four of five in place 10+ years.
- Premier NE Broadway Location: 23,000+ VPD, I-5 access, MAX/Streetcar steps away; 53 condos boost traffic.
- Lloyd Center Revitalization: Next to major mixed-use redevelopment with a new 4,000-seat venue opening 2027.
- Contractual NOI Growth: Scheduled rent bumps and 5.7-year WALT provide steady, low-risk income.
- Daily-Needs Shadow Anchoring: Across from Safeway and Lloyd Center in a highly walkable setting.
- Strong Local Demographics: 29K residents within one mile; $123K average income and growing.
Property Facts
| Total Building Size | 15,755 SF | Typical Floor Size | 15,755 SF |
| Property Type | Multifamily (Condo) | Year Built | 1998 |
| Property Subtype | Apartment | Lot Size | 0.87 AC |
| Building Class | A | Parking Ratio | 5.08/1,000 SF |
| Floors | 1 | ||
| Zoning | CX - Central Commercial | ||
| Total Building Size | 15,755 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | A |
| Floors | 1 |
| Typical Floor Size | 15,755 SF |
| Year Built | 1998 |
| Lot Size | 0.87 AC |
| Parking Ratio | 5.08/1,000 SF |
| Zoning | CX - Central Commercial |
1 Unit Available
Unit 1139
| Unit Size | 15,316 SF | Sale Type | Investment |
| Price | $9,038,169 CAD | Cap Rate | 6.35% |
| Price Per SF | $590.11 CAD | NOI | $573,923.74 CAD |
| Condo Use | Retail |
| Unit Size | 15,316 SF |
| Price | $9,038,169 CAD |
| Price Per SF | $590.11 CAD |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 6.35% |
| NOI | $573,923.74 CAD |
Sale Notes
Northmarq is pleased to present Irvington Place, a fully occupied, multi-tenant retail condo on NE Broadway in Portland’s Irvington neighborhood. The asset is leased to a durable mix of national and regional users—Wells Fargo, Mattress Firm, Jimmy John’s, Heartfelt Veterinary, and New Identity—with every lease containing scheduled rent increases and a weighted average remaining term of 5.7 years.
The Property enjoys Broadway frontage (23,000+ VPD) with Safeway located directly across the street serving as a strong shadow anchor, plus immediate access to multiple MAX lines and the Portland Streetcar that reinforce steady customer traffic. Within the larger condo’s first floor parking lot, the Property benefits from 20 dedicated parking stalls, a rare convenience in an urban, transit-rich setting. As the nearby Lloyd Center is repositioned into a vibrant mixed-use district with new housing, hospitality, office, and entertainment, the site is poised to capture rising visitation; notably, construction is underway on a new multi level live music venue at the former Nordstrom location, signaling tangible momentum. The greater condo development is comprised of 54 total units, with the subject Property as the only commercial unit, and the remaining 53 residential units provide additional built-in visitor traffic.
Condo ownership centralizes major building elements at the HOA (roof/exterior/structure), reducing landlord operational burden while preserving leasing rights for the commercial unit. With 59% of GLA secured by national retailers and strong surrounding demographics—~29,000 residents within 1 mile and $123K average household income—Irvington Place offers secure cash flow today and visible income growth via contractual bumps, all within a supply-constrained, needs-based corridor.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 115 | - | - |
Presented by
1111-1139 NE Broadway St - Irvington Place
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