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9900 SE Washington St
Portland, OR 97216
Marketplace 205 · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Extremely low price per square foot opportunity to step into a full redevelopment project with tremendous upside potential.
- Current ownership has transformed the Property from an interior mall into a shadow-anchored shopping center.
- High-density surrounding residential base with over 448,000 residents within a 5-mile radius, earning an average of $116,000 annually.
- Burlington and Urban Air both signed new 10-year leases and are permit ready for current ownership or a Purchaser to start the process.
- Directly adjacent to the only Home Depot and Target within a 4.5-mile radius.
- Directly adjacent to the only Home Depot and Target within a 4.5-mile radius.
EXECUTIVE SUMMARY
Northmarq presents the opportunity to acquire Marketplace 205, a ready-to-go redevelopment project in Portland’s Gateway District at the intersection of I-84 and I-205. The former interior mall has been mostly gutted to make way for future tenants. Signed leases with Burlington and Urban Air will kick off future leasing momentum and allow a new owner to finish the vision of this project at an incredibly low basis.
The Property is sandwiched between high-performing anchors in Home Depot and Target. Home Depot ranks in the 87th percentile nationally for visits (Placer.AI), reinforcing the property’s strong consumer draw. Additionally, the surrounding area has a dense residential base, with over 448,000 residents within five miles earning an average household income of $116,000. Traffic counts on the combined freeways exceed 300,000 daily.
Current ownership has undertaken an extensive transformation, converting the former mall into a modern power center layout, removing all interior corridors, adding over 35,000 SF of new GLA. The parcel map has recently been completed to allow separate parcelization. The Home Depot parcel may potentially be available for purchase as well. Please contact the listing team for up-to-date details.
The Property is sandwiched between high-performing anchors in Home Depot and Target. Home Depot ranks in the 87th percentile nationally for visits (Placer.AI), reinforcing the property’s strong consumer draw. Additionally, the surrounding area has a dense residential base, with over 448,000 residents within five miles earning an average household income of $116,000. Traffic counts on the combined freeways exceed 300,000 daily.
Current ownership has undertaken an extensive transformation, converting the former mall into a modern power center layout, removing all interior corridors, adding over 35,000 SF of new GLA. The parcel map has recently been completed to allow separate parcelization. The Home Depot parcel may potentially be available for purchase as well. Please contact the listing team for up-to-date details.
PROPERTY FACTS
Sale Type
Investment
Sale Conditions
Property Type
Retail
Property Subtype
Department Store
Building Size
180,165 SF
Building Class
C
Year Built
1971
Price
$13,789,800 CAD
Price Per SF
$76.54 CAD
Cap Rate
4.60%
NOI
$634,331 CAD
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.19
Lot Size
21.91 AC
Opportunity Zone
Yes
Zoning
CX - High Density Commercial
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