Iconic Portland Urban Redevelopment Opportunity · EXCLUSIVE ADVISORS DAVID HILL Senior Managing...
Transcript of Iconic Portland Urban Redevelopment Opportunity · EXCLUSIVE ADVISORS DAVID HILL Senior Managing...
Iconic Portland Urban Redevelopment Opportunity 33003324 NE BROADWAY AVENUE • PORTLAND, OREGON
OFFERING MEMORANDUM
EXCLUSIVE ADVISORS
DAVID HILL
Senior Managing Director
503.972.5510
WENDY HILL
Associate
503.972.5509
1120 NW Couch Street • Suite 350
Portland, OR 97209
www.ngkf.com
Procuring broker shall only be entitled to a commission, calcu-
lated in accordance with the rates approved by our principal
only if such procuring broker executes a brokerage agreement
acceptable to us and our principal and the conditions as set forth
in the brokerage agreement are fully and unconditionally satis-
fi ed. Although all information furnished regarding property for
sale, rental, or fi nancing is from sources deemed reliable, such in-
formation has not been verifi ed and no express representation is
made nor is any to be implied as to the accuracy thereof and it is
submitted subject to errors, omissions, change of price, rental or
other conditions, prior sale, lease or fi nancing, or withdrawal with-
out notice and to any special conditions imposed by our principal.
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INVESTMENT OPPORTUNITY3300 NE Broadway (formerly known as Gordon’s
Fireplace Shop building) presents an outstanding
opportunity to acquire one of the city’s best-known
buildings. Located in the vibrant close-in east side and
highly visible from Interstate 84, NE Broadway, and NE
33rd Avenue, this building is in a prime location for a
wide variety of redevelopment opportunities. Built circa
1918, 3300 NE Broadway has the character and ‘cool
factor’ sought after for today’s creative offi ce, apartment,
retail, or mixed-use developments.
With rental rates skyrocketing in the Central Business
District and other close-in Westside areas, the close-
in Eastside submarket has become a highly desirable
and sought-after place to locate and/or invest in
commercial real estate. The close in Eastside of Portland
has seen a tremendous amount of development and
redevelopment in recent years due to its close proximity
to downtown and vast transportation options. 3300
NE Broadway is only 3.5 miles from downtown and
easily accessed by car, mass transit, or bicycle. The
property is at the corner of NE Broadway and NE 33rd
Avenue, at the convergence of the Lloyd District and
the Hollywood District. These areas are known for their
abundance of services, retail shops, restaurants, and
wide-range of housing options.
The excellent location combined with this widely
recognized building off ers a tremendous opportunity
for redevelopment.
PROPERTY SUMMARY: 33003324 NE BROADWAY, PORTLAND, OREGON
Assessor’s Parcel NumbersBuilding Size
(approximate)Year Built Site Area
3300 Broadway R263172 24,225 SF Circa 1918 8,975 SF
3324 Broadway R263173 2,775 SF NA 9,000 SF
Combined 27,000 SF 17,975 SF
Current Zoning Planned Zoning Maximum FAR Maximum Height
EX:
Employment
CM3:
Commercial Mixed Use 33:1 65 Feet
OFFERED AT $3,875,000
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PROPERTY HISTORY
The building at the corner of NE 33rd and Broadway has a rich history within Portland’s northeast
neighborhood and business community. Oliver K. Jeff rey (O.K. Jeff rey) was a founder of Oregon
Home Builders, Inc., a prolifi c early building fi rm responsible for many of the homes in nearby
Alameda and Olmstead Park neighborhoods. Needing a workshop and warehouse near the
market they were serving, and near transportation, in 1915 they built a 50 x 100 foot warehouse of
wood with concrete fl oors on the corner of NE 33rd and Broadway. By 1917, Mr. Jeff rey’s attention
had turned to airplanes, and he erected a three-story brick aircraft factory built for the purpose
of making spruce parts for Army fl iers. The building has subsequently been home to a variety of
other businesses—a few furniture stores, a pasta factory, and from 1990 through 2016, Gordon’s
Fireplace Shop. Anyone who has lived in Portland for any length of time knows EXACTLY where
the building is due to its very visible location.
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Epitome of Creative Space3300 NE Broadway off ers all the features
desired for today’s creative space
Historic
Brick and beam
High ceilings
Wood fl oors
Open concept
Large windows that provide abundant
natural light
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PROPERTY OVERVIEWThe off ering consists of two adjacent parcels. Parcel
3300 (western) is improved with a 3-story heavy timber
and masonry building of approximately 24,225 SF, built
circa 1918. The interior of the building generally has
an open and unfi nished storage warehouse character,
with high open beam ceilings and abundant perimeter
windows. While eff ectively a building shell requiring
extensive renovation, this structure has signifi cant
potential for future residential, offi ce, retail and/or some
combination use thereof.
Parcel 3324 (eastern) is primarily improved as an
asphalt parking lot, which is rare and coveted for the
area. However, it is also improved with an addition to
the primary building described above. This addition
contains approximately 2,775 SF, is primary of wood
frame construction, and includes three fl oors with the
upper two fl oor not at grade with either of the main
building upper fl oors.
BUILDING SUMMARY: 33003324 NE BROADWAY
Building Size(approximate)
Year Built
3300 Broadway 24,225 SF Circa 1918
3324 Broadway 2,775 SF NA
Combined 27,000 SF
SITE DESCRIPTION: 33003324 NE BROADWAY
Address3300 NE Broadway (Western Parcel)
3324 NE Broadway (Eastern Parcel)
Assessor’sParcel #’s
R263172 (Western Parcel)
R263173 (Eastern Parcel)
Site Size (SF)
8,975 SF (Western Parcel)
9,000 SF (Eastern Parcel)
17,975 SF (Total)
Streets/Access
The property is bounded by NE 33rd Avenue to the west, NE Broadway to the north, 3346 NE Broad-
way to the east, and a railroad right of way to the south. Direct access is provided by NE Broadway.
Good local/regional access to/from I-84, NE Broadway, and NE 33rd Avenue.
Topography Predominantly fl at with some slope at the southern edge down to the railroad right of way
ExposureNE Broadway at NE 33rd is a heavily-traveled intersection. The building is also highly visible from
I-84 in both directions, providing exposure to an additional 187,279 vehicles daily.
Street Parking Curbside parking is available along most of both sides of NE Broadway in the vicinity of the property.
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Endless OpportunitiesWith great natural light, heavy timber
framing, extensive brick, and wood
fl ooring, creative-use possibilities
are endless.
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LAND USE/ZONING
Zone
Maximum
Floor Area
Ratio (FAR)
Maximum
Building HeightAllowed Uses
Current EX
Central Employment3:1 65 Feet Broad range of uses including residential, industrial, offi ce, retail, and service among others
Planned*CM3
Commercial Mixed Use 33:1
65 Feet
6 Stories
Wide range and mix of commercial and residential uses, as well as employment uses that have lim-
ited off -site impacts. Zone intended for sites in high-capacity transit station areas, in town centers,
along streetcar alignments, along civic corridors, and in locations close to the Central City
*The City of Portland is in the process of changing the zoning to accommodate the 2035 Comprehensive Plan. The plan is expected to take eff ect January 2018, but the zoning code amendments will take eff ect earlier.
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LOCATIONThe property is located in “close-in” northeast Portland,
just east of the Lloyd District and west of the Hollywood
District. This area is easily accessible from Interstate 84,
the major freeway going east from downtown, which also
connects with Interstate 5, the major west coast freeway
connecting north and south. Additional access is provided
by several major thoroughfares, including NE Broadway,
NE 33rd Avenue and NE Sandy Blvd. Portland International
Airport is approximately 9 miles from the properties, and
downtown Portland is only 3.5 miles away.
The close-in northeast is home to many of Portland’s
most popular destinations, including the Oregon
Convention Center, the Moda Center, and Lloyd Center,
all less than 3 miles from the property. In addition to
high-rise offi ce space, the area boasts a creative mix of
boutiques, music venues, wellness centers, restaurants,
coff ee shops, breweries, bars and attractions, all catering
to an above average income demographic.
Along with having good access by car, the properties
are easily accessible by alternative modes of
transportation, making the area highly appealing to a
wide demographic. The Hollywood/NE 42nd Avenue
MAX Light Rail Transit Center is located nearby.
CAR 8 MIN
BUS 18 MIN
BIKE 17 MIN
WALK 54 MIN
Bike Score: 92Flat, excellent bike lanes
Walk Score: 91Walker’s Paradise
Transit Score: 67Bus line 70 on NE 33rd Ave.Bus line 77 on NE Broadway
Light Rail Transit Centerat NE 42nd Ave.
COMMUTE TIMESTO DOWNTOWNPORTLAND
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The neighborhood is made up of
single and multi-family homes with
a substantial variety of businesses
and services, from small independent
restaurants and retail shops to nation-
al-name retailers like Starbucks and
Rite Aid and large big-box stores like
Fred Meyer and Orchard Supply Hard-
ware. The area has seen tremendous
development in the past few years.
Most notable is Grant Park Village, a
mixed use project anchored by New
Seasons directly across NE 33rd from
the property.
WITHIN ONE MILEPopulation (2016 est.) 28,204
Households (2016 est.) 12,941
Average Household income $101,260
Total Businesses 2,342
Employees 20,137
SUBJECT
Property Description 1111
Property Description1212
SUBJECT
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MARKET HIGHLIGHTS
18-Hour City
With 24-hour gateway cities such as San Francisco, New
York and Los Angeles becoming highly competitive and
overheated, 18-hour cities such as Portland have quickly
risen toward the top of the list for corporate relocation,
satellite operations, and real estate investment. Growing
economies, strong technology base, lower cost of living,
“cool” factor, and more favorable yields have bolstered
these markets.
Top 10 National Investment Market
Emerging Trends Real Estate 2016 published by the
Urban Land Institute identifi ed Portland as:
#9 market nationally for real estate prospects
#10 for offi ce immediately after San Francisco
#3 US Offi ce Property Buy recommendations
#3 Happiest Cities to Work Index (behind Santa Clara
and San Jose) - CareerBliss 2017
2015 Best Performing Cities
The Milken Institute’s 2015 Best Performing Cities report,
of 200 Best Performing large Cities 2015 identifi es the
Portland/Vancouver/Hillsboro MSA as #8 recognizing
job creation, wage gains, and technology trends among
other criteria.
Low Vacancy/High Rent Growth Offi ce Market
Multiple national offi ce surveys rank Portland as one of
the ten lowest offi ce vacancy markets, reported as low as
the #3 market. CoStar reports a 4th Quarter 2016 vacancy
rate of 7.5%. Portland was one of the only three markets
nationwide to post double-digit rent gains in 2016.
The March East
While the Portland CBD offi ce market is the largest
and most dominant in the region, the fastest growing
submarket is the Eastside submarket. Since 2015, more
new offi ce projects have been delivered in the Portland
eastside than the Portland CBD. These projects and
tenants tend to be more creative and technology
oriented and are drawn by the more industrial and
neighborhood character of these projects.
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1120 NW Couch Street • Suite 350
Portland, OR 97209
www.ngkf.com
EXCLUSIVE ADVISORS
DAVID HILL
Senior Managing Director
503.972.5510
WENDY HILL
Associate
503.972.5509