Parkrose Retail

Nestled in the vibrant northeast section of Portland, Oregon, Parkrose embodies a rich tapestry of history and modernity. Once the heartland of the city's farming communities, Parkrose has evolved into a dynamic industrial center, boasting a diverse array of manufacturing and distribution enterprises. Its strategic location, bordered by the majestic Columbia River and with easy access to vital transportation arteries like Interstate 205 and Highway 84, makes it an irresistible prospect for sophisticated real estate investors. Moreover, the neighborhood's robust mass transit infrastructure, coupled with its proximity to Portland International Airport a mere 10 minutes away, positions it as a prime destination for both business and residential activity. Surrounded by an established residential community and with bustling transit routes ensuring a steady flow of potential customers, the retail center property in Parkrose promises not just convenience but a lucrative investment opportunity at the crossroads of progress and tradition.Parkrose Retail center sits at the core of the Parkrose commercial business area in Northeast Portland and offers a stable mix of tenants that directly serve the needs of the community. It is located near a busy thoroughfare, NE Sandy Blvd, and within minutes to Highway 205 and Interstate 84 – which offers direct access over the Columbia River to Washington, PDX International Airport, Airport Way Industrial Centers and the Columbia River Gorge. The center consists of two buildings that combine to create an attractive investment opportunity with over $1.1M in NOI and opportunity for growth in rents and development on a portion of the property. The property located at 10533-10735 NE Sandy Boulevard, is a well-known retail center with a long tenure dating back to 1976. Anchored by Parkrose Hardware, a 47,738 SF hardware store, that has expanded throughout the years and was redeveloped in 1994. The property also leases to a global fast-food franchise and the Parkrose School District that operates a community based, federally funded educational program. The property has gone through 3 major renovations from 1994 through 2006 when the latest addition was added to support the two smaller tenants. 10717-10721 NE Sandy Boulevard, is a first-generation retail center occupied by two established national brand tenants, with a supplemental ATM kiosk. Originally developed in 2016 on surplus land adjacent to Property #1 and pre-leased to the current tenants, the property has performed well since construction completion and provides a reliable and easy-to-manage multi-tenant center. Both properties share a drive aisle and allow access for loading/truck staging as needed for the tenants. The retail center has performed consistently before, during and after the pandemic and has become an integral part of the Parkrose community.