Retail/Development Deal Closed for $875,000 on N. Killingsworth
SOLD: 1901-1909 N. Killingsworth Street, Portland, Oregon
The mixed use retail that contains two businesses and an apartment sold for $875,000.
PROPERTY INFORMATION:
1909 Year built
Zoned: CS “Storefront Commercial”
Building size: 2,500 square feet
Land area: 6,000 square feet
Price per square foot (building): $350
Price per square foot (land): $145.83
6,000 Square Foot Lot with Retail and Lot
The property features an acupuncture business, a reflexology business, and one apartment unit. There is off-street parking, and the value may very well be in the land for future development. This property is at a fantastic N. Killingsworth location just west of the freeway.
1901 NE Killingsworth Mixed Use Sold by Bernard Gehret
“IN THE TRENCHES” Market Analysis at the time of sale:
At the time of the listing, the property’s “highest and best use” per appraisal standards was most likely for apartment and/or mixed use development. Since Portland has instituted the inclusionary housing rules for multi-family development for projects that are twenty units and above, we have seen many small lots like the subject’s developed into nineteen units (in order to avoid the inclusionary housing demands).
There were two offers on the property, and a developer purchased the property for (most likely) future development. The property was attractive to the buyers for the occupied tenants, which presumably will generate cash flow while the developer obtains all the entitlements.
While it appears that building is starting to slow in Portland, the demand and interest for this lot was high, even when the property went “pending”.
The Face of North Killingsworth is Changing
Of course, the N. Killingsworth Street has seen many changes, as evidenced by the above photo and the new construction directly across the street to the east of the subject property.
Thomas Cale represented the buyer, and Bernard Gehret from Joseph Bernard Investment Real Estate represented the sellers. For more information on this sale or the multi-family market, call Bernard Gehret at 503-546-9390.
