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Listed by Works Real Estate
$ 1,500,000
Est. payment | /mo
1,013 SqFt
$ 1,500,000
Est. payment | /mo
1,013 SqFt
Key Details
Property Type Commercial
Sub Type Light Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 1,013 sqft
Price per Sqft $1,480
MLS Listing ID 635124088
Year Built 1926
Annual Tax Amount $6,916
Tax Year 2024
Lot Size 1.300 Acres
Property Sub-Type Light Industrial
Property Description
Seller financing available! Located in St John's, this property is well situated as an open storage facility. The 1.3-acre parcel is securely tucked away between The Port of Portland and Union Pacific Railroad. Key Storage is an established, cash-flowing business currently self-managed at a cap rate of 8.8%. There is significant opportunity to increase rents as many of the spaces are currently renting below market rates. All leases are month-month, and as spaces have become available, they have easily leased up at market rates. A new owner could bring in third-party management to earn passive income at a 7.9% cap rate or continue to self-manage and increase returns upwards of 9%. This property includes a detached management office and 2br 1ba 949sf single family house that could be used as a manager's residence or separate rental property. Seller financing terms- Down payment: 60%, Interest rate: 6%, Terms: 5 years, Amortization: 30 years, Monthly payment: $3,597
Location
State OR
County Multnomah
Area _141
Zoning IG2
Interior
Heating Wood Stove
Equipment SecuritySystem
Exterior
View River
Roof Type Composition
Garage No
Building
Story 1
Sewer Standard Septic
Water Public Water
Level or Stories 1
Others
Acceptable Financing Cash, Contract, Conventional
Listing Terms Cash, Contract, Conventional
Virtual Tour https://www.youtube.com/shorts/d6nFPVzvxdY
