Retail Space - For Sale
1540 Southeast Martins Street Portland, OR 97202
Details & Description
Price: $1,399,000
  • Property Type Retail for Sale : Other Retail
  • Lot Size Acres 1.000
  • Building Sq Ft 4,239
  • Building Price per Sq Ft $330.03
  • Land Sq Ft 43,560
  • Land Price per Sq Ft $32.12
LocationThis property is located on Milwaukie Avenue in the highly desirable Westmoreland neighborhood. With visibility to 14,636 cars per day and the disposable income of families with a median household income of $80,562, this is prime commercial real estate. Combine this with a Walk Score of 86, a Bike Score of 99, and two bus lines within a five minute walk, and this property checks all the boxes for desirability.DescriptionThe property is occupied by a strong recession-tested tenant. Cadence Academy, owner of Creative Minds, has occupied the space since January 2009, when the property was developed. Tenant has ten years remaining on the current lease term, with 3% annual rent increases. Tenant has 240 locations nationally and seven in the Portland area, and has demonstrated financial strength by extending their lease during the pandemic.The condominium structure means that normal property management duties, other than collecting rent, are managed by the HOA. Normal roof and structure expenses are minimal, as they are spread between the eleven residential condominiums and this one commercial condominium, which is the property being sold. HOA dues include building insurance, exterior maintenance, water/sewer, and garbage.Current 4,239 SF space can easily be divisible into four (4) independent spaces with separate storefronts and HVAC.HighlightsCadence Academy is a proud member of the Cadence Education Family of Schools. With 240 private preschools and elementary schools, Cadence Education is one of the premier early childhood educators in the United States. Currently State licensed for up to 87 children.Current owner/seller of this commercial condominium also served as the Developer for this property. Developer used the highest quality materials and craftsmanship in constructing this building.Roof: TPO Roof originally installed in 2009. Recently inspected in 2019. Inspection report available upon request.Exterior Siding: Canadian Tight Knot Cedar. Complete exterior restoration in 2019 included new caulking and two coats of Benjamin Moore paint.HVAC Systems: Serviced every quarter by Jacobs Heating since 2009.Windows and Patio Doors: Top of the line - Anderson 400 series.
Listing Agents
Dann Wonser

O: 503-972-7279
M: 503-358-4704
dann@macadamforbes.com
While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

1540 Southeast Martins Street

Portland, OR 97202

Listing ID: 200432
$1,399,000
For Sale
  • Property Type Retail for Sale : Other Retail
  • Lot Size Acres 1.000
  • Building Sq Ft 4,239
  • Building Price per Sq Ft $330.03
  • Land Sq Ft 43,560
  • Land Price per Sq Ft $32.12
1540 Southeast Martins Street Portland, OR 97202 | for Sale | Photo 1
Description

Location

This property is located on Milwaukie Avenue in the highly desirable Westmoreland neighborhood. With visibility to 14,636 cars per day and the disposable income of families with a median household income of $80,562, this is prime commercial real estate. Combine this with a Walk Score of 86, a Bike Score of 99, and two bus lines within a five minute walk, and this property checks all the boxes for desirability.

Description

The property is occupied by a strong recession-tested tenant. Cadence Academy, owner of Creative Minds, has occupied the space since January 2009, when the property was developed. Tenant has ten years remaining on the current lease term, with 3% annual rent increases. Tenant has 240 locations nationally and seven in the Portland area, and has demonstrated financial strength by extending their lease during the pandemic.

The condominium structure means that normal property management duties, other than collecting rent, are managed by the HOA. Normal roof and structure expenses are minimal, as they are spread between the eleven residential condominiums and this one commercial condominium, which is the property being sold. HOA dues include building insurance, exterior maintenance, water/sewer, and garbage.

Current 4,239 SF space can easily be divisible into four (4) independent spaces with separate storefronts and HVAC.

Highlights

Cadence Academy is a proud member of the Cadence Education Family of Schools. With 240 private preschools and elementary schools, Cadence Education is one of the premier early childhood educators in the United States. Currently State licensed for up to 87 children.

Current owner/seller of this commercial condominium also served as the Developer for this property. Developer used the highest quality materials and craftsmanship in constructing this building.

Roof: TPO Roof originally installed in 2009. Recently inspected in 2019. Inspection report available upon request.

Exterior Siding: Canadian Tight Knot Cedar. Complete exterior restoration in 2019 included new caulking and two coats of Benjamin Moore paint.

HVAC Systems: Serviced every quarter by Jacobs Heating since 2009.

Windows and Patio Doors: Top of the line - Anderson 400 series.

Points of Interest & Demographic Radii
Points of Interest
Demographic Radii
POIs provided for entertainment purposes only. Data comes from multiple data sources as well as users and agents. MyEListing makes no claims whatsoever as to the accurancy and/or completeness.
 
Portland History of Retail Space for Sale

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Portland Area Market Trends

Listing Demographics for 1540 Southeast Martins Street Portland, OR 97202

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population14,369173,160455,956
Population Median Age393940
Population by Age0-9 Yrs1536 (10%)16025 (9%)42623 (9%)
10-19 Yrs1544 (10%)14799 (8%)38563 (8%)
20-29 Yrs1924 (13%)29995 (17%)72066 (15%)
30-39 Yrs2855 (19%)36910 (21%)87086 (19%)
40-49 Yrs2051 (14%)24553 (14%)65913 (14%)
50-59 Yrs1581 (11%)18735 (10%)54452 (11%)
60-69 Yrs1452 (10%)17458 (10%)52702 (11%)
70+ Yrs1426 (9%)14685 (8%)42551 (9%)
Median HH Income$88,384$77,120$74,106
Total Household Income< 24K813 (13%)11890 (15%)35181 (17%)
25-49K854 (14%)12310 (16%)36001 (17%)
50-74K907 (15%)12938 (17%)32286 (15%)
75-99K830 (13%)10736 (14%)26297 (12%)
100-199K1613 (26%)19866 (26%)51522 (25%)
200K+1020 (16%)8357 (10%)23473 (11%)
Highest Education LevelNo Diploma221530818368
Diploma or GED8611452344200
Some College19352516067422
Assoc. Degree607791221350
Bachelors Degree372244115114737
Higher Degree31683388281589
Total Housing Units6,45281,069218,993
--Owner-Occupied3,43537,780103,518
--Renter-Occupied2,60338,317101,241
Owner-Occupied Values< 100K475272124
100-199K510203899
200-299K195466314291
300-399K270769520919
400-499K736784018310
500K+21831603543975
Total Working Age Population12,014149,176390,696
In Work Force8,356106,941272,422
Not In Work Force3,65842,235118,274
Workforce Employed7,986102,158260,448
Workforce Unemployed3704,70711,790
Civlian Workforce8,356106,865272,238
Military Workforce076184
Total Households6,03876,097204,759
Family Households3,30736,29398,049
Non-Family Households2,73139,804106,710
Married Couple2,89828,82177,689
Other Family4097,47220,360
Married w/Child1,37311,39429,745
Single Male w/Child641,1162,848
Single Female w/Child1672,7877,662

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Oregon3,421,399+123,831,074+114,264,810+114,727,438
Clackamas County338,391+11375,992+14428,860+14490,011
Multnomah County660,486+11735,334+12822,675+10906,904
Washington County445,342+19529,710+17619,337+16718,633
Washington5,894,121+146,724,540+147,638,415+118,503,178
Clark County345,238+23425,363+17499,400+16576,879

Total Working Age Population:

Total Households:

Total Working Age Population:

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No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

Closest Commercial Airports
Airport Distance (mi)
Portland International Airport (PDX) 8
Seattle Tacoma International Airport (SEA) 137
Boeing Field King County International Airport (BFI) 143