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.
