Marcus & Millichap is pleased to exclusively present for sale or lease the Evoke Winery Distribution warehouse, located at 1308 Industrial Loop in Hood River. Well situated in Hood River’s Downtown Central Business District (CBD) just one-half mile west of its core retail corridor on Oak Street, this Industrial-zoned property boasts magnificent views of Mount Adams and the Columbia River Gorge. It’s ideal for manufacturing and/or production activities and complementary commercial services, such as a tasting room. It’s already within a block of established retail/mixed-use developments, including tenants like Crush Cider Café and New York City Sub Shop. The two-parcel property includes an existing 5,574 square-foot single-story warehouse facility. This includes a 1,149 square-foot covered outdoor shipping and receiving platform, dock and grade-level garage doors, large clear-span rooms with 16-foot ceiling heights, and is well insulated. Large semi and tractor-trailers can easily access the property, circle the structure, and maneuver for loading-dock shipping and receiving. There are multiple quick-access options to Highway 30, Highway 35, and Interstate-84.The oversized 1.17-acre (50,965 square-foot) lot provides attractive expansion and/or development opportunities. Industrial-zoned land is extremely limited in the Hood River area, especially in such close proximity to Downtown and Interstate-84, making this an ideal opportunity to secure 1.17 acres with development potential. Other mixed-use developments on Wasco/Industrial Loop have been extremely successful and remain in high demand by tenants. Proposed development options have ranged from 8,000 to 30,000 square-feet of new construction. The 1308 Industrial Loop listing offers buyers incredible flexibility for industrial activities and essential commercial services within Hood River’s Central Business District. It is ideally suited for multiple investment strategies including revenue-producing, covered-land investment for value-added investors, developers, and/or owner-users in search of a build-to-suit manufacturing/production facility with room for future expansion. The current tenant, Evoke Winery, utilizes the warehouse as its shipping and receiving facility and is midway through its 10-year lease commitment. At the list price of $1,550,000 and a monthly rental income of $6,000, on a modified-gross basis, the current in-place CAP rate works out to just over 4.0 percent. Hood River Submarket: Nestled in the Columbia River Gorge National Scenic Area, at the foothills of the spectacular Mount Hood and Cascade Mountains at the confluence of the Columbia and Hood Rivers, Hood River is considered a “sports mecca” and the number four small city for Art Vibrancy by the New York Times and National Center for Arts. Although Hood River is considered a small city, the Gorge and its top tourist attraction, Multnomah Falls, reports more than two million visitors annually. The area offers world-class windsurfing, kitesurfing, kayaking, stand-up-paddle boarding, skiing and mountain biking. Originally settled as an agriculture and wildlife center in the Pacific Northwest with prominent fishing, fur trading and logging, in recent years, Hood River has become better known for its tourism, apple, pear, and cherry orchards, highly regarded craft-beer, cider and wine industries, and aviation technologies. Major employers include Insitu Aerospace, Hood Technologies, The Fruit Company, Pfriem, Double Mountain, Full Sail, Encore Consumer Capital, Tofurky/Turtle Island Foods, Hood River Distillers, and Providence Healthcare System in addition to dozens of wineries and government agencies. The Hood River metropolitan area’s population is estimated to be 23,838 in the 2021 Census, with 8,751households with average income of $92,906 per household. The demographics are quickly changing, with average household income is projected to be $99,780 by 2026, with an additional 1,000 households. With limited land available, infill development properties are in high demand.
