Equity Pacific is pleased to announce the sale of The Frances Building located at 3632 SE Hawthorne Boulevard in Portland, OR. This investment property sold for $3,500,000 ($235 per SF) at a 6.70% cap rate.
Located directly across the street from the Bagdad Theater in the heart of the Hawthorne District in close-in SE portland, the Frances Building is an historic, vintage mixed-use investment property comprising seven (7) residential apartments, three (3) retail storefront spaces and the Echo Theater. Built in 1911, The Frances Building has been designated a Portland Historic Landmark Building and is on the National Historic Registry.
The three NNN Retail Tenants are Rachel's Ginger Beer, Portland Cider Company and Harlow restaurant. The Echo Theater is home to DOJUMP and the Echo Theater Company & School. The residential apartments comprise two (2) 2BR/1BA units of approximately 800 square feet, four (4) 1BR/1BA units that average approximately 650 square feet and one (1) studio unit of approximately 250 square feet.
Jason Waxberg represented the seller to the transaction.
3632 SE Hawthorne Boulevard, Portland, Oregon 97214