North Main Village

Highlights:

• 100% Occupied, Fully Leased with Strong Tenant Mix
• Prime Location, Outside of Multnomah County
• Built-In Rent Growth
• Low Maintenance, Modern Construction

Description:

North Main Village offers investors a compelling blend of stable cash flow and long‑term upside: the fully leased, 8,828 SF neighborhood center—built in 2006—houses five internet‑resistant service and food tenants whose leases feature scheduled rent bumps and multiple renewal options, producing an in‑place net operating income of roughly $180,190 while passing through taxes, insurance, and CAM charges to the occupants. Rents average just $21.49 per SF, leaving mark‑to‑market potential as downtown Milwaukie continues its revitalization. The property enjoys a highly walkable, bike‑friendly location (Walk Score 77, Bike Score 89) on Main Street, minutes from light rail, and draws on a one‑mile trade area of more than 10,500 residents with average household incomes topping $82,000—an affluent consumer base that supports year‑round demand. Modern construction minimizes near‑term capital needs, Oregon’s zero‑sales‑tax retail environment bolsters tenant performance, and the Portland MSA’s limited pipeline for new retail supply creates favorable supply–demand dynamics. Taken together, North Main Village delivers immediate, durable yield with built‑in rent growth in a high‑barrier submarket poised for continued population and income gains.

Located in historic old town Milwaukie, Oregon