Salmonberry Square

Highlights:

• Prime Downtown Location: Situated in the heart of Seaside, Oregon, this property is positioned along the main corridor, making it highly accessible and visible.
• Historic Charm with Modern Renovations: Originally built in 1965, the building underwent significant renovations in 2006, including a new roof in 2022 and new furnace and interior updates in 2023.
• Investment Opportunity: Salmonberry Square is ideal for both investors and partial owner-users, with a mix of occupied and vacant spaces, offering a solid tenant base while also leaving room for additional leasing potential.
• Flexible Space: The property features a total of 11,238 SF with a net rentable area (NRA) of 8,450 SF. The ground floor atrium (1,440 SF) adds value for events or tenant use, though it is not included in the NRA.
• Financial Highlights: The property generates potential gross revenue of $130,477 annually, with a proforma cap rate of 7.08%. The current tenants include Capricorn Pub, Seaside Massage, and Salon on Broadway, with vacant spaces available for further rental income.
• Flow & Common Areas: With three staircases, a common mail area, alleyway access, and a shared single-user restroom on each floor (and one each storefront space) the property provides excellent tenant flow and access.
• Sale Price: The property is listed for $1,200,000 $142/SF NRA or $107/SF GBA!

Description:

Salmonberry Square, located at 810 Broadway Street in the heart of Seaside, Oregon, offers an exceptional investment opportunity for a partial owner-user in a prime coastal location! This beautifully renovated 11,238 SF building combines historic charm with modern amenities. With a net rentable area of 8,450 SF, the property features a mix of occupied and vacant spaces, providing immediate income potential with room for additional leasing opportunities. The building includes a 1,440 SF atrium, not included in the NRA, which is ideal for tenant use or events. The vacant retail/office space provides an ideal situation for a user with storefront access while maintaining a private upstairs office space, or expand into the atrium space as a showcase or for events!

Notable upgrades include a new roof in 2022, as well as recent furnace and interior renovations in 2023. The property generates a potential gross revenue of $130,477 annually based on current and asking rents. Listed for $1,200,000, Salmonberry Square is a rare find in Seaside's vibrant downtown market, positioned to benefit from both local and tourist-driven traffic!

Prime Location in Downtown Seaside