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JLL, as exclusive advisor for the seller, is pleased to present the opportunity to acquire the 100% fee simple interest in 320 NW Hoyt (the “Property”), in Portland, Oregon. Built in 1925, the vintage reinforced concrete warehouse presents a unique opportunity in Portland’s Old Town district with the ability to be redeveloped into apartments, self-storage, or creative office. 320 NW Hoyt provides ultimate flexibility for a future user.
The 30,000 square foot existing industrial asset is currently vacant and sits on a 0.42-acre parcel of land (18,146 square feet) that includes an 8,146 square foot paved parking lot. 320 NW Hoyt is in the Central Commercial zoning district (Design Overlay) and has the ability to reach a 9:1 Floor-Area-Ratio on redevelopment with Bonus FAR included, bringing total redevelopment potential to over 163,000 square feet.
Located in an Opportunity Zone, 320 NW Hoyt offers qualified investors tax incentives to re-invest capital gains. This rare opportunity allows for a user or investor to acquire a boutique Old Town asset with incredible upside potential through redevelopment.
- 30,000 SF vacant industrial building with flexible conversion options
- Opportunity Zone site with tremendous new development/redevelopment potential, providing a tax benefit to investors
- Surrounded by walkable retail and restaurant amenities
- Located one block from the Broadway Corridor urban development project by Prosper Portland, one of the largest redevelopment projects in Portland’s history
- On the path of development with over 2.3 million square feet of multi-family, office, and hospitality delivered or under construction since 2016 in a 0.5-mile radius from the Property
- Strategically located between Portland’s Pearl District and CBD, with immediate access to numerous transit options included TriMet MAX light rail and bus lines, Amtrak, I-5, and I-405
- On-site parking availability via secure, gated 8,146 SF lot
- Elevator served with dock high doors, substantial power, and floor loading capacity of ± 100 pounds per SF