Glisan Building 112 SW 2Nd Avenue, PORTLAND OR HOME of KELLS IRISH RESTAURANT
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PRICE REDUCEDOPPORTUNITY FOR QUICK SALE ZONE Glisan Building 112 SW 2nd Avenue, PORTLAND OR HOME OF KELLS IRISH RESTAURANT Historic Restaurant Building in Downtown Portland’s Old Town District Ideal Owner / User or Investment • Home of Kells Irish Restaurant & Pub NEW PRICE • $3,200,000 BELOW REPLACEMENT COST! CREATIVE SELLER WILL CONSIDER LEASE-TO-OWN & SELLER CARRY Portland, OR Historic Building Sale Iconic Restaurant Building in PDX Old Town NATIONAL & PORTLAND HISTORIC LANDMARK DESIGNATION IDEAL FOR RESTAURANT, EVENT SPACE OR OFFICE FULL SEISMIC UPGRADE • OWNER / USER OR INVESTMENT SALE John Kohnstamm, SIOR Nicholas G. Diamond George N. Diamond 503.542.4355 503.222.2655 503.222.2178 Licensed [email protected] [email protected] [email protected] in OR & WA 11.08.202011.08.2020 © 2020 Capacity Commercial Group LLC | 805 SW Broadway #700, Portland OR 97205 | 503.326.9000 | capacitycommercial.com Sale Price: $3,200,000 ($253.97 / SF) Historic Property Offering PRICE REDUCED! Property Details Glisan Building Total Gross Building Area 12,600 SF 112 SW 2nd Avenue, Portland OR Glisan Building Total Usable Building Area 10,760 SF Property Lot Area 4,750 SF Construction Date 1889 Seismic Upgrade Yes (2003) Fire Sprinklers Yes (Full Building) Elevator Served Yes (3 Stops) Capacity Commercial Group presents the unique opportunity to acquire a prime location historic property in Downtown Portland, Oregon’s Skidmore / Old Town district. Built in 1889, the property has received a seismic upgrade in 2003 and features fire sprinkler system and elevator service. The building is currently home OFFERING SUMMARY to renowned Kells Irish Restaurant and Pub, configured with restaurant space on the 1st floor, cigar lounge in the basement and event space upstairs. TWO KITCHENS BAR / PUB, FORMAL EVENT SPACE, BASEMENTDINING, UPSTAIRSCIGAR LOUNGE, WINE CELLEAR, SIDEWALK SEATING CLICK HERE FOR 360 DEGREE PROPERTY TOUR The Iconic Home of Kells Irish Restaurant • Ideal for Owner / User or Investment • Historic ‘Glisan Building’ for Sale in • Building Currently Home to Kells Irish Restaurant & Pub Sale Offering Downtown Portland’s Iconic Old Town • Ideal for Restaurant / Event Space or Office Reconfiguration OWNER / USER OR INVESTMENT • Ideal Property for Owner / User or Investor • Fire Sprinklered and Elevator Served (3 Floors) Presented Exclusively by Capacity Commercial Group • 1889 Construction with 2003 Seismic Upgrade Including Reinforced Concrete, Anchors, Masonry & Steel st nd Contact Broker for Full Info • 1 Floor (Restaurant): 4,500 SF | Basement (Cigar Lounge): 3,600 SF (1,760 USF) | 2 Floor (Event): 4,500 SF • Creative Seller Willing to Consider Lease-to-Own or Seller Financing / Seller Carry Arrangements • Bustling Historic Skidmore / Old Town District of Downtown Portland - In the Oregon Opportunity Zone • Retail / Cultural Highlights within 3 Blocks include Pine Street Market, Saturday Market, Voodoo Doughnut, Shanghai Tunnels, Audi, Pedal Bike Tours, Stumptown, Dante’s, White Stag Sign SALE HIGHLIGHTS PAGE 2 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building BUILDING HIGHLIGHTS 12,600 SF Gross Building • 1889 Original Construction • Historic Register Property • Ground-Floor Restaurant • Basement Cigar Lounge • Upstairs Event Space • Preserved Original Finishes • Fire Sprinklered • Elevator Served - All Floors • 2003 Seismic Upgraded • PROPERTY DETAILS PAGE 3 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building Owner User Scenario Purchase $3,200,000 Loan Amount 80% $2,560,000 Down Payment 20% $640,000 Interest rate 4.50% Glisan Building - 112 SW 2nd Ave Amortization 25 Annual Mortgage Payment $97.02 -$170,752 Portland, OR Net Operating Income $129.40 $227,752 Cash Flow for Owner/User $32.39 $57,000 Market Proforma Cash on Cash Return 8.91% Main Floor - Restaurant (can be split 2,700 & 1,800) 4,500 $117,000 Owner User Scenario -SBA Loan p/sf - NNN $26.00 Upper Floor - Banquet/Office 4,200 $84,000 Purchase $3,200,000 p/sf - NNN $20.00 Loan Amount 100% $3,200,000 Basement - Usable 1,760 $28,160 Down Payment 0% $0 p/sf - NNN $16.00 Interest rate 5.00% Annual Base Rent Rent 1,760 $28,160 Amortization 25 average p/sf $16.00 Annual Mortgage Payment $127.55 -$224,483 Net Operating Income $129.40 $227,752 Vacancy Factor 5% -$1,408 Cash Flow for Owner/User $1.86 $3,269 Cash on Cash Return #DIV/0! Net Operating Income 10,460 $227,752 Sales Price - Building Only $3,200,000 Investor Scenario Price/sf $1,818.18 Market Cap Rate 7.12% Purchase $3,200,000 Building Sf 1,760 Loan Amount 65% $2,080,000 Land SF 4,750 Down Payment 35% $1,120,000 Interest rate 4.00% Amortization 25 Annual Mortgage Payment -$131,748 Net Operating Income $227,752 Cash Flow $96,004 Cash on Cash Return 8.57% The information herein presented is based on rental and cost assumptions. Neither Broker nor Owner represent or warrantee the accuracy of these assumptions. Buyer shall rely solely on their own due diligence. OWNER-USER AND INVESTOR PROFORMAS PAGE 4 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building 1ST FLOOR - PUB 1ST FLOOR - PUB 1ST FLOOR - PUB BASEMENT - CIGAR LOUNGE PROPERTY PHOTOS PAGE 5 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building 1ST FLOOR - RESTAURANT 1ST FLOOR - RESTAURANT 2ND FLOOR - EVENT SPACE 2ND FLOOR - EVENT SPACE NE ALBERTA ST PROPERTY PHOTOS PAGE 6 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building 2ND FLOOR - EVENT SPACE STAIRCASE WINE CELLAR PROPERTY PHOTOS PAGE 7 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building SPECIAL EVENT PHOTOS SPECIAL EVENT PHOTOS PAGE 8 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building GROUND FLOOR BUILDING PLANS PAGE 9 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building BASEMENT BUILDING PLANS PAGE 10 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building SECOND FLOOR BUILDING PLANS PAGE 11 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building AREA HIGHLIGHTS PAGE 12 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering Glisan Building Downtown Portland’s Iconic Glisan Building Goes on the Market Chris Crabb - Crabbsoup PR The two-story Glisan Building offers 9,000-square-feet plus a basement. It has been seismically upgraded, has a modern elevator, and breaks up well for two tenants. The building has been lovingly and passionately restored and maintained by its current owners, the McAleese Family of Portland. Built in 1889 and named after Dr. Rodney L. Glisan, the building features Queen Anne Italianate style architecture with a flat roof line, pedimented doors, projecting eaves and tall, arch-headed windows. It is famous for being the last structure in Portland to use cast-iron pilasters and columns. Portland is home to the second largest collection of cast-iron architecture in the United States, just behind New York City’s historic Soho District. Currently home to the renowned Kells Irish Restaurant and Pub, the building has been in the McAleese Family since 1990. The upstairs originally served as the offices for Dr. Glisan, while the main floor hosted a creamery. It also served as a location for Chown Electric Supply Co. in the 1960s. The building is a City of Portland Historic Landmark within the Portland Skidmore/Old Town Historic District, which was declared a National Historic Landmark in 1977 for its historic importance as a major 19th century West Coast port and for its collection of cast-iron commercial architecture. Chown Electric Supply - Circa 1960s PROPERTY HISTORY / LOCAL PUBLICITY PAGE 13 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Historic Property Offering FULL PROFILE FULL PROFILE 2000-2010 Census, 2020 Estimates with2000-2010 2025 Projections Census, 2020 Estimates with 2025 Projections Calculated using Weighted Block Centroid fromCalculated Block Groups using Weighted Block Centroid from Block Groups PORTLANDGlisan BuildingGOOSE SOUTH STATE HOLLOW Lat/Lon: 45.5217/-122.6723 Lat/Lon:WATERFRONT 45.5217/-122.6723 RF1 RF1 112 SW 2nd Ave 112 SW 2nd Ave 1 mi radius 3 mi radius 5 mi radius1 mi radius 3 mi radius 5 mi radius NW Portland, OR 97204 Portland, OR 97204 DOWNTOWN DISTRICT PORTLAND 2020 Estimated Population 2020 Estimated Population 0 T 38,620 207,237 0 T450,148 38,620 207,237 450,148 2025 Projected Population 2025 Projected Population