Iconic Portland Urban Redevelopment Opportunity 33003324 NE BROADWAY AVENUE • PORTLAND, OREGON

OFFERING MEMORANDUM

EXCLUSIVE ADVISORS

DAVID HILL

Senior Managing Director

503.972.5510

dhill@ngkf.com

WENDY HILL

Associate

503.972.5509

wendy.hill@ngkf.com

1120 NW Couch Street • Suite 350

Portland, OR 97209

www.ngkf.com

Procuring broker shall only be entitled to a commission, calcu-

lated in accordance with the rates approved by our principal

only if such procuring broker executes a brokerage agreement

acceptable to us and our principal and the conditions as set forth

in the brokerage agreement are fully and unconditionally satis-

fi ed. Although all information furnished regarding property for

sale, rental, or fi nancing is from sources deemed reliable, such in-

formation has not been verifi ed and no express representation is

made nor is any to be implied as to the accuracy thereof and it is

submitted subject to errors, omissions, change of price, rental or

other conditions, prior sale, lease or fi nancing, or withdrawal with-

out notice and to any special conditions imposed by our principal.

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INVESTMENT OPPORTUNITY3300 NE Broadway (formerly known as Gordon’s

Fireplace Shop building) presents an outstanding

opportunity to acquire one of the city’s best-known

buildings. Located in the vibrant close-in east side and

highly visible from Interstate 84, NE Broadway, and NE

33rd Avenue, this building is in a prime location for a

wide variety of redevelopment opportunities. Built circa

1918, 3300 NE Broadway has the character and ‘cool

factor’ sought after for today’s creative offi ce, apartment,

retail, or mixed-use developments.

With rental rates skyrocketing in the Central Business

District and other close-in Westside areas, the close-

in Eastside submarket has become a highly desirable

and sought-after place to locate and/or invest in

commercial real estate. The close in Eastside of Portland

has seen a tremendous amount of development and

redevelopment in recent years due to its close proximity

to downtown and vast transportation options. 3300

NE Broadway is only 3.5 miles from downtown and

easily accessed by car, mass transit, or bicycle. The

property is at the corner of NE Broadway and NE 33rd

Avenue, at the convergence of the Lloyd District and

the Hollywood District. These areas are known for their

abundance of services, retail shops, restaurants, and

wide-range of housing options.

The excellent location combined with this widely

recognized building off ers a tremendous opportunity

for redevelopment.

PROPERTY SUMMARY: 33003324 NE BROADWAY, PORTLAND, OREGON

Assessor’s Parcel NumbersBuilding Size

(approximate)Year Built Site Area

3300 Broadway R263172 24,225 SF Circa 1918 8,975 SF

3324 Broadway R263173 2,775 SF NA 9,000 SF

Combined 27,000 SF 17,975 SF

Current Zoning Planned Zoning Maximum FAR Maximum Height

EX:

Employment

CM3:

Commercial Mixed Use 33:1 65 Feet

OFFERED AT $3,875,000

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PROPERTY HISTORY

The building at the corner of NE 33rd and Broadway has a rich history within Portland’s northeast

neighborhood and business community. Oliver K. Jeff rey (O.K. Jeff rey) was a founder of Oregon

Home Builders, Inc., a prolifi c early building fi rm responsible for many of the homes in nearby

Alameda and Olmstead Park neighborhoods. Needing a workshop and warehouse near the

market they were serving, and near transportation, in 1915 they built a 50 x 100 foot warehouse of

wood with concrete fl oors on the corner of NE 33rd and Broadway. By 1917, Mr. Jeff rey’s attention

had turned to airplanes, and he erected a three-story brick aircraft factory built for the purpose

of making spruce parts for Army fl iers. The building has subsequently been home to a variety of

other businesses—a few furniture stores, a pasta factory, and from 1990 through 2016, Gordon’s

Fireplace Shop. Anyone who has lived in Portland for any length of time knows EXACTLY where

the building is due to its very visible location.

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Epitome of Creative Space3300 NE Broadway off ers all the features

desired for today’s creative space

Historic

Brick and beam

High ceilings

Wood fl oors

Open concept

Large windows that provide abundant

natural light

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PROPERTY OVERVIEWThe off ering consists of two adjacent parcels. Parcel

3300 (western) is improved with a 3-story heavy timber

and masonry building of approximately 24,225 SF, built

circa 1918. The interior of the building generally has

an open and unfi nished storage warehouse character,

with high open beam ceilings and abundant perimeter

windows. While eff ectively a building shell requiring

extensive renovation, this structure has signifi cant

potential for future residential, offi ce, retail and/or some

combination use thereof.

Parcel 3324 (eastern) is primarily improved as an

asphalt parking lot, which is rare and coveted for the

area. However, it is also improved with an addition to

the primary building described above. This addition

contains approximately 2,775 SF, is primary of wood

frame construction, and includes three fl oors with the

upper two fl oor not at grade with either of the main

building upper fl oors.

BUILDING SUMMARY: 33003324 NE BROADWAY

Building Size(approximate)

Year Built

3300 Broadway 24,225 SF Circa 1918

3324 Broadway 2,775 SF NA

Combined 27,000 SF

SITE DESCRIPTION: 33003324 NE BROADWAY

Address3300 NE Broadway (Western Parcel)

3324 NE Broadway (Eastern Parcel)

Assessor’sParcel #’s

R263172 (Western Parcel)

R263173 (Eastern Parcel)

Site Size (SF)

8,975 SF (Western Parcel)

9,000 SF (Eastern Parcel)

17,975 SF (Total)

Streets/Access

The property is bounded by NE 33rd Avenue to the west, NE Broadway to the north, 3346 NE Broad-

way to the east, and a railroad right of way to the south. Direct access is provided by NE Broadway.

Good local/regional access to/from I-84, NE Broadway, and NE 33rd Avenue.

Topography Predominantly fl at with some slope at the southern edge down to the railroad right of way

ExposureNE Broadway at NE 33rd is a heavily-traveled intersection. The building is also highly visible from

I-84 in both directions, providing exposure to an additional 187,279 vehicles daily.

Street Parking Curbside parking is available along most of both sides of NE Broadway in the vicinity of the property.

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Endless OpportunitiesWith great natural light, heavy timber

framing, extensive brick, and wood

fl ooring, creative-use possibilities

are endless.

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LAND USE/ZONING

Zone

Maximum

Floor Area

Ratio (FAR)

Maximum

Building HeightAllowed Uses

Current EX

Central Employment3:1 65 Feet Broad range of uses including residential, industrial, offi ce, retail, and service among others

Planned*CM3

Commercial Mixed Use 33:1

65 Feet

6 Stories

Wide range and mix of commercial and residential uses, as well as employment uses that have lim-

ited off -site impacts. Zone intended for sites in high-capacity transit station areas, in town centers,

along streetcar alignments, along civic corridors, and in locations close to the Central City

*The City of Portland is in the process of changing the zoning to accommodate the 2035 Comprehensive Plan. The plan is expected to take eff ect January 2018, but the zoning code amendments will take eff ect earlier.

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LOCATIONThe property is located in “close-in” northeast Portland,

just east of the Lloyd District and west of the Hollywood

District. This area is easily accessible from Interstate 84,

the major freeway going east from downtown, which also

connects with Interstate 5, the major west coast freeway

connecting north and south. Additional access is provided

by several major thoroughfares, including NE Broadway,

NE 33rd Avenue and NE Sandy Blvd. Portland International

Airport is approximately 9 miles from the properties, and

downtown Portland is only 3.5 miles away.

The close-in northeast is home to many of Portland’s

most popular destinations, including the Oregon

Convention Center, the Moda Center, and Lloyd Center,

all less than 3 miles from the property. In addition to

high-rise offi ce space, the area boasts a creative mix of

boutiques, music venues, wellness centers, restaurants,

coff ee shops, breweries, bars and attractions, all catering

to an above average income demographic.

Along with having good access by car, the properties

are easily accessible by alternative modes of

transportation, making the area highly appealing to a

wide demographic. The Hollywood/NE 42nd Avenue

MAX Light Rail Transit Center is located nearby.

CAR 8 MIN

BUS 18 MIN

BIKE 17 MIN

WALK 54 MIN

Bike Score: 92Flat, excellent bike lanes

Walk Score: 91Walker’s Paradise

Transit Score: 67Bus line 70 on NE 33rd Ave.Bus line 77 on NE Broadway

Light Rail Transit Centerat NE 42nd Ave.

COMMUTE TIMESTO DOWNTOWNPORTLAND

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The neighborhood is made up of

single and multi-family homes with

a substantial variety of businesses

and services, from small independent

restaurants and retail shops to nation-

al-name retailers like Starbucks and

Rite Aid and large big-box stores like

Fred Meyer and Orchard Supply Hard-

ware. The area has seen tremendous

development in the past few years.

Most notable is Grant Park Village, a

mixed use project anchored by New

Seasons directly across NE 33rd from

the property.

WITHIN ONE MILEPopulation (2016 est.) 28,204

Households (2016 est.) 12,941

Average Household income $101,260

Total Businesses 2,342

Employees 20,137

SUBJECT

Property Description 1111

Property Description1212

SUBJECT

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MARKET HIGHLIGHTS

18-Hour City

With 24-hour gateway cities such as San Francisco, New

York and Los Angeles becoming highly competitive and

overheated, 18-hour cities such as Portland have quickly

risen toward the top of the list for corporate relocation,

satellite operations, and real estate investment. Growing

economies, strong technology base, lower cost of living,

“cool” factor, and more favorable yields have bolstered

these markets.

Top 10 National Investment Market

Emerging Trends Real Estate 2016 published by the

Urban Land Institute identifi ed Portland as:

#9 market nationally for real estate prospects

#10 for offi ce immediately after San Francisco

#3 US Offi ce Property Buy recommendations

#3 Happiest Cities to Work Index (behind Santa Clara

and San Jose) - CareerBliss 2017

2015 Best Performing Cities

The Milken Institute’s 2015 Best Performing Cities report,

of 200 Best Performing large Cities 2015 identifi es the

Portland/Vancouver/Hillsboro MSA as #8 recognizing

job creation, wage gains, and technology trends among

other criteria.

Low Vacancy/High Rent Growth Offi ce Market

Multiple national offi ce surveys rank Portland as one of

the ten lowest offi ce vacancy markets, reported as low as

the #3 market. CoStar reports a 4th Quarter 2016 vacancy

rate of 7.5%. Portland was one of the only three markets

nationwide to post double-digit rent gains in 2016.

The March East

While the Portland CBD offi ce market is the largest

and most dominant in the region, the fastest growing

submarket is the Eastside submarket. Since 2015, more

new offi ce projects have been delivered in the Portland

eastside than the Portland CBD. These projects and

tenants tend to be more creative and technology

oriented and are drawn by the more industrial and

neighborhood character of these projects.

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1120 NW Couch Street • Suite 350

Portland, OR 97209

www.ngkf.com

EXCLUSIVE ADVISORS

DAVID HILL

Senior Managing Director

503.972.5510

dhill@ngkf.com

WENDY HILL

Associate

503.972.5509

wendy.hill@ngkf.com