PRICE

406 NW GLISAN ST, PORTLAND, OR

$3,175,000

$195.28PRICE PER SQUARE FOOT

THE ENTERPRISE

BUILDING

Scott LoganSenior Associate(503) 200-2023

Scott.Logan@marcusmillichap.com

CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. SPECIAL COVID-19 NOTICEAll potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

ACTIVITY ID: BROKER OF RECORD: ADAM LEWIS - LICENSE: OR 201209561

406 NW GLISAN ST, PORTLAND, OR

EXCLUSIVELY LISTED BY

THE ENTERPRISE BUILDING

OFFICES NATIONWIDE AND THROUGHOUT CANADA

WWW.MARCUSMILLICHAP.COM

SCOTT LOGANSenior AssociatePortland Office

Office (503) 200-2023Scott.Logan@marcusmillichap.com

License OR 201206413

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EXECUTIVE SUMMARY

Marcus & Millichap has been selected to exclusively market for sale The Enterprise Building, an urban core creative office building consisting of 16,259 square feet of leasable area, including 4,000 square feet of flexible basement space with past uses including bar/taproom, rentable storage and building amenity use. The upper three floors of high-ceiling creative office space boast exposed woodwork, beams and brick interiors, with numerous windows allowing for natural light. The first and third floors have kitchenette and break room areas, and all floors in the building have multiple bathrooms. The ground floor has been entirely updated within the past year and is move-in ready, with the second and third floors requiring minimal upgrades of carpet and paint.

The Enterprise Building is located at the north end of Old Town Portland, blocks from the Steel Bridge and with direct access to public transit including the Green and Orange Max lines running North/South through downtown. The site is within blocks of the Pacific Northwest College of the Arts, Union Station, WeWork, Pendleton Woolen Mills, the Chinese Garden, the University of Oregon Duck Store Building and the 17-acre USPS redevelopment site.

The Enterprise Building is perfectly situated for an “as-is” owner/user to either operate using the entire available floor plan, or take residence in two of the above-grade floors while leasing the remainder. Both options allow for SBA financing in a historically low interest rate environment.

CURRENT OCCUPANCY 0%

LOT SIZE (ACRES) 0.11

LOT SIZE (SF) 5,000

ZONING CXd

YEAR BUILT/RENOVATED 1905/2004

FLOOR AREA RATIO 3.25

PARKING Street Parking

TOPOGRAPHY Flat

STREET FRONTAGE 4th Avenue and Glisan Street

CONSTRUCTION TYPE Heavy Wood Frame

FOUNDATION Concrete Slab

EXTERIOR WALLS Masonry

ROOF Flat

ELEVATOR Yes

PRICE

$3,175,000 $195.28PRICE PER SQUARE FOOT

16,259RENTABLE SQUARE FEET

5The Enterprise Building | OFFICE |

ITEMS OF NOTE1. Street parking is widely available near the building. Past tenants have negotiated parking

arrangements with neighboring parcel owners.

2. Due to its designation as a Historic Place, property taxes have been set at a relatively low level for many years. Annual property taxes will be reassessed and re-designated in 2021 and can only be estimated at this time.

3. Due to its dense zoning (CXd), there are excess Air Rights for the site that transfer with ownership. There is a market for Air Rights, Buyer to perform their own due diligence.

4. Zoning allows for multiple uses, including multi-family repositioning. The Opportunity Zone status may justify a change of use, Buyer to perform their own due diligence.

• Unoccupied Building with Flexible Layout for New Owner/User

• Three Above-Grade Floors + Basement Level

• Attractive Creative Office Space

• High Ceilings with Exposed Beams and Brick Interiors

• Large Windows with Excellent Natural Lighting

• Multiple Bathrooms on Each Floor

• Two Full Kitchen/Break Spaces

• Full Seismic Upgrade Completed

• Elevator Servicing all Floors

• CXd Zoning with 30,000 Square Feet of Transferable Air Rights

• ADA Compliant

• Fully Sprinklered

• Building is on the National Registry of Historic Places

• All Major Systems Upgraded in 2005

• Located near the Portland Union Station, Green and Orange MAX Lines and the Steel Bridge

• Opportunity Zone Site

HIGHLIGHTS

BIKE SCORE

96 95TRANSIT SCORE

96WALK SCORE

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INTERIOR

EXTERIOR

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EXTERIOR

9The Enterprise Building | OFFICE |

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FLOOR PLANS

LOWER LEVEL: ± 4,006 SF GROUND LEVEL: ± 3,968 SF

11The Enterprise Building | OFFICE |

SECOND LEVEL: ± 4,122 SF THIRD LEVEL: ± 4,163 SF

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AERIAL VIEWS

SUBJECT PROPERTY

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PORTLAND–VANCOUVER

The Portland-Vancouver metro is located near the confluence of the Columbia and Willamette rivers and stretches across the Oregon border into Washington State. The region is composed of Multnomah, Clackamas, Columbia, Washington and Yamhill counties in Oregon, and Clark and Skamania counties in Washington.

Mount Hood and the Cascade Range stand to the east, and the Oregon Coast Mountain Range lies to the west. The metro contains approximately 2.5 million residents, with more than 656,000 people residing in Portland, the area’s most populous city and the seat of Multnomah County.

LOCATION OVERVIEW

The cost of doing business is among the lowest on the West Coast, supported by no state income tax in Washington and no sales tax in Oregon.

The Portland-Vancouver metro has recorded more than 20 years of positive net migration thanks to expanding industries.

The market’s educated workforce and research institutions are attracting alternative-energy companies to the region.

ALTERNATIVE-ENERGY INDUSTRY

HIGH POPULATION GROWTH LOW

BUSINESS COSTS

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DEMOGRAPHICS

POPULATION 1 MILE 3 MILES 5 MILES

2024 Projection 39,108 214,793 464,097

2019 Estimate 33,605 195,139 433,012

2010 Census 25,912 165,251 381,897

2000 Census 18,333 148,440 355,559

2019 Daytime Population 141,215 392,751 619,560

HOUSEHOLDS

2024 Projection 26,209 112,281 219,977

2019 Estimate 22,289 100,597 202,432

2010 Census 16,724 83,139 174,810

2000 Census 11,743 73,320 159,046

INCOME 1 MILE 3 MILES 5 MILES

Average $80,649 $105,819 $104,826

Median $41,564 $68,093 $72,434

Per Capita $55,069 $55,109 $49,483

POPULATION BY TRANSPORTATION TO WORK (TOP 3)

Drove Alone 34.98% 47.56% 55.66%

Walked 23.79% 11.13% 7.05%

Bus or Trolley Bus 12.15% 11.07% 10.84%

POPULATION 25+ BY EDUCATION LEVEL

2019 Estimate Population Age 25+ 29,519 156,729 332,702

Elementary (0-8) 1.12% 1.16% 1.53%

Some High School (9-11) 3.83% 2.42% 3.05%

High School Graduate (12) 11.62% 9.63% 11.60%

Some College (13-15) 20.16% 17.83% 19.24%

Associate Degree Only 5.14% 5.06% 5.87%

Bachelors Degree Only 33.91% 36.62% 34.12%

Graduate Degree 23.89% 26.80% 23.85%

THE ENTERPRISE BUILDING

406 NW GLISAN ST, PORTLAND, OR

THE ENTERPRISE

BUILDING

Scott LoganSenior Associate(503) 200-2023

Scott.Logan@marcusmillichap.com