Broadway Cannabis Market – NNN Retail Investment | High-Traffic Montavilla Corridor | Redevelopment Upside | $1,100,000

8028 SE Stark St, Portland, OR, 97215

Executive Summary

This single-story, 5,000 SF retail building at 8028 SE Stark Street offers investors a secure NNN lease to Broadway Cannabis Market, one of Oregon’s fastest-growing cannabis retail operators. Originally constructed in 1941 and featuring wood-framed construction with 92 feet of prime SE Stark Street frontage, the property benefits from large storefront windows, high ceilings, and excellent pedestrian visibility in the vibrant Montavilla neighborhood.

The asset’s Commercial Mixed-Use 2 (CM2) zoning provides exceptional long-term value through redevelopment potential — permitting 3 to 4 stories of multifamily or office above ground-floor retail, should future redevelopment be pursued. Broadway Cannabis Market, founded in 2019, has rapidly expanded to six operating dispensaries, with Montavilla set to be its seventh location. Their success is driven by strong operational performance, brand recognition, and a proven retail strategy centered around accessible neighborhood locations with limited direct competition. The tenant is investing over $150,000 in tenant improvements (TIs), which will be funded by the seller, ensuring a state-of-the-art buildout for the incoming business. The five-year NNN lease includes 3% annual rent increases and three five-year renewal options, providing long-term stability and built-in NOI growth.

Opportunity Details

• Property Type: Mixed Use / Retail

• Sub Type: Pharmacy / Cannabis Dispensary

• Investment Type: Core+

• Investment Sub Type: Retail / Dispensary

• Class: A

• Lease Type: NNN (Triple Net)

• Tenancy: Single Tenant – Broadway Cannabis Market

• Lease Term: 5 Years (Commences May 1, 2025)

• Lease Expiration: April 30, 2030

• Lease Options: Three (3) Five-Year Renewal Options

• Annual Rent Increases: 3%

• NOI: $89,458

• Pro Forma NOI: $92,142

• Cap Rate: 8.13% (Pro Forma 8.38%)

• Occupancy: 100% (as of May 2025)

• Square Footage: 5,000 SF

• Price per SF: $220

• Zoning: Commercial Mixed-Use 2 (CM2)

• Lot Size: 5,000 SF (±0.11 Acres)

• Price per Land SF: $220/SF

• Year Built: 1941

• Stories: 1

• Ownership: Fee Simple