Industrial Space For Lease @ 2195 Hyacinth St Ne

2195 Hyacinth St NE, Salem, OR 97301

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AJ N.

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2195 Hyacinth - The 45th Parallel is a One of a Kind find in NNN Income Producing properties in all of the Northwest. This owner brilliantly carved 70,188 SF of a furniture warehouse into 67 individual mini suites and created an indoor environment that is absolutely unmatched in this and surrounding markets. Currently at 90% capacity, with a waiting list and 6 newly created suites about to come online, this asset is kicking off a uniquely diverse NOI of $644,563 per annum. The flexibility of the IC (Industrial Commercial) is on full display at The 45th Parallel. Uses of tenants include Professional Services, Coffee & Wine Bar, Sushi Restaurant, Retail Shops, Salons, Tattoo Parlors, Offices, Bakeries, Chocolatier, Tree Trimming Services, Transportation Companies, Welders & Fabrication, Boxing Gym, Softball Training, Fitness Gym, Mortgage & Accounting Firms, Event Planners and Vagabond Brewery as an example. Each suite has ample natural light with high ceilings, sky lights and large glass rollup doors. Fully climate controlled all year round, onsite security person, security cameras, daily common area janitorial, 7 common area unisex restrooms, 1 shower, 1 shared conference room & 2 levels of parking lot.

The 45th Parallel boasts a huge upside potential as follows:
1. 2 Acres of excess land allows for one (1) 14,040 SF Bldg PAD and one (1) 7,385 SF Corner Bldg. PAD w/signalized intersection
2. Upside potential in existing rents
3. Large portion of tenant leases have built-in 3-5% annual increases.

Total land area is 6.7 Acres and is perfectly positioned in North Salem with near immediate access to the 3 main arteries that serve the city of Salem, Salem Parkway, Hwy 99 & I-5.

The 45th Parallel began renovations in 2014 and the owner invested +/- $2.5 Million retrofitting the interior. Slowly the concept of this mini suite environment gained momentum, and the building has filled to capacity before the end of COVID. Currently there is a waiting list of businesses that wish to locate to the 45th Parallel. To accommodate demand, the owner has started a small renovation of 2 larger suites to create 6 additional mini suites. All leases are NNN (currently $0.43/SF) and Base Rents use a RSF which includes a load factor of approximately 18%. Current average Base Rents are at $1.16/SF with Market Rates starting at $1.35/SF. This space offers accomodations for: flex space.

Pricing: Negotiable

Availability: Now

Listing ID: 3031687

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Has sprinklers: No

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• Has rail access: No


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Type: Industrial Space

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