Overview
CBRE is delighted to present The Rodney, a premier 230-unit luxury high-rise community located at 1470 NW Glisan Street in Portland’s vibrant Pearl District. This sought-after neighborhood is renowned for its eclectic mix of quirky boutiques, trendy restaurants, microbreweries, and artisan coffee shops, all housed in beautifully reclaimed warehouse spaces. Residents are just steps away from iconic spots like Powell’s City of Books, one of the largest independent bookstores in the world, and a wide range of dining options that cater to every palate. Rising prominently above the city, The Rodney’s innovative design commands attention among Portland’s skyline, offering breathtaking views of the city and the majestic Mt. Hood. The property’s striking architecture blends seamlessly with its contemporary interior design, featuring state-of-the-art unit finishes, efficient floorplans, and expansive floor-to-ceiling windows that flood the living spaces with natural light, maximizing the sweeping views. The community’s extensive amenities elevate the live-work-play experience, including dedicated working pods, a fully equipped entertainment kitchen, an outdoor rooftop terrace with panoramic views, secure bike storage, and a newly completed fitness center. Additionally, residents can enjoy the nearby parks and green spaces, such as Jamison Square and Tanner Springs Park, perfect for relaxation and recreation. The Pearl District’s walkability ensures that everything you need is just a short stroll away, making it an ideal location for a vibrant urban lifestyle.
Investment Highlights
PROPERTY HIGHLIGHTS
- Ultra-luxurious interior finishes with panoramic city views.
- Spacious units averaging 705 SF, featuring in-unit washer/dryers and air conditioning.
- Excellent community amenities: dedicated working pods, entertainment kitchen, outdoor rooftop terrace, secure bike storage, fitness center, dog wash, EV charging station, and more.
- Rare Multiple-Unit Limited Tax Exemption (MULTE). Exceptional discount to replacement cost.
- Ground lease with payments of $515,064. 68 years remaining with the option to purchase after 49th year
MARKET FUNDAMENTALS
- No units under construction or projected for 2024/25, increasing rent growth pressure.
- 1.75x more expensive to own vs. rent in the Pearl District submarket.
- 22% cumulative rent growth over next 10 years in the Pearl District submarket
LOCATION
- Walking distance to 50+ of the Pearl District's award-winning restaurants, bars, breweries, wineries & shops, notable examples include 10 Barrel Brewing, Deschutes Brewery, Andina Peruvian, The Star Pizza and Khao San
- 3-minute walk to the Pearl District's Brewery Blocks, a5-block shopping lifestyle destination with tenants including Whole Foods, Lululemon, West Elm & Anthropologie
- 10-minute walk to downtown Portland’s business district.
- Direct access to I-405 with quick connections to Highway 26 and I-5.
- Minutes to major downtown employers like OHSU, Legacy Emanuel Hospital, Vacasa, Apple, and Airbnb as well as direct freeway access to Intel and Nike less than 20 minutes away.
- Convenient transportation with Portland Streetcar stop 3 blocks away.
- Quick access to recreation: Tanner Springs Park, Tom McCall Waterfront Park, The Fields, and Wallace Park all within a mile.
- Within a 10-minute drive to education centers like Portland State University.
DEMOGRAPHICS
- Average household income at the Rodney is $135K
- 66% of the population holds a Bachelor’s degree or higher.
- Approximately 64% of the 173,000 people within a 3-mile radius are renters.
Unit Mix
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