Well, color us confused. The price of commercial real estate on Foster is both unpredictable, perhaps a tad inflated, and maybe even all over the place.
Two weeks ago we posted about commercial space for sale along the corridor, pointing out two properties specifically: 5338 SE Foster and 6819 SE Foster. While the latter didn’t have a listing price as of our original post, we did note that the former Decorette Shop at 5338 SE Foster was back on the market for nearly 50% more than it had sold for just five months earlier—it last sold for $500,000 in June, and is now being listed for $725,000.
For comparison, the Bob White Theater sold for $425,000 in 2015. Three years earlier the theater, adjoining warehouse, and rear apartment building were had for a total of $350,000. The most recent sales price did not include the warehouse and apartments. That’s quite the return. And quite the rate of inflation.
The Bob White Theater is just under 6,000 square-feet; the former Decorette Shop is a shade over 4,200 square-feet.
And here’s another to throw us off a bit: the Wikman Building, with more than 4,000 square-feet, sold for just $260,000 two years ago.
We can’t really get a gauge here.
All this brings us back to the property at 6819 SE Foster, where we now have a listing price. At 1,480 square-feet—just a quarter of the size of the Bob White—the former insurance office is being listed for $499,000. Might as well call it a cool half million.
To be fair, the space is way cooler than you’d expect whence driving by. (Just look for yourself.) And I’d certainly pay a small fortune for office and living space on Foster (if I had a small fortune). But we never thought we’d have half-million dollar properties with limited space and development opportunity dotting the corridor.
But I guess as Portland goes, so, too, does Foster.