The Kiva Building is a single-tenant investment asset in northwest Portland’s Alphabet District. The building consists of 5,000 square feet and is fully tenanted via master lease by Kiva Spa & Sanctuary, who in turn sublets a portion of the building to Memento Mori Café. Kiva Spa has occupied the building since 2012 and has a long track record of quality results combining spa therapies from around the world for beauty, healing, and wellness.
The tenant operates under a modified gross lease which commenced in 2023 and expires September 2028. The lease features 3% annual rental increases and two, 5-year options for renewal. Onsite maintenance and repair responsibilities are divided between landlord and tenant, along with landlord responsibilities for property taxes and
insurance.
The Kiva Building benefits greatly from its excellent location in a highly affluent and active neighborhood in northwest Portland. The property is easily walkable from 23rd Avenues high-street retail offerings, and is corner-positioned along a tree-lined street in a well-preserved and historic area of town. The neighborhood has also experienced
tremendous growth, with over 600 apartment units having been erected within a quarter mile radius over the past ten years. Easy access to downtown Portland, Interstate 405 and Highway 30 add to the utility and appeal of the site.
Primary Photo
IMG_6787
IMG_6791
Building Photo
Building Photo
Building Photo
Building Photo
