Real Estate
The portfolio. Buildings, the legal entities that hold them, and the strategic posture of each.
This is the highest-stakes single dataset at the company. Every monthly studio member, every hourly booking, every staff role attaches to one of these buildings. When a question turns out to be "which building?" or "who owns that one?", this is the canonical reference.
Portfolio at a glance — April 2026
| Stat | Value |
|---|---|
| Stabilized buildings (Portland) | 9 |
| Studios in stabilized portfolio | 401 |
| Physical occupancy | 100% (every building waitlisted) |
| Median tenure | 3+ years |
| 2025 gross revenue | $1.74M |
| 2025 NOI | $555K |
| Salem location | MG10 Cherry City (Salem, OR) |
| Opening May 2026 | MG11 Carriage Tower (Flanders, NW PDX) |
| Active acquisition target | 1720 NE 9th Ave (Irvington, PDX) |
Buildings
| ID | Name | Neighborhood | City | Address | Studios | Status | Holder Entity |
|---|---|---|---|---|---|---|---|
| MG0 | Property Mgmt — General | VAN | VAN | 4121 Farview Drive | — | Mgmt entity | Metrognome, LLC |
| MG1 | Brooklyn | SE Portland · Brooklyn | PDX | 1430 SE Powell Blvd | 35 | Stabilized · 100% leased | Metrognome Holdings, LLC |
| MG2/3 | Ladd's Addition | SE Portland · Ladd's | PDX | 2121 & 2135 SE 6th | 84 | Stabilized · 100% leased | Metrognome Holdings, LLC |
| MG4 | Reed | SE Portland · Reed | PDX | 4920 SE 26TH | 54 | Stabilized · 100% leased | Sparky Mack, LLC |
| MG5 | Tilikum Crossing | South Waterfront | PDX | 309 SE Division Place | 33 | Stabilized · 100% leased | Sparky Mack, LLC |
| MG6 | Slabtown + Containers | NW Portland · Slabtown | PDX | 2624 NW 26th | 58 | Stabilized · 100% leased | Sparky Mack, LLC |
| MG7 | Cully | NE Portland · Cully | PDX | 7926 NE Killingsworth | 53 | Stabilized · 100% leased | Metrognome Holdings, LLC |
| MG8 | Buckman | SE Portland · Buckman | PDX | 530 SE Pine St | 29 | Stabilized · 100% leased | Sparky Mack, LLC |
| MG9 | Mt. Tabor | E Portland · Mt. Tabor | PDX | 6025 E Burnside | 55 | Owned RE · stabilized Aug 2023 · refinanced Q1 2026 | 6025 E Burnside, LLC |
| MG10 | Cherry City | Salem | SLE | 676 Church St NE | TBC | Open (Salem expansion) | 676 Church QOZB, LLC + QOZF |
| MG11 | Carriage Tower | NW Portland · Flanders | PDX | 720 NE Flanders | TBC | Opens May 2026 · fully reserved day-one | 720 Flanders QOZB, LLC + QOZF |
Note: MG10 and MG11 studio counts to be confirmed in post-draft review. They are not in the OnPoint April 2026 stabilized rent roll because that doc covers Portland-only stabilized buildings.
Rent roll (Feb 2026 snapshot, stabilized PDX only)
From OnPoint Portfolio Executive Summary, April 2026.
| ID | Name | Studios | Current $/mo | Market $/mo | Annual rent growth |
|---|---|---|---|---|---|
| MG1 | Brooklyn | 35 | $13,736 | $14,940 | $14,448 |
| MG2/3 | Ladd's Addition | 84 | $31,521 | $33,030 | $18,108 |
| MG4 | Reed | 54 | $19,730 | $20,365 | $7,620 |
| MG5 | Tilikum | 33 | $13,117 | $13,570 | $5,436 |
| MG6 | Slabtown + Containers | 58 | $19,150 | $19,805 | $7,860 |
| MG7 | Cully | 53 | $18,322 | $18,710 | $4,656 |
| MG8 | Buckman | 29 | $9,545 | $9,690 | $1,740 |
| MG9 | Mt. Tabor | 55 | $20,722 | $20,362 | N/A |
| Portfolio total | 401 | $145,843 | $150,472 | $55,548 |
Rent policy: every existing member receives a standing $5/month per-studio rate increase on the calendar year, every year, regardless of current rate. Asking rate updated as market moves. Members transition to current asking upon renewal of their month-to-month membership. Every building 100% physically leased with active waitlist.
Legal entity structure
A holding company aggregates over a mix of operating sub-units and per-property SPEs.
Holding / Aggregator
Metrognome Holdings, LLC — formed 3/30/2023 by rolling up two predecessor entities (PuddleTown + PLN). Go-forward HoldCo for all doors. Owns three buildings outright at the entity level (172 studios across MG1, MG2/3, MG7) plus GP equity in per-property SPEs.
Operating brand entity
Metrognome, LLC — the operating brand the customer transacts with. Holds Membership Agreement, Terms of Service, customer relationships. Employer of record for the team (per CTO JD V0.3). Holds master leases on currently-leased buildings (e.g., MG2 + MG8 noted as M2M master leases held by Metrognome LLC in the Irvington acquisition step plan).
Operating sub-unit (legacy, phasing out)
Sparky Mack, LLC — 4 buildings, 174 studios (MG4, MG5, MG6, MG8). Legacy holder. Phasing out as leases convert to owned real estate. Each Sparky Mack building represents a future migration target — when the lease ends, members migrate to a new owned-RE SPE.
Per-property SPEs (owned real estate)
| SPE | Building | Studios | Notes |
|---|---|---|---|
| 6025 E Burnside, LLC | MG9 Mt. Tabor | 55 | Fully leased since Aug 2023. Refinanced Q1 2026 via Standard Insurance. Holdings owns GP equity alongside LPs. |
| 676 Church QOZB, LLC + 676 Church QOZF, LLC | MG10 Cherry City | TBC | Salem. Qualified Opportunity Zone Fund structure. |
| 720 Flanders QOZB, LLC + 720 Flanders QOZF, LLC | MG11 Carriage Tower | TBC | NW PDX. Qualified Opportunity Zone Fund structure. Opens May 2026. |
| (future SPE) | 1720 NE 9th Irvington | 68 (planned) | Acquisition target. New SPE to be formed. Holdings as guarantor. |
QOZB / QOZF: Qualified Opportunity Zone Business / Fund. Federal tax-advantaged structure for investments in designated opportunity zones. Lower long-run tax drag on capital gains; longer hold horizon; aligns naturally with MG's 10+ year intended holds. Used selectively where the property qualifies.
Strategic posture: leased → owned migration
Three categories of building, three different unit-economic profiles, evolving over time:
- HoldCo-owned (best long-run yield). MG1, MG2/3, MG7 — directly held by Metrognome Holdings. Long-run upside: own the appreciating asset and the operating cash flow.
- SPE-owned (best capital efficiency). MG9, MG10, MG11. Per-property SPE with mixed equity (HoldCo as GP, LPs) and debt. Allows raising capital at the asset level without giving up enterprise equity.
- Sparky Mack leased (legacy, phasing out). MG4, MG5, MG6, MG8. Cash flowing now, but lease economics cap the upside. The migration play for each is to wait out the lease, build/acquire owned RE in the same neighborhood, and migrate members across.
The 1720 NE 9th Irvington acquisition is a textbook example: MG2 (Ladd's, 23 members) + MG8 (Buckman, 29 members) M2M master leases retire as members migrate 2–3 miles to a single owned building on Broadway. Same members. Same rent. Owned instead of leased. Pre-leased 78% day-one.
What this enables
- Migration is not a lease-up. Underwriting a new building as a destination for existing members is fundamentally lower-risk than underwriting open-market lease-up. Lenders should be reading this distinction (the OnPoint deck makes it explicit).
- Selective QOZF use. Where eligible properties exist in opportunity zones, the QOZF structure compounds the capital-efficiency advantage.
- GP equity in every owned SPE. Holdings retains an ownership stake in every per-property SPE alongside outside LPs. This keeps the cap stack aligned and the GP economics scaling with portfolio growth.
Cross-links
strategy.md— how the migration roadmap unfolds across the next 12+ months.business-model.md— unit economics framing.pillars.md— Development pillar; this doc is the canonical artifact of "Steward."docs/business/locations-and-resources/— product-level rules about locations and bookable resources.
Outstanding items
- [ ] MG10 + MG11 actual studio counts.
- [ ] Studio pricing per building (or range) — useful for agent-grounded answers about specific buildings.
- [ ] MG10 Cherry City current occupancy (April 2026 OnPoint snapshot is PDX-only).
- [ ] Capital posture for the QOZF program and any equity raises (CEO-owned).
- [ ] Long-run portfolio target: org expansion thesis says "500 → 5,000 studios" — what's the 12-month and 36-month target in between?