THE FRANCES BUILDING

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Mixed-Use Investment Property 3632-3646 SE Hawthorne Blvd, Portland, Oregon 97214 MIXED-USE INVESTMENT PROPERTY

1 Mixed-Use Investment Property SE Hawthorne Blvd, Portland, Oregon MIXED-USE INVESTMENT PROPERTY EXCLUSIVE OFFERING 136 NE 28 th Avenue Portland, Oregon Office Fax

2 Subject Property Neighborhood Photos Hawthorne Fred Meyer Bagdad Theater & Pub Powell s Books 3 Doors Down Cafe Starbucks Oasis Cafe

3 Subject Property Exterior Photos Retail Tenants Portland Cider House Rachel s Ginger Beer Harlow Cuisine Harlow Cuisine Echo Theater Echo Theater

4 Subject Property Exterior Photos

5 Subject Property Interior Photos Unit #2 2BR/1BA

6 Subject Property Interior Photos Unit #3 1BR/1BA

7 Subject Property Interior Photos Unit #4 Studio

8 Subject Property Interior Photos Unit #5 1BR/1BA

9 Subject Property Interior Photos Unit #6 1BR/1BA

10 Subject Property Interior Photos Unit #7 1BR/1BA

11 Subject Property Interior Photos Unit #8 2BR/1BA

12 Subject Property Photos Common Space

13 Subject Property Photos Basement

14 The Location The Frances Building is located in the heart of the Hawthorne District of Close-In SE Portland. This popular neighborhood is highly sought by investors and tenants alike. It features vintage commercial and residential buildings and has many locally owned shops and restaurants. Located on the corner of SE 37 th Avenue & Hawthorne Boulevard, The Frances Building is situated across the street from the popular McMenamins Bagdad Theater & Pub. Starbucks Coffee is across the street to the north, and Powell s on Hawthorne bookstore and Fred Meyer, Wells Fargo and Bank of America all within two blocks. The Tenants Rachel s Ginger Beer Portland Cider Company Harlow Restaurant The Echo Theater featuring Do Jump! a Non-Profit Organization Seven (7) Apartments Historic Portland Landmark Building According to Wikipedia, The Frances Building is a property listed on the National Register of Historic Places. Built in 1911, it was added to the National Historic Register in The Frances Building is a two-story structure that faces Southeast Hawthorne Boulevard, while the Echo Theatre is a one-story structure facing SE 37th Avenue. The adjoining buildings, constructed as parts of a single project, are separated by a party wall. Investor Rudolph Christman, who financed construction of the project, named the Frances Building in honor of his wife. It was the first commercial structure built along Hawthorne Boulevard between Southeast 20th and 39th avenues. Other commercial development soon followed, enhanced by the growth of nearby residential areas and construction of trolley lines to serve them. The original first floor of the Frances Building was home to a barber shop, and a dry goods store, a candy store, and a drug store. The second floor included offices and living quarters. Through many decades, commerce has continued on the first floor; seven apartments occupy the second floor.

15 Subject Property Photos Echo Theater

16 Echo Theater & DOJUMP Entered originally from Hawthorne via a passage through the Frances Building, the Echo Theater was once a movie house. Facing competition from the nearby Bagdad Theater which opened across the street in 1927, the Echo Theater closed, and its entrance was moved to the 37th Avenue side. Storage and plumbing companies used the space until 1984, when it again became a theater home to DOJUMP, a non-profit movement theater school. DOJUMP is a modern dance and trapeze company which was launched in 1983 in the historic Echo Theater. It uses clowning, aerial dance, tumbling and partner acrobatics to perform physical theater storytelling. DOJUMP performs across the country as well as holds workshops for schools and corporate events. The Echo Theater has been an important hub of arts and culture in the iconic Hawthorne District of SE Portland for a long time.

17 INVESTMENT SUMMARY Summary Price: $4,600,000 Down Payment: 50% $2,300,000 Number of Units: 11 Location SE Hawthorne Blvd Portland, Oregon Financing Summary New Multi-Family Loan in the amount of Price/Unit: $418,182 $2,300,000 at 4.50% Principal and Interest Building/SF: 20,330 Amortized over 25 Years Price/SF $226 Current Cap: 5.08% Market Cap: 5.56% Parcel ID Current GIM 13.2 Lot Size Market GIM 12.3 Utilities paid by Tenant Additional Information R Acre (9,500 SF) Electricity Year Built: 1911 INCOME Annualized Operating Data Annualized Expenses Current Market 2017 Estimate % EGI Per Unit EXPENSES Scheduled Rent Income $299,484 $326,736 Taxes $23,614 - $2,147 Additional Income $59,553 $59,553 Insurance $4,800 - $436 Scheduled Gross Income $359,037 $386,289 Water & Sewer $12,000 - $1,091 Less: Vacancy (3%) ($10,771) ($11,589) Trash/Recycling $6,000 - $545 Effective Gross Income $348,266 $374,700 Gas & Electricity $9,600 - $873 Less: Expenses ($114,487) ($118,716) Management $27, % $2,533 Net Operating Income $233,779 $255,984 Maintenance & Repairs $17, % $1,583 Turnover & Cleaning $10, % $950 Year 1 Debt Service ($153,410) ($153,410) Reserves $2,750 - $250 Pre-Tax Cash Flow $80,370 $102,574 Principal Reduction $50,952 $50,952 Total Expenses $114, % $10,408 Total Return 5.7% $131, % $153,527 Cash Yield 3.5% $80, % $102,574 Scheduled Income Current Market Total Units Unit Type Approximate SF/Unit Rent Rent/PSF Rent Rent PSF 4 Storefront 1,040-4,085 SF $3,564 - $5,627 $ $3.74 $3,564 - $5,627 $ $ BR-1BA 800 SF $1,375 - $1,450 $ $1.81 $1,895 $ BR-1BA SF $975 - $1,195 $ $1.71 $1,395 $ Studio 250 SF $750 $3.00 $825 $ $24,957 $27,228

18 Subject Property Apartment Floor Plans per City of Portland Microfiche expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and

19 Subject Property Parapet Brace & Roof Plans per City of Portland Microfiche (October, 1992) expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and

LAUREL ASH APARTMENTS

LAUREL ASH APARTMENTS 8-Unit Multi-Family Investment 2920 SE Ash Street, Portland, Oregon 97214 CLOSE-IN SE MULTI-FAMILY INVESTMENT PROPERTY 136 NE 28 th Avenue Portland, Oregon 97232 503-327-8237 Office 503-954-3087 Fax www.equitypacificrealestate.com