4-Unit Multi-Family Investment 3628 SE Milwaukie Avenue, Portland, Oregon 97202 MULTI-FAMILY INVESTMENT PROPERTY ANALYSIS 136 NE 28 th Avenue Portland, Oregon 97232 503-327-8237 Office 503-954-3087 Fax www.equitypacificrealestate.com
Subject Property Exterior Photos
Subject Property Interior Photos
Subject Property Basement Photos
Brooklyn Neighborhood Photos Brooklyn Park Aladdin Theater & The Lamp Tavern Brooklyn School Park Brooklyn Neighborhood Mural Brooklyn School Park Tennis Courts Brooklyn School
Attributes of the Property This pride of ownership vintage craftsman style 4-Plex was built in 1912, and is located in the Brooklyn Neighborhood of close-in SE Portland. It comprises two (2) large 1BR/1BA units on the main level with interior staircases leading to lower level dens for a total SF of approximately 900 SF, and two (2) 1BR/1BA units on the 2nd floor of approximately 625 SF with large private balconies. The interiors feature vintage details including vintage wood trim, hardwood floors, high ceilings and some claw foot bathtubs. All units are separately metered for electricity and gas. The large basement features five (5) storage lockers, bike storage & coin-op laundry. Attributes of the Location The Subject Property is located in the Brooklyn neighborhood of close-in SE Portland. Brooklyn is a popular residential neighborhood located along the east side of the Willamette River and in close proximity to Downtown Portland. It is a short walk to several parks, popular coffee shops, bars and restaurants. A new Max Light Rail Orange line opened in 2015, providing quick access to downtown. Reed College is also within biking distance. Seven (7) blocks from the subject property is a Max Light Rail line station. (SE 17th Ave & SE Rhone Street Orange Line Station)
INVESTMENT SUMMARY Summary Price: $899,000 Down Payment: 25% $224,750 Number of Units: 4 Location 3628 SE Milwaukie Avenue Portland, OR 97202 Financing Summary New Non-Owner Occupied Residential Loan in the amount of Price/Unit: $224,750 $674,250 Building/SF: 4,368 at 5.50% Principal and Interest Amortized over 30 Years Price/SF $206 Current Cap: 5.51% Market Cap: 5.84% Parcel ID Current GIM 14.2 Lot Size Market GIM 13.5 Utilities paid by Tenant Additional Information R162511 0.10 Acre (4,537 SF) Electricity Year Built: 1912 INCOME Annualized Operating Data Annualized Expenses Current Market 2018 Estimate % EGI Per Unit EXPENSES Scheduled Rent Income: $65,160 $68,280 Taxes $8,263 - $2,066 Laundry $280 $280 Insurance $1,800 - $450 Scheduled Gross Income: $65,440 $68,560 Water & Sewer $2,400 - $600 Less: Vacancy (3%) ($1,963) ($2,057) Trash/Recycling $900 - $225 Effective Gross Income: $63,477 $66,503 Common Electricity $600 - $150 Less: Expenses: ($13,963) ($13,963) Net Operating Income $49,514 $52,540 Year 1 Debt Service ($45,940) ($45,940) Total Expenses $13,963 22.0% $3,491 Pre-Tax Cash Flow $3,574 $6,600 Principal Reduction $9,083 $9,083 Total Return 5.6% $12,657 7.0% $15,683 Cash Yield 1.6% $3,574 2.9% $6,600 Scheduled Income Current Market Total Units Unit Type Approximate SF/Unit Rent Rent/PSF Rent Rent PSF 2 1BR-1BA 900 SF $1,400 - $1,430 $1.56 - $1.59 $1,495 $1.66 w/ Den 2 1BR-1BA 625 SF $1,250 - $1,350 $2.00 - $2.16 $1,350 $2.16 4 $5,430 $5,690
RENT SURVEY PROPERTY LOCATION 3628 SE Milwaukie Ave Portland, OR 97202 YEAR BUILT TOTAL # OF UNITS UNIT TYPE 1912 4 2-1BR/1BA w/ Den 2 1BR/1BA UNIT SF 900 625 CURRENT RENT RENT/PSF SOURCE PHOTO $1400 - $1430 $1.56 - $1.59 Owner $1250 - $1350 $2.00 - $2.16 *Subject Property 3413 SE Cora St Portland, OR 97202 1965 3 1BR/1BA 630 $1425 $2.26 Craigslist 7/31/18 5132 SE Milwaukie Portland, OR 97202 1943 5 1BR/1BA 450 $1125 $2.50 Craigslist 7/12/18 expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
RECENT SALES COMPARABLES PROPERTY LOCATION 3628 SE Milwaukie Ave Portland, OR 97202 YEAR BUILT # UNITS UNIT MIX / COMMENTS 1912 4 2-1BR/1BA w/ Den 2 1BR/1BA PRICE / PRICE / PRICE UNIT SF GRM SOLD PHOTO $899,000 $224,750 $206 14.2 TBD *Subject Property 1003 SE 23 rd Ave Portland, OR 97214 SOLD by 1947 4 1 2BR/1BA 3 1BR/1BA 3 Garages $1,075,000 $268,750 $214 21.5 July 2018 1023 SE 21 st Ave Portland, OR 97214 SOLD by 1927 4 4 1BR/1BA w/ Private Basement & Washer / Dryer $1,270,000 $317,500 $258 18.6 June 2018 expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
PROPERTY LOCATION 1737 NE 22nd Ave Portland, OR 97212 YEAR UNIT MIX / PRICE / PRICE / BUILT # UNITS COMMENTS PRICE UNIT SF GRM SOLD PHOTO 1952 4 4 2BR/1BA $1,100,000 $275,000 $286 14.0 April 2018 2335 SE Ash St Portland, OR 97214 1945 4 3 2BR/1BA 1 1BR/1BA $1,050,000 $262,500 $328 13.0 Aug 2017 5222 NE Couch St Portland, OR 97213 1960 4 4 1BR/1BA $988,095 $247,024 $366 16.1 June 2017 SOLD by 2240 NE 14 th Ave Portland, OR 97212 1908 4 4 2BR/1BA $1,250,000 $312,500 $290 16.2 Dec 2016 expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
PROPERTY LOCATION 5610 N Greeley Ave Portland, OR 97217 YEAR UNIT MIX / PRICE / PRICE / BUILT # UNITS COMMENTS PRICE UNIT SF GRM SOLD PHOTO 2016 4 4 2BR/1BA $1,110,000 $277,500 $286 13.9 Nov 2016 2905 SE Alder St Portland, OR 97214 1927 4 1-2BR/1BA 3 1BR/1BA $1,495,000 $373,750 $349 NA Sept 2016 expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and