7-Unit Multi-Family Investment 6533 SW Virginia Avenue, Portland, Oregon 97239 MULTI-FAMILY INVESTMENT PROPERTY 136 NE 28 th Avenue Portland, Oregon 97232 503-327-8237 Office 503-954-3087 Fax www.equitypacificrealestate.com
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Attributes of the Property The Willamette Park Apartments were built in 1924. This attractive, turn-key investment property sits above the street and features many recent upgrades including a new roof and new energy efficient windows. The interiors of the apartments have been nicely updated, and there are stacked washer/dryers in four of the units, as well as onsite coin operated laundry and individual lockable storage units in the basement. Current rents are strong and still present a bit of upside, as the owners intend to implement some rent increases which will take effect in February, 2019. Attributes of the Location The Willamette Park Apartments are located in the highly sought after John's Landing area, one block from Macadam Avenue. This quiet residential neighborhood includes restaurants such as Elephant's Deli and the upscale grocery store Zupan's Market, all within walking distance. Willamette Park is just three blocks away with paved walking/bike paths, picnic areas, tennis courts, boating, and other water sports on the Willamette River. It's about a five-minute drive from downtown with easy freeway access and near bus lines, making it very close to PSU, OHSU, and Lewis and Clark.
RENT ROLL Apt. # Unit Type SQ. FT. RENT (includes RUBS) New Rent Feb 1, 2018 Move-in Date A Studio 350 $950 $950 5/1/10 B 1BR/1BA 500 $1,220 $1,270 4/1/17 C 1BR/1BA 500 $1,425 $1,475 8/1/17 D 1BR/1BA 500 $1,100 $1,100 8/1/18 E 1BR/1BA 500 $1,225 $1,275 4/1/13 F 1BR/1BA 500 $1,170 $1,220 12/15/17 G 1BR/1BA 600 $1,225 $1,275 12/1/10 TOTAL $8,315 $8,565
INVESTMENT SUMMARY Summary Price: $1,400,000 Down Payment: 45% $630,000 Number of Units: 7 Location 6533 SW Virginia Ave Portland, Oregon 97239 Financing Summary New Multi-Family Loan in the amount of Price/Unit: $200,000 $770,000 Building/SF: 4,944 at 5.25% Principal and Interest Amortized over 30 Years Price/SF $283 Current Cap: 4.88% Market Cap: 5.60% Parcel ID Current GIM 14.0 Lot Size Market GIM 12.6 Utilities paid by Tenant Additional Information R273332 0.23 Acre (10,000 SF) Electricity Year Built: 1924 INCOME Annualized Operating Data Annualized Expenses Current Market 2018 Estimate % EGI Per Unit EXPENSES Scheduled Rent Income $102,780 $114,600 Taxes $10,830 - $1,547 Laundry $350 $350 Insurance $2,179 - $311 Scheduled Gross Income $103,130 $114,950 Utilities $4,929 - $704 Less: Vacancy (3%) ($3,094) ($3,449) Management $7,003 7.00% $1,000 Effective Gross Income $100,036 $111,502 Maintenance & Repairs & Landscaping $3,001 3.00% $429 Less: Expenses ($31,692) ($33,068) Turnover & Cleaning $2,001 2.00% $286 Net Operating Income $68,344 $78,434 Reserves $1,750 - $250 Year 1 Debt Service ($51,024) ($51,024) Pre-Tax Cash Flow $17,321 $27,410 Total Expenses $31,692 31.7% $4,527 Principal Reduction $10,857 $10,857 Total Return 4.5% $28,178 6.1% $38,268 Cash Yield 2.7% $17,321 4.4% $27,410 Scheduled Income Current Market Total Units Unit Type Approximate SF/Unit Rent Rent/PSF Rent Rent PSF 1 1BR-1BA 600 SF $1,275 $2.13 $1,425 $2.38 5 1BR-1BA 500 SF $1,100 - $1,475 $2.20 - $2.95 $1,425 $2.85 1 Studio 350 SF $950 $2.71 $1,000 $2.86 7 $8,565 $9,550
AERIAL PHOTOS expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
RENT SURVEY PROPERTY LOCATION Willamette Park Apts 6533 SW Virginia Ave Portland, OR 97239 YEAR BUILT TOTAL # OF UNITS UNIT TYPE 1924 7 1 1BR/1BA 5 1BR/1BA 1 Studio UNIT SF 600 500 350 CURRENT RENT RENT/PSF SOURCE PHOTO $1275 $2.13 Owner $1100 - $1475 $2.20 - $2.95 $950 $2.71 *Subject Property * rents as of 2/1/18 & include utility bill backs The Macadam 5885 SW Macadam Portland, OR 97239 2016 64 1BR/1BA 615 $1295 $2.11 Craigslist 8/31/18 3511 SW Corbett Ave Portland, OR 97239 1997 4 1BR/1BA 400 $1155 $2.89 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 Willamette Park Apts 6533 SW Virginia Ave Portland, OR 97239 YEAR BUILT # UNITS UNIT MIX / COMMENTS 1924 7 6 1BR/1BA 1 Studio PRICE / PRICE / PRICE UNIT SF CAP RATE SOLD PHOTO $1,400,000 $200,000 $283 4.88% TBD *Subject Property Marcella Apts 2151 NW Johnson St Portland, OR 97210 1926 46 10 1BR/1BA 36 - Studio $7,500,000 $163,043 $224 5.00% Oct 2018 Water Meade 0103 SW Meade St Portland, OR 97201 2012 29 2 2BR/1BA 12 1BR/1BA 15 - Studio $5,500,000 $189,655 $363 4.75% Sept 2018 Elephant Court 1946 NW Lovejoy St Portland, OR 97209 1943 11 NA $2,192,300 $199,300 $303 4.71% April 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 Marquam Hill Apts 3233 SW 10th Ave Portland, OR 97239 YEAR BUILT # UNITS UNIT MIX / COMMENTS 1947 7 1 2BR/1BA 1 1BR/1BA 5 - Studio PRICE / PRICE / PRICE UNIT SF CAP RATE SOLD PHOTO $1,200,000 $171,428 $289 5.00% March 2017 2047 SW 10 th Ave Portland, OR 97201 SOLD by 1912 5 1 3BR/1BA 3-1BR/1BA 1 - Studio $890,000 $178,000 $230 5.50% Sept 2016 Redwood Court Apts 3717 SW Corbett Ave Portland, OR 97239 1954 36 21 2BR/1BA 9 1BR/1BA 6 - Studio $5,900,000 $163,889 $254 NA March 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