TRIPLEX 121-125 NE 24TH AVENUE PORTLAND, OREGON $950,000 PROPERTY DESCRIPTION Built in 1971, this centrally located asset is made up of three fully renovated, two bedroom one bathroom units of 865 square feet. Near many popular east side amenities and with excellent access to transportation, this property boasts an overall walk score of 94 and a perfect bike score of 100. Some of the many property features include a new roof, extra storage, stainless steel appliances, hardwood floors, washer dryer hook ups, back patios, onsite parking and additional rental upside. KERNS 2,595 SF 1971 3 1:1 100% SUBMARKET SIZE BUILT UNITS PARKING RATIO OCCUPANCY
UNIT MIX UNIT # UNIT TYPE APROX SF MO RENT ANN RENT MO RENT/SF 121 2bd/1ba 865 $1,700 $20,400 $1.97 123 2bd/1ba 865 $1,500 $18,000 $1.73 125 2bd/1ba 865 $1,580 $18,960 $1.83 UNIT MIX PRICING SUMMARY: $950,000 ACTUAL NOI $37,457 PRO FORMA NOI $50,670 GRM PER UNIT PER SF 16.56 16 $316,666.67 $366.09 GRM PER UNIT PER SF 13.19 $316,666.67 $366.09 2x1 100% REVENUE $ PER YEAR % OF GROSS REV $ PER UNIT $ PER SF Gross Potential/Tenant Rent $57,360 100% $19,120 $22.10 Total Gross Revenue $57,360 100% $19,120 $22.10 Total Vacancy/Collection Loss ($2,868) -5% ($956) ($1.11) Effective Gross Revenue $54,492 95% $18,164 $21.00 OPERATING EXPENSES $ PER YEAR % OF GROSS REV $ PER UNIT $ PER SF Property Management ($2,725) -5% ($908) ($1.05) Maintenance ($2,850) -5% ($950) ($1.10) Turnover ($450) Maintenance/Operating ($1,200) Landscaping/Contract Serv ($1,200) Utilities ($3,290) -6% ($1,097) ($1.27) Trash Removal ($1,190) Water and Sewer ($2,100) Property Insurance ($600) -1% ($200) ($0.23) Capital Reserves ($750) -1% ($250) ($0.29) Real Estate Taxes ($6,820) -12% ($2,273) ($2.63) Total Operating Expense ($17,035) -30% ($5,678) ($6.56) Net Operating Income $37,457 65% $12,486 $14.43 Cash Flow Before Debt $37,457 65% $12,486 $14.43 You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.
1 2 SALES COMPARABLESW ADDRESS YEAR BUILT SALES PRICE Subject Property 121-125 NE 24th Ave Portland, OR 97232 3045 SE Main St 1407 SE Oak St # OF UNITS $/UNIT SOLD DATE 1971 $950,000 3 $316,667-1966 $717,500 2 $358,750 7/27/2017 1891 $985,000 3 $328,333 6/15/2017 3 204-206 NE Wygant St Portland, OR 97211 1911 $960,100 3 $320,033 5/6/2016 4 1034 SE 37th Ave 1976 $925,000 2 $462,500 5/2/2016 5 2933 NE Everett St Portland, OR 97232 1971 $970,125 4 $242,531 3/30/2016 Averages 1943 $911,545 3 $342,430 Layout ID:L01 MapId:4783570 2017 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. This valuation analysis or broker opinion of value (should say broker price opinion if this is done in Texas or Nevada) is not an appraisal and has not been performed in accordance with the Uniform Standards of Professional Appraisal Practice. Neither you, nor any third parties, may rely on this analysis for any tax purposes, estate work, litigation, lending or any other matter other than your direct use in connection with a contemplated transaction.
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Capi t al Mar k e t s In v e st m e n t Pr o pe r t i e s AMENITIES MAP LLOYD CENTER PAMBICHE Oregon Convention Center MIGRATION BREWING Buckman Field Park LVD NE YB ND SA DA VINCI MIDDLE SCHOOL VOODOO DOUGHNUTS E BURNSIDE ST FIRE ON THE MTN LAURELHURST THEATRE SCREEN DOOR Laurelhurst Park SE STARK ST SE MORRISON ST JARED WHIPPS Senior Associate +1 503 221 4845 jared.whipps@cbre.com CENTRAL CATHOLIC HS BAMBOO SUSHI SYDNEY BOWMAN Associate +1 503 221 4834 sydney.bowman@cbre.com 2017 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. This valuation analysis or broker opinion of value (should say broker price opinion if this is done in Texas or Nevada) is not an appraisal and has not been performed in accordance with the Uniform Standards of Professional Appraisal Practice. Neither you, nor any third parties, may rely on this analysis for any tax purposes, estate work, litigation, lending or any other matter other than your direct use in connection with a contemplated transaction. GOODFOOT CBRE, Inc 1300 SW Fifth Ave Suite 3000 Portland, OR 97201 Brokers are licensed in OR