St. John s Live/Work Opportunity FOR SALE $899,000 Portland Central Offering Highlights Attractive Storefront Building in Historic St. Johns. Live/Work Building lends itself to creative space, office, movement, artists, photographers, gallery, restaurants James Gillespie Director (503) 890-5775 jimgillespie@kw.com KW Commercial Portland Central Lloyd Corporate Plaza 919 NE 19th Ave. Suite 100 Portland, OR 97232
Table of Contents 1) Property Overview Executive Summary Tenant Summary Financial Summary Additional Photos 2) Location Overview Location Maps Goose Hollow Location Information 3) Sale Comparables Sale Comparables Sale Comps-Summary 4) Demographics Sale Comps Map Demographics Report Demographics Map Confidentiality & Disclaimer
1) Property Overview
St. Johns District Tenant Lease Investment Opportunity 8641 N Lombard St. Portland, OR 97203 Investment Overview Building Size 8,726 Square Feet Zoning CS Market Portland Sub Market St. Johns Cross Streets N Chicago Ave. & N Lombard Property Overview Property This is a large storefront building. The property is a mixed use commercial building with a first floor of roughly 3,434 square feet, an upper living space with 1,296 square feet and a full basement, which is useable by the first floor tenant. Hence, the subject contains 4,730 square feet of above ground net rentable space. Location The property is located in Portland s historic St. Johns community. St. Johns is at the northwest end of the beautiful St. Johns Bridge. St. Johns is a diverse neighborhood of Portland, Oregon, that feels like a small town in the middle of the city. The district is defined by the rich history of its buildings, bridge, industries and unique geographic location. Its main street business district serves as the center of a thriving community. The main street through St. Johns is N. Lombard St., which is a busy road between St. Johns and the I-5 freeway. The downtown core has received a lot of new investment, as cool independent businesses have thrived or started up. St. Johns is bordered by the Columbia River to the northeast, the Willamette River to the northwest, the North Portland railroad cut to the southeast, as well as the Cathedral Park neighborhood to the southwest. The neighborhood is home to the only suspension bridge in the Willamette Valley, the St. Johns Bridge. The main business district of St. Johns (referred to as "Downtown St. Johns") is around the intersection of Lombard and Philadelphia Streets.
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Financial Information PURCHASE PRICE: $899,000 BUILDING SQUARE FEET: 8,726 PRICE PER SQUARE FOOT: $103.03 YEAR BUILT: 1912 INVESTMENT HIGHLIGHTS Classic older building that has been upgraded with new electrical, fire protection, ADA bathrooms, and more.
Financial Information FINANCIAL SUMMARY Price $899,000 Price Per Foot: $103 FINANCIAL SUMMARY RENT ROLL TENANT INFO LEASE TERMS CURRENT RENT Rent Increases Tenant Name Size Term Commencement Lease Expiration Monthly Base Rent Date Monthly 2nd Chance Gift Cards 1,648 11/1/13 Month to Month $1,500 11/15 $1,650
Additional Photos
2) Location Overview
Location Maps
Location Information St. Johns Location St. Johns is bordered by the Columbia River (separating it from Hayden Island) to the northeast, the Willamette River (separating it from Sauvie Island and Linnton) to the northwest, the North Portland railroad cut (separating it from the University Park, Portsmouth, and Kenton neighborhoods) to the southeast, as well as the Cathedral Park neighborhood to the southwest. The neighborhood is home to the only suspension bridge in the Willamette Valley, the St. Johns Bridge. The main business district of St. Johns (referred to as "Downtown St. Johns") is around the intersection of Lombard and Philadelphia Streets. St. Johns and North Portland are known for their proximity to natural habitats. There are many parks and natural areas in St. Johns, including Cathedral Park, Baltimore Woods, Willamette Cove, Pier Park, the Columbia Slough, Kelley Point Park (1984), Pier Park (1959), the Smith and Bybee Wetlands Natural Area (1961), not to mention the spectacular Forest Park. Upon entering St. Johns there is a conspicuously placed sign in the traffic median. The sign says, "Welcome to the Peninsula, Gateway to Nature". Sightings of Bald Eagles and other birds of prey are common. St. Johns is a neighborhood of Portland, Oregon, United States, located in North Portland on the tip of the peninsula formed by the confluence of the Willamette River and the Columbia River. It was a separate, incorporated city from 1902 until 1915, when citizens of both St. Johns and Portland voted to approve its annexation to Portland, which took effect on July 8, 1915. [3]
3) Sales Comparables
Sale Comparables Subject Property Sale Comp 1 8641 N Lombard St. Portland, OR 97203 St. Johns Retail Center 8157 N Lombard Portland, OR 97203 Sale Price $899,000 Sale Price Negotiable Year Built 1912 Building 7,000 SF Portland, OR 97203 Lot Size 0.26 AC Year Built 1943 Listed May 2011 Sale Comp 2 Sale Comp 3 8927 N Lombard St Portland, OR 97203 Brandon Building 2205 N Lombard St. Portland, OR 97217 SalePrice $265,000 Lot Size 0.12 AC Building 1,200 SF Price PSF $220.00 Year Built 1946 Rental Rate $16/SF/year Lot Size 0.23 AC Building 20,496 SF Year Built 1926 Listed Jan 2014
Sale Comparables Sale Comp 4 Sale Comp 5 221-225 N Killingsworth Portland, OR 97217 Old St. Johns Hardware Store 8621 N Lombard Portland, OR 97203 Sale Price $734,800 Lot Size 0.15 AC Building 5,091 SF Price PSF $144.33 Year Built 1911 Closing Date 2/07 Sale Price $477,000 Lot Size 0.23 AC Building 5,021 SF Year Built 1898 Closing Date 3/07 Price PSF $95.00
Sale Comparables Sale Comparables Summary Property Location Price Bldg/S.F. Lot Size Cap St. Johns Retail Center 8157 N Lombard St Portland, OR 97203 8927 N Lombard St Portland, OR 97203 Negotiable $265,000 7,000 SF 1,200 SF 0.26 AC 0.12 AC 6.72% 5.5 % Brandon Building 2205 N Lombard St. Portland, OR 97217 Lease Rate $16/SF/YR NNN 20,496 SF 0.26 AC 6.6% 221-225 n Killingsworth Portland, OR 97217 $734,000 5,091 SF 0.15 AC 6.5% Old St. Johns Hardware Store 8621 N Lombard Portland, OR 97203 $477,000 5,021 SF 0.23 AC 0.0% Averages For All Sale Comparables Price Bldg S.F. Lot Size Cap Not Possible $648,498 7,762 SF 0.20 AC 6.33%
4) Demographic Analysis
Sale Comparables Comparable Sales Map A 8927 N Lombard St C Old St. Johns Hardware Store E Brandon Building B Subject Property D St. Johns Retail Center F 221-225 N Killingsworth
Demographics Analysis 8641 N Lombard St. Portland, OR 97203 1 Miles 2 Miles 3 Miles Total Population 14,428 30,343 41,896 Total Number of Households Total Number of persons per Household Average House Value Average Household Income 6,072 2.38 $215,753 $54,086 11,222 2.58 $229,780 $54,729 14,917 2.55 $236,505 $58,518 Median Age Median Age Male Median Age Female 35.35 35.39 35.32 32.54 32.7 32.4 33.20 33.32 33.09 Total Population White Total Percent White 10,168 70.47% 20,362 67.11% 26,991 67.72% Total Population Black Total Percent Black 1,095 7.59% 2,967 9.78% 3,891 9.76% Total Population Asian Total Percent Asian 440 3.05% 982 3.24% 1,379 3.46% Total Population Hawaiian Total Percent Hawaiian 138 0.96% 355 1.17% 475 1.19% Total Population Indian Total Percent Indian 275 1.91% 584 1.93% 714 1.79% Total Population Other Total Percent Other 1,437 9.96% 3,025 9.97% 3,627 9.10% Total Population Hispanic Total Percent Hispanic 2,617 18.14% 5,469 18.02% 8,831 59.20%
Demographics Analysis 1234 SW 18th St. Suite 100 Radius Map 1 Miles 2 Miles 3 Miles Total Population 14,428 30,343 41,896 Total Number of Households 6,072 11,222 14,917 Average Household Income $54,086 $54,729 $58,518 Median Age 35.35 32.54 33.20
Disclaimer Confidentiality The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other circumstances, be photocopied or disclosed to any third party without the written consent of KW Commercial - Black or Owner, or used for any other purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the property Owner ( Owner ) in connection with the sale of the Property is the KW Commercial - Black Advisor listed in this proposal, and no other person is authorized by the owner to provide any information or to make any representation other than contained in this Investment Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to KW Commercial - Black. Neither the KW Commercial - Black nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering Brochure may include certain statements and estimates by KW Commercial - Black with respect to the projected future performance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, KW Commercial - Black Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any other written or oral communication transmitted or made available to the recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Agreement between it and Owner. The information contained herein is subject to change without notice and the recipient of these materials shall not look to the owner or KW Commercial - Black Advisor, nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Investment Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Investment Offering Brochure is a Solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, as its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to the Owner, in the Owner s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the KW Commercial - Black Advisor from any liability with respect thereto. To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property an d each prospective purchaser proceeds at its own risk.