12-Unit Multi-Family Investment 3251 Rogue River Hwy, Grants Pass, Oregon 97527 VERY PRIVATE COTTAGES WITH STRONG INCOME UPSIDE! 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 Exterior Photos
Sample Interior Photos
Property Description The Fountain Park Cottages are a charming 12 cottage complex located approximately four miles from downtown Grants Pass and walking distance to the Rogue River virtually across the street. Over half of the cottages have been beautifully renovated, and the property sits on beautiful, wellmaintained grounds featuring large trees, flowering shrubs and green lawns. The cottages comprise one (1) 3BR/1BA unit, one (1) 2BR/1BA unit, and ten (10) 1BR/1BA units which are currently rented year round and have a historically low vacancy rate. Along with stable income featuring strong upside on the rents in a very tight rental market, there is also an on-site laundry facility which generates additional income. Property Location
RENT ROLL Unit # Unit Type Unit Sq. Ft. Move-in Date Rent 1 1BR/1BA 620 3/15/15 $720 2 1BR/1BA 472 8/1/11 $685 3 1BR/1BA 336 6/15/15 $660 4 1BR/1BA 392 4/1/16 $700 5 1BR/1BA 380 11/15/16 $765 6 1BR/1BA 640 12/1/17 $895 7 3BR/1BA 1,138 5/1/10 $925 8 1BR/1BA 504 2/21/18 $810 9 1BR/1BA 480 4/18/01 $645 10 1BR/1BA 480 12/1/11 $660 11 2BR/1BA 580 5/4/18 $975 12 1BR/1BA 480 3/26/18 $795 $9,235
INVESTMENT SUMMARY Summary Price: $1,225,000 Down Payment: 25% $306,250 Number of Units: 12 Location 3251 Rogue River Hwy Grants Pass, Oregon 97527 Financing Summary New Multi-Family Loan in the amount of Price/Unit: $102,083 $918,750 Building/SF: 6,508 at 5.00% Principal and Interest Amortized over 30 Years Price/SF $188 Current Cap: 6.47% Market Cap: 7.60% Parcel ID Current GIM 11.3 Lot Size Market GIM 9.8 Utilities paid by Tenant Additional Information R315483 8.00 Acre Electricity Year Built: 1969 INCOME Annualized Operating Data Annualized Expenses Current Market 2018 Estimate % EGI Per Unit EXPENSES Scheduled Rent Income $110,820 $127,380 Taxes $1,917 - $160 Laundry Income $1,104 $1,104 Insurance $4,914 - $410 Scheduled Gross Income $111,924 $128,484 Water & Sewer $335 - $28 Less: Vacancy (3%) ($3,358) ($3,855) Trash/Recycling $1,825 - $152 Effective Gross Income $108,566 $124,629 Utilities $2,073 - $173 Less: Expenses ($29,263) ($31,512) Management $6,514 6.00% $543 Net Operating Income $79,303 $93,118 Maintenance & Repairs $5,428 5.00% $452 Turnover & Cleaning $3,257 3.00% $271 Year 1 Debt Service ($59,185) ($59,185) Reserves $3,000 - $250 Pre-Tax Cash Flow $20,119 $33,933 Principal Reduction $13,555 $13,555 Total Expenses $29,263 27.0% $2,439 Total Return 11.0% $33,674 15.5% $47,488 Cash Yield 6.6% $20,119 11.1% $33,933 Scheduled Income Current Market Total Units Unit Type Approximate SF/Unit Rent Rent/PSF Rent Rent PSF 1 3BR-1BA 1138 SF $925 $0.81 $1,595 $1.40 1 2BR-1BA 580 SF $975 $1.68 $1,075 $1.85 3 1BR-1BA 504-640 SF $720 - $895 $1.40 - $1.61 $810 - $975 $1.61 - $1.52 7 1BR-1BA 336-480 SF $645 - $795 $1.34 - $2.01 $700 - $850 $2.08 - $1.77 12 $9,235 $10,615
COTTAGE LAYOUTS Cottage #1 Cottage #2 Cottage #3 Cottage #4 Cottage #5 Cottage #6
COTTAGE LAYOUTS Cottage #7 & Laundry Cottage #8 Cottages #9 & #10 Cottages #11 & #12
LAYOUT OF COTTAGES ON PROPERTY expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and