FOR SALE SILVERTON MANOR 992 N 2nd Street, Silverton, Oregon 97381 Property Highlights Upside in Rents Assumable Long Term Financing in Place Recently Renovated (new windows, new gutters & fresh paint) Excellent Amenities, including Storage, Multiple On-Site Laundry Rooms and Playground Local Management Company William Maxwell Senior Advisor William.maxwell@svn.com O: 503.482.4099 M: 503.475.8212 The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. www.svnimbrie.com Lincoln Tower - 10260 SW Greenburg Road, Suite 530, Portland, OR 97223 503.208.9400
SILVERTON MANOR Silverton, Oregon PROPERTY INFORMATION
PROPERTY OVERVIEW SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON PROPERTY DESCRIPTION The Silverton Manor Apartments is located in the City of Silverton, Oregon, just blocks away from the city s retail core. The property provides secluded tree lined views, a residential neighborhood feel and easy access to downtown Silverton. Built in 3 phases between 1979-1985, the Silverton Manor Apartments present (39) units comprised of (8) 500 square foot, 1 bedroom, 1 bath units, (12) 680 square foot, 1 bedroom, 1 bath units, (16) 704 square foot, 2 bedroom, 1 bath units and (3) 900 Square foot, 3 bedroom, 1 bath units in (7) 2-story buildings, on 2.13 acres. This is an extremely rare opportunity for an investor to acquire a well maintained complex in turnkey condition. Investment Overview Sale Price: $3,695,000 Price per Unit: $94,744 Number of Units: 39 Cap Rate: 6.16% Lot Size: 2.16 AC Building Size: 36,874 SF Year Built: 1979-1985 Submarket: Silverton Zoning: RH
EXTERIOR PHOTOS SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON
INTERIOR PHOTOS SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON
PARCEL MAP SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON Silverton Manor Apartments
AERIAL MAP SILVERTON MANOR APARTMENTS MULTIFAMILY PORTLAND, OREGON Silver Manor Apartments N 1st St Boedies Dr N 2nd St Bow Tie Ln Lone Oaks Loop
LOCATION MAP SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON Silverton Manor Apartments
SILVERTON MANOR Silverton, Oregon PROPERTY ANALYSIS
PRO FORMA (UPDATED TAX) SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON FINANCIAL SUMMARY INVESTMENT OVERVIEW ACTUAL Price $3,695,000 Price per Unit $94,744 GRM 10.51 CAP Rate 6.08% Cash-on-Cash Return (yr 1) 6% Total Return (yr 1) $133,329 Debt Coverage Ratio 1.83 OPERATING DATA Gross Scheduled Income $342,828 Other Income $19,200 Total Scheduled Income $362,028 Vacancy Cost ($10,620) Gross Income $351,408 Operating Expenses $126,608 Net Operating Income $224,800 Pre-Tax Cash Flow $101,632 FINANCING DATA Down Payment $1,695,000 Loan Amount $2,000,000 Debt Service $123,024 Debt Service Monthly $10,252 Principal Reduction (yr 1) $31,697 INCOME & EXPENSES INCOME SUMMARY ACTUAL PER UNIT % OF GRI PROFORMA PER UNIT % OF GRI Grossed Scheduled Rent $342,828 $8,790 97.56% $365,040 $9,360 95.25% Laundry Income $6,000 $153 1.71% $6,000 $154 1.57% Misc. Income $9,458 $242 1.02% $3,960 $102 1.03% Rubs $9,600 $246 2.73% $19,200 $492 5.01% Vacancy Factor ($10,620) ($272) (-3.02%) ($10,951) ($280) (-2.86%) Total Income $351,408 $9,159 384,248 $240 EXPENSE SUMMARY ACTUAL PER UNIT % OF GRI PROFORMA PER UNIT % OF GRI Taxes $6,250 $160 1.78% $7,250 $186 1.89% Insurance $7,101 $182 2.02% $7,200 $185 1.88% Electric $1,171 $30 0.33% $1,200 $31 0.31% Water/Sewer $40,643 $1,042 11.57% $40,920 $1,049 10.68% Garbage $7,622 $195 2.17% $7,622 $195 1.99% Management (7%) $22,798 $584 6.49% $23,691 $607 6.18% Maintenance/Repairs 20,275 $520 5.77% $21,000 $538 5.48% Turnover $9,750 $135 1.51% $6,000 $154 1.57% Landscaping $5,700 $146 1.62% $5,700 $146 1.49% Reserves $9,750 $250 2.77% $9,900 $254 2.58% Gross Expenses $126,608 $3,244 36.03% $130,483 $3,346 34.05% Net Operating Income $224,800 $5,764 63.97% $252,766 $6,481 65.95%
RENT ROLL SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON UNIT NUMBER UNIT BED UNIT BATH UNIT SIZE (SF) CURRENT RENT % OF BUILDING MARKET RENT 1 1 1 680 $750 1.84 $795 2 2 1 700 $725 1.9 $895 3 1 1 680 $725 1.84 $795 4 1 1 680 $695 1.84 $795 5 2 1 700 $750 1.9 $895 6 2 1 700 $750 1.9 $895 7 1 1 680 $695 1.84 $795 8 1 1 680 $607 1.84 $795 9 2 1 700 $705 1.9 $895 10 2 1 700 $850 1.9 $895 11 1 1 590 $745 1.84 $795 12 1 1 680 $695 1.84 $795 13 1 1 680 $745 1.84 $795 14 2 1 700 $845 1.9 $895 15 1 1 680 $695 1.84 $795 16 1 1 680 $725 1.84 $795 17 2 1 700 $710 1.9 $895 18 2 1 700 $810 1.9 $895 19 1 1 680 $650 1.84 $795 20 1 1 680 $775 1.84 $795 21 1 1 500 $725 1.36 $745 22 1 1 500 $700 1.36 $745 23 1 1 500 $695 1.36 $745 24 1 1 500 $695 1.36 $745 25 3 2 900 $750 2.44 $1,095 26 2 1 700 $875 1.9 $895 27 2 1 700 $795 1.9 $895 28 2 1 700 $795 1.9 $895 29 2 1 700 $775 1.9 $895 30 3 2 900 $850 2.44 $1,095 31 2 1 700 $699 1.9 $895 32 2 1 700 $795 1.9 $895 33 1 1 500 $590 1.36 $745 34 1 1 500 $700 1.36 $745 35 1 1 500 $695 1.36 $745 36 1 1 500 $650 1.36 $745 37 2 1 700 $820 1.9 $895 38 2 1 700 $795 1.9 $895 39 3 2 900 $850 2.44 $1,090 Totals/Averages 26,060 $28,896 $33,090 UNIT MIX SUMMARY UNIT TYPE COUNT % TOTAL SIZE (SF) MARKET RENT RENT/SF 1 bed 1 bath 20 51.3 590 $775 $1.31 2 bed 1 bath 16 41.0 704 $895 $1.27 3 bed 2 bath 3 7.7 900 $1,090 $1.21 Totals/ Averages SILVERTON MANOR APARTMENTS 992 North 2nd Street, Silverton, Oregon 97381 39 100% 25,764 $1.13
SILVERTON MANOR Silverton, Oregon SALE & RENT COMPARABLES
SALE COMPARABLE SUMMARY SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON Silverton Manor 992 N 2nd Street Silverton, OR 97381 New Heritage Village 5071 10th Avenue NE Keizer, OR 97303 Price $3,695,000 Price/Unit $94,744 Unit 39 Price/SF $100.21 36,874 SF Sale Date - Cap Rate 6.06% Year Built 1979-1985 Price $3,300,000 Price/Unit $97,058 Unit 34 Price/SF $106.69 30,930 SF Sale Date 07/03/2017 Cap Rate 4.76% Year Built 1997 Notes $47,143/bedroom. $3,800/unit expenses Glynbrook Estates 189 Glynbrook Street N Salem, OR 97303 Beverly Plaza 3655 Beverly Avenue NE Salem, OR 97305 Price $3,400,000 Price/Unit $97,142 Unit 35 Price/SF $94.39 36,020 SF Sale Date 06/27/2017 Cap Rate 6.00% Year Built 1976 Notes $39,534/bedroom. $4,069/unit expenses Price $5,400,000 Price/Unit $90,000 Unit 60 Price/SF $101.47 53,220 SF Sale Date 05/09/2017 Cap Rate 5.6% Year Built 1994 Notes $39,706/bedroom. $4,325/unit expenses
SALE COMPARABLE SUMMARY SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON Denver Court Townhomes 855-875 Concord Street NE Salem, OR 97301 Price $710,000 Price/Unit $88,750 Unit 8 Price/SF $84.18 8,434 SF Sale Date 09/25/2016 Cap Rate 6.5% Year Built 2001 Notes $39,444/bedroom Britewood Apartments 1398 E Cleveland St Woodburn, OR 97071 Price $4,100,000 Price/Unit $77,358 Unit 53 Price/SF $78.07 52,516 SF Sale Date 06/01/2016 Cap Rate 6.75% Year Built 1979 Greenwood Manor 549 Greenwood Keizer, OR 97303 Heritage Hills Apartments 3875 S Liberty Rd Salem, OR 97302 Price $3,300,000 Price/Unit $78,571 Unit 42 Price/SF $48.15 68,535 SF Sale Date 05/01/2016 Cap Rate 7.10% Year Built 1972 Price $2,800,000 Price/Unit $83,928 Unit 36 Price/SF $85.37 32,800 SF Sale Date 06/08/2017 Cap Rate 7.19% Year Built 1972
SALE COMPARABLE SUMMARY SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON 341 SE 2nd Avenue Canby, OR 97013 Price $1,175,000 Price/Unit $83,928 Unit 14 Price/SF $83,928 8,600 SF Sale Date 07/01/2016 Cap Rate 6.49% Year Built 1965 Property Name Sale Price Units $/SF $/unit $/Bedroom Cap GRM Sale Date * Silverton Manor $3,695,000 39 $100.21 $94,744 $60,574 6.08% 10.51-1 New Heritage Village $3,300,000 34 $106.69 $97,058 $47,143 4.8% 9.44 07/03/2017 2 Glynbrook Estates $3,400,000 35 $94.39 $97,142 $39,534 6.00% 8.85 06/27/2017 3 Beverly Plaza $5,400,000 60 $101.47 $90,000 $39,706 5.6% 9.12 05/09/2017 4 Denver Court Townhomes $710,000 8 $84.18 $88,750 $39,444 6.5% - 09/25/2016 5 Britewood Apartments $4,100,000 53 $78.07 $77,358 $37,963 6.75% 6.83 06/01/2016 6 Greenwood Manor $3,300,000 42 $48.15 $78,571 $34,375 7.10% 6.46 05/01/2016 7 Heritage Hills Aartments $2,800,000 36 $85.37 $77,777 $46,667 7.19% 9.36 06/08/2017 8 341 SE 2nd Ave Canby, OR 97013 $1,175,000 14 $136.63 $83,928 $53,409 6.49% 9.23 07/01/2016 Averages $3,023,125 35 $91.87 $86,323 $42,280 6.30% 7.41
Sale Price SALE COMPARABLE CHART SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON $6,000,000 $120,000 $5,000,000 $100,000 $4,000,000 $80,000 $3,000,000 $2,000,000 $60,000 $40,000 Price Per Unit $1,000,000 $20,000 $0 Silverton Manor New Heritage Village Glynbrook Estates Beverly Plaza Denver Court Townhomes Britewood Apartments Greenwood Manor Heritage Hills Aartments 341 SE 2nd Ave $0 All SVN Offices Independently Owned and Oprated
RENT SURVEY SUMMARY SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON Silverton Manor 992 N 2nd Street Silverton, OR 97381 Pacific Crest Apartments 950 N 2nd Street Silverton, OR 97381 Average Rent/SF $1.13 Average Rent $744 Average Size 660 SF Number of Units 39 36,874 SF Lot Size 0.95 AC Year Built 1985 Occupancy 100% Average Rent/SF $1.21 Average Rent $1,000 Average Size 829 SF Number of Units 76 79,968 SF Lot Size 3.47 AC Year Built 1992 Occupancy 97.4% Britewood Apartments 1398 E Cleveland Street Woodburn, OR 97071 Cheryl Lynn Apartments 4822 Cheryl Lynn Way NE Salem, OR 97305 Average Rent/SF $0.95 Average Rent $906 Average Size 807 SF Number of Units 53 52,516 SF Lot Size 3.65 AC Year Built 1979 Occupancy 100% Average Rent/SF $1.12 Average Rent $906 Average Size 807 SF Number of Units 56 45,192 SF Lot Size 2.32 AC Year Built 1990 Occupancy 98.2%
RENT SURVEY SUMMARY SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON Newcastle Place Apartments 4470 Conser Way NE Salem, OR 97305 Average Rent/SF $1.08 Average Rent $997 Average Size 925 SF Number of Units 54 Lot Size 49,950 SF 1.85 AC Year Built 2013 Occupancy 96.3% Hollywood Park Apartments 3300 Hollywood Drive NE Salem, OR 97305 Average Rent/SF $1.42 Average Rent $832 Average Size 587 SF Number of Units 52 Lot Size 30,550 SF 3.97 AC Year Built 1979 Occupancy 96.1% Briarwood Apartments 4180 Embassy Way NE Salem, OR 97305 Sandalwood Apartments 3963 Etta Drive NE Salem, OR 97305 Average Rent/SF $0.94 Average Rent $845 Average Size 833 SF Number of Units 82 57,600 SF Lot Size 4.54 AC Year Built 1991 Occupancy 98.4% Average Rent/SF $1.03 Average Rent $833 Average Size 833 SF Number of Units 82 68,332 SF Lot Size 43.54 AC Year Built 1981 Occupancy 96.3%
RENT SURVEY SUMMARY SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON Whispering Pines 3777 Iberis Street NE Salem, OR 97305 Average Rent/SF $0.97 Average Rent $820 Average Size 848 SF Number of Units 36 30,546 Lot Size 0.58 AC Year Built 1971 Occupancy 94.4% 503 Knott Street 503 Knott Street Canby, OR 97013 Average Rent/SF $0.93 Average Rent $786 Average Size 841 SF Number of Units 10 Lot Size 8,410 SF 0.63 AC Year Built 1989 Occupancy 100% Property Name Rent/SF Building Size # of Units Occupancy Rate Average Rent Year Built * Silverton Manor $1.13 36,874 SF 39 100% $741 1985 1 Pacific Crest Apartments $1.21 79,968 SF 76 97.4% $1,000 1992 2 Britewood Apartments $0.95 52,668 SF 53 100.0% $942 1979 3 Cheryl Lynn Apartments $1.12 45,192 SF 56 98.2% $906 1990 4 Newcastle Place $1.08 49,950 SF 54 96.3% $997 2013 5 Hollywood Parks $1.42 30,550 SF 52 96.1% $832 1979 6 Briarwood Apartments $0.94 57,600 SF 64 98.4% $845 1991 7 Sandalwood Apartments $1.03 68,332 SF 82 96.3% $855 1981 8 Whispering Pines $0.97 30,546 SF 36 94.4% $820 1971 9 503 N Knott St $0.93 8,410 SF 10 100% $786 1989 Averages $1.07 62,613 SF 54 97.5% $887 1987
Rent Per SF RENT SURVEY CHART SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON $1.60 $1,200 $1.40 $1,000 $1.20 $800 $1.00 $0.80 $0.60 $600 $400 Average Monthly Rent $0.40 $200 $0.20 $0.00 Silverton Manor Pacific Crest Apartments Britewood Apartments Cheryl Lynn Apartments Newcastle Place Hollywood Parks Briarwood Apartments Sandalwood Apartments Whispering Pines 503 N Knott St $0 All SVN Offices Independently Owned and Oprated
RENT SURVEY MAP SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON
SILVERTON MANOR Silverton, Oregon DEMOGRAPHICS & MARKET RESEARCH
DEMOGRAPHICS SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON DEMOGRAPHICS DATA 1 mile 3 miles 5 miles Total Households 1,614 4,087 5,954 Total Population 4,159 10,779 16,266 Persons per Household 2.6 2.6 2.7 Average Household Income $58,646 $58,007 $57,633 Average House Value $267,103 $277,245 $290,107 Average Age 34.5 34.5 34.4 Average Age (Male) 36.9 35.8 34.6 Average Age (Female) 34.6 35.3 36.1
ABOUT SILVERTON OREGON SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON Silverton is a city in Marion County, Oregon. The city is situated along the 45th parallel about 12 miles northeast of the state capitol, Salem. The city is named after Silver Creek, which flows through the town from Silver Falls into the Pudding River, and thence into the Willamette River. Silverton is part of the Salem Metropolitan Statistical Area, and the population core of the Silver Falls School District. The population of Silverton is 10,002 as of 2016. Top Employers Silverton School District Silverton Hospital Champion Homes Brucepac and Mallorie s Dairy Oregon Garden/Resort Silver Falls State Park is located near the city of Silverton and at 9,200 acres, it is the largest state park in the state of Oregon. Silver Falls State Park is also the regions biggest tourist attraction, with over one million annual visitors per year. In addition to Silver Falls State Park, Oregon Garden is another Silverton attraction. The garden is an 80-acre botanical garden, featuring more than 20 specialty gardens showcasing the diverse botanical beauty that can be found in the Willamette Valley and throughout the Pacific Northwest. 42 Miles $294,000 10,002 South of Portland Median Home Value 2016 Population
DISCLAIMER SILVERTON MANOR APARTMENTS MULTIFAMILY SILVERTON, OREGON The material contained in this 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 purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of the SVN Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this 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 the SVN Advisor. Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. This Offering Brochure may include certain statements and estimates with respect to 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, the SVN Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. 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 Purchase 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 Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at 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 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 Owner, in 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 SVN 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 and each prospective purchaser proceeds at its own risk.
William Maxwell Senior Advisor William.maxwell@svn.com O: 503.482.4099 M: 503.475.8212 Lincoln Tower 10260 SW Greenburg Road, Suite 530 Portland, OR 97223 ph: 503.208.9400 The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.