INVESTMENT REAL ESTATE SERVICES

45th Parallel2195 Hyacinth Street NESalem, OR 97301

RAYMOND DUCHEKRaymondD@norris-stevens.com(503) 225-8492

TOM MCDOWELLTomM@norris-stevens.com(503) 225-8473

For Sale: $11,000,000Owner will consider smaller partnership shares.

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INVESTMENT HIGHLIGHTS

Tremendous Leasing MomentumSince construction completed and the building has become fully demised lease up as has been on a torrid pace. Five new leases have been signed in the past 90 days, the property is currently 75% leased with Letters of Intent pending that will take occupancy to over 80%.

Flexible Seller StructureThe owner will sell the entire project or is willing to consider Joint Venture terms allowing for an investor to purchase into a partnership.

Huge UpsideAdditional square feet can be constructed on the property adding Net Operating Income.

Secure Income StreamLease payments are supported by multi-tenant industrial/creative building. Over 40 tenant spaces with room to expand building square feet over time.

Substantial Investment in UpgradesThe current owner has invested approximately $2.5 million retrofitting the interior, bathroom upgrades, lighting, skylights, roof, seismic, insulation, and parking lot site work.

Great Access and ExposureThe site offers superb freeway access to I-5 via Portland Road NE and Salem Parkway. It also features great visibility at the corner of Hyacinth and 25th Avenue NE, as well as excellent ingress and egress from this signalized intersection.

Highly Desirable Property TypeThe building’s multi-tenant / incubator build-out caters to office, retail, and light industrial uses, from 300 - 10,000 SF, thus providing a diverse and stable cash flow. Glass roll up doors, high ceilings, contemporary lighting, and shared loading docks have enhanced property functionality and aesthetics which have been very well received by the tenant market.

Recent Up ZoneThe property has recently been up-zoned by the City of Salem from Industrial General (IG) to Industrial Commercial (IC), which allows for office, retail, and light industrial tenants, as well as live work. This flexibility will increase the diversity of tenants for the property as well as the ability to achieve higher rent structures.

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PROPERTY SUMMARY

PRICE $11,000,000

NOI In-Place Stabilized 95%

$532,000 $766,000

CAP RATE* 5.4% 7.8%

BUILDING SIZE Existing Main Building 69,178 SF Storage Building 4,745 SF Total 73,923 SF LAND AREA 4.70 Acres on Tax Lot 200 2.0 Acres on Tax Lot 300 Total 6.7 Acres

OCCUPANCY 75% currently

LOCATION Southwest of I-5 and Portland Road NE; Only 3 minutes to I-5

YEAR BUILT 1964, Renovated in 2014, 2015, 2016

EXTERIOR Large Building - Concrete Tilt Small Building - Metal and Wood

CEILING HEIGHT Large Building - 17’6” Clear Height Small Building - 20’ Clear Height

DOCKS & DOORS Grade Level 10+ Dock Level 8 Entrances 16+

*Assume value of excess land at $1,200,000

CONTACT AGENT FOR ADDITIONAL FINANCIAL INFORMATION

SUBJECT PROPERTY 6.7 AC

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PHOTOS

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PHOTOS

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SITE PLAN

ARCHITECTUREC O MM U N I T Y363 STATE STREETSALEM, OR 97301-3533P: 503.581.4114WWW.ACCOAC.COM

45 PARALLEL- SITE PLANSCALE: 1" = 30'

TH

FUTURE CREATIVE OFFICES

NORTH CREATIVE OFFICES

MAIN OFFICE / RETAIL BUILDING

CREATIVE OFFICES / FOOD COURT

SOUTH RETAIL

HYACINTH ST

25 AVETH

TAX LOT 200APPROX. 4.70 AC

TAX LOT 300 APPROX.2.0 AC

NOT BUILT

NOT BUILT

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AERIAL MAP

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2195 Hyacinth St NE

SUBJECT PROPERTY NE Airport Way

NE Marine Dr

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SALEM OVERVIEW

Salem is the capital city of Oregon with a population of more than 160,000. Centrally located in the Mid-Willa-mette Valley, Salem is 45 miles South of Portland and 68 miles North of Eugene. Salem is a large hub in the West with a prime location on Interstate 5 between California and Washington. Interstate 5 intersects with Highway 22 in Salem, providing additional connections east to Idaho and west to the Oregon Coast.

With sustained, steady growth, Salem is an ideal market for expanding businesses and commercial investors. Ongoing preservation of historic downtown buildings, along with a downtown core master plan for residential and commercial development, ensures managed growth. There is abundant land for development, a ready and willing workforce, great training programs, and a city that works hard to make doing business easy. Private sector employers and public officials aggressively collaborate on creative, industry-driven, and proactive approaches of supporting the workforce development needs of the region’s employers.

Source: cityofsalem.net

LARGEST EMPLOYER

State of Oregon

1 IN 5 HOUSEHOLDS EARN

$100,000+

LARGEST PRIVATE EMPLOYER

Salem Health

BUSINESSES WITHIN A 20-MILE RADIUS

15,665

POPULATION

165,599

MEDIAN AGE

35

UNEMPLOYMENT RATE

4.30%

QUICK FACTS

Chart Title

1 2 3 4 5 6

60.70%

1.96% 2.68%

18.21%

7.21%

9.25%

1-4

100+50-99

5-9

20-4910-19

36%

28%

23%

of the population have a college degree

more homeowners than renters

decrease in unemployment rate since 2015

Source: oregonprospector.com

*2010 U.S. Census Bureau

Number of Employees Per Business

LOCATION

City Distance Drive Time Population

Portland Metro 45 miles 50 min 2,226,009*

Eugene 68 miles 1 hr 5 min 165,291

Bend 134 miles 2 hr 30 min 88,920

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45th Parallel

LOCATION

DEMOGRAPHICS

DOWNTOWN PORTLAND

45 m

iles

- 50

min

utes

1 Mile 3 Mile 5 Mile

2017 Population 17,199 110,013 182,474

2022 Population 18,131 115,630 192,082

Median HH Income $32,492 $44,673 $48,008

45th Parallel

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2195 Hyacinth St NE

3 MILE

5 MILE

1 MILE