REED COLLEGE 10-PLEX...REED COLLEGE 10-PLEX 10-Unit Multi-Family Investment 4522 - 4624 SE 29th...
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REED COLLEGE 10-PLEX 10-Unit Multi-Family Investment 4522 - 4624 SE 29th Avenue, Portland, Oregon 97202 MULTI-FAMILY INVESTMENT PROPERTY 136 NE 28 th Avenue Portland, Oregon 97232 503-327-8237 Office 503-954-3087 Fax www.equitypacificrealestate.com
Transcript of REED COLLEGE 10-PLEX...REED COLLEGE 10-PLEX 10-Unit Multi-Family Investment 4522 - 4624 SE 29th...
REED COLLEGE 10-PLEX
10-Unit Multi-Family Investment
4522 - 4624 SE 29th Avenue, Portland, Oregon 97202
MULTI-FAMILY INVESTMENT PROPERTY
136 NE 28th
Avenue
Portland, Oregon 97232
503-327-8237 Office
503-954-3087 Fax
www.equitypacificrealestate.com
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Exterior Photos
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Interior Photos
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
RENT ROLL
Unit # Unit Type
Move-in Date /
Last Rental
Agreement
Lease End
Date
Rent
(Starting 9/1/18)
Security
DepositPet Deposit Notes
4522 2BR/1BA 6/1/03 MTM $1,095 $895 $250
4524 2BR/1BA 4/1/14 MTM $1,095 $900 $300
4532 2BR/1BA 2/1/16 MTM $1,300 $1,200 $0
4534 2BR/1BA 7/1/16 MTM $990 $0 $0
4608 2BR/1BA 7/1/16 MTM $1,095 $900 $200
4610 1BR/1BA 7/1/16 MTM $985 $900 $0
4614 2BR/1BA 7/1/16 MTM $1,425 $1,200 $0
4616 2BR/1BA 7/1/16 MTM $1,425 $1,200 $300
4622 2BR/1BA 1/1/18 MTM $1,200 $1,200 $300
Rent increased
1/1/18, can increase
to $1,319 1/1/19
4624 2BR/1BA 4/19/14 MTM $1,095 $900 $200
$11,705 $9,295 $1,550
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Price: $1,895,000
Down Payment: 40% $758,000
Number of Units: 10
Price/Unit: $189,500 $1,137,000
Building/SF: 8,390
Price/SF $226
Current Cap: 4.88%
Market Cap: 7.22% Parcel ID
Current GIM 13.7 Lot Size
Market GIM 10.1 Utilities paid by Tenant
Year Built: 1962
Current Market 2017 Actual % EGI Per Unit
INCOME EXPENSES
Scheduled Rent Income $140,460 $186,600 Taxes $18,284 - $1,828
RUBS/Pet Rent/Laundry $2,400 $7,560 Insurance $2,108 - $211
Scheduled Gross Income $142,860 $194,160 Water & Sewer $5,845 - $585
Less: Vacancy (3%) ($4,286) ($5,825) Trash/Recycling $1,481 - $148
Effective Gross Income $138,574 $188,335 Gas & Electricity $608 - $61
Less: Expenses ($46,069) ($51,543) Management $6,929 5.00% $693
Net Operating Income $92,505 $136,792 Maintenance & Repairs $5,543 4.00% $554
Turnover & Cleaning $2,771 2.00% $277
Year 1 Debt Service ($73,244) ($73,244) Reserves $2,500 - $250
Pre-Tax Cash Flow $19,261 $63,548
Principal Reduction $16,775 $16,775 Total Expenses $46,069 33.2% $4,607
Total Return 4.8% $36,036 10.6% $80,323
Cash Yield 2.5% $19,261 8.4% $63,548
Total Units Unit Type Rent Rent/PSF Rent Rent PSF
9 2BR-1BA 825 SF $990 - $1,425 $1.20 - $1.73 $1,595 $1.93
1 1BR-1BA 600 SF $985 $1.64 $1,195 $1.99
10 $11,705 $15,550
Additional Information
R159365, R159366, R159367
Approximate SF/Unit
0.56 Acre (25,000 SF)
Electricity
Annualized Operating Data Annualized Expenses
Scheduled Income Current Market
4522 - 4608 SE 29th Avenue
Portland, Oregon 97202
Financing Summary
New Multi-Family Loan in the amount of
Summary Location
Amortized over 30 Years
at 5.00% Principal and Interest
INVESTMENT SUMMARY
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
RENT SURVEY
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF
UNITS UNIT TYPE
UNIT SF
CURRENT RENT
RENT/PSF SOURCE PHOTO
4522 SE 29th Ave Portland, OR 97202
*Subject Property
1962 10 9 – 2BR/1BA 1 – 1BR/1BA
825 600
$990 - $1425 $985
$1.20 - $1.73 $1.64
Owner
3608 SE 15th Ave Portland, OR 97202
1962 4 2BR/1BA
790
$1795
& $75 RUBS
$2.27 Craigslist 8/15/18
3630 SE Milwaukie Portland, OR 97202
1912 4 1BR/1BA 600 $1250 $2.08 Craigslist 8/15/18
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF
UNITS UNIT TYPE
UNIT SF
CURRENT RENT
RENT/PSF SOURCE PHOTO
2800 SE Gladstone St Portland, OR 97202
1972 16 2BR/1BA
750 $1695
& $75 RUBS
$2.26 Craigslist 7/23/18
The Mall Apartments 3911 SE Mall St Portland, OR 97202
2000 10 2BR/1BA 900 $1695
& $65 RUBS
$1.88 Craigslist 7/23/18
3006 SE 21st Ave Portland, OR 97202
1964 2 2BR/1BA 800 $1595 $1.99 Craigslist 7/9/18
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF
UNITS UNIT TYPE
UNIT SF
CURRENT RENT
RENT/PSF SOURCE PHOTO
Holgate Lofts 1424 SE Holgate Blvd Portland, OR 97202
1972 20 2BR/1BA 750 $1545 $2.06 Craigslist 7/9/18
3302 SE 15th Ave Portland, OR 97202
1972 2 2BR/1BA 780 $1795 $2.30 Craigslist 6/25/18
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
RECENT MULTI-FAMILY SALES COMPARABLES
PROPERTY LOCATION
YEAR BUILT # UNITS
UNIT MIX / COMMENTS PRICE
PRICE / UNIT
PRICE / SF CAP RATE SOLD PHOTO
4522 SE 29th Ave Portland, OR 97202
*Subject Property
1962 10 9 – 2BR/1BA 1 – 1BR/1BA
$1,895,000 $189,500 $226 4.88% TBD
Cedar Breaks Apts 4032 SE Holgate Blvd Portland, OR 97202
1973 10 2 – 2BR/1.5BA 8 – 2BR/1BA
$2,050,000 $205,000 $258 5.24% Active
Golden Key Manor 1726 NE Hancock St Portland, OR 97212 SOLD by
1966 10 2 – 3BR/1BA 4 – 2BR/1BA 4 – 1BR/1BA
$2,150,000
$215,000 $234 5.06% July 2018
1943 NE Tillamook St Portland, OR 97212
1961 6 6 – 2BR/1BA $2,025,000 $337,500 $338 4.43% July 2018
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT # UNITS
UNIT MIX / COMMENTS PRICE
PRICE / UNIT
PRICE / SF CAP RATE SOLD PHOTO
1131 SE 17th Ave Portland, OR 97214
1966 6 2 – 2BR/1BA 4 – 1BR/1BA
$1,200,000 $200,000 $239 5.38% March 2018
3454 SE Cora Dr Portland, OR 97202
1972 6 5 – 2BR/1BA 1 – 1BR/1BA
$1,222,500 $203,750 $225 4.30% March 2018
335 SE 16th Ave Portland, OR 97214
1922 10 8 – 1BR/1BA 2 – Studio
$2,200,000 $220,000 $260 4.10%
March 2018
1512 SE Hawthorne Portland, OR 97214
1972 6 4 – 2BR/1BA 2 – 1BR/1BA
$1,200,000 $200,000 $154 NA Oct 2017
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
RECENT PLEX SALES COMPARABLES
PROPERTY LOCATION
YEAR BUILT # UNITS
UNIT MIX / COMMENTS PRICE
PRICE / UNIT
PRICE / SF SOLD PHOTO
4522 SE 29th Ave Portland, OR 97202
*Subject Property
1962 2 2 – 2BR/1BA
$395,000 $1975,000 $235 TBD
1737 NE 22nd Ave Portland, OR 97212
1952 4 4 – 2BR/1BA $1,100,000 $275,000 $286 April 2018
2149 NE Clackamas St Portland, OR 97232
1908 4 1 – 2BR/1BA 2 – 1BR/1BA
1 – Studio
$850,000 $212,500 $262 March 2018
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT # UNITS
UNIT MIX / COMMENTS PRICE
PRICE / UNIT
PRICE / SF SOLD PHOTO
919 NE Alberta St Portland, OR 97211
1943 4 4 – 1BR/1BA $980,000 $245,000 $281 March 2018
731 SE Linn St Portland, OR 97202
1966 2 2 – 2BR/1BA $560,000 $280,000 $315 Jan 2018
3713 SE Holgate Blvd Portland, OR 97202
1980 2 2 – 2BR/1BA $475,000 $237,500 $266 Jan 2018
REED COLLEGE 10-PLEX
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT # UNITS
UNIT MIX / COMMENTS PRICE
PRICE / UNIT
PRICE / SF SOLD PHOTO
1943 SE Harney St Portland, OR 97202
1959 2 2 – 2BR/1BA $525,000 $262,500 $346 Nov 2017
2012 SE Tenino St Portland, OR 97202
1973 2 2 – 2BR/1BA $500,000 $250,000 $306 June 2017
3427 SE Cora Dr Portland, OR 97202
1970 2 2 – 2BR/1BA $510,000 $255,000 $281 May 2017
