SUMMARY OFFERING MEMORANDUM 28 Units Portland, Oregon · 2018-05-22 · and modern cabinetry. All...
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SUMMARY OFFERING MEMORANDUM 28 Units Portland, Oregon
Transcript of SUMMARY OFFERING MEMORANDUM 28 Units Portland, Oregon · 2018-05-22 · and modern cabinetry. All...
SUMMARY OFFERING MEMORANDUM 28 Units
Portland, Oregon
Kidder Mathews | OM 2
Executive Summary
PROPERTY INFORMATION
Address 3423 SE Hawthorne Blvd., Portland, OR
# Units 28 apartment units
Land Area 0.16 acres
Year Built 2018
Total Square Feet 19,874 SF
Net Rentable Square Feet 12,644 SF
Average Apartment Unit Size 452 SF
Average Mo. Apartment Rent $1,263
Price Unpriced
Apartment Units
28
Year Built
2018Net Rentable Square Feet
12,644
Average Rent
$1,263
The HUB is a tremendous opportunity for an investor to acquire a newly built and turn-key multifamily asset located on one of Portland’s best retail streets, Hawthorne Blvd. The HUB is located just blocks from the heart of the Hawthorne district, one of Portland’s hippest neighborhoods. The 28 well-designed apartment homes and their core location make The HUB a desirable place for residents looking to experience one of the most “desirable places to live” in America.
INVESTMENT HIGHLIGHTS
Core located just minutes from Downtown Portland
Located on Hawthorne Blvd. - Premier eastside retail corridor
One of top rent growth markets in U.S. (Axiometrics)
Desirable mix of studio and 1 bed apartment homes with
modern finishes
Bike storage, secured entry and dog wash station
Completed and fully stabilized in 2018
Extremely tight submarket with ±5% vacancy
Kidder Mathews | OM 3
Executive SummaryExecutive Summary
The HUB is located in the heart of one of Portland’s hippest neighborhoods, the Hawthorne District. It features 28 well designed apartment units completed in 2018. The unit mix consists of studio and one bedroom units.
With high-end finishes, The HUB features vinyl plank flooring, high ceilings, energy efficient windows and washer/dryers in all units. The full size kitchens have granite counter tops, stainless steel appliances, including gas cooktops and modern cabinetry. All units have 10’ ceilings, with the top floor boasting 12’ ceilings, making the livable area feel even larger.
The Hub is located on Hawthorne Blvd and is just steps from some of Portland’s best restaurants, shops, and grocery stores.
PROPERTY OVERVIEW
PROPERTY INFORMATION
Address 3423 SE Hawthorne Blvd
Tax ID Number R280920
Number of Units 28
Buildings 1
Land Area 0.16 acres
Year Built 2018
Total Square Feet 19,874 SF
Average Apt. Unit Size 452 SF
Average Mo. Apt Rent $1,263
Parking On-street
Heat Electric
Siding Cedar & Hardie-Plank
Kidder Mathews | OM 4
Interior Photos
Kidder Mathews | OM 5
AERIAL PERSPECTIVELOOKING WEST
SE
Haw
thor
ne B
lvd
SE 34th Ave
DOWNTOWN PORTLAND
Kidder Mathews | OM 6
Location Overview
HAWTHORNE BLVD RETAILERS
SE
41S
T A
VE
SE
34T
H A
VE
Apizza Scholls
Kidder Mathews | OM 7
OPERATIONS: CURRENT INCOME
QTY TYPE AVG SF AVG RENT $/SF
4 Studio 387 $1,185.00 $3.06
4 Studio 392 $1,115.00 $2.84
12 Studio 466 $1,240.00 $2.66
4 Studio 452 $1,325.00 $2.93
4 1 Bed/1 Bath 531 $1,495.00 $2.82
28 12,640 $35,360.00 $2.80
ESTIMATED EXPENSES* % OF EXPENSE ANNUAL PER UNIT
Real estate taxes 11.04% $48,000 ($1,714)
Property insurance 1.00% $4,350 ($155)
Water/Sewer 3.22% $14,000 ($500)
Electricity 0.69% $3,000 ($107)
Garbage 0.92% $4,000 ($143)
Gas 1.38% $6,000 ($214)
WiFi 2.02% $8,760 ($313)
Landscaping 0.62% $2,700 ($96)
Maint/Repair 1.50% $6,500 ($232)
Turnover 0.97% $4,200 ($150)
Professional Management 6.00% $26,125 ($933)
Elevator 0.97% $4,200 ($150)
Office/Admin 0.25% $1,095 ($39)
Leasing and Marketing 0.63% $2,750 ($98)
Reserves 0.97% $4,200 ($150)
Total Operating Expenses 32.18% ($139,880) ($4,996)
Net Operating Income $294,746 $10,527
INCOME ANNUAL PER UNIT
Potential Rental Income $424,320 $15,154
Other Income $2,500 $89
Utility Reimbursement $29,040 $1,037
Gross Operating Income $455,860 $16,281
Vacancy & Concessions ($21,216) ($758)
Effective Operating Income $434,644 $15,523
Financial Information
* All expenses are based on budget estimates
Kidder Mathews | OM 8
Jordan A. CarterSenior Vice President, [email protected]
Clay NewtonSenior Vice President, [email protected]
Tyler LinnVice [email protected]
Kidder Mathews101 SW Main Street, Suite 1200Portland, OR 97204
kiddermathews.com
