Chase BankPORTLAND, OREGON

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Chase Bank1715 NE 33RD AVE, PORTLAND, OR 97212

4.00%CAP

$5,000,000PRICE

REPRESENTATIVE PHOTO

Overview

LEASEABLE SF2,145 SF

LAND AREA22,188 SF

LEASE TYPEGround Lease

TERM20 Years

YEAR BUILT/REMODELED1982/2020

PARKING±12 Spaces;5.6/1,000 SF

Investment Summary

■ NEWLY REMODELED, 20-YEAR ABSOLUTE NNN GROUND LEASE.

■ 10% INCREASES EVERY 5 YEARS.

■ LOCATED IN NORTHEAST PORTLAND WITH DIRECT EXPOSURE TO OVER 47,000 VEHICLES PER DAY AT THE HARD CORNER OF BROADWAY & NE 33RD, JUST TWO BLOCKS OFF THE I-84 ON RAMP.

■ RELOCATION OF THE CHASE BANK OPERATING OUT OF FRED MEYER ONE HALF MILE AWAY PROVIDES SIGNIFICANT DEPOSIT BASE.

■ LONG TERM OPPORTUNITY FOR REDEVELOPMENT.

■ EXTREMELY STRONG DEMOGRAPHICS WITH AVERAGE HOUSEHOLD INCOMES OVER $126,000.

■ GRANT PARK VILLAGE MULTIFAMILY DEVELOPMENT WITH 378 UNITS AND NEW SEASONS MARKET, LOCATED DIRECTLY SOUTH OF THE PROPERTY.

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Overview

TOTAL 1-MILE 3-MILES 5-MILES

Businesses 593 1,009 1,201

Employees 5,145 7,939 9,060

Population 5,611 18,289 24,973

KEY 1-MILE 3-MILES 5-MILES

BusinessSummary

MAJOR RETAILAce HardwareBarnes & NobleDollar TreeFred MeyerGAPGoodwill

H&MLA FitnessMacy’sMarshallsNew Seasons MarketNike Factory StoreOffice Depot

Old NavyRegal Lloyd Center & IMAXRoss Dress for LessSafewayULTA BeautyWalgreensWhole Foods Market

Surrounding Retail

22,406VPD

CHASE BANK

24,720 VPD

163,700 VPD

146,650 VPD

NE BROADWAY STREETNE BROADWAY STREET

NE 33RD

AVEN

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IMMEDIATE SUB-MARKETHH INCOME

$126K

Surrounding Retail

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NE

33RD

AV

E

NE BROADWAY

24,720 VPD

22,406VPD

163,700VPD

84

Site

SITE PLAN NOT TO SCALENE BROADWAYNE BROADWAY

NE

33RD

AV

E N

E 33

RD A

VE

Q: HAS THERE EVEN BEEN ANY ENVIRONMENTAL TESTING AT THE PROPERTY?

A: Yes, A Phase I was conducted on 11/27/2017 by Black Mountain Consulting, LLC, which included the presence of RECs. A letter of No Further Action was granted by the Oregon Department of Environmental Quality on 11/17/2014. No further testing or action is required.

Q & A

SITE LAND AREA:

22,188 SF

Site Plan

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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Income & Expense

PRICE $5,000,000CAPITALIZATION RATE 4.00%

CASH FLOW SUMMARYSCHEDULED INCOME Base Rent for the Period of: 2/1/2020 - 1/31/2021 $200,000Total Effective Gross Income (EGI) $200,000

OPERATING EXPENSES CAMS NNNProperty Taxes NNNInsurance NNNTotal Operating Expenses -

NET OPERATING INCOME $200,000

1/7/2020 [ <www.CapitalPacific.com> ]

Financial Summary

Income & Expense

PRICE $5,000,000CAPITALIZATION RATE 4.00%

CASH FLOW SUMMARYSCHEDULED INCOME Base Rent for the Period of: 2/1/2020 - 1/31/2021 $200,000Total Effective Gross Income (EGI) $200,000

OPERATING EXPENSES CAMS NNNProperty Taxes NNNInsurance NNNTotal Operating Expenses -

NET OPERATING INCOME $200,000

1/7/2020 [ <www.CapitalPacific.com> ]

Rent Roll

2/1/2020 - 1/31/2040

MONTHLY BASE RENT % INCREASE ANNUAL

RENT CAP RATE

2/1/2020 $16,667 $200,000 4.00%2/1/2025 $18,333 10% $220,000 4.40%2/1/2030 $20,167 10% $242,000 4.84%2/1/2035 $22,183 10% $266,200 5.32%

1 2/1/2040 $24,402 10% $292,820 5.86%2 2/1/2045 $26,842 10% $322,102 6.44%3 2/1/2050 $29,526 10% $354,312 7.09%

CURRENT $16,667 $200,000 4.00%

Lease NotesComments: Tenant has three, five-year options to be exercised with 180 days' prior notice.

Chase Bank

Lease Term:

RENT SUMMARY

DATE

OPTIONS

1/7/2020 [ <www.CapitalPacific.com> ]

RentRoll

Financial Summary

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TENANT JPMorgan Chase Bank, N.A. dba Chase Bank

Premise & Term

Maintenance &RepairTENANT’S OBLIGATIONSTenant is responsible for all maintenance, repair, and replacement of the interior and exterior, structural and non-structural portions of the premises, including sidewalks and curbs.

LANDLORD’S OBLIGATIONSLandlord has zero responsibilities.

Lease Abstract

TAXESTenant is responsible for payment of 100% of taxes directly to billing authority.

INSURANCETenant maintains property and liability insurance.

UTILITIESTenant is responsible for direct payment of all utilities.

ASSIGNMENT/SUBLETTINGTenant has the right to assign/sublet the lease to any subsidiary or affiliate without Landlord’s consent. Tenant shall also have the right to assign/sublet the Premises to any entity with the Landlord’s prior approval, which shall not be unreasonably withheld.

RIGHT OF FIRST OFFERTenant has the ongoing right of first refusal to purchase the Property within 30 days of receiving the written notice of the Landlord’s intent to sell. If tenant declines, the seller has 1 year to negotiate a bona fide offer before returning to the tenant.

TERMINATION RIGHTTenant has a one time right to terminate the lease at the end of the 15th lease year with a required 9 months’ notice to be provided prior to the last day of the 15th year.

LeaseProvisions

Expenses

Lease Abstract

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The information in this Executive Summary has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. All rights reserved to Capital Pacific, LLC.

Contact Us

KEVIN ADATTOkadatto@capitalpacific.comPH: 503.675.7726

KEVIN ADATTO

MICHAEL HORWITZ

SEAN MACK

DAVID GELLNER

LANCE SASSER

SEAN TUFTS

SCOTT FRANK

PETER DUNN

MICHAEL LOWES

Contact the listing team:

MICHAEL LOWESmlowes@capitalpacific.comPH: 503.210.4069

Our brokers collaborate:

MICHAEL HORWITZmhorwitz@capitalpacific.comPH: 503.675.8381

MEET THE ENTIRE TEAM HERE.

Contact Us

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