for sale > exclusive nob hill multi-family property

FOR SALE > EXCLUSIVE NOB HILL MULTI-FAMILY PROPERTY

2244 NW Overton, Portland, Oregon 97210

COLLIERS INTERNATIONAL851 SW Sixth Avenue, Suite 1200Portland, OR 97204www.colliers.com

BETH DUPONT MBA

Associate Vice PresidentInvestment & Multifamily503 499 [email protected]

Property Highlights > 9 units - 1 bedroom/1 bath

> 100% Leased

> All units have been tastefully updated in original vintage style

> Exterior painted this fall with new landscaping in the front of the building

> Spacious units with good natural light

> Easy to manage

> Close proximity to lifestyle amenities, including dining, retail, medical, recreation and grocery stores (New Seasons and Zupans just minutes away)

> Walk to Portland Streetcar and bus lines

> Large on-site laundry room

> Individual locked storage units in basement

> Additional space in basement for potential additional income (Buyer check with City of Portland for allowable uses)

> Convenient access to major employersPrice $3,400,000

Located in Highly Desireable NW 23rd Neighborhood

KEN BOYKOVice PresidentPortland, Oregon503 542 [email protected]

2244 NW Overton is a 9-unit apartment property located in the heart of Portland’s prestigious NW District.The building consists of oversized one bedroom, one bath units. Built in 1952, the average size of each unit is 898± SF including one daylight basement unit at 955± SF. There is an onsite laundry room and a separate locked storage area for each unit in the basement. With the exception of the newly remodeled basement daylight unit, each unit has lovely hardwood floors, and has been remodeled to varying degrees to keep each contemporary, but retaining the charm of the original mid-century architecture. The units are oversized with good natural lighting, and built-in storage. The property is a 100% leased, but there is room to increase rents and also implement a tenant bill-back utility program, or (RUBS). The location boasts of an unbeatable 96 walk score and 97 bike score, with a short walk to boutique shops, restaurants and bars along 23rd Avenue, and minutes from the Pearl District and downtown Portland. This asset is a pride of ownership property, which has been carefully cared for by the present owner and will be a welcomed addition to a new buyer’s investment portfolio.

BETH DUPONT MBA




LISTING SUMMARY

Price: $3,400,000.00 Price per Unit: $378,000.00 Price per SF: $470.00 CAP Rate: 4.0% Stabil ized Proforma

PROPERTY CHARACTERISTICS MF units: 9-MF Year Built: 1952 RBA: 7,224 Land Area: 6,098/0.14 Acres Parking: None Taxes: $15,460 ( 2016) Construction: Brick and Wood Zoning: RH APN: 1N1E33BA- 07500

96 Excellent Walk Score

97 Excellent Bike Score


Legacy Medical Center New Seasons Market Linfield College School of Nursing

64 Good Transit Score

New Seasons Market

Legacy Medical Center

DoveLewis Animal Hospital

NORTH

SITE

Besaws

Linfield CollegeGrant’s Philly Cheesesteaks

Starbuck’s

Red Onion Thai Cuisine

Nob Hill Bar & Grill

Blue Star Donuts Salt & Straw


BROKER NAME503 xxx xxxxPORTLAND, [email protected]

BROKER NAME503 xxx xxxxPORTLAND, [email protected]

FOR SALE > 2244 NW Overton, Portland, Oregon 97210

DEMOGRAPHICS



BETH DUPONT MBA



Portland Highlights > Strong job growth – 2.6% year-over-year as of June 2017

> 3.7% unemployment rate as of June 2017

> Oregon’s 2015-2016 personal income growth was 5.9%, the fifth fastest in the nation (U.S. Bureau of Economic Analysis)

> Oregon’s 2016 GDP growth rate was 3.3%, the sixth-highest in the nation. The national growth rate was 1.6% - (U.S. Bureau of Economic Analysis)

> Estimated Population 32,435 > Population Growth from 2010 +13.9%

> 2017 – 2022 Proj. Growth Rate +8.1%

> Median Age 39 > Estimated Households 20,757 > Average Household Income $91,325

> Bachelor’s Degree or Higher 69.4%

> Average Household Size 1.5

> Daytime Employees 58,018

2017 Demographics - 1 Mile Radius

Source: LandVision & CoStar

> Legacy Health Good Samaritan Medical Center

> Nike

> Adidas

> Portland General Electric

> The Standard

> Wells Fargo

> Under Armour

> US Postal Service

> New Seasons Market

> Georgia Pacific

> NW Natural

> US Bank

> Daimler

> City of Portland

Major Employers

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2017. All rights reserved.

FOR SALE > 2244 NW Overton, Portland, Oregon 97210

RENT COMPS

© 2012-2017 Digital Map Products. All rights reserved. 1

8 feet

SUBJECT PROPERTY2244 NW OVERTON

NW Pettygrove St.

NW Overton St.

NW Northrup St.

NW 23rd Ave.

NW 22nd Ave.

Downtown PDX

NORTH

1

2

3

4

NW Quimby St

NW Lovejoy St.

Address Distance Price Beds Last List Date

1

2240 NW Pettygrove St. Portland, OR

0.09 mi $1,950 1 bed Oct. 2017

2

2240 NW Lovejoy St. Portland, OR

0.21 mi $1,936 1 bed June 2017

2

2240 NW Lovejoy St Portland, OR

0.21 mi $1,817 1 bed Oct. 2017

3

NW 21st Ave & NW Quimby St Portland, OR

0.27 mi $2,099 1 bed Apr. 2017

3

NW 21st Ave & NW Quimby St Portland, OR

0.27 mi $2,195 1 bed May 2017

4

1515 NW 21st Ave Portland, OR

0.27 mi $1,825 1 bed Oct. 2017

Source: Rentometer, Inc. 2017


Current Rent Summary Pro FormaFLOORPLAN UNITS UNIT

MIXOCCUP. UNITS

% LEASED AVG SF

AVG RENT /UNIT

AVG RENT /

SF*

MONTHLY RENT

ANNUAL RENT % ANNUAL

RENT

AVG RENT/

UNIT

AVG RENT/

SF

MONTHLY RENT

ANNUAL RENT

1 BD/1 BATH 8 89% 8 100% 898 $1,795 $1.99 $14,360 $172,320.00 89% $1,800 $1.99 $14,400 $172,800

1 BD/1 BATH 1 11% 1 100% 955 $1,845 $1.68 $1,845 $22,140.00 11% $2,000 $1.82 $2,000 $24,000

TOTAL 9 100% 9 100% 1001.5 $1,820 $1.83 $16,205 $194,460.00 100% $1,900 $1.91 $16,400 $196,800

*Per CoStar. Buyer to verify all numbers.See notes on income below.

INCOME MONTHLY ANNUAL PRO FORMAGross Rents $16,205.00 $194,460.00 $196,800.00

Utility Charge $0.00 $0.00 $7,700.003

Other Income $494.00 $5,928.00 $5,928.00

Average Vacancy 5% ($834.95) ($10,019.40) ($10,521.40)

Gross Income $15,864.05 $190,368.60 $199,906.60

ANNUAL NET OPERATING INCOME $129,096.60 $138,634.60

Income & ExpenseOPERATING EXPENSES ANNUAL %Repairs & Maintenance2 $9,500.00 4.99%

Management & Leasing2 $12,604.00 6.62%

Utilites (Common Area Electricity, Water/Sewer, Trash)

Electricity1 $2,784.00 1.46%

Water & Sewer1 $4,456.00 2.34%

Garbage1 $1,826.00 0.96% Oil1 $2,713.00 1.43%

Landscaping2 $3,535.00 1.86%

Reserves $150/Unit2 $1,350.00 0.71%

Turnover Expense ($250/unit)2 $2,250.00 1.18%

Property Taxes1 $15,171.00 7.97%

Insurance1 $4,583.00 2.41%

General & Administrative2 $500.00 0.26%

TOTAL EXPENSES $61,272.00 32.19%1Owner’s actual 2016 expenses.2Multifamily NW 2017 Spring Apartment Report - Operating Expenses

3Proforma Income includes addition of RUBS Program at 50% or $5,000 annually, and charging a monthly rent of $25.00 per storage unit, for an additional other income of $2,700 annually.


This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2017. All rights reserved.

SALE COMPARABLES ANALYSISComparable Subject 1 2 3 4 5

Property Name 2244 NW Overton Lovejoy Apartments Moreland Terrace Vue Apartments Collective

Portland3853 NW 148th

Place

Property Address 2244 NW Overton 1002 NW 18th Avenue

1625 SE Bidwell St

1717 SW Park Ave

2073 SW Park Ave same address

City, State Portland Portland Portland Portland Portland PortlandPROPERTY DATAYear Built/Renovated 1952 1911 1962 1951 1945 2007RBA 7,224 5,028 6,952 262,980 36,671 7,000Number of Units 9 5 8 308 52 6FINANCIAL DATACap Rate 4.0% 5.20% 5.00% 5.37% 4.48% 6.00%Sale Date 9/29/16 6/12/17 7/12/16 3/2/17 5/15/17Sale Price $3,400,000 $1,340,000 $2,150,000 $63,950,000 $10,650,000 $2,095,000 Sale Price PSF $470 $267 $309 $243 $290 $299Sale Price per Unit $378,000 $268,000 $268,750 $207,630 $204,808 $349,167

2244 NW Overton, Portland, OR



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