multifamily property for sale villa del mar ......anita risberg, ccim principal broker...

ANITA RISBERG, CCIMPrincipal [email protected]

Villa Del Mar Apartments 30 Units $1,850,000.00200 SW 2ND ST , WARRENTON, OR 97146

MULTIFAMILY PROPERTY FOR SALE

OmniVest | 503.847.7990 | 5 Centerpointe Drive, Lake Oswego, OR 97035 | www.omnivestcire.com


FOR MORE INFORMATION:

Confidentiality & Disclaimer

All materials and information received or derived from OmniVest, LLC its directors, officers, agents, advisors, affiliates and/or any thirdparty sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property,compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of theproperty, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither OmniVest, LLC its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as toaccuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source,whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. OmniVest, LLC will not investigate or verify any such matters or conductdue diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their owninspections and investigations including through appropriate third party independent professionals selected by such party. All financialdata should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriateindependent professionals. OmniVest, LLC makes no warranties and/or representations regarding the veracity, completeness, orrelevance of any financial data or assumptions. OmniVest, LLC does not serve as a financial advisor to any party regarding anyproposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes,may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do notnecessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified publicaccountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding thecondition of the property and whether the property complies with applicable governmental requirements should be discussed by the partywith appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services aremarketed by OmniVest, LLC in compliance with all applicable fair housing and equal opportunity laws.



Confidentiality & Disclaimer



LOCATION INFORMATION 7

FINANCIAL ANALYSIS 11

SALE COMPARABLES 15

RENT COMPARABLES 20

ADVISOR BIOS 26



Table of Contents



The information contained herein is deemed to be obtained from reliable sources but is not guaranteed.

OFFERING SUMMARY

Sale Price: $1,850,000

Number Of Units: 30

Cap Rate: 7.36%

NOI: $136,215

Lot Size: 2.2 Acres

Year Built: 1973

Building Size: 15,807

Market: Warrenton

Price / SF: $117.03

PROPERTY HIGHLIGHTS

• Villa Del Mar Apartments

• 30 unit complex built in 1973

• 55 and older community

• 17 one bedroom units

• 13 studio units

• Well maintained landscape

• On-site laundry

• Designated parking

• Close to shopping, dining and parks

• Walgreens

• Fred Meyers

• Walmart

• Natural Grocers



Executive Summary



Villa Del Mar is a well maintained 30 unit complex. Built in 1973with (17) 1x1 units and (13) studiosThis property provides an abundance of landscaped yard area,designated parking for each tenant and onsite laundry.Set in a residential area this complex is close to shopping anddining. and one block to city park.This is a 55 and over apartment property.Warrenton is enjoying new development and job creation.

PROPERTY OVERVIEW

Located in the city of Warrenton, Oregon this property is centrallylocated, just 5 miles to Astoria and 12 miles to Seaside. Warrentonis currently experiencing an upward growth trajectory with severalhousing subdivision and employment-related land use applicationsbeing filed including a 68 unit apartment building, constructionstarting soon.

The Pacific Seafood processing plant rebuild is due for completion inearly 2018. Providing Warrenton with more than 100 full-time jobsand up to 100 seasonal jobs. Walmart’s grand opening is scheduledfor June 2018. The store will employ about 300 people, both partand full-time positions.

Beginning in 2018, Transportation System Plan (TSP) will balancethe needs of walking, bicycling, driving, transit and freight into anequitable and efficient transportation system. The TSP can also be atool for reflecting community values and protecting what makesWarrenton a great place to call home, do business, and visit.Warrenton has several parks with walking, hiking, biking and watertrails including Fort Stevens State Park and campground.

LOCATION OVERVIEW



Property Description





One Bedrooms & Studios





LOCATION INFORMATION



Villa Del Mar 30 UnitsWarrenton Oregon



Regional Map





Location Maps



Villa Del Mar 30 UnitsWarrenton Oregon



Aerial Map





FINANCIAL ANALYSIS



INVESTMENT OVERVIEW FINANCIAL SUMMARY

Price $1,850,000

Price per Unit $61,666

GRM 7.6

CAP Rate 7.4%

Cash-on-Cash Return (yr 1) 10.36 %

Total Return (yr 1) $78,367

Debt Coverage Ratio 1.73

OPERATING DATA FINANCIAL SUMMARY

Gross Scheduled Income $242,700

Other Income $1,800

Total Scheduled Income $244,500

Vacancy Cost $12,135

Gross Income $232,365

Operating Expenses $96,150

Net Operating Income $136,215

Pre-Tax Cash Flow $57,476

FINANCING DATA FINANCIAL SUMMARY

Down Payment $555,000

Loan Amount $1,295,000

Debt Service $78,739

Debt Service Monthly $6,561

Principal Reduction (yr 1) $20,891



Financial Summary



INCOME SUMMARY FINANCIAL SUMMARY PER SF

Gross potential rent $242,700 $15.35

Vacancy -$12,135 -$0.77

Laundry $1,800 $0.11

Gross Income $232,365 $14.70

EXPENSE SUMMARY FINANCIAL SUMMARY PER SF

Repairs and maintenance $14,359 $0.91

Insurance $7,792 $0.49

Gardening $4,895 $0.31

Management $15,187 $0.96

Electricity $2,228 $0.14

Water and sewer $30,880 $1.95

Janitorial $364 $0.02

Legal $115 $0.01

Reserves @$250 per door $7,500 $0.47

Property taxes $12,830 $0.81

Gross Expenses $96,150 $6.08

Net Operating Income $136,215 $8.62



Income & Expenses



UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF

1x1 17 56.7 600 $707 $1.18

0x1 13 43.3 500 $631 $1.26

Totals/Averages 30 100% 16,700 $20,222 $1.21



Unit Mix Summary





SALE COMPARABLES

SUBJECT PROPERTY

200 SW 2nd St | Warrenton, OR 97146

$1,850,000Sale Price: 2.2 ACLot Size:

1973Year Built: 15,807 SFBuilding SF:

$117.03Price PSF: 30No. Units:

$61,667Price / Unit: 7.62GRM:

7.36%Cap: $136,215NOI:

UNION RIDGE APARTMENTS

193 Bond St | Astoria , OR 97103

$850,000Sale Price: 0.23 ACLot Size:


$92.10Price PSF 14No. Units

$60,714Price / Unit 7.6%CAP:

$64,600NOI:

1

1

14 units Class C Multi-family Apartments

IIIAHEE APARTMENTS

1000-1046 Grand Ave | Astoria , OR 97103




$56,257Price / Unit 01/22/2016Closed:

2

2

35 Units Class B Built 1968

NECANICUM APARTMENTS

822 NE Necanicum Dr | Seaside , OR 97138




$42,142Price / Unit 04/29/2016Closed:

3

3

35 Units Class C Built 1968



Sale Comps



400 NECANICUM DR

400 Necanicum Dr | Seaside , OR 97138





09/30/2016Closed: $79,750NOI:

4

4

12 Unit Class B Built 1992

10 UNITS NEWPORT OR

426 SW 2nd St | Newport, OR 97365

$495,000Sale Price: 0.28 ACLot Size:




03/08/2016Closed: $45,520NOI:

5

5

10 Units Class C near Nye Beach



Sale Comps





SUBJECT PROPERTY PRICE

BLDG

SF

PRICE

PER SF

PRICE

PER UNIT CAP

# OF

UNITS

Villa Del Mar 30 UnitsWarrenton Oregon200 SW 2nd StWarrenton, OR 97146

$1,850,000 15,807 SF $117.03 $61,667 7.36% 30

SALE COMPS PRICE

BLDG

SF

PRICE

PER SF

PRICE

PER UNIT CAP

# OF

UNITS CLOSE

1Union Ridge Apartments193 Bond StAstoria , OR 97103

$850,000 9,229 SF $92.10 $60,714 7.6% 14 -

2IIIahee Apartments1000-1046 Grand AveAstoria , OR 97103

$1,969,000 34,000 SF $57.91 $56,257 - 35 01/22/2016

3Necanicum Apartments822 NE Necanicum DrSeaside , OR 97138

$1,475,000 22,882 SF $64.46 $42,142 - 35 04/29/2016

4400 Necanicum Dr400 Necanicum DrSeaside , OR 97138

$1,300,000 11,786 SF $110.30 $108,333 6.13% 12 09/30/2016

510 Units Newport Or426 SW 2nd StNewport, OR 97365

$495,000 7,500 SF $66.00 $49,500 8.1% 10 03/08/2016

PRICE

BLDG

SF

PRICE

PER SF

PRICE

PER UNIT CAP

# OF

UNITS GRM

Totals/Averages $1,217,800 17,079 SF $71.30 $57,443 7.28% 21.2 -



Sale Comps Summary



200 SW 2nd St | Warrenton, OR 97146SUBJECT PROPERTY

1 193 Bond StAstoria , OR 97103

UNION RIDGE APARTMENTS 2 1000-1046 Grand AveAstoria , OR 97103

IIIAHEE APARTMENTS 3 822 NE Necanicum DrSeaside , OR 97138

NECANICUM APARTMENTS

4 400 Necanicum DrSeaside , OR 97138

400 NECANICUM DR 5 426 SW 2nd StNewport, OR 97365

10 UNITS NEWPORT OR



Sale Comps Map





RENT COMPARABLES

SUBJECT PROPERTY

Warrenton, OR 97146200 SW 2nd St

1973Year Built: 2.2 ACLot Size:30No. Units: $1.21Avg. Rent/SF:$674Avg. Rent: 556 SFAvg. Size:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1x1 17 56.7 600 $707 $1.18

0x1 13 43.3 500 $631 $1.26

TOTAL/AVG 30 100% 556 $674 $1.21

BAYSHORE APTS

Astoria, OR 971031400 W Marine Drive

1

1971Year Built: 57,100 SFBldg Size:3.52 ACLot Size: 100No. Units:$1.51Avg. Rent/SF: 570 SFAvg. Size:$863Avg. Rent:


1BR 48 48 510 $800 $1.57

2BR 48 48 620 $900 $1.45

3BR 4 4 710 $1,178 $1.66

TOTAL/AVG 100 100% 570 $863 $1.51

100 Units built in 1971(48) 1BR (48) 2BR (Four) 3BR

1



Rent Comps



ALAMEDA APARTMENTS

Astoria, OR 97103630-638 Alameda Ave

2

1974Year Built: 9,744 SFBldg Size:0.45 ACLot Size: 12No. Units:100%Occupancy: $1.00Avg. Rent/SF:795 SFAvg. Size: $792Avg. Rent:


1x1 2 16.7 715 $695 $0.97

2x1 10 83.3 812 $812 $1.00

TOTAL/AVG 12 100% 795 $792 $1.00

12 Unit Low-rise Apartments Built 1974

2 THE CHATEAU

Seaside , OR 971381041 Beach Dr

3



2x1 8 100 780 $762 $0.98

TOTAL/AVG 8 100% 780 $762 $0.98


3



Rent Comps



551 NW BROOK ST

Newport, OR 97365551 NW Brook St

4

1972Year Built: 5,800 SFBldg Size:5800 ACLot Size: 6No. Units:100%Occupancy: $0.95Avg. Rent/SF:850 SFAvg. Size: $811Avg. Rent:


2x2 6 100 850 $811 $0.95

TOTAL/AVG 6 100% 850 $811 $0.95


4 EDGEWOOD TERRACE

Seaside , OR 971382125 S Edgewood St

5



2x1 6 100 750 $684 $0.91

TOTAL/AVG 6 100% 750 $684 $0.91


5



Rent Comps





RENT/SF AVAILABLE SF BLDG SF # OF UNITS

$1.21 0 SF 15,807 SF 30

RENT/SF AVAILABLE SF BLDG SF # OF UNITS

$1.51 57,080 SF 57,100 SF 100

$1.00 9,550 SF 9,744 SF 12

$0.98 6,240 SF 6,240 SF 8

$0.95 5,100 SF 5,800 SF 6

$0.91 4,500 SF 4,500 SF 6

RENT/SF AVAILABLE SF BLDG/SF # OF UNITS OCCUPANCY %

Totals/Averages $1.07 16,494 SF 16,677 SF 26.4 100%

1

2

3

4

5



Rent Comps Summary



1 1400 W Marine DriveAstoria, OR 97103

BAYSHORE APTS 2 630-638 Alameda AveAstoria, OR 97103

ALAMEDA APARTMENTS 3 1041 Beach DrSeaside , OR 97138

THE CHATEAU

4 551 NW Brook StNewport, OR 97365

551 NW BROOK ST 5 2125 S Edgewood StSeaside , OR 97138

EDGEWOOD TERRACE

200 SW 2nd St | Warrenton, OR 97146SUBJECT PROPERTY



Rent Comps Map





ADVISOR BIOS



5 Centerpointe DriveLake Oswego, OR 97035

T 503.847.7990C [email protected] #201220290WA #25706

Professional Background

Anita Risberg, CCIM has been recognized by her peers for her service andprofessionalism. Having successfully negotiated all types of commercial and investmentreal estate for almost 30 years, much of Anita's brokerage practice over the last fifteenyears has been centered on multifamily investment property acquisitions anddispositions. Her completed transactions total over $100 million. Serving local,regional and national clients across the Pacific Northwest.

She has worked on a wide range of projects that include valuations for attorneys,dispositions for banks, assemblages, development and redevelopment of existingproperties. Anita has cultivated a strong regional network of relationships andexclusive partnerships and is an active liaison with other top brokers/agents. One ofAnita's greatest strengths is her ability to prospect for off-market opportunities.

Education

Bachelors Degree in Business from Mankato State University and Western OregonUniversity.

CCIM Designation, CCIM Institute Chicago, Ill.

2017 Graduate of the JWL leadership training through the CCIM Institute.

Memberships & Affiliations

Served as the 2017 Regional Vice President for Region 1 through the CCIM Institute.She is a member of CCIM Institute and the National Association of Realtors. 2010Chapter President Oregon/SW Washington CCIM Chapter. WVCR 2009 Realtor ofthe year. 2017 Graduate of the JWL leadership training through the CCIM Institute inChicago.

ANITA RISBERG, CCIM

Principal Broker



Advisor Bio

multifamily property for sale villa del mar ......anita risberg, ccim principal broker...

Documents