n williams development site memorandum€¦ · service oriented uses. generally, rx zones will be...

N Williams Development SiteOFFERING

MEMORANDUM25 N Fargo Street, Portland, OR

N W

illiams A

ve

N Vanco

uver Ave

N Fargo St

N Cook St

10,982 SF OF RX ZONED LAND

Kidder Mathews | OM 2

Executive Summary

PROPOSED PROPERTY INFORMATION

Address 25 N Fargo Street, Portland, OR

Property ID R916400610

Land Area 10,982 SF

Topography Flat

Pricing $1,810,000 ($165 PSF)

Located in the core of one of Portland’s most trendy and sought after neighborhoods, this offering consists of 10,982 square feet of developable land at the corner of North Williams Avenue and North Fargo Street. With a Bike Score of 95 and Walk Score of 90, the location is attractive to the millennials who have been moving to the neighborhood in droves.

Zoned RX, the site is presently vacant and is vested for 100 units plus one retail space.

Over the last five years, the North Williams Neighborhood has exploded from a sleepy area to one of the most diverse and dynamic streets in all of Portland, including 300,000 SF of retail. Located just 10 minutes from downtown, it’s a perfect snapshot for what Portland is best known for: bikes, beer, and food. With a wide array of bars, breweries, restaurants, funky shops and gathering joints, the neighborhood attracts a diverse mix of residents and visitors.

HIGHLIGHTS

10,982 SF of vacant multifamily land

Vested for 100 units plus one retail space

Dynamic location in popular North Williams neighborhood

Located 1 block from Legacy Emanuel Hospital and other major employers

One block from New Seasons grocery

Located on major bike arterial with excellent public transportation and high pedestrian counts

10 minutes to downtown Portland

95BIKESCORE

90WALKSCORE


Zoning

ZONING CODE

Primary Zoning Uses RX(d) Multi-family housing

Allowable FAR5:1 with IZ Bonus (56,715 SF)

Max Bldg Height 100’-0”

Max Bldg Coverage 100%

Min Landscape Area None

Setbacks

Front: 0’Street: 0’Side & Rear: 0’Garage Entrance 5’/18’

Overlay Design overlay

Plan District Albina community

Land Use Review Yes

RX (CENTRAL RESIDENTIAL) ZONE

The RX zone is a high density multi-dwelling zone which allows the highest density of dwelling units of the

residential zones. Density is not regulated by a maximum number of units per acre. Rather, the maximum

size of buildings and intensity of use are regulated by floor area ratio (FAR) limits and other site development

standards. Generally the density will be 100 or more units per acre. Allowed housing developments are

characterized by a very high percentage of building coverage. The major types of new housing development

will be medium and high rise apartments and condominiums, often with allowed retail, institutional, or other

service oriented uses. Generally, RX zones will be located near the center of the city where transit is readily

available and where commercial and employment opportunities are nearby. RX zones will usually be applied in

combination with the Central City plan district.


Site Survey


Proposed Building


Proposed Building

-6


Proposed Building


Market Overview

LOCATION SUMMARYNorth Williams’ street exposure is hard to beat with its high traffic counts of not

only bikes and cars, but pedestrians as well. With its convenient, close-in eastside

access, the neighborhood has become a destination for foodies, beer aficionados,

and entertainment in general.

As a major bike arterial connecting north Portland to Downtown, the street sees

upwards of 4,000 riders per-day in the summer. For those who still drive their cars,

the freeway entrance to

Interstate 5 and I-405 is

two blocks away, bringing

Downtown, the Pearl

District, and many other

neighborhoods within a

quick drive.

Public transportation is also

abundant in this corridor,

with TriMet’s #44 bus line

stopping blocks from the

property. Portland’s award

winning MAX Light Rail train

runs parallel to N. Williams along N. Interstate, and features a stop on its yellow line,

less than three quarters of a mile away.

Located just a block north of the property is a uber-popular New Seasons grocery

store, with its mecca of local and organic goods that draws many residents to stop by

multiple times a day. One block southwest is one of the area’s major employers, the

renowned Legacy Emanuel Medical Center and Randall Children’s Hospital with 554

beds, employing several thousand people.

Activities are abundant nearby, including ten parks within walking distance, including

Dawson Park just two blocks away. This park features a playground, tennis courts,

and free concerts during long summer evenings. Another 8 blocks away is the Irving

City Park, a go-to destination for dog lovers. The neighborhood also features a popular

farmers market that runs on Sundays from May to November.

The New York Times described the North Williams in a feature article by saying

“Perhaps no other street has been transformed like Williams Avenue, where

old homes and vacant lots have given way to a mini-canyon of multistory mixed-use buildings, and its auto route downsized

to include one of this cycling-happy city’s busiest bike lanes.”


Area Overview

Century Apartments

Lillis Albina City Park

WIL

LAMETTE R

IVER

DOWNTOWN

PORTLAND

Irving Park

Convention Center

Lloyd Center

Mall

Moda Center

Toro Bravo

Ex Novo Brewing Company

Wonder Ballroom

Russell Street Bar-B-Que

Bridges Cafe & Catering

OX Restaurant

Cook Street Apartments

Tasty n Sons

Ristretto Roasters Coffee

Barre3

Hopworks BikeBar

Legacy Emanuel Medical Center

Nike

N Williams Avenue

NE

Bro

adw

ay St

NE

Weid

ler St

NE

Hanco

ck St

NE MLK Blvd

NE

Fremo

nt St

PROPERTY


Neighborhood Overview

N V

anco

uver

Ave

N W

illia

ms

Ave

N Fremont St

DAWSON PARK

PROPERTY

N Fargo St


1 The People’s Pig

2 Compass Coffee Roasting

3 Game Knight Lounge

4 Barbeque Soul

5 Chalino

6 Maui’s

7 Bread & Honey Cafe

8 The Whole Bowl

9 Sloan’s Tavern

10 What’s the Scoop?

11 Life of Pie Pizza

12 Tasty n’ Sons

13 Eat: An Oyster Bar

14 Ex Novo Brewing

15 Crisp

16 Lompoc Brewing

17 Hopworks BikeBar

18 The Box Social

19 Quesabrosa

20 XLB

21 Vendetta

22 Coco Donuts

1 Akasu Hair Studio & Spa

2 barre3

3 Auto & Work Injury Center

4 Kartini Clinic

5Legacy Emanuel Medical Center

6 Renew Chiropractic Clinic

7 Mod Salon

8 Myoptic Optometry

9 Randall Children’s Hospital

10 Two Rivers Veterinary Clinic

11 Yoga Shala Wellness

1 ink & peat

2 Lark Press

3 Mud Bay

4 New Seasons

5 Queen Bee

6 SpielWerk Toys

7 Sugar Wheel Works

8 TreeHouse Children’s Boutique

9 Workshop Vintage

10 Meare Cycles

1 Abraham Fixes Bikes

2 Wonder Ballroom

3 Friendly Bike Guest House

4 Metropolis Cycle Repair

5 Portland Psychotherapy

6 Self Enhancement Gym

7 United Bicycle Institute

8 UP Design Lounge

9 Urban Nest Realty

N Williams Ave

N Vancouver Ave

1

2

3

49

14

5

6

78

13 1012 11

22

2021 19

Lillis Albina City Park

Denorval Unthank City Park

Dawson Park

NE

Bee

ch S

t

Neighborhood Amenities

PROPERTY

RESTAURANTS WELLNESS & BEAUTY SHOPPING SERVICES

1

23

6

5

4

7 8

9

11 1

210

3

4

5

67

9 1

2

3

4

5

6

717 1618 15

8

Martin Luther King Jr Blvd

NE

Fre

mo

nt S

t

NE

Fai

ling

St

NE

Sha

ver

St

NE

Mas

on

St

NE

Ski

dm

ore

St

NE

Far

go

St

9

10


Neighborhood Pictures


Neighborhood Overview

MLK

Jr

Blv

dM

LK J

r B

lvd

N W

illia

ms

Ave

N W

illia

ms

Ave

N V

anco

uver

Ave

N V

anco

uver

Ave

N M

issi

ssip

pi A

veN

Mis

siss

ipp

i Ave

N Cook St

N Russell St

N Greeley Ave

NW Naito Pkwy

NE Fremont StNE Fremont St

NE BroadwayNE Broadway

NE Weidler StNE Weidler St

NE Beech St

NE Failing St

NE Shaver St

NE Mason St

NE Skidmore St

Broadway B

ridge

Frem

ont B

ridge

WILLAM

ETTE RIVER

MLK

Jr

Blv

dM

LK J

r B

lvd

N W

illia

ms

Ave

N W

illia

ms

Ave

N V

anco

uver

Ave

N V

anco

uver

Ave

N M

issi

ssip

pi A

veN

Mis

siss

ipp

i Ave

N Cook St

N Russell St

N Greeley Ave

NW Naito Pkwy

NE Fremont StNE Fremont St

NE BroadwayNE Broadway

NE Weidler StNE Weidler St

NE Beech St

NE Failing St

NE Shaver St

NE Mason St

NE Skidmore St

Broadway B

ridge

Frem

ont B

ridge

WILLAM

ETTE RIVER

BUS & MAX LANES BIKE LANES

PROPERTYPROPERTY

MAX Yellow Line

Nearest Bus Lines


NE Ainsworth St

NE Killingsworth St

E Burnside St

SE Hawthorne Blvd

NE Prescott St

NE

33r

d A

ve

NE

Cul

ly B

lvd

NE

82n

d A

ve

NE

Gre

eley

Ave

NE Sandy Blvd

NE Columbia Blvd

ALBERTA ARTS CORRIDOR

BEAUMONT VILLAGE

NE BROADWAY ST CORRIDOR

N W

ILLI

AM

S C

OR

RID

OR

MIS

SIS

SIP

PI C

OR

RID

OR

INT

ER

STA

TE

CO

RR

IDO

R &

MA

X L

IGH

T R

AIL

DEKUM TRIANGLE

DOWNTOWN

IRVINGTON

HOLLYWOOD DISTRICT

ROSE CITY

PROPERTY

Area Corridors


PORTLAND RANKINGS

America’s “coolest” city right now – International Traveller, Jan 2016#1 Top 10 cycling cities

– Travel Channel 2016#2

Fittest city in America – Huffington Post#1

America’s greenest cities – Travel & Leisure, May 2015#1 Moving destination of 2017

– United Van Lines 2018#2

Best places for business and careers – Forbes 2017#1


ULI 2017 Emerging Trends ranks Portland 3rd among 78 metro areas for real estate investment

In 2016, Oregon personal income growth was 5th nationally at 1.3%

Portland ranked #20 on Business Insider’s Top 50 Best Cities for 2016

Portland MSA multifamily vacancy is below 5.0%

Portland MSA is the 8th strongest rental market in the nation, per Axiometrics

Portland’s current unemployment rate is 4%, a 41 year low

Oregon was the #2 moving destination in 2017 for people moving from one state to another, according to a United Van Lines Study

Portland has added 42,000 residents over the last three years, an increase of 1.7%; above national average

Portland ranked 19th in the nation in population growth

Portland estimates around 40,000 new migrants a year, of which more than 40% have a college degree

Portland MSA employment is at an all-time high, employing ±1,072,600 workers

In the past year, Portland MSA has added over 48,400 jobs, an increase of 2.6%

Portland MSA is expected to add nearly 48,000 additional jobs in the next two years

Nike announced a major $275+ million expansion that will create 500 new jobs

Kaiser Hospital in Hillsboro was completed with 1,100 new jobs

Daimler Trucks has announced plans to build a $150 million headquarters on Swan Island with 400 new jobs

INVESTING IN PORTLAND GROWING POPULATION EMPLOYMENT


CITY OF PORTLAND

Portland is considered one of the nation’s most livable cities. Located on the banks of the Willamette River only 90 minutes from snow-capped peaks and the Pacific Ocean, one might not realize Portland’s bustling downtown and waterfront are the heart of a metropolitan region with more than 2 million people. Twelve bridges span a wide elbow of the Willamette River, connecting the east and west sides of town. Throughout the metro area are thriving neighborhoods filled with restaurants, record shops, bars, funky clothing stores, antique malls and art galleries.

Portland is known for its progressive bike-friendly attitude, lively music and restaurant scenes, food carts, farmers’ markets, and endless recreation possibilities. Beyond the metro area residents enjoy the Pacific Northwest’s natural beauty via slopes, sails, surf and trails.

Portland is a walkable and bikable city. Within walking distance of most parts of downtown is the campus of Portland State University, the world-class Portland Art Museum, Waterfront Park, Pioneer Courthouse Square, the Oregon Historical Society, a performing arts complex and a concert hall. For the sports-minded, Portland is home of the MLS Timbers, NBA Trail Blazers, and WHL Winterhawks. Outdoor enthusiasts love Forest Park, the largest city park in the nation, with 5,000 acres of hiking and biking trails, a zoo, public gardens and beautiful old-growth woods. The downtown core is connected by one of the world’s leading public transportation systems, a combination of buses, streetcars, and light-rail trains, putting the entire metro area only a couple stops away.

Portland Market Overview

POPULATION

2,436,583

EMPLOYEES IN METRO AREA

1,170,900

MOVING DESTINATION IN US (2017)

#2

MEDIAN HOME VALUE

$406,200

JOB GROWTH NATIONALLY

#2

#2ANNUAL RENT

GROWTH NATIONALLY


Company Overview

Award Winning Services 2001-2017

PSBJ Largest Commercial

Real Estate Firms

18 times

The Oregonian Top Work Places

6 times

SFBT Largest Commercial Real

Estate Firms

5 times

PSBJ Fastest Growing

Companies

5 times

PBJ Largest Commercial Real

Estate Firms

14 times

Kidder Mathews Services

Commercial Brokerage

Property Management

Valuation Advisory

Consulting

Project & Construction Management

Development Management

Debt & Equity Finance

OR Business Magazine 100

Best Companies

9 times

Kidder Mathews is one of the largest, independent commercial real estate firms on the West Coast, with nearly 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Arizona, and Nevada. We offer a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types.

SAN DIEGO

ORANGE COUNTYINLAND EMPIRE

PHOENIX

SEATTLE

SOUTH SEATTLETACOMA

OLYMPIA

PORTLAND

SAN FRANCISCO

SACRAMENTO

SILICON VALLEYREDWOOD SHORES

BELLEVUE

RENOROSEVILLE

CARLSBAD

LOS ANGELES COMMERCE

LONG BEACHEL SEGUNDO

WASHINGTON

# Brokers ................................... 119 # Property Managers .................... 22 # Appraisers ................................. 24

OREGON

# Brokers ..................................... 35 # Property Managers ...................... 6 # Appraisers ................................... 4

CALIFORNIA

# Brokers ................................... 158 # Property Managers .................... 19 # Appraisers ................................. 11

ARIZONA

# Brokers ..................................... 15 # Property Managers ...................... 1 # Appraisers ...................................... 1

NEVADA

# Brokers ..................................... 10 # Property Managers ...................... 1

PROPERTY MANAGEMENT

48M+ sfPortfolio

VALUATION ADVISORY

1,300+Appraisals annually

COMMERCIALBROKERAGE

330+

$5.6B

30.9M sf

18.6M sf

Overall annualtransaction volume

Brokers

Annualleases

Annual sales


Jordan A. Carter, JDSenior 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

The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and certification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

n williams development site memorandum€¦ · service oriented uses. generally, rx zones will be...

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