wellington court · executive summary asset summary property wellington court location 3145 ne 53rd...

OFFERING MEMOR ANDUM48 Units • Vancouver, WA

WELLINGTON COURT

www.hfore.com(503) 241.5541

INVESTMENT SUMMARY

PROPERTY HIGHLIGHTS • Spacious townhome units

• Powder rooms with in-unit washer/dryer

• Patio spaces extend living areas

• Convenient location in Vancouver central to major thoroughfares

• Low density construction and abundant on-site parking

• Extensive updates

Wellington Court Townhomes consists of large two- and three-bedroom townhomes averaging approximately 1,300 sq ft. The property has completed extensive updates to both the exterior and select townhome interiors. Over the past three years, more than $1,200,000 has been invested on siding, window replacement, exterior painting, landscape improvements and seal coating.

Each unit at Wellington Court Townhomes features a backyard patio overlooking a common green space. Apartments also provide a washer/dryer and powder room on the first floor. Each unit has large bedroom

closets with additional closets for abundant storage and kitchens include breakfast bars with dedicated dining areas.

Wellington Court Townhomes is located between the major thoroughfares of SR 500 and NE Minnehaha. These transportation corridors connect central Vancouver to the greater Portland metro area via either I-5 or I-205.

Current rents at Wellington Court Townhomes average $1,441 or $1.11 per sq ft and demonstrate a positive historical trend.

2 HFO INVESTMENT REAL ESTATE

EXECUTIVE SUMMARYASSET SUMMARYProperty Wellington Court

Location 3145 NE 53rd Street

City, State Vancouver, WA 98661

County Clark

Year Built 1972

Total Units 48

Stories 2 story townhomes

Approx. NR Sq Ft 62,400 sq ftAverage Sq Ft 1,300 sq ftAcreage 2.68 acres

Density 17.91 units per acre

PRICE SUMMARYPrice $9,550,000

Price Per Unit $198,958

Per Square Foot $153

Cap Rate (Scheduled Rents) 5.75%

50.0%50.0%3 Bedrooms2 Bedrooms

UNIT MIX SUMMARYUnit Type Unit Count Avg Sq Ft Total Sq Ft % of Total Units2 Bedrooms 24 1,200 28,800 50.0%

3 Bedrooms 24 1,400 33,600 50.0%

Total / Averages 48 1,300 62,400 100.0%

TOURS AND INQUIRIES Rob Marton • [email protected]

Greg Frick • [email protected]

2424 SE 11th Avenue, Portland, Oregon 97214www.hfore.com • (503) 241.5541 • Fax: (503) 241.5548Please do not disturb tenants.

3WELLINGTON COURT • 48 UNITS • VANCOUVER, WA

VANCOUVER, WASHINGTONDEMOGRAPHIC FACTORSClark County composes approximately 19.3% of the Portland/Vancouver’s estimated 2,453,168 residents, according to the U.S. Census Bureau’s recent calculations. During the past decade, Clark County has undergone significant population growth. Two factors have spurred this continued growth: an increase in regional employment and affordable housing prices, relative to the balance of the Portland MSA.

Clark County’s population was 481,857 in 2018—an increase of 100% since 1990, when its population was 240,883. Since 2010, Clark County’s population has increased 13.3%, while Portland’s Multnomah County has grown by 10.4%. Approximately 37% of Clark County’s population lives within the Vancouver city limits.

DEMAND GENERATORSIn recent years, Clark County’s economy has expanded from its traditional manufacturing sectors to semiconductors, high-tech products and healthcare. PeaceHealth SW Medical Center, Vancouver’s largest employer, relocated to Vancouver from Bellevue, Washington in 2010. PeaceHealth anticipates that it will add another 1,000 area jobs by 2020. In June 2019, Vancouver-based startup RealWare announced that it has raised $100 million in investor capital and plans to hire 100 new workers by the end of the year.

The Vancouver Waterfront is currently being developed into a 32-acre mixed-use neighborhood with apartments, hotel accommodations, 1.25 million square feet of creative office space, 250,000 square feet of restaurant and retail space, and a waterfront park. The first phase of the project is set to open in September 2018, and future retail and office tenants include Maryhill Winery, Ghost Runners Brewery, Sotheby’s Real Estate, Chicago Title & Fidelity National Title Company, and the MJ Murdock Charitable Trust.

INCOME IN VANCOUVERAs will be explained elsewhere in this section, Washington’s tax structure differs significantly from the rest of the Portland MSA.

Personal income is another major factor in determining the real estimate of demand in any given market. The U.S. Census Bureau estimates the median household income for Clark County as of 2017 was $67,832.

Demand for rental housing in Vancouver and Clark County as a whole is strong, while the supply is limited. In its Spring 2019 Apartment Report, Multi-family NW noted that the vacancy rate is 3.5% for West Vancouver and 4.2% for East Vancouver.

According to RentCafe, Vancouver’s rent growth was 3.3% for the year ending December 2019. As the city of Portland has increased development fees, implemented inclusionary zoning, and required landlords to assist with tenant relocation costs, Vancouver has become a more attractive location for investors interested in benefiting from the Portland Metro Area’s sustained growth.

Vancouver is home to the Columbia River Economic Development Council (CREDC). Since its 1982 inception, CREDC has helped create more than 28,000 jobs, with a cumulative annual payroll of $1.2 billion for the Southwest Washington area. The organization is funded by more than 135 investor companies, spread across 19 industries.


VANCOUVER, WASHINGTON MAJOR EMPLOYERS (VANCOUVER, WA)These are Clark County’s top employers, according to the Vancouver Business Journal’s 2020 Book of Lists:

Employer Employees

PeaceHealth 4,415Vancouver Public Schools 3,178Evergreen Public Schools 2,698The Vancouver Clinic 1,526Bonneville Power Administration 1,124Clark College 1,023SEH America Inc. 865Camas School District 800Banfield Pet Hospital 778Dick Hannah Dealerships 755C-TRAN 475Tapani Inc. 465Columbia Machine Inc. 460Washington State University (Vancouver) 446Clark Public Utilities 383Great Western Malting Co. 377Washougal School District 364Analog Devices 340Rebound Orthopedics & Neurosurgery 335iQ Credit Union 301Columbia Community Credit Union 299Nautilus, Inc. 276CDM Caregiving Services 256Costco Wholesale 250Pendleton Woolen Mills 242McCord’s Vancouver Auto Center Inc. 224

Vancouver residents enjoy all the urban and cultural amenities of Portland’s metro area, a low crime rate, lower cost of living and easy access to the Columbia River. One of the city’s popular outdoor events is its farmer’s market, held in downtown’s Esther Short Park, with more than 250 regular vendors. The market operates from April-October. Just north of downtown is Uptown Village—a vibrant retail district that blends the flair of urban shopping with small-town charm.

The city of Vancouver manages over 1,500 acres of parkland, across 77 developed parks and with over 20 miles of trails. Waterfront Renaissance Trail (part of Waterfront Park) offers a five-mile walking, cycling, jogging or rollerblading trail with gorgeous views of the Columbia River, the two Interstate bridges and Mt. Hood.

Vancouver has two school districts—Vancouver Public Schools and the Evergreen School District. Split between East and West Vancouver, the two districts encompass 14 high schools, 12 middle schools and 43 elementary schools.

Among the city’s festivals and annual events are the Recycled Arts Festival, which combines two important elements of life in the Portland-Vancouver MSA—art and sustainability, the Clark County Fair, the Vancouver Wine and Jazz Festival and one of the biggest Fourth of July fireworks shows on the Western side of the Mississippi River—held at the Fort Vancouver National Historic Site.

Vancouver has been hard at work to revitalize its Columbia River waterfront area. There will be more about this revitalization in coming pages, but it represents a giant step in Vancouver’s modern-day image, and has potential for new employment and an uptick in area tourism.


NE 63rd st

NE Fourth Plain BlvdRoyal Oaks

Country Club

Pearson Field

LIFESTYLE CONVENIENCES AND EMPLOYERS

WASHINGTON

OREGON

Fort Vancouver National Historical Site

Portland International Airport

Hayden Island

Hazel Dell South

OrchardsHazel Dell North

Vancouver MallOrchard Market

Center

VANCOUVER

Vancouver Lake

Regional Park

Columbia River

500

14

205

5

Wellington Court


Vancouver, Washington is home to several forms of public education. Its Evergreen Public Schools district is among the fastest-growing districts in Washington State, and is currently the fifth largest in the state.

VANCOUVER AREA SCHOOLS EVERGREEN SCHOOL DISTRICT + HIGHER ED

Evergreen Public Schools educates close to 25,712 students across 21 elementary schools, six middle schools, six high schools and five alternative schools. The district employs 2,577 area residents, according to the Vancouver Business Journal’s 2019 Book of Lists—making it Vancouver’s third-largest employer.

Evergreen Public Schools has partnered with the Southwest Washington Child Care Consortium, an organization that operates 29 Clark County centers and is considered the largest community-run child care system in the nation.

Vancouver Public Schools is Portland metro’s 11th largest employer with 3,300 employees, according to the district’s website. The district is comprised of 24,000 students across 21 elementary schools, six middle schools, five high schools, an arts school, a STEM (Science, Technology, Engineering and Math) school and three additional programs. The entire teaching pool averages approximately 11 years of experience and 72% have a Master’s Degree or higher.

Established in 1852, Vancouver’s public school district is among 57 school districts and education agencies across the county chosen by the U.S. Department of Education to join The League of Innovative Schools, a prestigious program designed to incorporate digital technology in the classroom.

Higher education in the Vancouver area is represented by two schools:

Washington State University (WSU)’s Clark County campus employs 450 and is one of 39 county-based extensions of Washington State University’s education programs. WSU, with a student body of over 25,277, is based in Pullman, Washington. Its extension services offer three-way partnerships between the USDA, WSU and local country governments—including Clark County. The WSU Vancouver extension campus serves 3,577 students with 255 educators.

Clark College is the largest single-campus provider of for-credit classes in Washington’s community and technical college system. The two-year junior college serves over 10,429 students across four campuses. Clark’s main campus occupies 101 acres in Vancouver’s Central Park, with satellite campuses throughout the city. In 2016 the school opened a $41 million science and technology building. The 70,000 square-foot structure offers Clark’s STEM program modern technology including an engineering collaboratorium, a cadaver lab and a drop tower.


CASCADE STATION SHOPPING CENTER

Cascade Station, located at 9721 NE Cascades Parkway, is connected to Portland International Airport (PDX) Announced in 2001, the shopping center had a troubled start, due to the recession, and finally opened in May, 2005, with an IKEA store—the only branch of this chain in the Portland-Vancouver metropolitan area—as its anchor.

Cascade Station is a conglomeration of shops, hotels and business offices. Developed by CenterCal Properties LLC, which also designed Bridgeport Village Shopping Center, Cascade Station has grown to include 46 different shops, restaurants and services.

Other prominent stores in Cascade Station include Best Buy, Banana Republic Factory Store, Verizon, Zoom+Care, Carhartt, Starbucks, Staples, Lane Bryant, Kay Jewelers, Homegoods, Marshalls, and Columbia River Surgery Center.

Several major hotels are located close to Cascade Station, increasing the convenience factor for visitors to the area. Hyatt Place Portland/Airport Cascade Station, Aloft Portland Airport at Cascade Station and Residence Inn Portland Airport at Cascade Station are among the bigger hotels close-in to Cascade Station.

The shopping center has appeal to tourists and travelers due to its lack of sales tax—which can mean a substantial savings on more expensive, high-ends items and services.

Cascade Station is serviced by TriMet’s MAX light-rail system’s Red line. The shopping center is the Red line’s third stop north of PDX.


PORTLAND METRO AREA The Portland Metro Area is one of the strongest apartment markets in the nation, as reflected in strong year-over-year rent growth and consistently tight vacancy. The area’s strong job market and high quality of life continues to attract new residents; between 2018 and 2019 approximately 72 people moved to the Portland metro area each day.* New apartment construction has not caught up to the housing demand created by in-migration.

*Portland Center for Population Research and State of Washington Office of Financial Management

PORTLAND MARKET SNAPSHOT

4.4% Metro-area vacancy

#2 for Oregon in Migration

in US

7.4% Year-over-year rent growth*

$68,125 Median household

income

3.9% Unemployment rate

(November 2019)

54% Millennials 25-34 in Portland

with a bachelor’s degree or higher

8,360 New Portland residents

(2018-2019)

38.3% Metro area renter-

occupied housing rate

4,474 Portland residents

per square mile

*Multifamily NW Apartment Report (Oct. 2018-2019)


PORTLAND REGIONOregon’s largest city, Portland, is near the confluence of the Willamette and Columbia Rivers. The Portland Metro Area consists of four counties: Multnomah, Washington, Clackamas, and Clark County, Washington.

APARTMENT MARKETThe Portland Metro Area consistently ranks among the nation’s lowest for apartment vacancy rates according to the U.S. Census Bureau and other third-party services. The U.S. Census Bureau pegged Portland’s Q3 2019 vacancy rate at 4.7% and the U.S. average at 6.8%.

The Multifamily NW Apartment Report survey proved average Fall 2018-19 year-over-year rent growth—not accounting for concessions—at 7.4%.

SKILLED WORKFORCE & STRONG EMPLOYMENTThe city of Portland was the 6th best educated major city in the U.S. in 2017, with 21% of adults having an advanced college degree, lagging behind only Washington DC, Seattle, Boston, Atlanta and San Francisco.

According to the State of Oregon’s Employment Department, Portland enjoys one of the fastest job growth rates in the Pacific Northwest, and the entire nation. Data indicates the area added 31,000 jobs in 2016, 28,000 jobs in 2017, and 29,000 in 2018.

DIVERSIFIED ECONOMYPortland is home to the headquarters of Fortune 500 companies Nike and Lithia Motors. Fortune 1000 companies headquartered here include Columbia Sportswear, Greenbrier Cos. and Portland General Electric. Fortune 500 companies based outside Oregon with major operations here are Precision Castparts and Intel.

Tech and software companies continue to relocate their operations here or open major outposts in Portland. These companies enjoy Portland’s educated workforce, affordable high quality of life, and a low cost of doing business compared to the Bay Area.

Companies which have opened major branches in Portland include Airbnb, Google, Squarespace, Mozilla, Simple, Survey Monkey, SalesForce and New Relic, Inc. Portland’s tech startup companies include Viewpoint, Jama Software, Thetus, Urban Airship, Acquia, Elemental Technologies, Act-On, Puppet Labs, and The Clymb.


PORTLAND RANKINGS

• No.1 Restaurant City of the Year – Bon Appetit• No.3 Healthiest City in the U.S. – Active.com• No.4 Best City for Biking – Fast Company• No.5 Fittest Cities in America – American College of Sports Medicine

Healthiest Cities to Live– Thrillist.com –

No.7

Best City for an Active Lifestyle– Wallethub –

No.4

No.7Best Cheap Destinations in the U.S.

– U.S. News and World Report –

No.9Best Foodie Cities in the USA


No.2Fiscally Fit Cities

– Sperlings 2019 (FISCALLY not physically) –

No.1Best Food City in America

– WalletHub (2019) –

No.8Best Place to Live in the U.S.


No.5Best Cities to Work from Home

– Yahoo Finance (2020) –

No.4Best Cities for a Healthy Retirement

– Sperlings (2019) –

No.7U.S. Cities with Lowest Startup Costs

– Embroker (2019) –

No.8Fittest Cities in America

– CBS News –

No.5Best Places for Business and Careers

– Forbes (2015-2019) –

No.2Best Cities for Foodies

– Sperlings (2019) –

Portland consistently receives glowing reviews and rankings from the media.

2019 lists include:

2018 lists include:


PORTLAND REGIONHIGH TECH & CHIP MANUFACTURINGAttracted by the Portland area’s educated workforce and relative low cost of doing business, tech companies continue opening branches and—in some cases—relocating to the area entirely.

With over 20,000 employees, Intel is the area’s largest private employer. Intel acquired its first Portland location in 1974. The company is currently expanding its presence with forthcoming D1X microprocessor chip facilities at the Ronler Acres Campus in Hillsboro. This 1.1 million square foot factory is part of a five-year, $6 billion expansion, and is part of the company’s long-term plans for growth. Intel is the largest property taxpayer in Washington County, with payments of approximately $30 million a year.

Other notable Portland-area high-tech companies include ON Semiconductor and Tektronix.

SPORTSWEARNike has its world headquarters in Beaverton and employs 12,000 Portland-area residents. The company designs, develops and manufactures footwear, apparel, equipment and accessories. From here, Nike orchestrates production and design for one of the world’s most recognizable brands. In 2020 Nike will complete a $1 billion expansion of its Washington County campus.

Nike’s two key competitors have a major local presence as well. Those employers include the North American headquarters of Adidas with 1,898 employees, and a new 70,000 SF outpost of Under Armour. Under Armour has moved 100 employees into an iconic former YMCA.

GOVERNMENTThe U.S. Federal Government is among Portland largest employers, with 18,300 workers. The State of Oregon gives employment to an additional 15,100 residents in government and education.

HEALTHCARE AND RESEARCHHealth services are another major employment sector for the Portland area. The top healthcare employers in the area are Providence Health Systems, with 18,885 employees, and The Oregon Health Sciences University (OHSU), with 17,556 workers. OHSU is the recent recipient of a total of $1 billion in donations for cancer research from over 10,000 Oregon donors. Grants from the National Institutes of Health totaled $245.62 million in 2018.

MANUFACTURINGIn trucking and transportation, Daimler Trucks—with nearly 2,800 area workers—has big plans for the Portland area. The company recently spent $150 million renovating its Portland facility and invests heavily in research and development, including autonomous driving.


TOP AREA EMPLOYERS

20,000 area employees 13,500 area employees 12,000 area employees

11,404 area employees



Intel is the area’s largest private employer. Recently, following a five year, $6 billion expansion, the company unveiled vast, long-term plans for future growth.

Kaiser has 35 medical facilities, 18 dental offices and 1,400 doctors in the Pacific Northwest. It employs more than 10,000 in the Portland metro region and serves 11.8 million members nationally. Kaiser is headquartered in Oakland, California.

In April of 2016, Nike announced a $1 billion expansion of its Beaverton world headquarters. The company is adding 1.3 million square feet of office space and parking for 3,300 vehicles. Construction on the final parts of this expansion will wrap up in 2020.

Legacy is a locally-owned nonprofit based in Portland, Oregon. It is the only health system covering the Portland/Vancouver area south to Salem with multiple hospitals and a hospital dedicated to exclusively serving children.

With nearly 50,000 students, Portland Public Schools is Oregon’s largest district. Portland is currently in the midst of a massive voter-approved high school and middle school reconstruction and modernization program.

In 2017 voters approved $790 million in taxes to rebuild one middle school and three high schools. The bond was in addition to a $480 million bond in 2012 for a similar program.

Fred Meyer offers one-stop shopping at 133 multi-department stores in four western states.

18,885 area employeesProvidence is a non-profit network of hospitals, health plans, physicians, clinics and related services. It operates in Alaska, Washington, Oregon, Montana and California. It was originally founded by the Sisters of Providence in Montreal Quebec in 1843.


Oregon Health Sciences University (OHSU) leads the way in government-funded healthcare — and secures numerous grants for the advancement of health sciences. OHSU recently acquired a $1 billion gift for cancer research.

Grants from the National Institutes of Health have held steady from around $184 million in 2011 to $245 million in 2018. This infuses the economy with jobs and income from outside the Portland MSA.


OPERATIONS ANALYSIS

Income December 2019 YE Current Scheduled Rents Note

Scheduled Gross Rent $820,802 $17,100 $829,740 $17,286 1

Less: Vacancy/Credit Loss -$89,389 ($1,862) -10.9% ($41,487) ($864) -5.0% 2

Less: Concessions -$11,436 ($238) -1.4% ($4,149) ($86) -0.5%

Less: Bad Debt/Recovery -$7,091 ($148) -0.9% ($4,149) ($86) -0.5%

Net Rental Income $712,885 $14,852 $779,956 $16,249

Other Income $78,188 $1,629 $62,611 $1,304 3

Includes: Utility Billing (RUBs) $35,975 $749 55.1% $35,975 $749 55.1%

Includes: Miscellaneous $41,136 $857 $25,560 $533

Gross Operating Income $791,073 $16,481 $842,567 $17,553

Expenses December 2019 YE Per Unit % GOI Projected Operations Per Unit % GOI

Real Estate Taxes $49,539 $1,032 6.3% $58,133 $1,211 6.9% 4

Insurance $19,802 $413 2.5% $23,848 $497 2.8% 5

Total Utilities $68,967 $1,437 8.7% $68,967 $1,437 8.2%

Administrative $10,469 $218 1.3% $10,469 $218 1.2%

Advertising $8,810 $184 1.1% $8,810 $184 1.0%

Fee Management $48,346 $1,007 6.1% $29,490 $614 3.5% 6

On-site Payroll $26,041 $543 3.3% $45,000 $938 5.3% 7

Landscaping $10,440 $218 1.3% $10,440 $218 1.2%

Maintenance/Repairs $6,191 $129 0.8% $6,191 $129 0.7%

Turnover $19,703 $410 2.5% $19,703 $410 2.3%

Reserves $12,000 $250 1.5% $12,000 $250 1.4% 8

Total Expenses -$280,307 -$293,050

Expenses per Unit -$5,840 -$6,105

% of Gross Operating Income 35.4% 34.8%

Net Operating Income (NOI) $510,766 $549,517

WELLINGTON COURT • 48 UNITS • VANCOUVER, WA


OPERATIONS ANALYSIS

RENT ROLL ANALYSIS: SCHEDULED RENTS

Unit Type Unit Count Square Feet Lowest Achieved Rent

Highest Achieved Rent % Diff Average Scheduled

RentAverage Scheduled

Rent per Sq Ft

2 Bedroom / 1.5 Bathroom 24 1,200 $1,295 $1,400 8.1% $1,346 $1.12

3 Bedroom / 1.5 Bathroom 24 1,400 $1,400 $1,690 20.7% $1,535 $1.10

Totals / Averages 48 1,300 $1,348 $1,545 14.4% $1,441 $1.11


1. RENTS Rents are based on a April 2020 rent roll. Current scheduled rents average $1,441 per unit or $1.11 per sq ft.

2. VACANCY, CONCESSIONS, AND BAD DEBT/RECOVERY

The projected operations stabilize the vacancy at 5.0%. Additional economic loss totaling 1.0% accounts for concessions and bad debt.

3. OTHER INCOME Other Income includes administrative fees, month-to-month income, pet fees, and utility charges (RUBs). For the previous 12 months, other income totaled $78,188. Residents are charged approximately $70 per month for water and sewer, and garage. The RUBs collections cover approximately 55.1% of those total expenses.


1,200 Sq Ft2-bedroom

1,400 Sq Ft3-bedroom

Sche

duled

Rent

Average Rent Maximum RentMinimum Rent

$1,400

$1,300

$1,250

$1,450

$1,550

$1,500

$1,600

$1,650

$1,750RENT RANGES BY UNIT TYPE

CURRENT RENTS

$1,350

$1,700

OPERATIONS ANALYSISWELLINGTON COURT • 48 UNITS • VANCOUVER, WA

Actual Rent * 2 Bedrooms1,200 Sq Ft

3 Bedrooms1,400 Sq Ft

$1,295 4

$1,299 1

$1,315 1

$1,320 2

$1,350 9

$1,375 3

$1,399 2

$1,400 2 1

$1,420 1

$1,425 1

$1,445 1

$1,450 2

$1,495 1

$1,499 1

$1,500 1

$1,520 2

$1,525 3

$1,545 2

$1,550 1

$1,584 1

$1,590 2

$1,665 1

$1,690 3

Total * 24 24

* Occupied units only.22 HFO INVESTMENT REAL ESTATE

RENT TRENDS

Scheduled RentsMarch 2020 T6-Months Annualized

March 2020 T3-Months Annualized

March 2020 TTM$1,415

$1,430

$1,425

$1,420

$1,440

$1,445

$1,435

Aver

age L

ease

Ren

t

$1,425

$1,435$1,434

$1,441

OPERATIONS ANALYSISWELLINGTON COURT • 48 UNITS • VANCOUVER, WA


OPERATIONS ANALYSIS

4. PROPERTY TAXES Clark County property taxes decreased in 2019 over previous years due to a reduction in the millage rates. In 2020, taxes increased and Wellington Court’s taxes 12.19%. The projected operations include the current tax assessment of $58,133.

5. INSURANCE The insurance cost has been adjusted for the current premium of $1,987 per month.

6. MANAGEMENT FEE Wellington Court is self-managed and the management fee includes costs associated with the current ownership. The management fee has been adjusted to reflect costs for a property like Wellington Court in the Portland/Vancouver metro area that is managed by an independent, third-party management company. The management fee is projected at 3.5% of GOI (Gross Operating Income).

7. PAYROLL The payroll has been adjusted for additional oversite. The current management as rovering managers that oversee other assets and the historical payroll may not be representative of potential on-site management at Wellington Court.

8. RESERVES Lenders require reserves be set aside to address future capital costs associated with any property as it ages. The projected operations include reserves of $250 per unit or $12,000 annually.


TAX HISTORYTax Year

2018 2019 2020Account #

1491280000 $58,207 $51,049 $58,133

Total $58,207 $51,049 $58,133

% Change 12.46% -14.02% 12.19%


OFFER TERMS

QUESTIONS & TOUR REQUESTS:Please do not disturb tenants.

All tours and inquiries regarding Wellington Court are to be directed to HFO Investment Real Estate at (503) 241.5541.

Rob Marton • [email protected] Frick • [email protected] Johnson • [email protected] Stephens • [email protected] Fehrenbacher • [email protected] Tully • [email protected] Smith • [email protected] Hoffman • [email protected]

Investment Real Estate 2424 SE 11th Avenue • Portland, Oregon 97214www.hfore.com • (503) 241.5541 • Fax: (503) 241.5548

Brokers licensed in the States of Oregon and Washington.

ASSET SUMMARYProperty Wellington Court

Location 3145 NE 53rd Street

City, State Vancouver, WA 98661

County Clark

Year Built 1972

Total Units 48

Avg Rent $1,441

Avg Rent per Sq Ft $1.11

PRICE SUMMARYPrice $9,550,000

Price Per Unit $198,958

Per Square Foot $153

Cap Rate (Scheduled Rents) 5.75%



HFO Investment Real Estate

2424 SE 11th Avenue • Portland, OR 97214www.hfore.com • 503.241.5541

Passion • Collaboration • Specialization

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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Parties who receive this information from unauthorized parties shall not be recognized. ©2020 HFO Investment Real Estate LLC. Build your legacy is a service mark of HFO Investment Real Estate. Licensed in the states of Oregon and Washington.

wellington court · executive summary asset summary property wellington court location 3145 ne 53rd...

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