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O<br />
NORTHWEST / NOB HILL DISTRICT HISTORIC APARTMENTS<br />
39 Residential Units, 4 Commercial Spaces | $8,950,000<br />
Brandi M. Ho<br />
Brandi@MAJCRE.com<br />
360.823.5112<br />
Dustin Ho<br />
Dustin@HSR-Capital.com<br />
360.513.6516<br />
Andy Swanson<br />
Andy@HSR-Capital.com<br />
503.936.8514<br />
www.MAJCRE.com
CONTENTS<br />
INVESTMENT SUMMARY 04<br />
PROPERTY DETAILS 06<br />
RENT ROLL 08<br />
PROPERTY PHOTOS 10<br />
FINANCIAL SUMMARY 14<br />
LOCATION 16<br />
DEMOGRAPHICS 18<br />
www.MAJCRE.com<br />
Brandi M. Ho<br />
Brandi@MAJCRE.com<br />
Direct: 360.823.5112<br />
300 West 15th Street, Suite 201<br />
Vancouver, Washington 98660
Dustin Ho<br />
Dustin@HSR-Capital.com<br />
Direct: 360.513.6516<br />
1012 Washington Street<br />
Vancouver, Washington 98660<br />
Andy Swanson<br />
Andy@HSR-Capital.com<br />
Direct: 503.936.8514<br />
1012 Washington Street<br />
Vancouver, Washington 98660
INVESTMENT SUMMARY<br />
Unique investment opportunity to acquire two historical apartment buildings in<br />
the Northwest / <strong>Nob</strong> <strong>Hill</strong> District of Portland, Oregon.<br />
Sale consists of two adjacent buildings, Midtown Apartments located at 1010<br />
NW 17th Avenue, consisng of 24 residenal units, and two commercial spaces,<br />
and Bjelland Apartments located at 1611 NW Lovejoy Street and consists of 15<br />
residenal units plus two commercial spaces. Both buildings are 100% occupied.<br />
Upside/redevelopment potenal to add more units.<br />
Northwest Portland offers sophiscated shopping, dining and breath-taking views<br />
of the City. Old Portland charm lives through the repurposed Victorian homes,<br />
now bouques and restaurants which line the streets of Portland’s Northwest/<br />
<strong>Nob</strong> <strong>Hill</strong> neighborhood, making it an ideal spot for leisurely strolls and window<br />
shopping. At the top of the hill you’ll find Forest Park, with 70 miles (113 km) of<br />
trails to explore in Portland’s west hills. Explore the sprawling rose garden and<br />
visit the historic view point at Piock Mansion. This district is also known for<br />
many award-wining chefs showcasing their culinary skills.<br />
Click here for the VIDEO TOUR
PROPERTY DETAILS<br />
Apartment Name: Midtown Apartments<br />
Property Address: 1010 NW 17th Avenue, Portland, Oregon<br />
Year Built: Approximately 1912<br />
Total Units:<br />
24 Residential Units + 2 Commercial Units<br />
Average Unit Size: 454 SF<br />
Approx. Building SF: 10,896 SF<br />
Number of Buildings: One<br />
Unit Mix:<br />
12 Studio/1 Bath 410 SF<br />
12 1 Bed / 1 Bath 498 SF<br />
Land Size:<br />
0.11 Acres<br />
County:<br />
Multnomah<br />
Jurisdiction:<br />
City of Portland<br />
Zoning:<br />
EX, High Density Commercial, Light Industrial,<br />
Institutional and Residential Uses<br />
Commercial Tenants:<br />
Misplaced Screen Printing<br />
www.misplacedscreenprinting.com<br />
Lease Type: Gross<br />
Term: Month to Month<br />
Size: 1,300 Square Feet<br />
Rent: $850 Per Month<br />
The Triple Lindy, Craft Cocktails and Creative Pub<br />
www.triplelindypdx.com<br />
Lease Type:<br />
Term: 5 Years<br />
Size: 2,038 Square Feet
Apartment Name: Bjelland Apartments<br />
Property Address: 1611 NW Lovejoy Street, Portland, Oregon<br />
Year Built: Approximately 1911<br />
Total Units:<br />
15 Residential Units + 2 Commercial Units<br />
Average Unit Size: 483 SF<br />
Approx. Building SF: 7,900 SF<br />
Number of Buildings: One<br />
Unit Mix:<br />
10 Studio/1 Bath 500 SF<br />
4 Studio/1 Bath 650 SF, and 1 Studio/1 Bath 300 SF<br />
Land Size:<br />
0.11 Acres<br />
County:<br />
Multnomah<br />
Jurisdiction:<br />
City of Portland<br />
Zoning:<br />
EX, High Density Commercial, Light Industrial,<br />
Institutional and Residential Uses<br />
Commercial Tenants:<br />
Folly, Women’s Clothing Store<br />
www.follypdx.com<br />
Lease Type: Gross<br />
Term: Month to Month<br />
Size: 1,375 Square Feet<br />
Rent: $2,090.00 Per Month
RENT ROLL<br />
Midtown Apartments - 1010 NW 17th Ave. Portland, OR 97209<br />
Unit Status Rent Lease To Move-in<br />
1 Current $895.00 02/28/2022 02/12/2021<br />
2 Current $995.00 Month to Month 09/01/2016<br />
3 Current $995.00 08/31/2022 08/15/2021<br />
4 Current $895.00 06/30/2022 06/18/2021<br />
5 Current $895.00 11/30/2021 01/02/2021<br />
6 Current $1,050.00 Month to Month 03/21/2020<br />
7 Current $995.00 06/30/2022 06/22/2021<br />
8 Current $895.00 12/31/2021 12/29/2020<br />
9 Current $895.00 01/31/2022 01/08/2021<br />
10 Current $995.00 03/31/2022 04/01/2021<br />
11 Current $912.00 06/30/2022 06/12/2021<br />
12 Current $895.00 03/31/2022 04/01/2021<br />
14 Current $930.00 08/31/2022 09/01/2021<br />
15 Current $995.00 06/30/2022 06/28/2021<br />
16 Vacant<br />
17 Current $985.00 Month to Month 12/01/2011<br />
18 Current $895.00 12/31/2021 01/01/2021<br />
19 Current $995.00 03/31/2022 04/09/2021<br />
20 Current $995.00 08/31/2021 03/01/2021<br />
21 Current $895.00 07/31/2022 08/02/2021<br />
22 Vacant<br />
23 Current $995.00 06/30/2022 07/01/2021<br />
24 Current $995.00 07/31/2022 07/24/2021<br />
25 Vacant<br />
1000 Current $3,641.00 07/31/2022 08/01/2021<br />
1016 Current $850.00 Month to Month 07/11/2020<br />
Total 26 Units 88.5% Occupied $24,483.00
Bjelland Apartments - 1611 NW Lovejoy St Portland, OR 97209<br />
Unit Status Rent Lease To Move-in<br />
1 Current $1,095.00 08/31/2022 09/01/2020<br />
2 Current $1,050.00 07/21/2022 07/24/2021<br />
3 Current $895.00 01/31/2022 07/11/2021<br />
4 Current $1,095.00 Month to Month 09/01/2020<br />
5 Current $995.00 08/31/2022 09/01/2021<br />
6 Current $995.00 07/31/2022 08/03/2021<br />
7 Current $1,150.00 Month to Month 12/23/2018<br />
8 Current $1,075.00 Month to Month 09/20/2018<br />
9 Current $1,025.00 05/31/2018 11/13/2015<br />
10 Current $1,100.00 10/31/2021 11/01/2020<br />
11 Current $995.00 08/31/2022 09/01/2021<br />
12 Current $1,050.00 Month to Month 06/30/2018<br />
13 Current $1,095.00 08/31/2022 08/07/2021<br />
14 Current $1,044.00 Month to Month 04/25/2015<br />
15 Current $1,072.00 Month to Month 12/01/2004<br />
1005 Current $2,090.00 Month to Month 03/25/2008<br />
16 Units 100.0% Occupied $17,821.00
PROPERTY PHOTOS
PROPERTY PHOTOS
FINANCIAL SUMMARY<br />
Operating Statement 2019-2020<br />
2020 2019<br />
Operating Income & Expense<br />
Income<br />
Rent $ 458,661.83 $ 509,061.21<br />
Early Termination Charge $ 10,980.00 $ 1,387.50<br />
Laundry Income $ 2,199.79 $ 2,590.03<br />
Late Fee $ 1,179.00 $ 1,991.00<br />
NSF Fees $ 105.00 $ 35.00<br />
Application Fees $ 1,125.00 $ 860.00<br />
Total Operating Income $ 474,250.62 $ 515,924.74<br />
Expense<br />
Cleaning/Maintenance $ 23,308.63 $ 34,918.74<br />
Prof Fees - Legal & Acctng $ 4,645.50 $ 565.00<br />
Insurance $ 5,235.85 $ 4,060.00<br />
Property Tax $ 29,358.52 $ 27,637.60<br />
Utilities $ 11,025.60 $ 10,214.41<br />
Utilities - WATER $ 16,313.46 $ 22,830.31<br />
Appliances $ 1,120.36 $ -<br />
Property Management* $ 22,933.09 $ 25,453.06<br />
Total Expense $ 113,941.01 $ 125,679.12<br />
Net Income $ 360,309.61 $ 390,245.62<br />
*Not based on actual, based on market rate management of 5% of rents
Proforma Operating Statement 2022<br />
2022<br />
Operating Income & Expense<br />
Income<br />
Current Rent with 25% Increase $ 573,327.28<br />
Early Termination Charge $<br />
2,000.00<br />
Laundry Income $<br />
2,199.79<br />
Late Fee $<br />
1,179.00<br />
NSF Fees $<br />
105.00<br />
Application Fees $<br />
1,125.00<br />
Total Operating Income $ 579,936.07<br />
Expense<br />
Cleaning/Maintenance $ 23,308.63<br />
Prof Fees - Legal & Acctng $<br />
4,645.50<br />
Insurance $<br />
5,235.85<br />
Property Tax $ 29,358.52<br />
Utilities $ 11,025.60<br />
Utilities - WATER $ 16,313.46<br />
Appliances $<br />
1,120.36<br />
Property Management (Market) $ 28,666.36<br />
Total Expense $ 119,674.28<br />
Proforma Net Income $ 460,261.79<br />
Sales Price: $ 8,950,000.00<br />
Cap Rate: 5.14%
LOCATION
300 West 15th Street, Suite 201 | Vancouver, WA 98660<br />
www.MAJCRE.com<br />
While the information provided is not guaranteed it has been obtained from sources we deem reliable. It is provided without any representations, warranty or<br />
guarantee, expressed or implied as to its accuracy. Prospective buyer or tenant should conduct an independent investigation and verification of all matters<br />
deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other Professional advisor.
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