Brook's Terrace
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BROOK’S TERRACE APARTMENTS<br />
21 Residential Townhomes | $6,500,000<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 />
Brook’s Terrance Apartments, 21 Townhome Style Apartments, just completed in<br />
November 2021, is 100% Leased. Professionally managed by ATLAS Management.<br />
Brook’s <strong>Terrace</strong> Townhomes is the newest boutique townhome community in<br />
desirable Cornelius, Oregon. These townhomes feature modern and updated fixtures<br />
and finishes with a unit mix of two bedroom, two full bathrooms and two<br />
bedroom, one full and one partial bath. Each unit is pet friendly townhome and<br />
comes equipped with stainless steel appliances, superior LVT flooring, top of the<br />
line laminate countertops, extra-large kitchen islands and air conditioning. Prime<br />
location, close proximity to disc golf at the Grand Lodge and the trails in Fernhill<br />
Wetlands.<br />
INTERIOR FEATURES:<br />
Dishwasher<br />
Washer/Dryer<br />
Microwave<br />
Energy Efficient Appliances<br />
Kitchen Island<br />
Carpeted Bedrooms<br />
Air Conditions/ Heating<br />
Extra Storage<br />
Premium Laminate Countertops<br />
Pet Friendly<br />
COMMUNITY FEATURES:<br />
Covered Parking<br />
Additional Storage<br />
Recycling On-Site<br />
Close to Public Transportation<br />
Close to Shopping<br />
Close to Local Restaurants<br />
Close to Schools<br />
Forest Grove School District<br />
Cornelius Elementary<br />
Neil Armstrong Middle<br />
Forest Grove High
PROPERTY DETAILS<br />
Apartment Name: Brook’s <strong>Terrace</strong> Apartments<br />
Property Address: 101 N 7th Avenue, Cornelius, Oregon<br />
Year Built: New Construction 2021<br />
Total Units:<br />
21 Townhome Style Apartments<br />
Average Unit Size: 989 SF<br />
Approx. Building SF: 20,920 SF<br />
Number of Buildings: Five<br />
Land Size:<br />
0.81 Acres<br />
County:<br />
Washington<br />
Tax ID:<br />
R2214747 and R2214761<br />
Subdivision:<br />
Brooks <strong>Terrace</strong><br />
Jurisdiction:<br />
City of Cornelius<br />
Zoning:<br />
C2<br />
Unit Mix:<br />
5, Two Bedroom, 1.5 Bath, 936 SF Units<br />
16, Two Bedroom, 2 Bath 1,015 SF Units
RENT ROLL<br />
Property Building Unit Count Unitsqft MonthlyUnitPric<br />
BrooksTownhomes 1 101 1 1015 $1,766<br />
BrooksTownhomes 1 102 1 1015 $1,766<br />
BrooksTownhomes 1 103 1 1015 $1,766<br />
BrooksTownhomes 1 104 1 1015 $1,766<br />
BrooksTownhomes 2 101 1 1015 $1,766<br />
BrooksTownhomes 2 102 1 1015 $1,766<br />
BrooksTownhomes 2 103 1 1015 $1,766<br />
BrooksTownhomes 2 104 1 1015 $1,766<br />
BrooksTownhomes 3 101 1 1015 $1,766<br />
BrooksTownhomes 3 102 1 1015 $1,766<br />
BrooksTownhomes 3 103 1 1015 $1,766<br />
BrooksTownhomes 3 104 1 1015 $1,766<br />
BrooksTownhomes 4 101 1 1015 $1,766<br />
BrooksTownhomes 4 102 1 1015 $1,766<br />
BrooksTownhomes 4 103 1 1015 $1,766<br />
BrooksTownhomes 4 104 1 1015 $1,766<br />
BrooksTownhomes 5 101 1 936 $1,629<br />
BrooksTownhomes 5 102 1 936 $1,599<br />
BrooksTownhomes 5 103 1 936 $1,599<br />
BrooksTownhomes 5 104 1 936 $1,599<br />
BrooksTownhomes 5 105 1 936 $1,629<br />
TOTALS 21 996 36,311.88
e PriceperSqft GrossPotentialAnnualIncome<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $21,193.20<br />
1.74 $19,543.68<br />
1.74 $19,188.00<br />
1.74 $19,188.00<br />
1.74 $19,188.00<br />
1.74 $19,543.68<br />
$1.74 $435,742.56
PROPERTY PHOTOS
PROPERTY PHOTOS<br />
Building 5<br />
Building 1
Building 3<br />
Building 4<br />
Building 2
FINANCIAL SUMMARY | PROFORMA<br />
Income Month1 Month2 Month3 Month4 Month5<br />
RentalIncome<br />
GrossPotentialRentalIncome $ 35,811.88 $ 35,811.88 $ 35,811.88 $ 35,811.88 $ 35,811.88 $<br />
Concessions $ (6,916.55) $ (6,916.55) $ (3,458.27) $ (1,729.14) $ (1,729.14) $<br />
VacancyLoss $ (22,478.78) $ (8,645.69) $ (1,729.14) $ (1,729.14) $ (1,729.14) $<br />
NetRentalIncome $6,416.55<br />
$ 20,249.65 $ 30,624.47 $ 32,353.61 $ 32,353.61 $<br />
OtherIncome<br />
LeaseBreakFee<br />
$ $ $2,557.99<br />
$ $ $<br />
PetRent $189.00<br />
$189.00<br />
$189.00<br />
$189.00<br />
$ 189.00 $<br />
LateFees $157.50<br />
$157.50<br />
$157.50<br />
$157.50<br />
$ 157.50 $<br />
Water/Sewer/GarbageBillBack $594.00<br />
$1,002.00<br />
$1,206.00<br />
$1,809.00<br />
$ 1,809.00 $<br />
TotalOtherIncome 940.50<br />
1,348.50<br />
4,110.49<br />
2,155.50<br />
2,155.50<br />
<br />
OperatingRevenue $7,357.05<br />
$ 21,598.15 $ 34,734.96 $ 34,509.11 $ 34,509.11 $<br />
Expenses Month1 Month2 Month3 Month4 Month5<br />
ManagementFees&OfficeExpenses<br />
ManagementFees 272.70<br />
860.61<br />
1,410.25<br />
1,375.03<br />
1,375.03<br />
<br />
Payroll(Taxes,Insurance,Servicing,Etc) 2,406.00<br />
2,406.00<br />
2,406.00<br />
2,406.00<br />
2,406.00<br />
<br />
Turnover<br />
<br />
<br />
<br />
400.00<br />
400.00 <br />
OfficeSupplies 100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00 <br />
Phone 100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00 <br />
Technology 63.00 63.00 63.00 63.00 63.00<br />
<br />
Utilities<br />
Electrical 210.00<br />
210.00<br />
210.00<br />
210.00<br />
210.00 <br />
Water/Sewer 480.00<br />
960.00<br />
1,200.00<br />
1,200.00<br />
1,200.00<br />
<br />
Gas 100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00 <br />
Garbage 200.00<br />
400.00<br />
500.00<br />
500.00<br />
500.00 <br />
UtilityProcessing 150.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00 <br />
Internet 75.00 75.00 75.00 75.00 75.00<br />
<br />
VacantElectrical 130.00<br />
50.00 10.00 10.00 10.00<br />
<br />
Alarms&Surveillance 150.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00 <br />
Repairs&Maintenance<br />
GeneralMaintenance(Est.) 128.75<br />
377.97<br />
607.86<br />
603.91<br />
603.91 <br />
Landscaping 500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00 <br />
SnowRemoval<br />
<br />
<br />
<br />
<br />
<br />
<br />
AnnualRoof/GutterCleaning<br />
<br />
<br />
<br />
<br />
<br />
<br />
BackFlowTesting<br />
<br />
<br />
<br />
<br />
<br />
<br />
ExteriorWindowCleaning<br />
<br />
<br />
<br />
<br />
<br />
<br />
ConcretePressureWashing<br />
<br />
<br />
<br />
<br />
<br />
<br />
MarketingExpenses&ResidentRetention<br />
Marketing 2,000.00<br />
2,000.00<br />
2,000.00<br />
2,000.00<br />
500.00 <br />
ResidentRetention<br />
<br />
<br />
<br />
<br />
250.00 <br />
Website 1,000.00<br />
200.00<br />
200.00<br />
200.00<br />
200.00 <br />
PropertyInsurance&TaxExpensesEst.<br />
Insurance 357.00<br />
357.00<br />
357.00<br />
357.00<br />
357.00 <br />
PropertyTaxes 2,668.75<br />
2,668.75<br />
2,668.75<br />
2,668.75<br />
2,668.75<br />
<br />
Misc.Expenses<br />
BankFees 60.00 60.00 60.00 60.00 60.00<br />
<br />
Misc.Expenses 300.00<br />
300.00<br />
300.00<br />
300.00<br />
300.00 <br />
TotalExpenses $ 11,451.20 $ 12,088.33 $ 13,167.87 $ 13,528.69 $ 12,278.69 $<br />
%OPEX 155.65% 55.97% 37.91% 39.20% 35.58%<br />
NetCashFlow $(4,094.15)<br />
$ 9,509.82 $21,567.09<br />
$20,980.42<br />
$ 22,230.42 $
Month6 Month7 Month8 Month9 Month10 Month11 Month12 Year1Total<br />
35,811.88<br />
$35,811.88<br />
$35,811.88<br />
$35,811.88<br />
$35,811.88<br />
$35,811.88<br />
$35,811.88<br />
$429,742.56<br />
(1,729.14) $ (1,729.14) $ (1,729.14) $ (1,729.14) $ (1,729.14) $ (1,729.14) $ (1,729.14) $(32,853.61)<br />
(1,729.14) $ (1,729.14) $ (1,729.14) $ (1,729.14) $ (1,729.14) $ (1,729.14) $ (1,729.14) $(48,415.84)<br />
32,353.61<br />
$32,353.61<br />
$32,353.61<br />
$32,353.61<br />
$32,353.61<br />
$32,353.61<br />
$32,353.61<br />
$348,473.11<br />
2,557.99<br />
$<br />
$<br />
$2,557.99<br />
$<br />
$<br />
$2,557.99<br />
$10,231.97<br />
189.00 $ 189.00 $ 189.00 $ 189.00 $ 189.00 $ 189.00 $ 189.00 $ 1,890.00<br />
157.50 $ 157.50 $ 157.50 $ 157.50 $ 157.50 $ 157.50 $ 157.50 $ 1,575.00<br />
1,809.00<br />
$1,809.00<br />
$1,809.00<br />
$1,809.00<br />
$1,809.00<br />
$1,809.00<br />
$1,809.00<br />
$19,083.00<br />
4,713.49 2,155.50 2,155.50 4,713.49 2,155.50 2,155.50 4,713.49 $33,472.97<br />
37,067.10<br />
$34,509.11<br />
$34,509.11<br />
$37,067.10<br />
$34,509.11<br />
$34,509.11<br />
$37,067.10<br />
$381,946.08<br />
Month6 Month7 Month8 Month9 Month10 Month11 Month12 Year1Total<br />
1,483.74 1,375.03 1,375.03 1,483.74 1,375.03 1,375.03 1,483.74 $15,244.97<br />
2,406.00 2,406.00 2,406.00 2,406.00 2,406.00 2,406.00 2,406.00 $28,872.00<br />
400.00<br />
400.00<br />
400.00<br />
400.00<br />
400.00<br />
400.00<br />
400.00<br />
$ 3,600.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
$ 1,200.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
$ 1,200.00<br />
63.00<br />
63.00<br />
63.00<br />
63.00<br />
63.00<br />
63.00<br />
63.00<br />
$756.00<br />
210.00<br />
210.00<br />
210.00<br />
210.00<br />
210.00<br />
210.00<br />
210.00<br />
$ 2,520.00<br />
1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 $13,440.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
100.00<br />
$ 1,200.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
$ 5,600.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00<br />
$ 1,800.00<br />
75.00<br />
75.00<br />
75.00<br />
75.00<br />
75.00<br />
75.00<br />
75.00<br />
$900.00<br />
10.00<br />
10.00<br />
10.00<br />
10.00<br />
10.00<br />
10.00<br />
10.00<br />
$280.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00<br />
150.00<br />
$ 1,800.00<br />
648.67<br />
603.91<br />
603.91<br />
648.67<br />
603.91<br />
603.91<br />
648.67<br />
$ 6,684.06<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
$ 6,000.00<br />
500.00<br />
500.00<br />
500.00<br />
<br />
<br />
<br />
<br />
$ 1,500.00<br />
<br />
<br />
<br />
1,000.00 <br />
<br />
<br />
$ 1,000.00<br />
<br />
<br />
<br />
<br />
<br />
<br />
200.00<br />
$200.00<br />
<br />
<br />
<br />
<br />
<br />
800.00<br />
<br />
$800.00<br />
<br />
<br />
<br />
800.00<br />
<br />
<br />
<br />
$800.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
500.00<br />
$12,000.00<br />
<br />
<br />
<br />
<br />
250.00<br />
<br />
<br />
$500.00<br />
200.00<br />
200.00<br />
200.00<br />
200.00<br />
200.00<br />
200.00<br />
200.00<br />
$ 3,200.00<br />
357.00<br />
357.00<br />
357.00<br />
357.00<br />
357.00<br />
357.00<br />
357.00<br />
$ 4,284.00<br />
2,668.75 2,668.75 2,668.75 2,668.75 2,668.75 2,668.75 2,668.75 $32,025.00<br />
60.00<br />
60.00<br />
60.00<br />
60.00<br />
60.00<br />
60.00<br />
60.00<br />
$720.00<br />
300.00<br />
300.00<br />
300.00<br />
300.00<br />
300.00<br />
300.00<br />
300.00<br />
$ 3,600.00<br />
12,682.17<br />
$12,528.69<br />
$12,528.69<br />
$13,982.17<br />
$12,278.69<br />
$12,828.69<br />
$12,382.17<br />
$151,726.02<br />
34.21% 36.31% 36.31% 37.72% 35.58% 37.17% 33.40% 47.92%<br />
24,384.93<br />
$21,980.42<br />
$21,980.42<br />
$23,084.93<br />
$22,230.42<br />
$21,680.42<br />
$24,684.93<br />
$230,220.06
LOCATION<br />
7-Eleven<br />
Taco Bell<br />
Walmart<br />
Supercenter<br />
Tualatin Valley HWY
Wilco<br />
Chevron<br />
Cornelius<br />
Elementary
DEMOGRAPHICS
DEMOGRAPHICS<br />
CITY OF CORNELIUS<br />
City History | The history of Cornelius began before the incorporation of the City. Like many western towns,<br />
Cornelius came into existence with the arrival of the railroad. Settlers faced the challenges of the Oregon Trail to<br />
get here.<br />
One of the successful settlers was T.R. Cornelius, who settled in the Tualatin Valley. After receiving news of the<br />
Whitman massacre Cornelius enlisted with the Washington County Volunteers and fought in five battles. Once<br />
the need for volunteers lessened he followed the gold rush to California.<br />
Upon returning to Oregon, Sgt. Cornelius was elected Captain, at the retirement of Col. Nesmith; Capt. Cornelius<br />
was elected Colonel of Washington County Company D. After the Indian War of 1855-56 Col. Cornelius<br />
served 20 years in the Territorial Legislature. He then returned to his 1300-acre farm in 1871, and over time built<br />
a grain warehouse, creamery, two sawmills, a grocery store, several houses and barns over a wide area.<br />
During the same period, Ben Holladay built a railroad depot that housed the post office and a telegraph office in<br />
an area called Free Orchards. Cornelius’ warehouse became a boon to the farmers in the area. Soon lines of wagons<br />
formed, farmers often waited all day to unload grain to the warehouse for shipping. Later through common<br />
consent of the townsfolk, the city was named after the prominent store owner T. R. Cornelius in honor of the<br />
many contributions he made to the development of the community.<br />
The City was incorporated in the spring of 1893. The first Council meeting was held May 5, 1893. The officers of<br />
the Council consisted of the Mayor, four Councilmen, the Treasurer, Recorder, and Marshall. In the beginning,<br />
all members served without pay until first paid position was established in 1893 when the City Council paid the<br />
Marshal $2.50 per month for patrolling until 9 pm, and looking after the 2 cell jail and prisoners. In 1898 the<br />
town was said to have a population of 400. Today the City continues to grow with an estimated population of<br />
12,161 (as of December 2015).
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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