edgewood terrace - loopnet...2125 s edgewood street * seaside * or * 97138 confidentiality and...
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6 Unit Apartment Complex In Seaside Oregon
Edgewood Terrace
2125 S Edgewood Street * Seaside * OR * 97138
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Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and
should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified
information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any
tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be
reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these
matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to
verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
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EDGEWOOD APARTMENTS
Seaside, OR
ACT ID ZAB0210376
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N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
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201237134
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4
CONTENTS:
Investment Overview 04The Property 08Market Overview 15Financial Summary 22Market Comparables 26
Exclusively listed by:
Edgewood Terrace
2125 S Edgewood Street
Seaside, OR 97138
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the INVESTMENT OVERVIEW
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EXECUTIVE SUMMARYEDGEWOOD TERRACE APARTMENTS
Price $725,000 6 Apartments Units
MIX: 6 -Two Bedroom / One Bath Flats
VITAL DATA
Price $725,000 CURRENT PRO FORMA
Down Payment25% /
$181,250CAP Rate 5.78% 6.88%
Loan Amount $543,750 GRM 10.41 9.15
Loan TypeProposed
New
Net Operating Income
$41,921 $49,879
Interest Rate / Amortization
3.95% / 30 Years
Net Cash Flow After Debt Service
6.05% / $10,958
10.44% / $18,916
Price/Unit $120,833Total Return
11.37% / $20,617
15.98% / $28,963
Price/SF $161.11
Number of Units 6
Rentable Square Feet
4500
Year Built 1973
Lot Size 0.16 acre(s)
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▪ - 6.88% Pro Forma Cap Rate▪ - 12% Upside in Rents▪ - 0.2 Miles from Seaside Beach ▪ - Desirable South Seaside Neighborhood▪ - Walkable to Broadway Street▪ - Plentiful Off-Street Parking
Marcus & Millichap is pleased to exclusively represent the sale of Edgewood Terrace, acharming asset in Seaside, Oregon, located just a short stroll away from miles of sandybeach. The property is comprised of six two-bedrooms / one-bath units. The propertyfeatures open floorplans and all the units have been updated with laminate plankflooring, updated kitchen and bath countertops, and stylish interior paint thatembraces the beach vibe.
Upside can be achieved via several avenues. Rents are approximately 12% belowmarket, allowing for solid achievable rent growth. Additionally, units could benefit fromfurther updated finishes to achieve higher rents. Each unit has a large open floorplan,and the property has undergone meticulous turns. The property is zoned RM3 whichcan be used as a vacation rental, subject to city parking and other requirements. Thecommunity also features washer and dryer hookups and off-street parking as tenantamenities. The asset is within walking distance of the Seaside Golf Course, OspreyCafé, and an iconic beachfront promenade.
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the PROPERTY
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EDGEWOOD TERRACE
Edgewood Terrace is
Conveniently Located on the
HW-101 Corridor
2125 S Edgewood St
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Edgewood Terrace Apartments
❖ All Units Have Been Lightly Renovated
❖ Updated Counter Tops in Kitchens and Bathrooms
❖ Updated Laminate Plank Flooring
❖ Open Floor Plans Throughout Property
❖ Baseboard Molding Throughout
❖ Dishwashers in Each Unit
❖ Washer & Dryer Hookups in Each Unit
❖ Off-Street Parking
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Site Description:Number of Units 6 ApartmentsYear Built 1973Zoning R3Number of Buildings 1Number of Stories 2Rentable Square Feet 4,500Lot Size 0.16 acreParking 8 SpacesParking Ratio 1.33:1 Landscaping MatureTopography Level
Utilities:Water/Sewer Paid by OwnerElectric Paid by TenantTrash Paid by Owner
Construction:
Foundation Crawl SpaceFraming Wood
Exterior Wood
RoofPitched Composite
Shingle, 2014
Edgewood Terrace
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About the Property Location:
Edgewood Terrace is in the desirable SouthSeaside neighborhood. The location is surroundedby single-family homes yet is highly accessible tothe greater Oregon coast. The asset is just a shortdrive away from Broadway Street, the mainthoroughfare, with countless restaurants andentertainment to enjoy:
• Cartwright Park – 1 Block Away• Seaside Golf Course– 0.1 miles• Access to HW-101 – 0.3 miles• The Beach – 0.4 miles• Broadway Promenade– 1 mile• Providence Seaside Hospital– 1.7 miles• Access to HW-26 – 8 miles• Cannon Beach – 8 miles• Downtown Portland – 70 miles
The property is close enough to Broadway street,the main thoroughfare, to enjoy biking to town,kayaking, razor clamming, kite flying, and searchingfor sand dollars seemingly to yourself. An iconicyear-round vacation destination for residents of thePortland area, Seaside has an expansive tourismindustry and need for quality housing.
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Conveniently Located Within Walking Distance of Downtown Seaside
• Cartwright Park – 1 Block Away• Seaside Golf Course– 0.1 miles• Access to HW-101 – 0.3 miles• The Beach – 0.4 miles• Broadway Promenade– 1 mile• Providence Seaside Hospital– 1.7 miles• Access to HW-26 – 8 miles• Cannon Beach – 8 miles• Downtown Portland – 70 miles
Walking Distance 20-minute Radius
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the MARKET OVERVIEW
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Firehouse Grill
Pizza Harbor
Tom’s Fish & Chips
Norma’s Seafood and Steak
Pig N’ Pancake
Finn’s Fish House
Times Theatre & Public House
Sea Star Gelato9
Dooger’s Seafood & Grill
All restaurants within one mile of Edgewood Terrace
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Safeway
Seaside Carousel Mall
Nike Factory Store
Seaside Aquarium
Seaside Golf Course
Bell Buoy of Seaside: Seafood Market
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Providence Medical Center
All retail within 2 miles of Edgewood Terrace
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Seaside Farmers Market
Grocery Outlet
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18SeasideOR.com
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MARKETING TEAM
Source: © 2019 Experian
Income
In 2019, the median household income for your selected geography is
$52,245, compare this to the US average which is currently $62,990.
The median household income for your area has changed by 52.03%
since 2000. It is estimated that the median household income in your
area will be $62,324 five years from now, which represents a change
of 19.29% from the current year.
The current year per capita income in your area is $32,177, compare
this to the US average, which is $34,935. The current year average
household income in your area is $70,289, compare this to the US
average which is $90,941.
Population
In 2019, the population in your selected geography is 9,559. The
population has changed by 16.62% since 2000. It is estimated that
the population in your area will be 9,917.00 five years from now,
which represents a change of 3.75% from the current year. The
current population is 48.74% male and 51.26% female. The median
age of the population in your area is 43.98, compare this to the US
average which is 38.21. The population density in your area is 121.36
people per square mile.
Households
There are currently 4,359 households in your selected geography. The
number of households has changed by 20.02% since 2000. It is
estimated that the number of households in your area will be 4,546
five years from now, which represents a change of 4.29% from the
current year. The average household size in your area is 2.17 persons.
Employment
In 2019, there are 4,221 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
54.43% of employees are employed in white-collar occupations in
this geography, and 45.72% are employed in blue-collar occupations.
In 2019, unemployment in this area is 3.78%. In 2000, the average
time traveled to work was 16.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
87.44% White, 0.66% Black, 0.11% Native American and 1.67%
Asian/Pacific Islander. Compare these to US averages which are:
69.84% White, 12.88% Black, 0.20% Native American and 5.75%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 12.09% of the current year
population in your selected area. Compare this to the US average of
18.38%.
Housing
The median housing value in your area was $353,330 in 2019,
compare this to the US average of $221,068. In 2000, there were
2,041 owner occupied housing units in your area and there were
1,591 renter occupied housing units in your area. The median rent at
the time was $510.
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DEMOGRAPHICS
9,559Total Population within Five
Mile Radius
GENDER
Average Household Income
in One Mile Radius
Median Housing Value within
One Mile Radius
4,359Total Households in One Mile Radius
10.13%Increase since 2010 within
Five Mile Radius
$67,288 $ 353,330
48.74%
51.26%
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PROPERTY NAME
MARKETING TEAM
DEMOGRAPHICS
DEMOGRAPHICS
Source: © 2019 Experian
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Created on October 2020
HOUSEHOLDS BY INCOME 1 Miles 5 Miles 10 Miles
▪ 2020 Estimate
$200,000 or More 3.40% 2.74% 3.27%
$150,000 - $199,000 3.29% 4.12% 5.03%
$100,000 - $149,000 10.88% 12.68% 13.23%
$75,000 - $99,999 10.27% 13.79% 15.37%
$50,000 - $74,999 14.55% 18.55% 19.26%
$35,000 - $49,999 16.31% 14.58% 14.12%
$25,000 - $34,999 12.31% 10.44% 9.34%
$15,000 - $24,999 15.21% 13.10% 11.57%
Under $15,000 13.77% 10.01% 8.82%
Average Household Income $67,288 $70,289 $76,207
Median Household Income $40,989 $52,245 $57,275
Per Capita Income $30,640 $32,177 $34,204
POPULATION PROFILE 1 Miles 5 Miles 10 Miles
▪ Population By Age
2020 Estimate Total Population 3,115 9,559 14,458
Under 20 21.62% 21.10% 20.29%
20 to 34 Years 20.54% 17.80% 16.46%
35 to 39 Years 6.76% 6.74% 6.31%
40 to 49 Years 11.02% 10.96% 10.36%
50 to 64 Years 18.93% 20.62% 21.89%
Age 65+ 21.12% 22.80% 24.69%
Median Age 40.90 43.98 46.77
▪ Population 25+ by Education Level
2020 Estimate Population Age 25+ 2,248 7,047 10,827
Elementary (0-8) 3.29% 2.28% 1.78%
Some High School (9-11) 7.68% 6.51% 6.08%
High School Graduate (12) 25.35% 26.40% 24.67%
Some College (13-15) 34.77% 33.19% 32.41%
Associate Degree Only 6.31% 7.08% 8.31%
Bachelors Degree Only 13.06% 14.23% 16.25%
Graduate Degree 9.24% 10.11% 10.28%
▪ Population by Gender
2020 Estimate Total Population 3,115 9,559 14,458
Male Population 48.66% 48.74% 48.88%
Female Population 51.34% 51.26% 51.12%
POPULATION 1 Miles 5 Miles 10 Miles
▪ 2025 Projection
Total Population 3,127 9,917 15,027
▪ 2020 Estimate
Total Population 3,115 9,559 14,458
▪ 2010 Census
Total Population 3,016 8,809 13,264
▪ 2000 Census
Total Population 2,900 8,197 12,290
▪ Daytime Population
2020 Estimate 3,576 10,440 14,752
HOUSEHOLDS 1 Miles 5 Miles 10 Miles
▪ 2025 Projection
Total Households 1,428 4,546 6,749
▪ 2020 Estimate
Total Households 1,408 4,359 6,451
Average (Mean) Household Size 2.11 2.17 2.19
▪ 2010 Census
Total Households 1,339 3,958 5,827
▪ 2000 Census
Total Households 1,290 3,632 5,284
Growth 2015-2020 1.42% 4.29% 4.62%
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the FINANCIAL SUMMARY
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the MARKET COMPARABLES
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The Retreat
Broadway Villas
Jackson Apartments
Sunrise Apartments
822 Necanicum Dr
RENT COMPARABLES
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EDGEWOOD TERRACE
(SUBJECT)
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PROPERTY NAMEAVERAGE RENT - MULTIFAMILY
Avg. $1,250
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
Edgewood Terrace The Retreat Broadway
Villas
Jackson
Apartments
Sunrise
Apartments
822
Necanicum
Dr
2 Bedroom
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RENT COMPARABLES
YEAR BUILT: 1973
rentpropertyname1
rentpropertyaddress1
Unit Type Units SF Rent Rent/SF
Two Bed One Bath
6 750 $968 $1.29
Total/Avg. 6 750 $968 $1.29
EDGEWOOD TERRACE2125 S Edgewood St, Seaside, OR, 97138
YEAR BUILT: 1996
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NOTES
The location is inferior to subject property. The Retreat features a large lot
and spaced out community of four buildings. The amenities include
balconies, washer/dryer hook up, along with a complex laundry room.
W/S/G not included in rents above and electric is paid by tenants.
Unit Type Units SF Rent Rent/SF
Studio 1 Bath Flat 2 560-560$1,000-$1,000
$1.79
1 Bdr 1 Bath Flat 14 687-687$1,150-$1,200
$1.71
2 Bdr 1 Bath Twnhs 40 934-934$1,400-$1,500
$1.55
Total/Avg. 56 859 $1,365 $1.59
THE RETREAT2160 Lewis & Clark Road, Seaside, OR, 97138
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YEAR BUILT: 1973
NOTES
Property located behind subject property comprised of eight buildings on
a large lot. Pet Rent: $50/a pet per month. Maximum two pets permitted;
under 25 lbs only. Off street marking - one designated parking spot +
guest parking. Amenities include laminate and tile floors throughout,
stainless steal appliances.
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 5 710-710$1,000-$1,000
$1.41
2 Bdr 1 Bath Twnhs 10 903-903$1,150-$1,150
$1.27
3 Bdr 1.5 Bath Twnhs 5 1,089-1,089$1,500-$1,500
$1.38
Total/Avg. 20 901 $1,200 $1.33
BROADWAY VILLAS 1601 Broadway Street, Seaside, OR, 97138
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RENT COMPARABLES
YEAR BUILT: 2017
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Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath Flat 26 964-964$1,200-$1,300
$1.30
Total/Avg. 26 964 $1,250 $1.30
NOTES
Jackson Apartments is the newest apartment building in Seaside however
location and exterior are comparable to subject property. The amenities
include balconies, washer/dryer in unit, and parking lot. Utilities are all paid
as an additional fee and are not included in rents above.
JACKSON APARTMENTS845-855 Avenue M, Seaside, OR, 97138
YEAR BUILT: 1992
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NOTES
The property has large units comparable to subject property. More dated
exteriors and not as well kept. The amenities include; Washer/Dryer in unit,
large parking lot, and superior walk-ability.
Unit Type Units SF Rent Rent/SF
2 Bdr 1.5 Bath Flat 12 1,000-1,000$1,200-$1,200
$1.20
Total/Avg. 12 1,000 $1,200 $1.20
SUNRISE APARTMENTS 400 Necanicum Dr, Seaside, OR, 97138
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YEAR BUILT: 1968
NOTES
Interiors are outdated and owner suspects property is at top of market
rents. Exteriors are not as well kept as subject property. Included in rent is
W/S however there is an additional fee for garbage and electricity.
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 23 790-790$1,200-$1,200
$1.52
1 Bdr 1 Bath 2
Total/Avg. 25 790 $1,200 $1.52
822 NECANICUM DR822 Necanicum Dr, Seaside, OR, 97138
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201237134