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Highlander Apartments
EXCLUSIVE INVESTMENT OFFERING
1217 NE 122nd Avenue . Portland, OR 97230
38 Units . $5,100,000
Grayson Pounder Principal Broker, President
503.680.4638 [email protected]
High Rent Growth Area
Easy Access to I-205 & I-84
Newly Remodeled Units
On Bus Line & Near MAX Light Rail
Two On-Site Laundry Facilities
Newer Roof & Vinyl Windows
Spacious Floor Plans
Vinyl Windows
Patio / Balconies
Remodeled Throughout
Wood Floors
UNIT AMENITIES
THE OPPORTUNITY
PROPERTY DESCRIPTION
Conveniently located at the convergence of I-84 and I-205, the Highlander
Apartments offer 38 residential units comprised of one and two bedroom floor
plans. Every unit features standard kitchen appliances, modern cabinetry, a
patio or balcony, and vinyl windows.
Originally built in 1960, Highlander recently underwent significant capital
improvements including a membrane roof, vinyl windows, and numerous
interior upgrades. The pro forma attached is based on completion of all interior
remodels. The property is located on a bus line and near MAX light rail. The
location provides quick and easy access to schools, parks, shopping, and enter-
Recent property improvements including roof & vinyl windows
15 of 38 units fully remodeled as pictured
The Portland region boasts one of the most diverse economies on the West
Coast
Beautifully landscaped central courtyard
On bus line & near MAX light rail
Close proximity to several parks, golf courses, and entertainment options
A short commute to the Portland International Airport
PORTLAND’S ECONOMY
Portland’s economy was founded on the area’s abundant resources and accessi-
bility of water transport. Within the past 20 years, the economy has significantly
expanded and diversified. Today, international trade is vitally important to the
regional economy, as well as high-tech manufacturing, metals manufacturing,
construction, and business services. Future economic development will center
on the current manufacturing sectors, as well as biotechnology / health scienc-
es and alternative energy. Tourism is a strong player in the local economy, sup-
porting over 28,900 jobs in the metro area. The Portland Metro Area is home to
two Fortune 500 headquarters: Nike and Precision Castparts.
HIGHLANDER APARTMENTS
LOCATION
The Highlander Apartments are located on the east side of the city, approximately 8
miles from downtown Portland. The property is located on a bus line near the national-
ly recognized light rail system (MAX), providing an easy and quick commute to down-
town Portland as well as the rest of the city. This convenient location provides the best
of both worlds; a more rural environment with direct access to the urban core.
Portland, Oregon is considered by many demographic and planning experts to be one
of the cities of the future. Outside Magazine describes Portland as, “hip, smart, and
packed with adventure.” Portland’s winning combination of urban and natural
amenities has made it one of the nation’s most desirable places to live and work. The
city of Portland, situated between two West Coast economic powerhouses, San Francis-
co and Seattle, has a population of 2.2 million people. The area is a lure for both talent
and business, helping to underscore Portland’s leadership in various sectors such as
clean tech, green building, computer software development and apparel design. De-
spite what is going on in the economy, Portland has continually experienced an annual
population growth better than one percent.
6105 SW Macadam, Portland, OR 97223
HIGHLANDER APARTMENTS
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-
supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are
not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use
by Pounder Realty and their clients. This file may not be reproduced physically or in electronic format without the
expressed written consent of Pounder Realty. Not responsible for errors and omissions.
Grayson Pounder Principal Broker, President
503.680.4638 [email protected]
Pounder Realty
6105 SW Macadam Ave Portland, Oregon 97239
www.pounderrealty.com
Units Type Unit SF Total SF Market
Rent Monthly
Mkt. Rent Annual
Mkt. Rent Rent / SF
16 1 Bed / 1 Bath 750 12,000 $995 $15,920 $191,040 $1.33
22 2 Bed / 1 Bath 950 20,900 $1,295 $28,490 $341,490 $1.36
38 866 32,900 $1,169 $44,410 $410,040 $1.35
Income
Pro Forma
Scheduled Market Rent $532,920
Less: Vacancy 3.00% ($15,988)
Net Rental Income $516,932
Additional Income
Plus: RUBS Income $27,360
Plus: Fee Income $5,300
Plus: Other Income $4,200
Total Operating Income (EGI) $553,792
Expenses Per Unit
Administrative $66 $2,500
Advertising & Promotion $21 $800
Turnover $200 $7,600
Payroll $460 $17,493
Repairs & Maintenance $500 $19,000
Management Fee 5.00% $729 $27,690
Utilities $1,088 $41,348
Contracted Services $163 $6,200
Real Estate Taxes $707 $26,874
Insurance $170 $6,450
Replacement Reserve $250 $9,500
Total Expenses $165,454
Per Unit: $4,354
Per SF: $5.03
Net Operating Income $388,338
PRO FORMA INCOME & EXPENSES
Units 38 Price $5,100,000
Built 1960 Price / Unit $134,210
Average SF 866 Price / SF $155.02
Building Two-Story, Concrete/Stucco Pro Forma Cap Rate 7.61%
Roof Membrane Proposed Loan Amt $3,570,000
Rent / SF $1.35 Loan Payment $16,736
Interest Rate 3.85%
Amortization 30 Years
PROPERTY SUMMARY
INVESTMENT SUMMARY