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OFFERING MEMORANDUM
A 68-Unit Apartment Community
Portland , OR
TABLE OF CONTENTS
Executive Summary
Section 1
Property Description
Section 2
Market Overview
Section 3
Property Economics
Section 4
Jordan A. CarterExecutive Vice President [email protected]
EXCLUSIVELY REPRESENTED BY
Clay NewtonExecutive Vice President [email protected]
Tyler LinnVice [email protected]
The information contained herein is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.
This information 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. Kidder Mathews 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, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews 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.
This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.
kiddermathews.com
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EXECUTIVE SUMMARY
Section 1
The Offering
Investment Highlights
Market Overview
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EXECUTIVE SUMMARY
Built in 1950 and recently renovated in 2014, The Astoria consists of 68 units with modern amenities and mid-century charm. Close to transit and shopping, The Astoria combines quiet residential living, within close proximity to all the excitement that Portland’s eastside has to offer. Situated on a private cul-de-sac, The Astoria has three separate parking lots and over 60 parking spaces. The central courtyard features a seasonal pool, fitness center, bike storage, laundry facilities and storage cabinets, as well as plenty of greenspace for outdoor activities.
The Astoria features over $1.1 million in recent renovations to the interior and exterior. Exterior renovations include newer roofs, paint, and energy efficient vinyl windows. The interiors have been extensively renovated in 65 of the 68 units with new kitchens featuring modern cabinets and hard surface counters, new fixtures, and refinished hardwood floors (lower level) or carpet and vinyl (second level). Average rents are presently 5% below market, providing upside through lease renewals and unit turns.
Located in the Rose City Park neighborhood, The Astoria is situated near the Historic Hollywood Shopping District and the Jade International District, and Alameda/Beaumont neighborhoods. The property is located directly across from the Rose City Public Golf Course, the second oldest golf course in Oregon. At the west end of the golf course is Rose City Park, which features sports fields, play structures, a picnic area, and walking paths. The Astoria is also close to the I-84 and I-205 freeways, TriMet 77 Bus Line, and the NE 82nd Avenue Max Light Rail station. Downtown Portland is just a 10-minute drive west, the Portland International Airport is 10-minutes to the north, and Gresham is
20-minutes east.
The Offering ADDRESS1913 NE 73rd Avenue Portland, OR 97213
YEAR BUILT / RENOVATED 1950/2014
NO. OF UNITS 68
TAX PARCELS R194040, R194041
LAND AREA 2.67 Acres
NRSF 40,724
GBA 57,432
AVERAGE UNIT SIZE 599 SF
BUILDINGS 5
PARKING ±60 surface off-street spaces
SIDING Brick/stucco
HEAT Gas (Individually metered)
AVERAGE MONTHLY RENT $1,249
NEW PRICE $13,000,000 $12,500,000
CAP RATE 5.51%
GRM 12.00
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INVESTMENT HIGHLIGHTS
Located only minutes from downtown Portland, The Rose City Park neighborhood combines the
comfort of the suburbs with the convenience and entertainment of city life. Located just blocks
from I-84, one mile from the I-205, and minutes from numerous bus stops and the nearby NE
82nd Avenue MAX Station, tenants have an abundance of public transportation options. The
neighborhood has ready access to some of Portland’s largest employers and business districts,
while still being in close proximity to numerous parks and natural areas.
ROCKY BUTTE PARK
GRANT PARK
GLENHAVEN PARK
COLUMBIA CHRISTIAN SCHOOL
NORMANDALE PARK
ROSEMOUNT BLUFF NATIONAL AREA
LAURELHURST PARK
MULTNOMAH UNIVERSITY
PRESIDENT JAMES MADISON HIGH SCHOOL
ROSEWAY HEIGHTS MIDDLE SCHOOL
HOLLYWOOD
LAURELHURST
IRVINGTON
ALAMEDA
MONTAVILLA
ROSE CITY PARK ELEMENTARY SCHOOL
THE PORTLAND MONTESSORI SCHOOL
Highlights
$1.1 million in recent interior and exterior improvements
Pride of ownership opportunity
Rental upside through raising rents to market
Vintage charm with period amenities
Manicured courtyard setting
Conveniently located near the Hollywood shopping district and directly across
from the Rose City Golf Course
Close to Trimet 77 bus line, MAX Light Rail station, and freeways
Seller to reduce the purchase price by $150,000 if a buyer secures new financing through
Chase or assumes the existing Chase loan.
JASON LEE ELEMENTARY SCHOOL
MT TABOR
ROSE CITY GOLF COURSE
Sandy Blvd
NE Glisan St
NE Halsey St
NE
82n
d A
ve
ROSE CITY GRILL
PORTLAND VALUE INN
MONTAVILLA PARK
MAX LINE
MA
X L
INE
MAX LINE
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LOCAL HIGHLIGHTS
Providence Portland Medical Center
Located just nine minutes from The Astoria, Providence Portland Medical Center is in the Laurelhurst neighborhood of Portland and is a full-service medical center specializing in cardiac care and cancer treatment. Opened in 1941, the hospital has 483 beds, and employs more than 3,400 people. With over 1,200 physicians on staff, the campus is also home to Providence Child Center, a 58-bed facility dedicated exclusively to the care medically fragile children.
Providence Medical Center Facts:
Opened in September 1941 by the Catholic Sisters of Providence
Employs 1,561 medical staff members
Received $33,725,159 in donations in 2017
$162,545,032 in charity and unpaid community benefit costs
Area: 17.3 acres
High Point: 612 feet
Elevation Gain: 480 feet
Rose City Golf Course
Located directly across the street from The Astoria, the 18-hole, tree-lined Rose City Golf Course is the second oldest municipal golf course in Oregon and serves as a major draw for local golf enthusiasts. Rose City Park, which features play structures, sports fields, walking paths, and a picnic area is located at the west end of the golf course.
The clubhouse, built in 1932, was recently listed on the National Register of historic places and is home to a pro-shop and the Rose City Grill.
Rocky Butte Park
Rocky Butte is located 8 minutes from The Astoria. This extinct cinder cone butte is part of the Boring Lava Field, a group of volcanic vents and lava flows located throughout Oregon and Washington state. The volcano erupted between 285,000 and 500,000 years ago, and is now the site of Joseph Hill Wood Park and the Rocky Butte Natural Area.
Rocky Butte offers stunning 360° views of Portland, Mt. Hood, and Mt. St. Helens, from the top, where 2.38 acres of flat park are located. In addition to its unbeatable views, Joseph Wood Park is also home to two rock walls, where climbers are regularly spotted.
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PROPERTY DESCRIPTION
Section 2
Unit Mix Summary
Common Area & Interior Highlights
Floor Plans
Maps & Aerials
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PROPERTY DESCRIPTION
Unit Mix Summary
UNIT TYPE # OF UNITS
AVERAGE SF
AVERAGE RENT RENT/SF HIGH
RENTHIGH
RENT/SFPRO FORMA
RENT / SF PF RENT/SF
1 Bedroom / 1 Bathroom 1 536 $1,075 $2.01 $1,075 $2.01 $1,100 $2.05
2 Bedrooms / 1 Bathroom 23 592 $1,283 $2.17 $1,355 $2.29 $1,350 $2.28
2 Bedrooms / 1 Bathroom 5 611 $1,206 $1.97 $1,330 $2.18 $1,350 $2.21
2 Bedrooms / 1 Bathroom 39 603 $1,287 $2.13 $1,463 $2.43 $1,350 $2.24
TOTALS / AVERAGE 68 599 $1,277 $2.13 $1,306 $2.23 $1,346 $2.25
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Exterior Highlights
Newer roofs
Newer exterior paint
Newer vinyl windows
Seasonal pool
Courtyard setting with
manicured grounds
Multiple parking lots
Property Highlights
Complete exterior upgrades
Complementary parking
Barbeque area
Fitness center
Pet friendly
Pet stations
Pool (seasonal) with sun deck
Secured access buildings
Enhanced lighting and video security
Management office
Bike storage
Beautifully landscaped grounds
Walking paths
Multiple laundry centers
WiFi
Apartments adjacent to Rose City Golf Course (Public)
Close to Trimet 77 Bus Line, Max Light Rail Station, and freeways
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Interior Highlights
65 of 68 units fully renovated
Abundant natural light
Hardwood floors on lower units
Open layouts
Newer kitchen appliances
Newer fixtures
Newer flooring
Gas heating
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Multnomah
Dunthorpe
Woodstock
Richmond
Mt. Tabor
Montavilla
Gateway
Roseway
Rose City Park
Alameda
Alberta
Northwest
Southwest Hills
South Waterfront
Hollywood
Parkrose
Buckman
Laurelhurst
Lents
Happy Valley
DOWNTOWN PORTLAND
26
PORTLAND INTERNATIONAL AIRPORT
Gresham
Beaverton
Overlook
Sellwood-Moreland
Floor Plan Descriptions
UNIT TYPENO. OF UNITS
SIZE (SF)
CURRENT AVG RENT
HIGHEST ACHIEVED RENT
2 Bed / 1 Bath 39 603 $1,287 $1,463
TOTAL 39 23,517 $50,193 $57,057
Average Rent / SF $2.13 $2.43
TWO BEDROOM / 1 BATHROOMSAMPLE FLOOR PLAN
UNIT TYPENO. OF UNITS
SIZE (SF)
CURRENT AVG RENT
HIGHEST ACHIEVED RENT
1 Bed / 1 Bath* 1 536 $1,075 $1,075
TOTAL 1 536 $1,075 $1,075
Average Rent / SF $2.01 $2.01
ONE BEDROOM / 1 BATHROOM
UNIT TYPENO. OF UNITS
SIZE (SF)
CURRENT AVG RENT
HIGHEST ACHIEVED RENT
2 Bed / 1 Bath 23 592 $1,283 $1,355
TOTAL 23 13,616 $29,509 $31,165
Average Rent / SF $2.17 $2.29
TWO BEDROOM / 1 BATHROOM
UNIT TYPENO. OF UNITS
SIZE (SF)
CURRENT AVG RENT
HIGHEST ACHIEVED RENT
2 Bed / 1 Bath 5 611 $1,206 $1,330
TOTAL 5 3,055 $6,030 $6,650
Average Rent / SF $1.97 $2.18
TWO BEDROOM / 1 BATHROOM
*The one bedroom unit was originally a two-bed unit where a bedroom was converted to a management office
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MARKET OVERVIEW
Section 3
Portland MSA
Portland Rankings
Apartment Market
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MARKET OVERVIEW
Portland is considered one of the nation’s most livable cities. Located on the
banks of the Willamette River, only 90 minutes from snow-capped peaks and
the Pacific Ocean, one might not realize Portland’s bustling downtown and
waterfront are the heart of a metropolitan region with more than two million
people. Twelve bridges span a wide elbow of the Willamette River, connecting
the east and west sides of town. Throughout the metro area are thriving
neighborhoods filled with restaurants, record shops, bars, funky clothing
stores, antique malls, and art galleries.
Portland is known for its progressive bike-friendly attitude, lively music
and restaurant scenes, food carts, farmers’ markets, and endless recreation
possibilities. Beyond the metro area residents enjoy the Pacific Northwest’s
natural beauty, via slopes, sails, surf, and trails.
Portland is a walkable and bikable city. Within walking distance of most
parts of downtown is the campus of Portland State University, the world-
class Portland Art Museum, Waterfront Park, Pioneer Courthouse Square, the
Oregon Historical Society, a performing arts complex, and a concert hall. For
sports fans, Portland is home of the MLS Timbers, NBA Trail Blazers, and WHL
Winterhawks. Outdoor enthusiasts love Forest Park, the largest city park in
the nation, with 5,000 acres of hiking and biking trails, a zoo, public gardens,
and beautiful old-growth woods. The downtown core is connected by one
of the world’s leading public transportation systems, a combination of buses,
streetcars, and light-rail trains, putting the entire metro area only a couple
stops away.
Portland MSA
$24.3BADDED TO PORTL AND MSA
ECONOMY DUE TO TECH SEC TOR IN 2017
3rd BestECONOMIC GROW TH IN
THE COUNTRY DURING 4Q17 (FOR OREGON)
$171BTOTAL GDP FOR
PORTL AND -VANCOUVER- HILLSBORO IN 2016
10thHIGHEST PERCENTAGE OF WORKFORCE IN TECH IN
THE COUNTRY
3.5%PORTL AND MSA
UNEMPLOYMENT RATE
3.9%NATIONAL
UNEMPLOYMENT RATE
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Portland Rankings
BEST PL ACES FOR BUSINESSES &
CAREERS
FORBES 2017
#1SAFEST PL ACE
TO LIVE
RENTAL HOUSING JOURNAL 2017
#1
ENERGY INFRASTRUC TURE
US NEWS 2018
#1FIT TEST CIT Y IN
AMERICA
HUFFINGTON POST
#1
MOVING DESTINATION
OF 2018
UNITED VAN LINES 2019
#2MOST
DESIRABLE PL ACE TO LIVE
US NEWS 2019
#1
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Top Manufacturing Firms in Portland
19,300 EMPLOYEES IN OR & SW WA
12,000 EMPLOYEES IN OR & SW WA
2,800 EMPLOYEES
1,700 EMPLOYEES
1,579 EMPLOYEES
1,500 EMPLOYEES
PORTLAND MSA ECONOMIC DRIVERS
The Portland-Vancouver-Hillsboro region added more than 3,600 tech jobs
in 2017, employing a total of 134,200 workers throughout the area. Those
numbers give the Portland area the 10th highest percentage of workforce in
tech in the country. The tech sector alone added over $24.3 billion into the
Portland Metro economy in 2017.
Portland’s manufacturing sector is also going strong, with firms such as Intel,
Nike, Adidas, Columbia Sportswear, and Boeing employing more than 40,000
workers, and contributing to the area’s current unemployment rate of 3.5%,
below the national average of 3.9%.
Oregon had the third fastest GDP growth (3.7%) nationally for the last
quarter of 2017, with a total gross domestic product for the Portland metro
area at over $171 billion in 2017. Oregon’s GDP growth is due in large part to its
durable goods output, primarily coming out of the computer and electronic
manufacturing sectors. U.S. News recently ranked Oregon as the third fastest
growing state in the country.
Investing in Portland
ULI 2018 Investment Prospects ranks Portland 2nd in the Pacific Region
Oregon personal income growth was 8th nationally at 5.4% (2017)
Portland ranked #6 on Business Insider’s 50 Best Places to Live in America
Portland MSA multifamily vacancy is below 4.4%
Portland MSA is the 8th strongest rental market in the nation, per Axiometrics
Portland’s current unemployment rate is 3.9%, a 41-year low
Intel recently announced plans for a multi-billion dollar expansion of their Hillsboro campus
Growing Population
Oregon was the #2 moving destination in 2018 for people moving from one
state to another, according to United Van Lines
Portland has added 42,000 residents over the last three years, an increase of
1.7%, well above the national average
Portland had the 19th highest population growth by US Metro from 2010 to 2017
Portland estimates around 40,000 new migrants a year, of which more than
40% have a college degree
Employment
Portland MSA employment is at an all-time high, employing
±1,240,000 workers
In the past year, Portland MSA has added over 48,400 jobs, an increase of 2.6%
Portland MSA is expected to add ±48,000 additional jobs in the next two years
Nike announced a major $275M+ expansion that will create 500 new jobs
Kaiser Hospital in Hillsboro was completed, adding 1,100 new jobs
Daimler Trucks recently completed a $150M headquarters on Swan Island, creating 400 new jobs
Adidas is expanding its North American headquarters by 200,000 SF, adding ±1,100 jobs in the process
Intel’s lab expansion is predicted to add 1,750 jobs by 2022
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NORTHEAST PORTLAND
The Central Northeast Submarket has a mid-sized multifamily presence, and
investors and developers are beginning to pay this area a bit more attention,
according to CoStar. This primarily residential, suburban submarket has a
smaller multifamily footprint. The Central Northeast’s relative affordability is
a strong attraction for renters in the Portland area. Vacancy in this submarket,
at 5.4% is comparable to the Portland market average. Central Northeast
market rents were $1,169 per unit at the of 2018, with rent per square foot
averaging $1.49.
The Hollywood District has been the epicenter of recent multifamily
development in the Central Northeast, with 75% of new units constructed
located there. There is currently a limited supply of multifamily housing in the
Central Northeast. There were 120 units delivered in 2018, and only 50 in 2017.
There are just 56 units currently under construction, due to be delivered in 2019.
Apartment Market
PORTLAND
Portland was designated the #2 moving destination by United Van Lines in
2018, and Oregon has consistently ranked as one of the top five states for
in-migration numbers over the last several years. Employers such as Intel,
Nike, Adidas, and Amazon have attracted a skilled workforce to the metro
area. Amazon alone has invested around $2.8 billion into the Oregon
economy, with ground broken for three new distribution centers, of one
million square feet each, in late 2017.
The Portland-metro area is currently in the middle of extensive apartment
construction. While vacancies have gone up due to the increased supply
of new units in the past few years, Portland’s overall vacancy rate, at 4.85%,
remains comparable to the national average. Substantial demand in the
multifamily market should alleviate concerns about oversupply. The influx
of well-educated young professionals to the area should have a mitigating
effect on vacancy rates as construction increases. According to CoStar, as of
January 2019, there are more than 10,600 units under construction, with about
6,100 expected to be delivered in 2019. An overwhelming majority of the
new construction has taken place in the city’s Core, close to downtown, while
submarkets outside of the Core, like Gateway, have seen relatively limited
new construction.
The metro area remains popular with Millennials in search of creative, eco-
friendly, and affordable spaces with good access to transit hubs, walkable
neighborhoods, and entertainment options. Employment, population,
and income growth all exceed national averages, providing solid economic
indicators that demand in the Portland apartment market will remain robust,
particularly amongst younger generations.
Portland’s population growth is still one of the strongest in the country due to
high net migration trends. The metro area gained 30,066 residents between
July 2016 and July 2017, increasing Portland’s population to 2,453,168 and
making it the 22nd fasting growing metropolitan area out the nation’s 100
largest cities. With a growth rate of 1.9%, Portland is one of only 28 cities
in the country that are growing by at least 1% a year. The State of Oregon
Employment Department places Portland’s population growth at 19th in
country, with a 10% population increase from 2010 to 2017.
120UNITS
DELIVERED IN 2018
56UNITS TO BE DELIVERED
IN 2019Construction
$45MTRADED IN 2018
$24.5MTRADED IN 2017
SalesHISTORICALLY LIMITED SALES VOLUME
46,980NORTHEAST PORTL AND
53,695PROJEC TED
2035 POPUL ATIONPopulation
SOURCE: COSTAR
±27KUNITS ADDED
FROM 2012-2017
6,100UNITS TO BE DELIVERED
IN 2019Construction
$2.2B+TRADED IN 2018
$1.6B+TRADED IN 2017
Sales
639,863PORTL AND
Population
SOURCE: COSTAR
2,451,560PORTL AND MSA
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PROPERTY ECONOMICS
Section 4
Current Rents
Operating Statement & Comparative Analysis
Underwriting Assumptions & Notes
Apartment Sale Comparables
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PROPERTY ECONOMICS
NEW LIST PRICE
$12,500,000
PRICE PER UNIT
$183,824
IN-PL ACE CAP RATE
5.51%
PRICE PER SF
$218
GRM
12.00
PRO FORMA CAP RATE
6.02%
Current Rents
UNIT TYPE # OF UNITS
AVERAGE SF
AVERAGE RENT RENT/SF HIGH
RENTHIGH
RENT/SFPRO FORMA
RENT / SF PF RENT/SF
1 Bedroom / 1 Bathroom 1 536 $1,075 $2.01 $1,075 $2.01 $1,100 $2.05
2 Bedrooms / 1 Bathroom 23 592 $1,283 $2.17 $1,355 $2.29 $1,350 $2.28
2 Bedrooms / 1 Bathroom 5 611 $1,206 $1.97 $1,330 $2.18 $1,350 $2.21
2 Bedrooms / 1 Bathroom 39 603 $1,287 $2.13 $1,463 $2.43 $1,350 $2.24
TOTALS / AVERAGE 68 599 $1,277 $2.13 $1,306 $2.23 $1,346 $2.25
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Operating Statement & Comparative Analysis
CURRENT RENTS PRO FORMA RENTS
FY 2019 PER UNIT % OF EGI FY 2019
INCOME
Gross Potential Rent $1,041,783 $15,320 $1,098,600
Other Income $49,894 $734 T-6 Ann $49,894
Utility Reimbursement Income $83,728 $1,231 T-6 Ann $83,728
Comcast Income $1,783 $26 T-8 $1,783
GROSS OPERATING INCOME $1,177,188 $17,312 $1,234,005
Vacancy Loss (5%) ($52,089) ($766) 5.00% ($54,930)
EFFECTIVE OPERATING INCOME $1,125,099 $16,546 100% $1,179,075
EXPENSES
Property Taxes ($82,924) ($1,219) 7.37% ($82,924)
Insurance ($17,420) ($256) 1.55% ($17,420)
Water/Sewer ($46,143) ($679) 4.10% ($46,143)
Electricity ($29,180) ($429) 2.59% ($29,180)
Garbage ($11,676) ($172) 1.04% ($11,676)
Gas ($12,945) ($190) 1.15% ($12,945)
Landscaping ($19,620) ($289) 1.74% ($19,620)
Repairs & Maintenance ($54,400) ($800) 4.84% ($47,600)
Turnover ($9,493) ($140) 0.84% ($9,493)
Professional Management ($33,753) ($496) 3.00% ($35,372)
Onsite Management ($68,471) ($1,007) 6.09% ($68,471)
Office & Administrative ($33,607) ($494) 2.99% ($28,563)
Reserves ($17,000) ($250) 1.51% ($17,000)
TOTAL EXPENSES ($436,632) ($6,421) 38.81% ($426,407)
NET OPERATING INCOME $688,467 $10,125 $752,668
Underwriting Assumptions & Notes
CURRENT INCOME
Gross Potential Income
Current column reflects estimated aggregate monthly rents that equate to
$2.13 per square foot, or $1,277 per unit.
Proforma column presents all units at estimated Current Market rents. On
average this equates to $1,346 per unit, or $2.25 per square foot, with an
average premium of $79 per unit.
Vacancy Loss
Underwrote 5% vacancy loss market vacancy loss for current and pro-forma.
Other Income
Underwrote all other income line items consistent with the Trailing 12 months
ending in December 2018. General other income line item typically includes
late charges, miscellaneous income, NSF fees, pet fees, damage/cleaning fees,
transfer fees, application fees, cancellation/termination fees, redecorating
fees, and month-to-month premiums. Comcast income is from a recent
revenue sharing agreement signed with Comcast in August of 2018.
Utility Reimbursement Income
Utility reimbursement charges are underwritten consistent to Trailing 12
months.
EXPENSES
All expenses underwritten to trailing-12 months as of June 2019 except the following:
Insurance
Underwrote to Budget at $256 per unit annually.
Professional Management
Underwrote to actual cost of 3% of effective operating income.
Repairs & Maintenance
Underwrote to market estimate of $800 per unit annually for current and
$700 per unit for pro-forma.
Capital Reserves
Underwrote to market estimate of $250 per unit annually.
Real Estate Taxes
Underwrote to 2018-19 tax year with a 3% discount. Property taxes paid before
November 1st receive a 3% discount._
PARCEL ACCT NO. ACREAGE 2018 TAXES
R194040 1.78 $55,423
R194041 0.35 $30,066
Total 2.67 $85,489
ASSUMABLE LOAN
CHASE LOAN
Originated December 2015
Matures December 2022
Balance ±$6.825M
Rate 3.71%
Seller to reduce the purchase price by $150,000 if a buyer secures new
financing through Chase or assumes the existing Chase loan.
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Apartment Sale Comparables
List Price $12,500,000
Price / Unit $183,824
Price / SF $218
NRSF 40,724
No. of Units 68
Year Built 1950
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20202020 SW Salmon Street, Portland
Sale Date January 2018
Sale Price $14,425,000
Price / Unit $262,273
Price / SF $258
NRSF 55,885
No. of Units 55
Year Built 1963
Cap Rate 5.00%1BINFORD GARDEN TOWNHOMES6905 NE Hancock Street, Portland
Sale Date July 2018
Sale Price $30,729,309
Price / Unit $168,842
Price / SF $166
NRSF 185,250
No. of Units 182
Year Built 1949
Cap Rate 4.79%3
TWENTY TWO TWENTY TWO2222 SW Spring Garden Street, Portland
Sale Date January 2019
Sale Price $8,550,000
Price / Unit $194,318
Price / SF $163
NRSF 46,480
No. of Units 44
Year Built 1967
Cap Rate 5.29%4
AMBER COURT2215 NW Irving Street, Portland
Sale Date September 2018
Sale Price $7,025,000
Price / Unit $180,128
Price / SF $218
NRSF 32,166
No. of Units 39
Year Built 1926
Cap Rate 4.52%2
THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 39KIDDER MATHEWS | OFFERING MEMORANDUM | THE ASTORIA38
Apartment Rent Comparables
THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 39
PROPERTY ADDRESS YEAR BUILT UNITS AVG SF ASKING RENT RENT / SF NOTES
Connery Place 8130 SE Mill St 1978 72 700 $1,315 $1.88 RUBS $90
Claremont Apartments 729 SE 42nd Ave 1950 32 700 $1,450 $2.07 RUBS $50
Lindhurst Apartments 6009 NE Flanders St 1948 64 999 $1,535 $1.54
27th East Apartments 533 SE 27th Ave 1970 32 860 $1,545 $1.80
Aalto Modern 3021 NE Glisan St 1965 24 770 $1,545 $2.01 RUBS $65
The Rose Court 2500 NE Hoyt St 1922 57 800 $1,595 $1.99 RUBS $75
Binford Garden Townhomes 6905 NE Hancock St 1949 182 1,042 $1,595 $1.53
Belmont Terrace 721 SE 29th Ave 1975 10 750 $1,695 $2.26
COMPARABLE AVERAGE 66 839 $1,511 $1.83
The Astoria 1913 NE 72nd St 1950 68 611 $1,277 $2.13
Tyler LinnVice President503.221.2702
Jordan A. CarterExecutive Vice President
Shareholder503.221.2280
Clay NewtonExecutive Vice President
Shareholder503.721.2719
Exclusively represented by