Offering Memorandum...new vinyl windows have been installed, along with hickory laminate flooring,...

18675 SW BOONES FERRY RD18675 SW Boones Ferry Rd • Tualatin, OR 97062

Offering Memorandum

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18675 SW BOONES FERRY RD

Tualatin, OR

ACT ID ZAA0210558

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

Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any

corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or

subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information

about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has

been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References

to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &

Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

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E X C L U S I V E LY L I S T E D B Y

Jacob Serrill

Associate

Associate Member - National Multi

Housing Group

Portland Office

Tel: (503) 200-2075

Fax: (503) 200-2010

[email protected]

License: OR 201228311

Tyson Cross

First Vice President Investments

Associate Member - National Multi

Housing Group

Portland Office

Tel: (503) 200-2154

Fax: (503) 200-2010

[email protected]

Licenses: OR 201211250, WA 119224

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INVESTMENT

OVERVIEW

PROPERTY OVERVIEW


PROPERTY

OVERVIEW

Marcus & Millichap is pleased to present 18675 SW Boones Ferry Rd, a seven-unit apartment community located in Tualatin, Oregon. The property is conveniently located

adjacent to Tualatin Commons, offering tenants a green space and a lake, multiple dining options, and several free events hosted by the city of Tualatin every year. The

property is also located less than a mile from Interstate 5, Fred Meyers, New Seasons Market, and the newly built Cabela’s.

The Boones Ferry seven unit has had a number of recent updates. Most recently, a new roof was installed on both buildings in December 2019. In addition to the new roof,

new vinyl windows have been installed, along with hickory laminate flooring, tile shower surrounds, formica countertops with a glass mosaic backsplash, and high-end

stainless-steel appliances. All seven units have been updated within the last five years.

The unit mix consists primarily of two-bedroom, one bath units. There is also one studio apartment, and a three bed, two-bathroom unit. This is a very rare opportunity to

acquire an extremely well-located multifamily building in Tualatin.

PROPERTY OVERVIEW

▪ Built in 1968

• New Roof in December 2019

• New Vinyl Windows, Floors, Finishes, and Appliances

• All Units Updated in Last 5 Years

• Excellent Location in Tualatin

• Diverse Unit Mix

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REGIONAL MAP


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LOCAL MAP


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AERIAL PHOTO


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12

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


RENT ROLL SUMMARY

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FINANCIAL ANALYSIS


OPERATING STATEMENT

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FINANCIAL ANALYSIS


PRICING DETAIL

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16

MARKET

COMPARABLES


SALES COMPARABLES MAP

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(SUBJECT)

Tek View Apartments

Kelly Gray

Chantilly Square

6859 SW Montauk Circle

Greenburg Townhomes

7640 SW 34th Ave

SALES COMPARABLES

1

2

3

4

5

6

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PROPERTY NAME18675 SW BOONES FERRY RD

SALES COMPARABLES

Avg. $191.20

$0.00

$30.00

$60.00

$90.00

$120.00

$150.00

$180.00

$210.00

$240.00

$270.00

18675 SW

Boones

Ferry Rd

Tek View

Apartments

Kelly Gray Chantilly

Square

6859 SW

Montauk

Circle

Greenburg

Townhomes

7640 SW

34th Ave

Average Price Per Square Foot

Avg. $185,486

$0

$30,000

$60,000

$90,000

$120,000

$150,000

$180,000

$210,000

$240,000

18675 SW

Boones

Ferry Rd

Tek View

Apartments


Square

6859 SW

Montauk

Circle

Greenburg

Townhomes

7640 SW

34th Ave

Average Price Per Unit

SALES COMPARABLES SALES COMPS AVG

Avg. 4.95%

0.0

0.6

1.2

1.8

2.4

3.0

3.6

4.2

4.8

5.4

6.0

18675 SW

Boones

Ferry Rd

Tek View

Apartments


Square

6859 SW

Montauk

Circle

Greenburg

Townhomes

7640 SW

34th Ave

Average Cap Rate

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


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SALES COMPARABLES

Units Unit Type

Offering Price: $1,450,000 1 Studio Flat

Price/Unit: $207,143 5 2 Bed 1 Bath Flat

Price/SF: $243.70 1 3 Bed 2 Bath Flat

CAP Rate: 4.34%

GRM: 12.97

Total No. of Units: 7

Year Built: 1968

Underwriting Criteria

Income $112,491 Expenses $49,514

NOI $62,977 Vacancy ($5,589)

18675 SW BOONES FERRY RD18675 SW Boones Ferry Rd, Tualatin, OR, 97062

1

Units Unit Type

Close Of Escrow: 10/21/2019 8 3 Bdr 1 Bath Flat

Sales Price: $1,640,000

Price/Unit: $205,000

Price/SF: $200.98

CAP Rate: 5.86%


Year Built: 1965

NOTES

Located in Beaverton. Property was updated prior to sale, including shaker

style cabinetry, stainless steel appliances, tile and wood flooring, new

countertops and fixtures.

TEK VIEW APARTMENTS13023 SW Jenkins Rd, Beaverton, OR, 97005

Units Unit Type

Close Of Escrow: 8/13/2019 6 2 Bdr 1.5 Bath Twnhs



Price/SF: $193.60

CAP Rate: 5.60%


Year Built: 2000

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NOTES

Located in Southeast Portland. Property was updated prior to sale with

LVP flooring, granite countertops, and new white appliances. The exterior

was also repainted.

KELLY GRAY2332 SE 121st Ave, Portland, OR, 97216

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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SALES COMPARABLES

Units Unit Type




Price/SF: $190.36

CAP Rate: 4.50%


Year Built: 1972

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NOTES

Located in Sellwood. A majority of the interiors were upgraded prior to sale

with new countertops, vinyl windows, stainless steel appliances, and

fixtures.

CHANTILLY SQUARE7967 SE 13th Ave, Portland, OR, 97202

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Units Unit Type

Close Of Escrow: 10/11/2019 7 2 Bdr 1 Bath Twnhs

Sales Price: $1,250,000 1 3 Bdr 1 Bath Twnhs


Price/SF: $149.52

CAP Rate: 4.14%


Year Built: 1980

NOTES

These townhomes include garages, fireplaces, decks, garbage disposals,

and laundry hookups. Property was sold with all units severely

underrented.

6859 SW MONTAUK CIRCLE6859 SW Montauk Circle, Tualatin, OR, 97035

Units Unit Type

Close Of Escrow: 7/8/2019 8 2 Bdr 1.5 Bath Twnhs



Price/SF: $176.02

CAP Rate: 4.84%


Year Built: 1967

Underwriting Criteria

Income $105,600 Expenses $43,087

NOI $61,965

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NOTES

Property was sold in good condition, but with dated interiors. Rents were

below market at the time of sale.

GREENBURG TOWNHOMES11445 SW Greenburg Rd, Tigard, OR, 97223

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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SALES COMPARABLES

Units Unit Type


Sales Price: $1,400,000 1 3 Bdr 1.5 Bath Flat


Price/SF: $236.69

CAP Rate: 4.75%


Year Built: 1971

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NOTES

Located in Multnomah Village. This property was purchased in a 1031

exchange, and the buyer was represented by Marcus & Millichap. Some

units were updated with new LVP flooring prior to sale. A credit was given

at the time of sale to repair the parking lot which was in poor condition.

7640 SW 34TH AVE7640 SW 34th Ave, Portland, OR, 97219

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RENT COMPARABLES MAP


(SUBJECT)

Kenny Woods

Meridian Park Apartments

Bonita Court Apartments

London Pointe Apartments

Mallard Ridge

4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

1

2

3

5

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PROPERTY NAME18675 SW BOONES FERRY RD

RENT COMPARABLES

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AVERAGE RENT - MULTIFAMILY

Avg. $1,384

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

18675 SW

Boones

Ferry Rd

Kenny Woods Meridian

Park

Apartments

Bonita

Court

Apartments

London

Pointe

Apartments

Mallard

Ridge

2 Bedroom

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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YEAR BUILT: 1968

rentpropertyname1


Unit Type Units SF Rent Rent/SF

Studio Flat 1 600 $1,035 $1.73

2 Bed 1 Bath Flat

5 850 $1,288 $1.52

3 Bed 2 Bath Flat

1 1,100 $1,840 $1.67

Total/Avg. 7 850 $1,331 $1.57

18675 SW BOONES FERRY RD18675 SW Boones Ferry Rd, Tualatin, OR, 97062

YEAR BUILT: 1963

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NOTES

Property features duplex style apartments that feature single level living,

large backyards, hardwood floors, and washer & dryer hookups. Tenants

are individually metered and billed for all utilities.


2 Bdr 1 Bath Flat 8 850 $1,400 $1.65

Total/Avg. 8 850 $1,400 $1.65

KENNY WOODS5556 Kenny St, Lake Oswego, OR, 97035

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YEAR BUILT: 1977

NOTES

These units feature laundry machines in unit, and newly renovated

kitchens with appliances and flooring. Laundry machines are included in

every unit, and utilities are $25 per person per month. $50 has been added

to the two bedroom rent to reflect this. One and three bedroom rental

information was unavailable as they are occupied by long term tenants.


1 Bdr 1 Bath Flat 2 644

2 Bdr 1 Bath Flat 18 900 $1,450 $1.61

3 Bdr 1 Bath Flat 3 1,100

Total/Avg. 23 904 $1,450 $1.61

MERIDIAN PARK APARTMENTS19765 SW 65th Ave, Tualatin, OR, 97062

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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YEAR BUILT: 1952

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2 Bdr 1 Bath Flat 15 850 $1,365 $1.61

2 Bdr 2 Bath Flat 8 920 $1,415 $1.54

3 Bdr 2 Bath Flat 7 1,100

Total/Avg. 36 893 $1,382 $1.58

NOTES

Property features covered parking and laundry machines in every unit.

Units also have patios/decks and some garages are available. Two

bedroom units have a utility billback of $85 per unit in place which has

been added to the above rent. Information on one and three bedroom

units was unavailable as they are occupied by long term tenants.

BONITA COURT APARTMENTS7759 SW Bonita Rd, Portland, OR, 97224

YEAR BUILT: 1990

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NOTES

Property features a wood burning fire place, washer and dryer in unit, and

new vinyl wood flooring and carpet throughout. Flat rate utility billback is in

place of $25 per person. $50 has been added to the monthly rent to reflect

that expense.


2 Bdr 2 Bath Flat 16 1,100 $1,400 $1.27

Total/Avg. 16 1,100 $1,400 $1.27

LONDON POINTE APARTMENTS9720 SW Tualatin Rd, Tualatin, OR, 97062

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YEAR BUILT: 1994

NOTES

Located in Lake Oswego, these apartments feature covered parking, wood

burning fire places, and laundry machines in unit. Tenants are responsible

for a $65 utility reimbursement which has been added to the above rent.



2 Bdr 2 Bath Flat 11 1,000 $1,290 $1.29

Total/Avg. 22 880 $1,290 $1.29

MALLARD RIDGE15422 SW Bangy Rd, Lake Oswego, OR, 97035

www.MarcusMillichap.com

Jacob Serrill

Associate

Associate Member - National Multi Housing

Group

Portland Office

Tel: (503) 200-2075

Fax: (503) 200-2010

[email protected]

License: OR 201228311

Tyson Cross

First Vice President Investments

Associate Member - National Multi Housing

Group

Portland Office

Tel: (503) 200-2154

Fax: (503) 200-2010

[email protected]

Licenses: OR 201211250, WA 119224

E X C L U S I V E LY L I S T E D B Y

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Offering Memorandum...new vinyl windows have been installed, along with hickory laminate flooring,...

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Transcript of Offering Memorandum...new vinyl windows have been installed, along with hickory laminate flooring,...