The Happy Empire: Aristotle, Publius, and the American - Ashbrook
PROPOSAL ASHBROOK APARTMENTS€¦ · ASHBROOK APARTMENTS Dallas, Oregon PROPERTY INFORMATION All...
Transcript of PROPOSAL ASHBROOK APARTMENTS€¦ · ASHBROOK APARTMENTS Dallas, Oregon PROPERTY INFORMATION All...
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www.svnimbrie.com
Lincoln Tower - 10260 SW Greenburg Road, Suite 530, Portland, OR 97223
503.208.9400
William Maxwell | Senior Advisor [email protected] O: 503.482.4099 | M: 503.475.8212
PROPOSAL
ASHBROOK APARTMENTS 1343 SE Godsey Road, Dallas, Oregon 97338
Property Highlights
• Large Units
• Laundry On-site
• Resident Manager On-site
• Below Market Rents
• Additional Development Opportunities
ASHBROOK APARTMENTS Dallas, Oregon
PROPERTY INFORMATION
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PROPERTY OVERVIEW | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
Investment Overview
Sale Price: $3,450,000
Price per Unit: $107,813
Number of Units: 32
Cap Rate: 7.49%
Lot Size: 3.13 Acres
Building Size: 32,565 SF
Year Built: 1977
Submarket: Dallas, Oregon
Zoning: RMD
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PROPERTY DESCRIPTION
The Ashbrook Apartments consists of twenty-one 2
bedroom, 1.5 bath townhouse units with approximately
875 square feet and eleven 3 bedroom 1.5 bath
townhouse units at approximately 1.290 square feet in
seven buildings.
PARCEL MAP | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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Ashbrook
Apartments
AERIAL MAP | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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Ashbrook
Apartments
SE
Go
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y R
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SE
La
creo
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SE Miller Ave
SE Birch St
LOCATION MAP | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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Ashbrook
Apartments
ASHBROOK APARTMENTS Dallas, Oregon
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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
PROPERTY ANALYSIS
PRO FORMA | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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FINANCIAL SUMMARY
INVESTMENT OVERVIEW ACTUAL
Price $3,450,000
Price per Unit $107,813
GRM 9.5
CAP Rate 7.49%
Total Return (yr 1) $223,627
Debt Coverage Ratio -
OPERATING DATA
Gross Scheduled Income $351,096
Other Income $4,518
Total Gross Income $355,614
Operating Expenses $97,107
Net Operating Income $258,507
INCOME & EXPENSES
INCOME SUMMARY ACTUAL PER UNIT % OF GRI PROFORMA PER UNIT % OF GRI
Grossed Scheduled Rent $351,096 $10,972 98.73% $352,200 $11,006 $98.7%
Laundry Income $3,498 $109.31 0.98% $3,498 $109 0.98%
Misc. Income $1,020 $31.88 0.29% $1,020 $32 0.29%
Rubs - - - -
Total Income $355,614 $356,718 $11,147
EXPENSE SUMMARY ACTUAL PER UNIT % OF GRI PROFORMA PER UNIT % OF GRI
Taxes $21,458 $670,56 6.03% $21,458 $671 6.02%
Insurance $7,200 $225.00 2.02% $7,200 $225 2.02%
Electric $1,424 $44.50 0.40% $1,424 $44 0.40%
Water/Sewer $24,048 $751.51 6.76% $24,048 $752 6.74%
Garbage $10,283 $321 2.89% $10,283 $321 2.88%
Management $14,000 $437.50 3.94% $14,000 $437 3.92%
Maintenance/Repairs $18,694 $584.19 5.26% $18,694 $584 5.24%
Misc. - - - - -
Turnover - - - - -
Landscaping - - - - -
Vacancy Factor - - - $7,134 $223 2.00%
Gross Expenses $97,107 $3,034.61 27.31% $104,241 $3,257 29.21
Net Operating Income $258,507 $7,297.43 72.69% $252,577 $7,893 70.79%
RENT ROLL | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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UNIT NUMBER
UNIT BED
UNIT BATH
UNIT SIZE (SF)
CURRENT RENT
MARKET RENT
MARKET RENT (PER SF)
CURRENT RENT (PER SF)
1 2 1.5 875 $798 $895 $1.02 $0.89
2 2 1.5 875 $995 $895 $1.02 $1.14
3 2 1.5 875 $890 $895 $1.02 $1.02
4 2 1.5 875 $920 $895 $1.02 $1.05
5 2 1.5 875 $800 $895 $1.02 $0.91
6 2 1.5 875 $875 $895 $1.02 $1.00
7 2 1.5 875 $795 $895 $1.02 $0.91
8 2 1.5 875 $815 $895 $1.02 $0.93
9 2 1.5 875 $880 $895 $1.02 $1.01
10 3 2 1,290 $920 $1,295 $1.00 $0.71
11 3 2 1,290 $1,195 $1,295 $1.00 $0.93
12 2 1.5 875 $970 $895 $1.02 $1.11
13 2 1.5 875 $780 $895 $1.02 $0.89
14 2 1.5 875 $840 $895 $1.02 $0.96
15 2 1.5 875 $880 $895 $1.02 $1.01
16 2 1.5 875 $895 $895 $1.02 $1.02
17 3 2 1,290 $1,1505 $1,295 $1.00 $1.00
18 2 1.5 875 $780 $895 $1.02 $0.89
19 2 1.5 875 $750 $895 $1.02 $0.86
20 3 2 1,290 $1,050 $1,295 $1.00 $0.81
21 3 2 1,290 $915 $1,295 $1.00 $0.71
22 2 1.5 875 $785 $895 $1.02 $0.90
23 2 1.5 875 $895 $895 $1.02 $1.02
24 3 2 1,290 $1,140 $1,295 $1.00 $0.88
25 2 1.5 875 $895 $895 $1.02 $1.02
26 3 2 970 $970 $1,290 $1.33 $1.00
27 2 1.5 875 $775 $895 $1.02 $0.94
28 3 2 1.290 $1,078 $1,295 $1.00 $0.84
29 3 2 1,290 $1,100 $1,295 $1.00 $0.85
30 3 2 1,290 $905 $1,295 $1.00 $0.70
31 2 1.5 875 $875 $895 $1.02 $1.00
32 3 2 1,290 $965 $1,295 $1.00 $0.75
Total/Average 32,245 $29,258 $33,035 $1.02 $0.95
UNIT MIX SUMMARY
UNIT TYPE
COUNT % TOTAL SIZE (SF)
MARKET RENT
RENT/SF
2 bed / 1 bath
22 68.75% 875 $895 $1.02
3 bed / 2 bath
10 31.25% 1,290 $1,295 $1.00
Total/Average
32 100% 32,565 $26,175 $1.01
Ashbrook Apartments
1343 SE Godsey Road, Dallas, Oregon 97338
ASHBROOK APARTMENTS Dallas, Oregon
SALE & RENT COMPARABLES
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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
SALE COMPARABLE SUMMARY | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
Glynbrook Estates
189 Glynbrook Street N
Salem, OR 97303
Price $3,400,000
Price/Unit $97,142
Unit 35
Price/SF $94.39
Building SF 36,020 SF
Sale Date 06/27/2017
Cap Rate 6.00%
Year Built 1976
Notes $39,534/bedroom. $4,069/unit expenses
Ashbrook Apartments
1343 SE Godsey Road
Dallas, Oregon 97338
Price $3,450,000
Price/Unit $107,813
Unit 32
Price/SF $105.94
Building SF 32,565 SF
Sale Date -
Cap Rate 7.49%
Year Built 1977
Notes -
River Road Apartments
5115 River Rd N
Keizer, OR 97303
Price $2,200,000
Price/Unit $81,481
Unit 27
Price/SF $73.83
Building SF 29,800 SF
Sale Date 11/01/2016
Cap Rate 6.50
Year Built 1963
Notes 100% Occupied
Price $5,400,000
Price/Unit $90,000
Unit 60
Price/SF $101.47
Building SF 53,220 SF
Sale Date 05/09/2017
Cap Rate 5.6%
Year Built 1994
Notes $39,706/bedroom. $4,325/unit expenses
Beverly Plaza
3655 Beverly Avenue NE
Salem, OR 97305
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SALE COMPARABLE SUMMARY | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
Countryside Apartments
4607 Silverton Rd NE
Salem, OR 97305
Price $2,080,000
Price/Unit $65,000
Unit 32
Price/SF $70.56
Building SF 29,478 SF
Sale Date 09/01/2016
Cap Rate 5.71%
Year Built 1987
Notes -
Price $2,525,000
Price/Unit $58,720
Unit 43
Price/SF $85.45
Building SF 29,549 SF
Sale Date 05/04/2017
Cap Rate 7.21
Year Built 1963
Notes -
Spring Creek Apartments
816 25th St. SE
Salem, OR 97301
Price $2,800,000
Price/Unit $83,928
Unit 36
Price/SF $85.37
Building SF 32,800 SF
Sale Date 06/08/2017
Cap Rate 7.19%
Year Built 1972
Notes -
Britewood Apartments
1398 E Cleveland St
Woodburn, OR 97071
Price $4,100,000
Price/Unit $77,358
Unit 53
Price/SF $78.07
Building SF 52,516 SF
Sale Date 06/01/2016
Cap Rate 6.75%
Year Built 1979
Notes -
Heritage Hills Apartments
3875 S Liberty Rd
Salem, OR 97302
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SALE COMPARABLE SUMMARY | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
341 SE 2nd Avenue
Canby, OR 97013
Price $1,175,000
Price/Unit $83,928
Unit 14
Price/SF $83,928
Building SF 8,600 SF
Sale Date 07/01/2016
Cap Rate 6.49%
Year Built 1965
Notes -
Property Name Sale Price Units $/SF $/unit Cap GRM Sale Date
* Ashbrook Apartments $3,450,000 32 $105.94 $107,813 7.49% - -
1 River Road Apartments $2,200,000 27 $73.83 $81,481 6.50% - 11/01/2016
2 Glynbrook Estates $3,400,000 35 $94.39 $97,142 6.00% 8.85 06/27/2017
3 Beverly Plaza $5,400,000 60 $101.47 $90,000 5.6% 9.12 05/09/2017
4 Spring Creek Apartments $2,525,000 43 $85.45 $58,720 7.21% 6.54 05/04/2017
5 Britewood Apartments $4,100,000 53 $78.07 $77,358 6.75% 6.83 06/01/2016
6 Countryside Apartments $2,080,000 32 $70.56 $65,000 5.71% 3.29 09/01/2016
7 Heritage Hills Aartments $2,800,000 36 $85.37 $77,777 7.19% 9.36 06/08/2017
8 341 SE 2nd Ave $1,175,000 14 $136.63 $83,928 6.49% 9.23 07/01/2016
Average $2,960,000 37.5 $88.38 $78,933 6.44% 7.35 -
SALE COMPARABLE CHART | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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SA
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PR
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UN
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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
$0
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AshbrookApartments
River RoadApartments
GlynbrookEstates
Beverly Plaza Spring CreekApartments
BritewoodApartments
CountrysideApartments
Heritage HillsAartments
341 SE 2nd Ave
RENT SURVEY SUMMARY | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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Embassy Way Apartments
4180 Embassy Way NE
Salem, OR 97305
Average Rent/SF $0.94
Average Rent $845
Average Size 900 SF
Number of Units 64
Building SF 59,648 SF
Lot Size 2.15 AC
Year Built 1991
Occupancy 98.4%
Notes -
Ashbrook Apartments
1343 SE Godsey Road
Dallas, Oregon 97338
Pacific Crest Apartments
950 N 2nd Street
Silverton, OR 97381
Average Rent/SF $1.21
Average Rent $1,000
Average Size 829 SF
Number of Units 76
Building SF 79,968 SF
Lot Size 3.47 AC
Year Built 1992
Occupancy 97.4%
Notes -
Average Rent/SF $1.12
Average Rent $906
Average Size 807 SF
Number of Units 56
Building SF 45,192 SF
Lot Size 2.32 AC
Year Built 1990
Occupancy 98.2%
Notes -
Cheryl Lynn Apartments
4822 Cheryl Lynn Way NE
Salem, OR 97305
Average Rent/SF $0.95
Average Rent $914
Average Size 1,008 SF
Number of Units 32
Building SF 32,565 SF
Lot Size 3.13 AC
Year Built 1977
Occupancy 100%
Notes -
RENT SURVEY SUMMARY | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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Average Rent/SF $1.08
Average Rent $997
Average Size 925 SF
Number of Units 54
Building SF 49,950 SF
Lot Size 1.85 AC
Year Built 2013
Occupancy 96.3%
Notes -
Newcastle Place Apartments
4470 Conser Way NE
Salem, OR 97305
Average Rent/SF $1.03
Average Rent $833
Average Size 833 SF
Number of Units 82
Building SF 68,332 SF
Lot Size 43.54 AC
Year Built 1981
Occupancy 96.3%
Notes -
Hollywood Park Apartments
3300 Hollywood Drive NE
Salem, OR 97305
Average Rent/SF $1.42
Average Rent $832
Average Size 587 SF
Number of Units 52
Building SF 30,550 SF
Lot Size 3.97 AC
Year Built 1979
Occupancy 96.1%
Notes -
Sandalwood Apartments
3963 Etta Drive NE
Salem, OR 97305
Average Rent/SF $0.97
Average Rent $820
Average Size 848 SF
Number of Units 36
Building SF 30,546
Lot Size 0.58 AC
Year Built 1971
Occupancy 94.4%
Notes -
Whispering Pines
3777 Iberis Street NE
Salem, OR 97305
RENT SURVEY SUMMARY | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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Knott Apartments
452 N Ivy St
Canby, OR 97013
Average Rent/SF $0.93
Average Rent $786
Average Size 841 SF
Number of Units 10
Building SF 8,410 SF
Lot Size 0.63 AC
Year Built 1989
Occupancy 100%
Notes -
Property Name Rent/SF Building Size # of Units Occupancy Rate Average Rent Year Built
* Ashbrook Apartments $0.95 32,245 SF 32 100% $914 1977
1 Pacific Crest Apartments $1.21 79,968 SF 76 97.4% $1,000 1992
2 Embassy Way Apartments $0.954 59,648 SF 64 98.4% $845 1991
3 Cheryl Lynn Apartments $1.12 45,192 SF 56 98.2% $906 1990
4 Newcastle Place $1.08 49,950 SF 54 96.3% $997 2013
5 Hollywood Parks $1.42 30,550 SF 52 96.1% $832 1979
6 Sandalwood Apartments $1.03 68,332 SF 82 96.3% $855 1981
7 Whispering Pines $0.97 30,546 SF 36 94.4% $820 1971
8 Knott Apartments $0.93 8,410 SF 10 100% $786 1989
Average $1.09 44,198 SF 53.75 97.14% $880 1988
RENT SURVEY CHART | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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AshbrookApartments
Pacific CrestApartments
Embassy WayApartments
Cheryl LynnApartments
Newcastle Place Hollywood Parks SandalwoodApartments
Whispering Pines Knott Apartments
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
ASHBROOK APARTMENTS Dallas, Oregon
DEMOGRAPHICS & MARKET RESEARCH
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DEMOGRAPHICS | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
DEMOGRAPHICS DATA
1 mile 3 miles 5 miles
Total Households 1,091 4,350 7,588
Total Population 3,175 11,665 20,025
Persons per Household 2.9 2.7 2.6
Average Household Income $52,502 $55,290 $56,733
Average House Value $190,338 $199,563 $210,011
Average Age 35.8 38.0 37.5
Average Age (Male) 37.5 38.5 37.5
Average Age (Female) 34.4 37.8 37.8
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ABOUT DALLAS OREGON | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
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Dallas is a city in the state of Oregon and serves as
the county seat of Polk County. The city is situated along
Rickreall Creek, about 15 miles west of the state capitol,
Salem. The city was settled in the 1840s on the north side of
Rickreall Creek and was originally named "Cynthian" or
"Cynthiana". According to the United State Census Bureau,
the city has a total area of 4.81 square miles and as of 2016,
a population of 15,923.
Dallas has many treasures, with many beautiful City parks,
the Dallas Aquatic Center, the Motor-Vu Drive In, and small
town charm. A short drive away is the 2,500 acre Baskett
Slough National Wildlife Refuge, the Black Rock trail system -
Oregon's first free ride area for mountain biking, and award
-winning wines.
Not only family-friendly, Dallas is business-friendly too. With
sites from 1 to over 20 acres, with access to highways and
rail service, Dallas is ready for employers and can offer
incentive packages, streamlined permitting, friendly staff,
and a supportive business environment.
15 Miles
West of Salem
$253,200
Median Home Value
15,923
2016 Population
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Top Employers
Dallas Public Schools
Polk County
Forest River, Inc.
West Valley Hospital
Dallas Retirement Village
Professional Background
Bill Maxwell grew up in Southern California and graduated from Los Alamitos High School
where he lettered in Water Polo and Swimming all three years. Bill attended Cypress College
where he played water polo and during college he worked for the City of Seal Beach as a
Beach Lifeguard earning many accommodations and awards for saving lives.
First licensed as a Real Estate Broker in 1983 Bill worked with Buckingham Investments
specializing in apartments sales and management where he oversaw the management of a
portfolio of apartment communities in Long Beach, California. After many sales awards and
consistent sales performance Bill was recruited by Mike Macrae who founded Macrae
Investments in Long Beach, California. After a few years with Macrae Investments, Bill started
his own brokerage firm in Long Beach specializing in sales and management of apartment
communities.
Bill's extensive knowledge of apartment communities from both investment and
management perspectives gives his clients added value when selling or purchasing
apartments.
Education
Cypress College
University of Nevada - Las Vegas (UNLV)
Current Listing
Silverton Manor - 992 N 2nd Street, Silverton, Oregon 97381 (39 Units - Multifamily)
ADVISOR PROFILE | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
William Maxwell Senior Advisor
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10260 SW Greenburg Road, Suite 530 Portland, OR 97223 O: 503.482.4099 | M: 503.475.8212 [email protected] OR #199912087
DISCLAIMER | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON
The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be
used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written
consent of the SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.
The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other
person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the
person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.
Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information
contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property.
This Offering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be
correct, and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for
representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication
transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to
it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner.
The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor
any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this
Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.
This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole
discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate
negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity
reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate
Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have
acknowledged the foregoing and agreed to release the Owner and the SVN Advisor from any liability with respect thereto.
To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such
correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective
purchaser proceeds at its own risk.
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Lincoln Tower
10260 SW Greenburg Road, Suite 530
Portland, OR 97223
ph: 503.208.9400
William Maxwell | Senior Advisor
O: 503.482.4099 | M: 503.475.8212
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reliable, however, we accept no responsibility for its correctness.