MAPLE PL AC EE APARTMENT SS MAPLE PL AC APARTMENT 9457 N Bristol Avenue | Portland, OR 97203 | 2 0 Uni t s 2314 & 2318 NE Multnomah |0Portland, Oregon 97323 Pr ic e: $2Street ,10 0,0 0 12 Apartments + 1 Single Family Residence Extensive Upgrades | Three-bedroom Flats | Private Yards | Adjacent to Pier Park Garden court | Off Street Parking | NE Portland near LLoyd Center E X C L U S I V E E X C L U S I V E A L L A P A R T M E N T S. O F F E R I N G L I S T I N G A L L T H E HFO HFO INVESTMENT INVESTMENT REAL REAL ESTATE ESTATE www.hfore.com | 503.241.5541 M A Pwww.hfore.com L E P L A C E A P|A503.241.5541 RTMENTS | 1 T I M E.SM MAPLE PLACE APARTMENTS 2314 & 2318 NE Multnomah Street Portland, OR 97323 Listing Summary Price: Price Per Unit: Price Per Sq. Ft.: Cap Rate: 12 Units + 1 House • Price: $1,850,000 Investment Description Maple Place Apartments is a rare opportunity to acquire a well-maintained asset in the trending Sullivan’s Gulch neighborhood of northeast Portland. Maple Place is a few blocks from Lloyd Center and walking distance to the Broadway shopping district. Numerous transportation options including Interstate 84, Portland’s MAX line and key surface arterials including Multnomah Blvd, Broadway Street and Sandy Blvd connect the Sullivan’s Gulch neighborhood and Maple Place to downtown Portland. $1,850,000 $142,308 $150 5.56% Physical Information The apartments and house are are on separate tax lots. No. Apartments: Year Built: Square Feet (apx): Avg Unit Size (SF): No. Stories: Acres: Maple Place’s unit mix meets the demands of the neighborhoods diverse demographic. In addition to the single family four (4) bedroom two (2) bathroom house, Maple Place offers one-bedroom flats and townhomes, twoand four-bedroom apartments. SFR House: Year Built: Square Feet (apx): Acres: Maple Place’s scheduled rents currently average $943 per unit, or $0.99 psf not including the house. These rents trail the market. The asset has an opportunity to increase cash flow through increasing rents and charging residents for utilities. Pro forma rents are based on highest achieved rents and average $1,143 per unit or $1.20 psf. Maple Place has been self managed, therefore the expenses are estimates and reflect potential third-party management. 12 1968 10,653 888 2 0.28 1 1907 1,674 0.11 NE 16th Ave This garden-style community is perfectly positioned for new management and rent positioning to take advantage of its strong, close-in NE Portland location. NE Broadway St Safeway NE 24th Ave NE Weidler St Lloyd Center Mall 99E 99E Oregon Convention Center NE yd Llo lvd NE th 16 Dr MAX lines Maple Place NE 33rd Ave Holladay Park 84 B Benson Polytechnic High School E Burnside St d Blv NE Glisan Street NE 22nd Ave NE 12th Ave Buckman Field Park NE dy n Sa Laurelhurst Theater Whole Foods Market Laurelhurst Park M A PLE PL AC E A PA RT ME N T S | 2 NE Cesar E Chavez Blvd NE Multnomah St Portland, OR 97232 13 $1,850,000 1968 $142,308 No. Units Year Built Sq. Ft Lot Size (Acres) 12,327 $150 0.39 5.65% PRO FORMA INCOME & EXPENSES Unit Mix and Rents Units 1 3 6 2 1 13 Appr. Sq. Ft. Unit Type 1 1 2 4 4 Bd Bd Bd Bd Bd / / / / / 1 1 1 1 2 Ba Ba Ba Ba Ba Flat Townhome Flat Flat House 621 644 810 1620 1674 948 Current Scheduled Rents $910 $800 $925 $1,060 $2,100 - $910 $905 $975 $1,165 $2,100 RPro Forma Avg. Pro Forma e Rent Rents n Per Sq Ft $910 $1.47 $905 $1.41 $975 $1.20 $1,165 $0.72 $2,100 $1.25 $1,070 $1.13 Amenities Monthly Total $910 $2,715 $5,850 $2,330 $2,100 $13,905 • Off-street parking • Onsite laundry • Quiet community • Convenient Lloyd Center location • Diverse unit mix Income Scheduled Gross Rent $166,860 Less: Vacancy/Credit Loss -5.0% -$8,343 Net Rental Income $158,517 Plus: Laundry $3,000 Plus: Miscellaneous $1,000 Total Other Income $4,000 Gross Operating Income (GOI) $162,517 Expenses % of GOI $/Unit/ Year Proforma 11.5% $1,432 $18,611 Real Estate Taxes 2013/2014 Net Taxes Insurance Current premium 1.4% $175 $2,279 Utilities 2014 T12 6.2% $775 $10,069 Fee Management Estimate 3.5% $1,000 $13,001 Landscaping 0 1.5% $185 $2,400 Maintenance/Repairs 2014 T12 4.0% $500 $6,500 Turnover 0 1.2% $150 $1,950 Reserves Estimate 2.0% $250 $3,250 31.2% ($4,466) Estimated Annual Expenses Net Operating Income (NOI) ($58,061) $104,456 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. Parties who receive this information from unauthorized parties shall not be recognized. © 2015 HFO Investment Real Estate, LLC. M A PLE PL AC E A PA RT ME N T S | 3 • A mix of townhomes and flats ANALYSIS & AREA INFORMATION Close-in Portland Submarket For More Information 503.241.5541 Residents find The Maple Place and its urban location convenient to downtown and to neighborhoods found throughout NE Portland, including Irvington, Hollywood, and Laurelhurst. Trevor Calton [email protected] The Lloyd District Neighborhood includes restaurants, shops, hotels, movie theatres, condominiums and apartments, and office buildings. This commercial neighborhood in North/NE Portland is home to the Lloyd Center, the Rose Quarter (home of the Moda Center), and the 17-acre Oregon Convention Center. Major activity takes place around the Rose Quarter on game days for the Portland Winterhawks ice hockey team and the NBA Trail Blazers. Tyson Cross [email protected] New development and increased employment opportunities coming to the Lloyd Center Neighborhood include: Greg Frick [email protected] Lee Fehrenbacher [email protected] Rob Marton [email protected] Jack Stephens [email protected] Cody Vaz [email protected] www.hfore.com HFO INVESTMENT REAL ESTATE 1028 SE Water Avenue, Suite 270 Portland, Oregon 97214 www.hfore.com Office: 503.241.5541 Fax: 503.241.5548 • May, 2015: The 168-room Hotel Eastlund (formerly a Red Lion) will open across from the Convention Center. • Fall, 2016: Lloyd Center Mall is expected to complete a $50-million remodeling project. The remodeling calls for updates to existing entryways, the food court and ice rink. • By 2017: A $200 million 600-room Hyatt Hotel is slated to be built at the Convention Center. Construction is expected to begin in summer or fall of 2015. Public transit is extensive throughout the neighborhood, including TriMet buses and MAX trains, as well as a commuter express from Vancouver, Washington’s C-Tran bus system. The property is positioned to take advantage of the Portland Metro area’s growing population and its demand for housing. Lower vacancies are driving rents higher and the young demographic found in Portland’s transitioning neighborhoods pay a premium for well located, nicely maintained housing.
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