EXCLUSIVE OFFERING H A G E R M A N F R I C K O ’ B R I E N , L L C • I N V E S T M E N T R E A L E S TAT E Multifamily K N O W H O W I S K E Y. Amenities • Mixed use retail/residential • Built as condos • Granite countertops • Hardwood floors • Air conditioning in units • Apartments have full size washers/dryers • Outdoor patios/decks • Near MAX light rail and bus line Location 105 NE 172nd Avenue Gresham, Oregon 97236 ELAINE station 39 Units • price: $3,500,000 For More Information Call Our Team at: 503-241-5541 HFO Investment Real Estate 1028 SE Water Avenue, Suite 270 Portland, OR 97214 Elaine Station is a mixed-use apartment/retail building located at 105 NE 172nd Avenue in Gresham. This brand new community is ideally situated adjacent to MAX and bus lines. Built as condos, these flat and townhouse-style apartments feature full-size washers & dryers, hardwood floors, granite countertops and either patios or balconies. All units include condo appliance packages, gas heat and air conditioning. Elaine Station is located near Albertsons, Safeway, Rite-Aid, Walgreens, a Starbucks and nearly 30 restaurants. In a recent rental survey, the Metro Multifamily Housing Association reported that rents in the Gresham area averaged $0.78 per square foot and vacancy rates averaged 3.3%. Between 2000 and 2004, rents in Gresham increased more than 28%. Recent rent increases have averaged 5-10% with similar rent hikes forecast for 2008. Elaine Station elaine station Pro Forma Income & Expenses SCHEDULE OF CURRENT MONTHLY RENTS UNITS UNIT TYPE APPROX. SQ. FT. 13 1 Bed / 1 Ba 652 16 2 Bd / 2 Ba TH 995 4 3 Bd/ 2 Ba TH 1070 6 Retail 853 39 AVERAGE 867 PROPOSED AVG. RENT RENTSPer SQ. FT. $750 - $750 $1.15 $925 - $925 $0.93 $950 - $950 $0.89 $853 - $853 $1.00 $771 - $771 $0.92 MONTHLY INCOME $9,750 $14,800 $3,800 $5,118 $33,468 INCOME 105 ne 172nd avenue gresham, Ore. 97236 listing summary Price: $3,500,000 Price Per Unit: $89,744 Price Per Sq Ft: $105.10 CAP Rate: 7.33% GIM: 8.50 Physical Information No. Units: 39 Year Built: 2008 Lot Size (acres): 0.986 Total Sq. Ft.: 33,303 No. Stories: 3 Roof Type: Pitched Comp Exterior: Hardi Lap Laundry Room: No Washer/Dryers: Yes Disposals: Yes Range/Refrigerators: Yes Parking Spaces: 33 Garages: No Patio/Deck: Yes Heating: Gas Air Conditioning: Yes Floors: Hardwood Scheduled Gross Annual Income Less: Vacancy 5.00% Plus: Other Income Effective Annual Income $401,616 ($20,080) $10,188 $391,724 EXPENSES % effective annual income $/Unit/ Year Real Estate Taxes Insurance Utilities Mgmt., Resident Mgmt., Professional 9.84% 2.46% 7.07% 5.00% 4.00% $1,000 $250 $718 $502 $402 2007/2008 Estimate Estimate 5.00% 4.00% Maintenance/Repairs Estimate 2.57% $261 Turnover Estimate 1.48% $150 Landscape Maintenance Estimate 0.30% $31 Advertising Estimate 0.13% $13 Reserves Estimate 1.23% $125 Miscellaneous Estimate 0.13% $13 TOTAL EST. ANNUAL EXPENSES 34.49% ($3,465) TOTAL EST. NET OPERATING INCOME Annual Budget $39,000 $9,750 $28,000 $19,586 $15,669 $10,188 $5,850 $1,200 $500 $4,875 $500 ($135,118) $256,606 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 or to the duration of percentage rents. 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. Copyright Hagerman Frick O’Brien LLC (c) 2006-2008. analysis & AREA INFORMATION According to a recent survey by the Metro Multifamily Housing Association (MMHA), rents in the Portland metro area have climbed as much as 10% over the last year and 2007 income was up 3% to 8%. This is largely attributed to a reduction in the number of apartments and a decrease in home sales. Gresham/Rockwood For More Information Call 503-241-5541 Cody Hagerman [email protected] Greg Frick [email protected] Tim O’Brien [email protected] Hugh Holtman [email protected] Nick Klein [email protected] Rob Marton [email protected] Hagerman Frick O’Brien 1028 SE Water Avenue, Suite 270 Portland, OR 97214 Gresham’s Rockwood community is located between the big-city hustle to the West and the solitude of the countryside to the East. Gresham (pop. 99,225) is the state’s fourth largest city. Major employers within a 3-mile radius include: The Boeing Co., Fred Meyer, Boyd’s Coffee, Legacy Mt. Hood Medical Center, Pella Windows & Doors, LA Crosse Footwear manufacturing, Townsend frozen foods, Nacco Wholesale Materials Handling, and Swift trucking. Local employer FedEx is currently finalizing a $17 million purchase of 77 acres from the Port of Portland and will open a new distribution facility near Gresham. The first phase of construction consists of a 571,000 square foot warehouse and office complex. FedEx estimates it will create an additional 1,000 jobs in the area when the facility is fully operational. In addition, the national industrial developer DP Partners has started construction of a 265,000 square-foot industrial/distribution warehouse to the northwest. Location 105 NE 172nd Avenue, Gresham, Oregon 97236
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