FRENCH QUARTER 6-PLEX

KIDDER.COM OFFERING MEMORANDUM | 9416 N LOMBARD STREET | PORTLAND, OR TABLE OF 01 EXECUTIVE SUMMARY

CONTENTS 02 PROPERTY FINANCIALS

03 SALE COMPARABLES

04 MARKET OVERVIEW

EXCLUSIVELY LISTED BY

JORDAN CARTER CLAY NEWTON TYLER LINN 503.221.2280 503.721.2719 503.721.2702 [email protected] [email protected] [email protected] KIDDER.COM

The information contained in the following Marketing Brochure 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 Marketing Brochure 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. PROPERTY INFORMATION

7326-7330 N Catlin Ave Portland, OR Address 9404-9416 N Lombard St Portland, OR No. of Units 6

Land Area 14,570 SF (0.33 acres)

Year Built 1964

Total SF 4,680 SF

Average Rent $1,373 EXECUTIVE SUMMARY Average $/SF $1.76 Price/Unit $225,000

THE OFFERING Price/SF $288 The French Quarter apartments Sale Price $1,350,000 consist of six apartment units, all platted as individual condominiums, as condominiums also creates a located in the heart of the trendy unique value-add opportunity if an St. Johns neighborhood in North investor decided to capitalize on Portland. Built in 1964, the building the tight single family home market is three single level duplexes, all by selling off the units individually. with off-street parking. The unit mix is comprised of three 3 bed/1 bath The property is located just blocks units, one 2 bed/1 bath unit, and from the core of St. Johns’ trendy 1964 6 two 2 bed/1 bath units. All units downtown, as well as St. Johns feature washer/dryer hookups and City Park, and Cathedral Park, one YEAR BUILT TOTAL UNITS have been extensively renovated in of the most photographed parks the last six years with new kitchens in Portland, featuring amazing and appliances, new flooring and views of the St. Johns Bridge paint, and new fixtures. The exterior directly overhead. Cathedral Park has also undergone improvements, hosts many activities and festivals $1,373 13 with new energy efficient vinyl throughout the year, including a windows and exterior paint. popular jazz festival. A short bike ride AVERAGE RENT TOTAL BEDROOMS gets you to the popular Portsmouth Raising rents closer to market would and Kenton neighborhoods, or to create equity for a new ownership the University of Portland, only two group. Having the units platted miles away.

FRENCH QUARTER  OFFERING MEMORANDUM  KIDDER MATHEWS 3 PROPERTY OVERVIEW UNIT MIX SUMMARY Unit Type No. of Units Avg SF Avg Rent Avg Rent/SF

PROPERTY HIGHLIGHTS 1x1 2 592 $1,150 $1.94 HIGHLY sought after 6-Plex in St. Johns 2x1 1 839 $1,400 $1.67 MIX of one, two, and three-bed units 3x1 3 886 $1,513 $1.71 ALL units renovated in last 6 years with new kitchens, flooring, and paint Total/Avg 6 780 $1,373 $1.76

GIVEN a walk score of 86 "very walkable" by walkscore.com; most errands can be accomplished by foot

DUPLEXES with single level floor plans and off-street parking

UPDATED vinyl windows and exterior paint

WASHER/DRYER hookups in all units

LESS than a half mile away from downtown St. Johns and the iconic 23 acre Cathedral Park

PLATTED as individual condominiums

TREMENDOUS North Portland location in the heart of the St. Johns neighborhood

CLOSE proximity to employers, dining, services, public transportation, and downtown Portland

HIGH barrier to entry market – oriented by limited supply of land for development and an extremely arduous entitlement process

86 94 WALK SCORE BIKE SCORE

FRENCH QUARTER  OFFERING MEMORANDUM  KIDDER MATHEWS 4 PROPERTY PHOTOS

FRENCH QUARTER  OFFERING MEMORANDUM  KIDDER MATHEWS 5 PIER PARK

SUBJECT PROPERTY

ST. JOHNS NEIGHBORHOOD ROOSEVELT HIGH SCHOOL

ST. JOHNS BRIDGE PORTSMOUTH NEIGHBORHOOD CATHEDRAL PARK CESAR CHAVEZ MCKENNA PARK SCHOOL

COLUMBIA PARK

UNIVERSITY PARK

UNIVERSITY OF PORTLAND

WILLAMETTE RIVER FOREST PARK

FRENCH QUARTER  OFFERING MEMORANDUM  KIDDER MATHEWS 6 ST. JOHNS AMENITIES

RANGER SUBJECT TAVERN PROPERTY N IVANHOE ST N SAINT LOUIS AVE N SMITH ST YOUR INN TWO St. Johns STROKES City Park COFFEE

THE WISHING ST. JOHNS WELL RESTAURANT

TWIN CINEMAS

JOHNS STREET CAFE N IVANHOE ST N LOMBARD ST

Cathedral Park N PHILADELPHIA AVE

N WILLAMETTE BLVD WILLAMETTERIVER ST. JOHNS MARINE CENTER ST. JOHNS BRIDGE

PORTWAY TAVERN

FRENCH QUARTER  OFFERING MEMORANDUM  KIDDER MATHEWS 7 CURRENT VALUATION

UNIT MIX INCOME Annual Per Unit Unit Type No. of Units Avg SF Avg Rent Avg Rent/SF Potential Rental Income $98,880 $16,480 1x1 2 592 $1,150 $1.94 Other Income $2,572 $429 2x1 1 839 $1,400 $1.67 Utility Reimbursement $1,497 $250 3x1 3 886 $1,513 $1.71 Gross Operating Income $102,949 $17,158 Total/Avg 6 4,680 $8,240 $1.76 Vacancy (5%) ($4,944) ($824)

Effective Operating Income $98,005 $16,334

OPERATING EXPENSES

Expenses Annual % of Exp Per Unit

Real estate taxes 2020 $11,106 11.33% ($1,851)

Property insurance 2020 $2,926 2.99% ($488)

Water/Sewer 2020 $7,015 7.16% ($1,169)

Electricity 2020 $273 0.28% ($46)

Garbage 2020 $2,156 2.20% ($359)

Landscaping 2020 $465 0.47% ($78)

Maint/Repair Est $3,000 3.06% ($500)

Turnover Est $1,200 1.22% ($200)

Professional Management Proposed $4,900 5.00% ($817)

Office/Admin 2020 $2,842 2.90% ($474)

Reserves Est $1,200 1.22% ($200)

Total Operating ($37,083) 37.84% ($6,181) Expenses ST. JOHNS BRIDGE Net Operating Income $60,922 $10,154

FRENCH QUARTER  OFFERING MEMORANDUM  KIDDER MATHEWS 8 APARTMENT SALE COMPARABLES

Property Units Year Built Sale Date Sale Price Price/Unit Price/SF Cap Rate 01 NE 70TH 5-PLEX 3241 NE 70th Ave 5 1947 Under Contract $1,095,000 $219,000 $183 5.05% Portland, OR

02 ELLENCOURT APARTMENTS 12 1949 1/26/2021 $2,800,000 $233,333 $141 - 4831-4841 E Burnside St Portland, OR

03 N LOMBARD 6-PLEX 2335-2353 N Lombard St 6 1969 10/20/2020 $1,580,000 $263,333 $257 4.75% Portland, OR

04 YAMHILL 8-PLEX 3541 SE Yamhill St 8 1979 10/16/2020 $2,275,000 $284,375 $363 5.22% Portland, OR

05 ALDER 6-PLEX 3225 SE Alder Ct 6 1971 12/5/2019 $1,725,000 $287,500 $333 4.53% Portland, OR

AVERAGES 8 1967 $2,095,000 $267,135 $274 4.83%

FRENCH QUARTER  OFFERING MEMORANDUM  KIDDER MATHEWS 9 LOCATION OVERVIEW

Local retailers and restaurateurs have created a charming shopping district on N. Lombard Street, a and Smith & Bybee Wetlands Natural Area, all within short walk from French Quarter. This shopping district a 10 minute drive. The closest parks are St. Johns City ST. JOHNS is home to more than a dozen restaurants and cafes, Park, less than half mile north, and Cathedral Park, which North Portland’s historic St. Johns neighborhood is as well as grocers like New Seasons, Fred Meyer, and is located below the St. Johns Bridge. Rain or shine transforming into one of Portland’s most trendy urban Safeway. Additionally, the area features the popular St. you’ll see cyclists, runners, and dog walkers enjoying centers. Located at the tip of the peninsula formed John’s historic movie theater, a McMenamin’s pub, and the views along the Willamette River on the scenic by the confluence of the Willamette and Columbia three major bank branches. St. Johns is close to the river trail. Additionally, Sauvie Island, with its many Rivers, St. Johns has a distinct small town feel and popular commercial neighborhoods of Portsmouth and outdoor activities and beautiful scenery is about 15 its downtown strip of historic buildings, shops, and Kenton, where residents can find organic groceries and minutes north of St. Johns. restaurants are all within walking distance for residents. additional retail delights. Located less than two miles This budding neighborhood has experienced southeast of the property is the University of Portland, St. Johns is about a 15-20 minute drive west across significant reinvestment from Prosper Portland and a well-known private Roman Catholic university with the St. Johns Bridge and south along Hwy 30, right other developers over the last decade. Developing an enrollment of over 4,000 students. into the Alphabet and Pearl District of downtown from an old industrial area to one of Portland’s most Portland. Portland’s central business district is another up-and-coming areas, St. Johns is now a Portland Active and outdoor focused residents can enjoy Pier five minutes south of that, bringing all of downtown destination for young, upwardly mobile professionals. Park, Columbia Park, , Cathedral Park, within a close reach of any St. Johns Resident.

CATHEDRAL PARK NORTH PRECINT UNIVERSITY OF PORTLAND

FRENCH QUARTER  OFFERING MEMORANDUM  KIDDER MATHEWS 10 COMMERCIAL BROKERAGE

SEATTLE $9.6B 450+ SOUTH SEATTLE ANNUAL TRANSACTION NO. OF BELLEVUE VOLUME BROKERS OLYMPIA TACOMA

PORTLAND KIDDER VALUATION ADVISORY 1,700+ 39/23 ASSIGNMENTS TOTAL NO. MATHEWS ANNUALLY OF APPRAISERS / MAIS

OVERVIEW RENO PROPERTY MANAGEMENT SACRAMENTO

ROSEVILLE SAN FRANCISCO PLEASANTON 71M+ REDWOOD SILICON VALLEY SHORES SF UNDER MANAGEMENT We know the West Coast. In fact, we’re its largest independent commercial real DOWNTOWN LA PASADENA/TRI-CITIES estate firm. Our team boasts WEST LA EL SEGUNDO AWARD-WINNING SERVICES 900 local market specialists and ORANGE COUNTY top-producing professionals— PHOENIX CARLSBAD serving out of 21 offices across SAN DIEGO PSBJ Largest Commercial Real Estate Firms 21 five states. The expertise of each professionals deliver insights local office is reinforced by the that go beyond data and PSBJ Fastest Growing Companies 8 relationships, intelligence, and identify unexpected avenues experience of our entire firm. for growth. This ensures our PSBJ Best Places to Work 13 clients are armed to capitalize on market trends in the most management, consulting, project The Oregonian’s Top Workplaces 8 WE DON’T JUST KNOW THE competitive real estate markets in and construction management, and MARKET, WE DRIVE IT the West. debt and equity finance services OR Business Magazine 100 Best Companies 12 It’s no secret that having a team for all property types, giving our deeply embedded in your We offer a complete range of clients the competitive edge Bay Area News Group Top Work Places 8 market gives you the edge. Our brokerage, appraisal, property they need.

FRENCH QUARTER  OFFERING MEMORANDUM  KIDDER MATHEWS 11 EXCLUSIVELY REPRESENTED BY

JORDAN CARTER 503.221.2280 [email protected]

CLAY NEWTON 503.721.2719 [email protected]

TYLER LINN 503.721.2702 [email protected]

KIDDER.COM