EXCLUSIVE INVESTMENT OFFERING

Legacy Apartments

550 SW Edmunston Street, McMinnville, OR 97128 21 Units . Built 1980. $2,000,000

• Walking Distance to Linfield College • Vinyl Windows

• Desirable Unit Mix with Townhomes • Plentiful Parking

• Laundry Facilities Onsite • Minutes From Downtown McMinnville

Grayson Pounder President, Principal Broker 503.680.4638 [email protected]

THE OPPORTUNITY

• Built in 1980, Remodeled in 2003

• Lots of Greenspace

• Desirable Student Housing

• Both Off Street and On Street Parking

• Upside in Rents

• Laundry Facility On Site for Additional Income

PROPERTY DESCRIPTION

Built in 1980, the McMinnville 21 Unit is located centrally to both Downtown McMinnville and Linfield College. The property is comprised of 21 apartment homes and a unit mix of 6 two bedroom/one bathrooms with 818 sq ft, 3 two bedroom/one bathrooms with 893 sq ft, and 12 two bedrooms/1.5 bathrooms townhomes. The property offers off-street parking, spacious open floorplans and onsite laundry and fenced patios or balconies.

The McMinnville 21 Unit has 2 two story buildings and 1 three story building. All have wood frame construction and flat roof.

LOCAL ECONOMY

The Metro area that includes both McMinnville and Newberg is home to several large employers and industries that include wine production, manufacturing and the tech industry. Area employers include Mutual Insurance Com- pany, Cascade Steel, Organic Valley creamery, Evergreen Aviation Museum, A- UNIT AMENITIES Dec, one of the largest dental equipment manufacturers in the world, , Linfield College, and Providence Newberg Medical Center.

• Fenced Patios/ Balconies • Dishwasher • Vinyl Windows • Spacious Floorplans

Legacy Apartments

LOCATION

The McMinnville 21 Unit is located in the beautiful city of McMinnville, Oregon. McMinnville is situated approximately 37 miles Southwest of Portland and 26 miles North of the state capital, Salem, OR. McMinnville is the largest city in Yamhill County and is also the county seat.

The city has a population of approximately 33,400 and an estimated household income of $53,199 in 2016 which has increased from $38,953 in 2000.

Located on SW Edmunston Street the complex is less than a mile from the beautiful downtown area, which has over 35 restaurants and businesses within a 5 block radius as well as the McMinnville library and the McMinnville fire station. McMinnville has won several awards that include “America’s Foodiest Towns” by Bon Appetit and a Great Street Award from the American Planning Association.

McMinnville is on Oregon Route 99W, a major north-south route which follows an east-west alignment through Newberg. It connects with Portland to the northeast, Dundee and McMinnville to the southwest. Oregon 219 also connects Newberg to St Paul, Woodburn and Hillsboro.

Legacy Apartments

PROPERTY SUMMARY INVESTMENT SUMMARY

Units 21 Price $2,000,000

Built 1980, Remodeled 2003 Price / Unit $95,238 Average SF 917 Price / SF $103.83 Building Two & Three Story, Wood frame Pro Forma Cap Rate 8.76%

Roof Flat Roof Proposed Loan Amount $1,300,000

Rent / SF $1.17 Loan Payment $6,899

Interest Rate 4.90%

Amortization 30 Years

PRO FORMA INCOME & EXPENSES

Monthly Annual Units Type Unit SF Total SF Market Rent Rent / SF Mkt Rent Mkt. Rent 6 2 Bed/1 Bath 818 4,908 $1,045 $6,270 $75,240 $1.28 3 2 Bed/1 Bath 893 2,679 $1,055 $3,165 $37,980 $1.18 12 2 Bed/ 1.5 Bath 973 11,676 $1,095 $13,140 $157,680 $1.13 21 917 19,263 $1,075 $22,575 $270,900 $1.17

Income Pro Forma Scheduled Market Rent $270,9000 Less: Vacancy 5.00% ($13,545) Net Rental Income $257,355 Plus: RUBS $10,773 Plus: Laundry Income $2,500 Total Operating Income (EGI) $270,628

Expenses Per Unit Admin & Advertising $38 $800 Payroll $467 $9,800 Turnover $225 $4,730 Repairs & Maintenance $600 $12,600 Management Fee 6.0% $773 $16,238 Utilities $1,000 $21,000 Landscape $229 $4,800 Real Estate Taxes $762 $16,000 Insurance $200 $4,200 Replacement Reserve $250 $5,250 Total Expenses $95,418 Per Unit: $4,544 Per SF: $4.95 Grayson Pounder Net Operating Income $175,210 President, Principal Broker Less : Debt Service ($82,793) 503.680.4638 Projected Net Cash Flow $92,417 [email protected] Cash-on-Cash Return 13.20% Cap Rate Analysis Listing Price $/Unit $/SF Cap Rate Pounder Realty Listing Price $2,000,000 $95,238 $103.83 8.76% 6105 SW Macadam Ave Down Monthly All Financing Total Loan Payment LTV Payment Portland, Oregon 97239 $1,300,000 $700,000 65% ($6,899) www.pounderrealty.com

IMPORTANT INFORMATION6105 & DISCLAIMER:SW Macadam, The information Portland, contained OR herein97223 is assumed to be correct and market- supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Pounder Realty and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Pounder Realty. Not responsible for errors and omissions.