N Vancouver Ave N Cook St N Williams Ave
10,982 SF OF RX ZONED LAND
N Fargo St
OFFERING
MEMORANDUM N Williams Development Site 25 N Fargo Street, Portland, OR Executive Summary
HIGHLIGHTS Located in the core of one of Portland’s most trendy and sought after neighborhoods, this offering consists of 10,982 square feet of developable 10,982 SF of vacant multifamily land land at the corner of North Williams Avenue and North Fargo Street. With Dynamic location in popular North Williams neighborhood a Bike Score of 95 and Walk Score of 90, the location is attractive to the millennials who have been moving to the neighborhood in droves. Located 1 block from Legacy Emanuel Hospital and other major employers Zoned RX, the site is presently vacant and has preliminary plans for a 7-story mixed-use building with retail and either 102 or 114 apartment One block from New Seasons grocery units, depending on the configuration.
Located on major bike arterial with excellent public transportation Over the last five years, the North Williams Neighborhood has exploded and high pedestrian counts from a sleepy area to one of the most diverse and dynamic streets in all of Portland, including 300,000 SF of retail. Located just 10 minutes from 10 minutes to downtown Portland downtown, it’s a perfect snapshot for what Portland is best known for: bikes, beer, and food. With a wide array of bars, breweries, restaurants, funky shops and gathering joints, the neighborhood attracts a diverse mix of residents and visitors.
95 90 PROPOSED PROPERTY INFORMATION BIKESCORE WALKSCORE Address 25 N Fargo Street, Portland, OR
Property ID R916400610
Land Area 10,982 SF
Topography Flat
Pricing Unpriced
Kidder Mathews | OM 2 Zoning & Proposed Building
RX (CENTRAL RESIDENTIAL) ZONE ZONING CODE
Primary Zoning Uses RX(d) Multi-family housing The RX zone is a high density multi-dwelling zone which allows the highest density of dwelling units of the residential zones. Density is not regulated by a maximum number of units per acre. Rather, the maximum 5:1 with IZ Bonus Allowable FAR size of buildings and intensity of use are regulated by floor area ratio (FAR) limits and other site development (56,715 SF) standards. Generally the density will be 100 or more units per acre. Allowed housing developments are Max Bldg Height 100’-0” characterized by a very high percentage of building coverage. The major types of new housing development Max Bldg Coverage 100% will be medium and high rise apartments and condominiums, Min Landscape Area None often with allowed retail, Front: 0’ institutional, or other service Street: 0’ Setbacks oriented uses. Generally, RX zones Side & Rear: 0’ Garage Entrance 5’/18’ will be located near the center of the city where transit is readily Overlay Design overlay available and where commercial Plan District Albina community and employment opportunities are Land Use Review Yes nearby. RX zones will usually be applied in combination with the Central City plan district.
Current ownership is presently working with an architect to finalize plans and submit an application to the City prior to the zoning changing to RH, which will take place on May 24, 2018. This application will vest the site under the existing RX zoning requirements.
Kidder Mathews | OM 3 Site Survey
Kidder Mathews | OM 4 Market Overview
LOCATION SUMMARY North Williams’ street exposure is hard to beat with its high traffic counts of not only bikes and cars, but pedestrians as well. With its convenient, close-in eastside access, the neighborhood has become a destination for foodies, beer aficionados, and entertainment in general.
As a major bike arterial connecting north Portland to Downtown, the street sees upwards of 4,000 riders per-day in the summer. For those who still drive their cars, the freeway entrance to Interstate 5 and I-405 is The New York Times described the North two blocks away, bringing Williams in a feature article by saying Downtown, the Pearl “Perhaps no other street has been District, and many other transformed like Williams Avenue, where neighborhoods within a old homes and vacant lots have given way quick drive. to a mini-canyon of multistory mixed-use Public transportation is also buildings, and its auto route downsized abundant in this corridor, to include one of this cycling-happy city’s with TriMet’s #44 bus line busiest bike lanes.” stopping blocks from the property. Portland’s award winning MAX Light Rail train runs parallel to N. Williams along N. Interstate, and features a stop on its yellow line, less than three quarters of a mile away.
Located just a block north of the property is a uber-popular New Seasons grocery store, with its mecca of local and organic goods that draws many residents to stop by multiple times a day. One block southwest is one of the area’s major employers, the renowned Legacy Emanuel Medical Center and Randall Children’s Hospital with 554 beds, employing several thousand people.
Activities are abundant nearby, including ten parks within walking distance, including Dawson Park just two blocks away. This park features a playground, tennis courts, and free concerts during long summer evenings. Another 8 blocks away is the Irving City Park, a go-to destination for dog lovers. The neighborhood also features a popular farmers market that runs on Sundays from May to November.
Kidder Mathews | OM 5 Area Overview
Moda Center Lloyd Center NE Weidler St NE Hancock St Mall Toro Bravo
Irving Park Ex Novo Brewing Company NE Fremont St
Convention Wonder Ballroom PROPERTY Center
NE Broadway St Russell Street Bar-B-Que NE MLK Blvd Bridges Cafe & Catering
OX Restaurant
Cook Street Apartments N Williams Avenue Century Apartments Tasty n Sons
Ristretto Roasters Coffee
Barre3
Lillis Albina City Park Hopworks BikeBar
Legacy Emanuel Medical Center
Nike
WILLAMETTE RIVER DOWNTOWN PORTLAND
Kidder Mathews | OM 6 Neighborhood Overview
N Fremont St N Vancouver Ave N Vancouver N Williams Ave
N Fargo St
PROPERTY
DAWSON PARK
Kidder Mathews | OM 7 Neighborhood Amenities
Martin Luther King Jr Blvd NE Skidmore St NE Skidmore NE Mason St NE Shaver St NE Failing St St NE Fremont NE Fargo St NE Beech St
PROPERTY 6 2 1 3 10 7 11 3 21 20 9 7 8 19 6 5 1110 6 1 4 3 2 8 2 13 12 N Williams Ave 22 1817 16 15 1 9 Dawson 5 3 4 7 5 Park 8 7 4 2 N Vancouver Ave 4 9 1 14 10 Lillis Albina 5 9 City Park
Denorval Unthank City Park 6
RESTAURANTS WELLNESS & BEAUTY SHOPPING SERVICES
1 The People’s Pig 12 Tasty n’ Sons 1 Akasu Hair Studio & Spa 1 ink & peat 1 Abraham Fixes Bikes
2 Compass Coffee Roasting 13 Eat: An Oyster Bar 2 barre3 2 Lark Press 2 Wonder Ballroom
3 Game Knight Lounge 14 Ex Novo Brewing 3 Auto & Work Injury Center 3 Mud Bay 3 Friendly Bike Guest House
4 Barbeque Soul 15 Crisp 4 Kartini Clinic 4 New Seasons 4 Metropolis Cycle Repair Legacy Emanuel 5 Chalino 16 Lompoc Brewing 5 5 Queen Bee 5 Portland Psychotherapy Medical Center 6 Maui’s 17 Hopworks BikeBar 6 Renew Chiropractic Clinic 6 SpielWerk Toys 6 Self Enhancement Gym
7 Bread & Honey Cafe 18 The Box Social 7 Mod Salon 7 Sugar Wheel Works 7 United Bicycle Institute
8 The Whole Bowl 19 Quesabrosa 8 Myoptic Optometry 8 TreeHouse Children’s Boutique 8 UP Design Lounge
9 Sloan’s Tavern 20 XLB 9 Randall Children’s Hospital 9 Workshop Vintage 9 Urban Nest Realty
10 What’s the Scoop? 21 Vendetta 10 Two Rivers Veterinary Clinic 10 Meare Cycles
11 Life of Pie Pizza 22 Coco Donuts 11 Yoga Shala Wellness Kidder Mathews | OM 8 Neighborhood Pictures
Kidder Mathews | OM 9 Neighborhood Overview
BUS & MAX LANES BIKE LANES
MAX Yellow Line
Nearest Bus Lines NE Skidmore St NE Skidmore St
NE Mason St NE Mason St
NE Shaver St NE Shaver St
NE Failing St NE Failing St N Mississippi Ave N Mississippi Ave N Mississippi Ave N Mississippi Ave
N Greeley Ave N Greeley Ave NE Beech St NE Beech St
NE Fremont St NE Fremont St
N Cook St N Cook St
PROPERTY PROPERTY N Vancouver Ave N Vancouver MLK Jr Blvd Ave N Vancouver N Vancouver Ave N Vancouver N Vancouver Ave N Vancouver
N Russell St N Russell St MLK Jr Blvd N Williams Ave N Williams Ave N Williams Ave N Williams Ave
Fremont Bridge Fremont Bridge WILLAMETTE RIVER WILLAMETTE RIVER
NW Naito Pkwy NE Broadway NW Naito Pkwy NE Broadway NE Weidler St NE Weidler St
Broadway Bridge Broadway Bridge
Kidder Mathews | OM 10 Area Corridors
NE Columbia Blvd
DEKUM TRIANGLE
NE Ainsworth St NE Greeley Ave NE Greeley NE Killingsworth St
ALBERTA ARTS CORRIDOR
NE Prescott St
NE Cully Blvd PROPERTY
INTERSTATE CORRIDOR & MAX LIGHT RAIL INTERSTATE BEAUMONT VILLAGE
MISSISSIPPI CORRIDOR ROSE CITY
IRVINGTON
NE Sandy Blvd N WILLIAMS CORRIDOR NE 82nd Ave
NE 33rd Ave NE 33rd HOLLYWOOD DISTRICT NE BROADWAY ST CORRIDOR
E Burnside St DOWNTOWN
SE Hawthorne Blvd
Kidder Mathews | OM 11 PORTLAND RANKINGS
Best places for business and careers Fittest city in America #1 – Forbes 2017 #1 – Huffington Post
America’s “coolest” city right now Top 10 cycling cities #1 – International Traveller, Jan 2016 #2 – Travel Channel 2016
America’s greenest cities Moving destination of 2017 #1 – Travel & Leisure, May 2015 #2 – United Van Lines 2018
Kidder Mathews | OM 12 INVESTING IN PORTLAND GROWING POPULATION EMPLOYMENT
ULI 2017 Emerging Trends ranks Portland 3rd Oregon was the #2 moving destination in 2017 for Portland MSA employment is at an all-time high, among 78 metro areas for real estate investment people moving from one state to another, according employing ±1,072,600 workers to a United Van Lines Study In 2016, Oregon personal income growth was 5th In the past year, Portland MSA has added over 48,400 nationally at 1.3% Portland has added 42,000 residents over the last jobs, an increase of 2.6% three years, an increase of 1.7%; above Portland ranked #20 on Business Insider’s Top 50 national average Portland MSA is expected to add nearly 48,000 Best Cities for 2016 additional jobs in the next two years Portland ranked 19th in the nation in Portland MSA multifamily vacancy is below 5.0% population growth Nike announced a major $275+ million expansion that will create 500 new jobs Portland MSA is the 8th strongest rental market in Portland estimates around 40,000 new migrants a the nation, per Axiometrics year, of which more than 40% have a college degree Kaiser Hospital in Hillsboro was completed with 1,100 new jobs Portland’s current unemployment rate is 4%, a 41 year low Daimler Trucks has announced plans to build a $150 million headquarters on Swan Island with 400 new jobs
Kidder Mathews | OM 13 Portland Market Overview
CITY OF PORTLAND
Portland is considered one of the nation’s most livable cities. Located on the banks of the Willamette River only 90 minutes from snow-capped peaks and the Pacific Ocean, one might not realize Portland’s bustling downtown and waterfront are the 1,170,900 #2 heart of a metropolitan region with more than 2 million people. Twelve bridges span a wide elbow of the Willamette River, connecting the east and west sides of town. EMPLOYEES IN JOB GROWTH Throughout the metro area are thriving neighborhoods filled with restaurants, record METRO AREA NATIONALLY shops, bars, funky clothing stores, antique malls and art galleries.
Portland is known for its progressive bike-friendly attitude, lively music and restaurant scenes, food carts, farmers’ markets, and endless recreation possibilities. Beyond the metro area residents enjoy the Pacific Northwest’s natural beauty via 2,436,583 $406,200 slopes, sails, surf and trails.
Portland is a walkable and bikable city. Within walking distance of most parts of POPULATION MEDIAN HOME VALUE downtown is the campus of Portland State University, the world-class Portland Art Museum, Waterfront Park, Pioneer Courthouse Square, the Oregon Historical Society, a performing arts complex and a concert hall. For the sports-minded, Portland is home of the MLS Timbers, NBA Trail Blazers, and WHL Winterhawks. Outdoor enthusiasts love Forest Park, the largest city park in the nation, with 5,000 #2 #2 acres of hiking and biking trails, a zoo, public gardens and beautiful old-growth woods. The downtown core is connected by one of the world’s leading public MOVING DESTINATION ANNUAL RENT transportation systems, a combination of buses, streetcars, and light-rail trains, IN US (2017) GROWTH NATIONALLY putting the entire metro area only a couple stops away.
Kidder Mathews | OM 14 Company Overview
COMMERCIAL Kidder Mathews is one of the largest, independent commercial real estate firms on Kidder Mathews Services BROKERAGE the West Coast, with nearly 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Arizona, and Nevada. We offer a complete range of Commercial Brokerage Project & Construction Management Brokers 330+ brokerage, appraisal, property management, consulting, sustainability, and project and Property Management construction management services for all property types. Development Overall annual Valuation Advisory Management transaction WASHINGTON Consulting Debt & Equity Finance volume $5.6B SEATTLE # Brokers...... 119 BELLEVUE SOUTH SEATTLE Annual TACOMA # Property Managers...... 22 OLYMPIA leases 30.9M sf # Appraisers...... 24
PORTLAND Award Winning Services 2001-2017 OREGON Annual OR Business sales 18.6M sf # Brokers...... 35 The Oregonian Magazine 100 Top Work Places Best Companies # Property Managers...... 6 # Appraisers...... 4 6 times 9 times PROPERTY NEVADA MANAGEMENT RENO # Brokers...... 10 SACRAMENTO ROSEVILLE SAN FRANCISCO PBJ Largest SFBT Largest # Property Managers...... 1 REDWOOD SHORES Commercial Real Commercial Real SILICON VALLEY Portfolio 48M+ sf Estate Firms Estate Firms CALIFORNIA
# Brokers...... 158 14 times 5 times # Property Managers...... 19 LOS ANGELES COMMERCE INLAND EMPIRE VALUATION # Appraisers...... 11 LONG BEACH ORANGE COUNTY PSBJ Largest PSBJ Fastest ADVISORY CARLSBAD SAN DIEGO PHOENIX Commercial Growing ARIZONA Real Estate Firms Companies Appraisals annually 1,300+ # Brokers...... 15 18 times 5 times # Property Managers...... 1 # Appraisers...... 1
Kidder Mathews | OM 15 Jordan A. Carter, JD Senior Vice President, Partner [email protected] 503.221.2280
Clay Newton Senior Vice President, Partner [email protected] 503.721.2719
Tyler Linn Vice President [email protected] 503.721.2702
Kidder Mathews 101 SW Main Street, Suite 1200 Portland, OR 97204
kiddermathews.com
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and certification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor. Kidder Mathews | OM 16