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BROWN APARTMENTS 67 Units • Portland, Oregon OFFERING MEMORANDUM BROWN APARTMENTS 67 Units • Portland, Oregon www.hfore.com • (503) 241.5541 Brown Apartments OFFERING MEMORANDUM BROWN APARTMENTS 807 SW 14th Avenue • Portland, OR 97205 TABLE OF CONTENTS I. Executive Summary 4 II. Location 17 III. Operations Analysis 30 IV. Offer Terms 36 HFO INVESTMENT REAL ESTATE Rob Marton Greg Frick [email protected] [email protected] (971) 717.6335 (971) 717.6332 www.hfore.com • 503.241.5541 Licensed in the States of Oregon and Washington ASSET SUMMARY INVESTMENT SUMMARY Property Brown Apartments Address 807 SW 14th Avenue Rare opportunity, unique historic bricker. The Brown Apartments has been owner- Portland, OR 97205 managed for more than 20 years and offers a rare opportunity to acquire a historic bricker in Portland’s urban core. Much of the Brown Apartments’ historic character has been County Multnomah maintained with original hardwood floors, period lighting fixtures, clawfoot bathtubs, Year Built 1915 and trundle hideaway beds. Common area updates include new laundry systems, updated elevator and entryway. Total Units 67 Outstanding central location, high-demand district. The Brown Apartments is located Approx NR Sq Ft 30,018 sq ft on the eastern edge of the Goose Hollow neighborhood placing the asset between the Avg Unit Size 448 sq ft exclusive Pearl District, the Timber’s Major League Soccer stadium, and the West End, one of Portland’s newest retail districts. Portland’s living room, Pioneer Court House Square, Stories 5 floors Portland State University urban campus and the Northwest District, which includes the Alphabet District, Nob Hill and Slabtown are short distances to the Brown Apartments via Acreage 0.23 acres walking, biking or public transportation. The Brown is immediately adjacent to the MAX light rail blue line. Both MAX line and bus service are accessible just two blocks away at the Providence Park MAX Station. The PRICING Portland Streetcar is less than three blocks away connecting the Brown Apartments to the Northwest District, the Central Eastside and Lloyd Center. Price $10,000,000 Stable operating history, increasing rents. The Brown Apartments’ self-management Price per Unit $149,254 provides an opportunity to increase cash flow. The property does not currently charge Price per Sq Ft $333 for utilities. The property has the ability to implement individual metering of gas to each unit. Current rents average $997 per unit, or $2.23 per sq ft and are trending 3.6% higher than trailing 12-month rents. Leases signed over the previous six months average $1,039 per unit, or $2.32 per sq ft; an increase of 4.1% over current scheduled rents. Tours and Inquiries: All tours and inquiries regarding the Brown Apartments are to be directed to HFO UNIT MIX Investment Real Estate at (503) 241.5541. Unit Type Unit Count Avg Sq Ft Total Sq Ft % of Total Units Studios 50 395 19,750 74.6% Rob Marton Greg Frick 1 Bedrooms 17 604 10,268 25.4% [email protected] [email protected] (971) 717.6335 (971) 717.6332 Total / Averages 67 448 30,018 100.0% 4 HFO INVESTMENT REAL ESTATE LOCATION NW DISTRICT NW Lovejoy St LLOYD DISTRICT NW 23rd Ave NW 23rd KINGS HEIGHTS NORTHWEST PEARL DISTRICT 84 DISTRICT NW Glisan St KERN 405 OLD TOWN Burnside St Grand Ave Grand SW Alder St SW Washington St 99W 5 BROWN APARTMENTS PORTLAND BUCKMAN GOOSE HOLLOW PIONEER PLACE Martin King Jr Blvd Luther DOWTOWN PORTLAND SW Madison St 12th Ave Washington Park CENTRAL EAST 26 WILLAMETTE RIVER GOOSE HOLLOW SW Clay St PORTLAND SOUTHWEST HILLS SW Market St SW Vista Ave LADD’S ADDITION SOUTHWEST HILLS Marquam SOUTH Nature Park Barbur Blvd WATERFRONT 26 BROWN APARTMENTS • 67 UNITS • PORTLAND, OR 5 GOOSE HOLLOW Residents enjoy easy access to The Goose Hollow neighborhood is located on the western edge of Portland’s main downtown business district. Its central location provides residents with easy access to the city’s best Interstate 405 and U.S Highway amenities, including Washington Park, the Timbers’ stadium in Providence Park, Portland State University, the Portland Art Museum, and the Arlene Schnitzer Concert Hall. The Blue and Red 26, creating a quick commute to max lines connect this vibrant neighborhood with the rest of the city, and the suburbs beyond. the west side’s major employers 46% of households in the Goose Hollow neighborhood do not own a car, and 20% commute via public transit. like Nike, Columbia Sportswear and Intel, as well as OHSU and The neighborhood’s walk score Portland’s Inner Eastside. 97 90 94 Walk Score Transit Score Bike Score According to Enterprise Community Partners, the Goose Hollow neighborhood is in the 99th percentile nationwide for accessibility of jobs, goods, and services, as well as for community institutions. Residents of Goose Hollow are highly educated – in the census tract, 58% of adults have a bachelor’s degree or higher, and 96% have at least a high school diploma. 87% of Goose Hollow residents are renters. Demographic Snapshot: 1-mile Radius 41,934 +13.2% 79% 37.4% 26% Current Est. Est. Population % Renter-occupied Bachelor’s Degree Postgraduate Degree Population Growth (2019–2024) Housing Units 6 HFO INVESTMENT REAL ESTATE PORTLAND MARKET SNAPSHOT PORTLAND METRO AREA The Portland Metro Area is one of 4.4% 38.3% 3.9% the strongest apartment markets Metro-area vacancy Metro area renter- Unemployment rate in the nation, as reflected in occupied housing rate (November 2019) strong year-over-year rent growth and consistently tight vacancy. The area’s strong job market and high quality of life continues to attract $68,125 7.4% 54% Median household Year-over-year Millennials 25-34 in Portland new residents; between 2018 and income rent growth* with a bachelor’s degree or higher 2019 approximately 72 people moved to the Portland metro area each day.* New apartment construction has not caught up to the housing demand created by 8,360 4,474 #2 in-migration. New Portland residents Portland residents for Oregon in Migration (2018-2019) per square mile in US *Portland Center for Population Research and State of Washington Office of Financial Management *Multifamily NW Apartment Report (Oct. 2018-2019) BROWN APARTMENTS • 67 UNITS • PORTLAND, OR 7 8 HFO INVESTMENT REAL ESTATE BROWN APARTMENTS • 67 UNITS • PORTLAND, OR 9 10 HFO INVESTMENT REAL ESTATE BROWN APARTMENTS • 67 UNITS • PORTLAND, OR 11 12 HFO INVESTMENT REAL ESTATE Many of the apartments at the Brown have original built-ins and classical fixtures. Upper floor units have downtown skyline views. BROWN APARTMENTS • 67 UNITS • PORTLAND, OR 13 14 HFO INVESTMENT REAL ESTATE The Brown Apartments offers residents common area laundry and bike storage. BROWN APARTMENTS • 67 UNITS • PORTLAND, OR 15 ASSET OVERVIEW SITE CONSTRUCTION SUMMARY SUMMARY City Portland Year Built 1915 County Multnomah County No. Of Buildings 1 Residential Building Jurisdiction Portland Stories 5 stories Tax Account No. / R246743 / 1N1E33DD 6900 Construction Type Brick walls with wood-frame floors and roof Map and Tax Lot Foundation Concrete Zoning CX – Central Commercial High-Density Exterior Walls Brick façade Residential. The CX zone is a high- Roofing Duro-Last density commercial zone intended for Windows Wood with interior storm windows development within Portland’s most Laundry Service 1 common area laundry room urban and intense areas. The CX zone Heating Common steam heat allows for intense development with high building coverage and large buildings placed close together. Development is intended to be pedestrian-oriented with a strong emphasis on a safe and attractive streetscape. Specific allowable uses include retail sales and services, office space, household living, and institutional uses. 16 HFO INVESTMENT REAL ESTATE LOCATION GROCERIES BANK COFFEE DINING ENTERTAINMENT 0.3 mile 1.2 mile 0.1 mile 0.07 mile 0.3 miles Brown Apartments SCHOOL PARK MEDICAL SHOPPING LIGHT RAIL 807 SW 14th Avenue Portland, OR 97205 0.2 mile 0.3 miles 0.8 miles 0.04 mile 0.3 mile Nearby lifestyle conveniences: BROWN APARTMENTS • 67 UNITS • PORTLAND, OR 17 GOOSE HOLLOW – THE NEIGHBORHOOD Public school students in Goose Hollow and Downtown attend Chapman Elementary School, West Sylvan Middle School, and Lincoln High School. CHAPMAN ELEMENTARY SCHOOL 1.7 mile – 8 minutes driving Chapman students also outperform their state peers on all subject tests, and the school building itself is famous for the migrating Swifts that return to nest in its chimney every Fall. WEST SYLVAN MIDDLE SCHOOL 4.5 mile – 10 minutes driving The historic Multnomah Athletic West Sylvan Middle School receives a 9/10 score on Great Schools, due to its students’ impressive Club (MAC), which overlooks test scores and high rates of academic progress. Providence Park stadium where the Timbers and Thorns play, is LINCOLN HIGH SCHOOL a central feature of the Goose 0.3 mile – 1 minutes driving Hollow neighborhood. The MAC Lincoln High students outperform their statewide peers in science, English, and math. Lincoln’s is a full-service athletic club, graduation rate is 94%, well above state average. and also hosts conferences and events throughout the year. A major renovation of Providence Park was completed in 2019 adding 4,000 seats and bringing total capacity to 25,218. 18 HFO INVESTMENT REAL ESTATE EDUCATION PORTLAND STATE UNIVERSITY Downtown Portland is home In the neighborhood directly surrounding Portland State University, 96% of adults have a to the city’s thriving central high school diploma, while 60% of adults have a bachelor’s degree or higher. 80% of residents report feeling safe and secure in their neighborhood. The homeownership rate is extremely low business district, as well as downtown – approximately 90% of households rent. Most neighborhood residents are young Portland State University.
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