Alberta Street Lofts
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ALBERTA STREET LOFTS KIDDER.COM OFFERING MEMORANDUM | 1215 N ALBERTA ST | PORTLAND, OR TABLE OF 01 CONTENTS EXECUTIVE SUMMARY 02 MARKET OVERVIEW 03 FINANCIALS 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. 01 EXECUTIVE SUMMARY ALBERTA STREET LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 3 PROPERTY OVERVIEW 1215 N Alberta St Address Portland, OR Property ID R210558 Land Area 0.11 acres Building SF 8,110 SF Year Built 2019 EXECUTIVE Units 14 Price/Unit $242,857 Price $3,400,000 SUMMARY Cap Rate 4.50% The Alberta Arts District is an eclectic street lined with street art, galleries, restaurants and bars, but it is perhaps best known for Alberta Street Lofts is exempt from its colorful monthly street fair, Oregon’s statewide rent control for dubbed Last Thursday, that takes the next 14 years. place on the last Thursday of each Built and stabilized in 2019, Alberta summer month. Beyond Alberta Street Lofts consists of 14 high- With a Walk Score of 90 and Bike Street, tenants benefit from easy end, contemporary units located Score of 97, Alberta Street Lofts is access to the many other popular in one of Portland’s most vibrant both a walker and biker’s paradise. neighborhoods in the immediate The property is a few hundred feet close-in eastside neighborhoods, area, including Overlook and the from Interstate 5, less than half a mile the Alberta Arts District. North Interstate corridor, North from MAX Stations, and 10 parks Mississippi, North Williams, and are within a one-mile radius. A New Northeast Fremont. Featuring nine 1 bed/1 bath units Seasons Market and a Fred Meyer and five ground floor studios, Shopping Center are nearby, as well When it comes to investing in tenants at Alberta Street Lofts enjoy as Portland Community College’s commercial real estate, location is high quality finishes, spacious floor Cascade campus, just seven blocks key. With its unbeatable location, plans, hard surface counter tops, away. Downtown Portland and the Alberta Street Lofts is well positioned and private patios in first floor units. Portland International Airport are as an excellent investment for the As a new construction building, each just two miles away. foreseeable future. ALBERTA STREET LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 4 DOWNTOWN PORTLAND ALBERTA STREET LOFTS N ALBERTA ST N MINNESOTA ST ALBERTA STREET LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 5 INVESTMENT HIGHLIGHTS 2019 CONSTRUCTION - not subject to rent control N EXCELLENT unit mix of one bed units (9) and M I ALBERTA studios (5) N N E STREET LOFTS S HIGH-END FINISHES featuring energy efficient O T appliances, hard surface counters, tile back A S splashes and modern cabinets T SECURED ENTRY with SMIOTA contactless package delivery locker, and dedicated bike storage N ALBERTA ST CENTRALLY LOCATED between the Alberta Arts District and Overlook neighborhoods and just two blocks from North Interstate DIRECT ACCESS to the I-5 freeway across the street TRANSIT ORIENTED LOCATION: 6 blocks to the N Prescott MAX light-rail stop, and directly on bus route VIEWS of downtown Portland, located just two miles away 90 WALK SCORE 97 BIKE SCORE MILES FROM 2 DOWNTOWN PORTLAND ALBERTAAPARTMENT STREET BUILDING LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 6 UNIT MIX Unit No. of Avg Avg Type Units SF Rent Rent / SF Studio 5 389 $1,145 $2.94 1 BR / 1 BA 9 533 $1,385 $2.60 Total/Avg 14 482 $1,299 $2.70 ALBERTAAPARTMENT STREET BUILDING LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 7 SAMPLE FLOOR PLANS LEVEL 1 - STUDIO LEVEL 2 - 1 BD / 1 BA LEVEL 3 - 1 BD / 1 BA 1 Bedroom 204 1 Bedroom 304 Studio: Type B 106 Bathroom Bathroom 106a 204a Bathroom REF. 304a REF. REF. REF. Bathroom REF. 105a REF. 1 Bedroom 203 1 Bedroom Studio: Type B 105 303 Corridor 205a Corridor 305 Studio: Type B Bathroom 104 203a Bike Storage for Bathroom Upper Level Units 303a Bathroom 107 Stair Landing 104a B UP 206 REF. Stair B DW REF. Bathroom 103a Bathroom Studio: Type B 202a 103 Corridor Bathroom 205b 302a Corridor Stair 306 Electrical and A Service 108 Stair 1 Bedroom 70 SF 202 A REF. Studio: Type B 434 SF 102 DW 1 Bedroom 302 Bathroom 102a REF. REF. DW REF. Bathroom Bathroom REF. Studio: Type B 101a 201a REF. 101 1 Bedroom 201 Bathroom 301a 1 Bedroom 301 Trash 100a STUDIO ONE BEDROOM / ONE BATHROOM No. of Avg Avg No. of Average Average Unit Type Units SF Rent Rent / SF Unit Type Units SF Rent Rent / SF Studio 5 389 $1,145 $2.94 1 BR / 1 BA 9 533 $1,385 $2.60 Total 5 1,945 $5,725 $2.94 Total 9 4,797 $12,465 $2.60 ALBERTA STREET LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 8 ALBERTA STREET LOFTS N ALBERTA ST N ALBERTA ALBERTA STREET LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 9 Smith and Bybee Wetlands Natural Area ST JOHNS PORTLAND INTERNATIONAL KENTON AIRPORT UNIVERSITY PARK ARBOR LODGE ALBERTA STREET LOFTS ALBERTA Forest Park OVERLOOK N WILLIAMS NORTHEAST PORTLAND HOLLYWOOD NORTHWEST GATEWAY DISTRICT LAURELHURST DOWNTOWN PORTLAND MT TABOR SOUTHEAST PORTLAND SOUTHWEST BROOKLYN PORTLAND POWELLHURST WOODSTOCK GILBERT SELLWOOD ALBERTA STREET LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 10 NEIGHBORHOOD OVERVIEW N N ROSA PARKS WAY Peninsula Park Rose Garden N AINSWORTH ST OVERLOOK NEIGHBORHOOD Alberta Park N VANCOUVER AVE N VANCOUVER N KILLINGSWORTH ST ALBERTA STREET LOFTS N ALBERTA ST ALBERTA ARTS DISTRICT NE ALBERTA ST NE MARTIN LUTHER KING JR BLVD KING LUTHER NE MARTIN INTERSTATE CORRIDOR INTERSTATE NE PRESCOTT ST N SKIDMORE ST Denorval Unthank NE 15TH AVE Park WILLIAMS DISTRICT MAX YELLOW LINE YELLOW MAX Overlook Park WILLAMETTE RIVER NE FREMONT ST Irving N MISSISSIPPI AVE Park N WILLIAMS AVE ALBERTA STREET LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 11 ALBERTA ARTS DISTRICT AMENITIES MAP N VANCOUVER AVE N VANCOUVER N INTERSTATE AVE N INTERSTATE NE AINSWORTH ST PENINSULA PARK 1 18 ROSE GARDEN ALBERTA PARK 6 5 13 10 NE KILLINGSWORTH ST 21 NE 15TH AVE 1 17 N ALBINA AVE N ALBINA 9 ALBERTA 3 STREET LOFTS 4 2 NE 33RD AVE 1 12 14 5 8 15 7 3 N ALBERTA ST 23 22 2 4 16 11 4 5 3 19 2 20 6 KING SCHOOL PARK NE PRESCOTT ST SABIN HYDROPARK EAT + DRINK HEALTH + SERVICES 1 Radio Room 11 Great Notion Brewing 21 McMenamins 1 Vernon Elementary School 2 Fuel Cafe 12 Bamboo Sushi 22 Case Study Coffee 2 Everybody's Bike Rental 3 Tin Shed Cafe 13 Hat Yai 23 The Arrow Coffee House 3 Gladys Bikes 4 The Waffle Window 14 Les Caves 4 Community Cycling Center 5 Aviary 15 Bollywood Theatre GROCERY + SHOPPING 5 Dr. MLK Jr. School 6 Grain & Gristle 16 Pine State Biscuits 1 Safeway 6 Portland Community College 7 The Station Pizza Pub 17 Concordia Ale House 2 7-Eleven 8 Salt & Straw 18 Starbucks 3 New Seasons Market 9 Beast 19 Victoria Bar 4 Natural Grocers 10 Podnah's BBQ 20 Mama Pauline's African Market 5 Reclaim it! ALBERTA STREET LOFTS OFFERING MEMORANDUM KIDDER MATHEWS 12 N MISSISSIPPI AVE / N WILLIAMS AVE AMENITIES EAT + DRINK GROCERY + SHOPPING ALBERTA 1 Vendetta 1 New Seasons Market STREET LOFTS 2 Hopworks Pub & Beergarden 2 ink & peat N ALBERTA ST 3 Quesabrosa 3 Mud Bay 5 4 Coco Donuts 4 Spielwerk Toys 5 Victoria Bar 5 TreeHouse Children's Boutique N ALBINA AVE N ALBINA 11 6 6 N WILLIAMS AVE Prost! Workshop Vintage N VANCOUVER AVE N VANCOUVER 7 7 Interurban 7 North By Northeast Liquor 4 1 N SKIDMORE ST 6 8 No Bones Beach Club 8 Nectar Cannibas 8 9 Blue Star Donuts 7 6 23 2 10 22 StormBreaker Brewing 1 11 5 3 24 ¿Por Qué No? 8 5 HEALTH + SERVICES 12 2 9 Ecliptic Brewing 9 DENORVAL 4 1 Myoptic Optometry 21 UNTHANK 10 13 Widmer Brothers Brewing PARK