Morrison Duplex 815 SE 19TH AVE, PORTLAND, OR

FOR SALE

Duplex in the heart of SE Portland JORDAN CARTER 503.721.2719 TURN-KEY condo-quality duplex IMPROVEMENTS INCLUDE electrical/ [email protected] sewer/foundation/windows/roof/full EXCELLENT owner-occupied unit turns opportunity or investment NEAR parks, schools, public UNBEATABLE close-in SE Portland transportation, feeway & retail location; 96 Bike Score & 86 Walk Score VINTAGE charm with modern amenities STUDS-OUT remodel over last 10 years VALUE ADD by adding second bedroom to lower unit KIDDER.COM

This 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 verification 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. FOR SALE Morrison Duplex 815 SE 19TH AVE, PORTLAND, OR

Located at the corner of SE 19th and Morrison PROPERTY SUMMARY St. the Morrison Duplex is a classic turn-key 815 SE 19th Ave / 1836 SE opportunity situated in the heart of one of Address Morrison ST Portland, OR 97214 Portland’s most diverse and active neighborhoods. Built in 1903 and fully remodeled over the last ten Number of Units 2 years, the building would make an ideal owner- occupied investment as the large main unit is Year Built 1903 currently vacant, but could be rented immediately. Building Size 2,630 SF The unit mix is comprised of a two story large 1,700 SF three-bed/three-full-bath unit, while the 700 SF Lot Size 0.04 acres lower level one-bed/one-bath unit is fully rented but has available space to be converted into a Tax Parcel Number R167963 second legal bedroom. Tenants benefit from the unbeatable close-in location, with close proximity Water/Sewer Landlord (tenant reimburses) to several of Portland’s most popular streets and neighborhoods, like Belmont and Hawthorne, Garbage Landlord each just blocks away. Electricity/Gas Tenant (separately metered) During the current ownership period, significant Heat Forced Air improvements have been made to the property. Major building system improvements include PRICE $799,000 all new plumbing, new water/sewer mains, new electrical, roof (10 years ago), insulation and HVAC. The interior has undergone a condo-quality studs- out remodel, with new sheetrock, flooring, doors, paint, full kitchens with hard surface counters, new laundry rooms, and full bath remodels. The exterior has had newer energy efficient vinyl windows installed, new decks/porch, exterior paint, and an all new foundation was poured to significantly raise the head height of the basement unit.

The location is ideal, with a 96 Bike Score and an 86 Walk Score. Public Transportation is abundant with a Tri-Met bus stop less than a block away, while Portland’s award-winning MAX light rail stops just 14 blocks west of the property towards downtown. Shopping, dining, and entertaining spots can be found all around this location, including a Fred Meyer Shopping Center nearby on SE Hawthorne. The proximity to Colonel Summers Park makes getting out and active easy from this great location.

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815 SE 19TH AVE SE MORRISON ST SE 18TH AVE

SE BELMONT ST SE 20TH AVE

WILAMETTE RIVER

BOISE

IRVINGTON ROSE CITY

LLOYD HOLLYWOOD

GLENDOVEER GOLF COURSE 815 SE DOWNTOWN 19TH AVE LAURELHURST PORTLAND

MT TABOR HAWTHORNE PARK

DIVISION

POWELL BUTTE NEIGHBORHOOD MAP NATURE PARK

JORDAN CARTER 503.721.2719 [email protected]

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NEIGHBORHOOD AMENITIES

EAT + DRINK 14 The Mont 6 Moonshadow Magick

1 Rocking Frog Coffee 15 The Low Tide Lounge 7 Stark Street Studio

2 Nostrana 16 Zell’s Cafe 8 Plaid Pantry

3 Kala Noodle and Grill 17 Tonari HEALTH + SERVICES 4 Baby Doll Pizza 18 Fermenter 1 Elemental Medicine 5 Bare Bones Cafe & Bar 19 Crush Bar 2 Prism Health 6 Beer 20 Mama Dut 3 Dapper Earth Salon 7 La Calaca Comelona GROCERY + SHOPPING 8 Meat Cheese Bread ENTERTAINMENT 1 Naked City Clothing 9 The Nest 1 Revolution Hall 2 Abbasi Fine Rugs 10 Blackheart 3 Made, Inc. PARKS 11 The Vern 4 Porteco Lighting 1 Colonel Summers Park 12 Mirisata 5 Worn 1 Laurelhurst Park 13 Pad Thai Kitchen

CENTRAL CATHOLIC HIGH SCHOOL SE 11TH AVE 7 4 SE 28TH AVE

1 6

8 MORRISON 2 5 DUPLEX 4 16 SE MORRISON ST 19 9 20 15 13 18 1 3 1 SE BELMONT ST 14 10 1 8 11 12 2 7 2 3 17 5 3 6 1 SE 31ST AVE SE 31ST SE 32ND AVE SE 12TH AVE SE 23RD AVE

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Location Summary

The Belmont District is packed with history, fantastic shops, and restaurants. The area runs approximately SE Belmont Street and Hawthorne Boulevard are constantly growing from 31st to 60th Avenue on Belmont. Located in the and are at the forefront of Portland’s visionary urban planning and Buckman Neighborhood this property borders the socially conscious development. The “New Urbanism” represented Sunnyside neighborhood and is just north of Hosford- along the corridor appeals to every demographic, creating a demand Abernethy, where Ladd’s Addition is located. Just blocks that provides an economic foundation. Similar to the building of south of Morrison Street is Hawthorne Blvd, one of the drivable suburbs in the mid-to-late 20th century. Belmont offers many most iconic neighborhoods in all of Portland. locally-owned coffee shops, markets, boutiques, and restaurants. The street is a staple for many locals, whether it’s for an afternoon at the Both Belmont and Hawthorne have a strong sense of Avalon or a cup of coffee at one of the electric cafes. individuality, and while there are similarities between the two, Belmont looks and feels grittier. Or more “Portland The area provides a wide variety of retailers where people from all over Authentic” as some locals might say. It’s more boots than the world come for everything from handmade leather goods to spicy sandals. Its diverse and eclectic, and a neighborhood’s Thai chicken wings. Division Street, further south but just a short drive neighborhood. For many people, the Belmont area isn’t away, is known locally as “Restaurant Row,” many establishments are just a shopping and dining destination – it’s home. A recognized globally – one registering as the #5 best new restaurant walkable, colorful neighborhood lined with bioswales, in the country, according to Bon Appetit. It is home to the very first, public transit, bike corridors, eclectic DIY restaurants, and nationally renowned Stumptown coffee Roasters, Salt & Straw, and startups, SE Portland serves as a gateway to the an ice cream purveyor of eccentric flavors and an ever-growing cult future of Portland. following and bars for every type of patron.

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Current Annual Property Operating Data

CURRENT INCOME*

Type Units SF Avg Rent $/SF

1 Bed / 1 Bath* 1 906 $1,600 $2.29

3 Bed / 3 Bath** 1 1,724 $3,000 $1.76

Total 2 2,630 $4,600 $1.92 *Lower level unit is currently rented at $1,300, but with the completion of the second bedroom the rent will be $1,600 or more.

*Main level unit is presently vacant but will rent for $3,000 when advertised.

Annual Per Unit

Total Rental Income $55,200 $27,600

EXPENSES

% of Operating Expenses Annual Expenses Per Unit

Real Estate Taxes 2020 $8,047 14.58% ($4,024)

Property Insurance Est $1,200 2.17% ($600)

Utilities Est $2,500 4.53% ($1,250)

Maint/Repair Est $1,500 2.72% ($750)

Total Operating Expenses ($13,247) 24% ($6,624)

Net Operating Income $40,297 $20,149

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