EXCLUSIVE INVESTMENT OFFERING

Tierra Vista Apartments

935 NW 2nd Street, McMinnville, OR 97128 32 Units . Built 1974 . $3,400,000

• Consistent Rental History • Easy Access to Linfield College

• Select Single Level Units • Laundry Facility Onsite

• Great Location Close to Downtown McMinnville • Upgraded Vinyl Windows

Grayson Pounder President, Principal Broker 503.680.4638 [email protected]

THE OPPORTUNITY

• Energy Efficient Vinyl Windows

• Plentiful Parking

• Great Location in Close Proximity to both Downtown & Linfield College

• Upside in Rents

• Desirable 1, 2 & 3 Bedroom Unit Mix

• Laundry Facility On Site for Additional Income

PROPERTY DESCRIPTION

Built in 1974, The Tierra Vista Apartments are located centrally in the beautiful city of McMinnville. The property is comprised of 32 apartment homes and a unit mix of 8 one bedroom/one bathrooms, 16 two bedroom/one bathrooms and 8 three bedrooms/1.5 bathrooms. The property offers off-street parking, lots of greenspace including fenced patio areas in select units. All apartments are equipped with dishwasher and disposal and have spacious floorplans with plentiful closet space.

The Tierra Vista Apartments are comprised of two story buildings with wood frame construction and pitched composition 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 Oregon Mutual Insurance Company, Cascade Steel, Organic Valley creamery, UNIT AMENITIES Evergreen Aviation Museum, -A Dec, one of the largest dental equipment manufacturers in the world, George Fox University, Linfield College, and • Dishwasher Providence Newberg Medical Center. • Disposal • Vinyl Windows • Plentiful Closet Space • Private Patio/Balcony

Tierra Vista Apartments

LOCATION

The Tierra Vista Apartments are 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 NW 2nd 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.

Tierra Vista Apartments

PROPERTY SUMMARY INVESTMENT SUMMARY

Units 32 Price $3,400,000

Built 1974 Price / Unit $106,250 Average SF 750 Price / SF $141.67 Building Two Story, wood frame Pro Forma Cap Rate 7.24%

Roof Pitched Composition Proposed Loan Amount $2,380,000

Rent / SF $1.29 Loan Payment $12,415

Interest Rate 4.75%

Amortization 30 Years

PRO FORMA INCOME & EXPENSES

Current Monthly Annual Units Type Unit SF Total SF Rent / SF Rent Avg Rent Avg. Rent 8 1 Bed/1 Bath 750 6,000 $825 $6,600 $79,200 $1.10 16 2 Bed/1 Bath 850 9,600 $925 $14,800 $177,600 $1.09 8 3 Bed/ 1.5 Bath 1,050 8,400 $1,200 $9,600 $115,200 $1.14 32 750 24,000 $969 $31,000 $372,000 $1.29

Income Pro Forma Scheduled Market Rent $372,00 Less: Vacancy 5.00% ($18,600) Net Rental Income $353,400 Plus: Fee Income $13,400 Plus: Laundry Income $6,500

Total Operating Income (EGI) $373,340

Expenses Per Unit Turnover $150 $4,800 Payroll $469 $15,000 Repairs & Maintenance $500 $16,000 Management Fee 4.0% $467 $14,934 Utilities $969 $31,000 Supplies $63 $2,000 Real Estate Taxes $752 $24,054 Landscape $188 $6,000 Insurance $219 $7,000 Replacement Reserve $200 $6,400 Total Expenses $127,188 Per Unit: $3,975 Per SF: $5.30 Net Operating Income $246,152 Grayson Pounder Less : Debt Service ($148,982) President, Principal Broker Projected Net Cash Flow $97,170 503.680.4638 Cash-on-Cash Return 9.53% [email protected] Cap Rate Analysis Price $/Unit $/SF Cap Rate Listing Price $3,400,000 $106,250 $141.67 7.24% Pounder Realty Down Monthly All Financing Total Loan LTV 6105 SW Macadam Ave Payment Payment Portland, Oregon 97239 $2,380,000 $1,020,000 70% ($12,415) 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.