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HAZELWOOD APARTMENTS 16 Units • Portland, Oregon OFFERING MEMORANDUM

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HAZELWOOD APARTMENTS 16 Units • Portland, Oregon OFFERING MEMORANDUM HAZELWOOD APARTMENTS 16 Units • Portland, Oregon OFFERING MEMORANDUM www.hfore.com (503) 241.5541 2 HFO INVESTMENT REAL ESTATE EXECUTIVE SUMMARY ASSET SUMMARY DETAILED UNIT MIX Location 17-39 SE 127th Avenue % of Total Unit Type Unit Count Average Sq Ft Total Sq Ft City, State Portland, OR 97233 Units County Multnomah 2 Bed / 1.5 Bath 8 900 7,200 50.0% 2 Bed / 1.5 Bath Townhome 8 1,000 8,000 50.0% Total Units 16 Total / Averages 16 950 15,200 100.0% Year Built 1996 / 1999 Approx. NR Sq Ft 15,200 Average Unit Size 950 Sq. Ft. Hazelwood Apartments is a 16-unit community located in the Hazelwood PRICE SUMMARY neighborhood on Portland’s east side. The property provides tenants with spacious 2-bedroom, 1.5-bath floor plans that average 950 square feet. The eight townhomes Price $2,200,000 were built on the first tax lot in 1996, and the second southern phase was finished Price Per Unit $137,500 in 1999. Per Square Foot $145 Hazelwood Apartments is located near the intersection of SE Market Street and Projected Cap Rate 5.06% SE 127th Street. Its convenient location offers plenty of walkable and driveable amenities including Fred Meyer, Domino’s, Burgerville, Dutch Bros. Lincoln City Park, and several retailers at Mall 205. Hazelwood Apartments’ rents currently average TOURS AND INQUIRIES $956 per unit or $1.01 per square foot; projected rents average $1,038 per unit or $1.09 per sq ft. Greg Frick • [email protected] 2424 SE 11th Avenue, Portland, Oregon 97214 The property’s favorable unit size and mix, and eastside Portland location make this www.hfore.com • (503) 241.5541 • Fax: (503) 241.5548 a great opportunity for either a first-time investor looking to get into the multifamily market or an experienced investor looking to expand their portfolio. Please do not disturb tenants. HAZELWOOD APARTMENTS • 16 UNITS • PORTLAND, OREGON 3 4 HFO INVESTMENT REAL ESTATE HAZELWOOD APARTMENTS • 16 UNITS • PORTLAND, OREGON 5 6 HFO INVESTMENT REAL ESTATE HAZELWOOD APARTMENTS • 16 UNITS • PORTLAND, OREGON 7 LIFESTYLE CONVENIENCES COLUMBIA RIVER Sandy River Delta Park Blue Lake 30B Regional Park The Grotto Troutdale Airport 84 NE Halsey St Gateway Shopping NE Glisan St Glendoveer Golf & Tennis SE 122nd Ave 205 SE Stark St MAX Blue line Ave SE 223rd NE Hogan DrNE Hogan SE 162nd Ave Hazelwood SE 182nd Ave SE 148th Ave NE Burnside St SE 202nd Ave Mall 205 SE Troutdale Dr NE Kane Dr SE Division St Fubonn Shopping SE Powell St Kelly Butte 26 Nature Park Powell Butte Nature Park 8 HFO INVESTMENT REAL ESTATE PORTLAND MARKET SNAPSHOT MAJOR EMPLOYERS GOVERNMENT SPORTSWEAR HEALTHCARE AND RESEARCH The U.S. Federal Government is Portland Nike has its world headquarters in Beaverton Health services are another major employment metro’s overall largest employer, with 20,500 and employs 12,000 Portland-area residents. The sector for the Portland area. The top healthcare workers. The State of Oregon gives employment company designs, develops and manufactures employers in the area are Providence Health to an additional 14,000 residents. footwear, apparel, equipment and accessories. Systems, with 17,543 employees, and The From here, Nike orchestrates production and Oregon Health Sciences University (OHSU), HIGH TECH & CHIP MANUFACTURING design for one of the world’s most recognizable with 16,200 workers. OHSU is the recent Attracted by the Portland area’s educated brands. In 2019 Nike will complete a $1 billion recipient of a total of $1 billion in donations workforce and relative low cost of doing expansion of its Washington County campus. for cancer research from over 10,000 Oregon business, tech companies continue moving donors. Grants from the National Institutes of to Portland—opening major branches and, in Nike’s two key competitors have a major local Health totaled $182.7 million in 2016. some cases, relocating to the area entirely. presence as well. Those employers include the North American headquarters of Adidas with MANUFACTURING With over 19,300 employees, Intel is the area’s 1,200 employees, and a new 70,000 SF outpost In trucking and transportation, Daimler Trucks— largest private employer. Intel acquired its of Under Armour. Under Armour has moved with nearly 3,000 area workers—has big plans for first Portland location in 1974. The company 100 employees into an iconic former YMCA. the Portland area. The company recently spent is currently expanding its presence with $150 million renovating its Portland facility and forthcoming D1X microprocessor chip facilities invests heavily in research and development, at the Ronler Acres Campus in Hillsboro. This including autonomous driving. is part of a five-year, $6 billion expansion, and is part of the company’s long-term plans for growth. Intel is the largest property taxpayer in Washington County, with payments of approximately $30 million a year. Other notable Portland-area high-tech companies include ON Semiconductor and Tektronix. HAZELWOOD APARTMENTS • 16 UNITS • PORTLAND, OREGON 9 PORTLAND METRO SNAPSHOT PORTLAND REGION TOP 10 LISTS Oregon’s largest city, Portland, is near the confluence of the Willamette Portland consistently receives glowing and Columbia Rivers. The Portland Metro Area consists of four counties: reviews and rankings from the media. Multnomah, Washington, Clackamas, and Clark County, Washington. 2019 lists include: • #4 Best City for an Active Lifestyle (Wallethub) APARTMENT MARKET DIVERSIFIED ECONOMY • #7 Healthiest Cities to Live (Thrillist.com) The Portland Metro Area consistently ranks Portland is home to the headquarters of • #7 Best Cheap Destinations in the U.S. (U.S. among the nation’s lowest for apartment Fortune 500 companies Nike and Lithia Motors. News and World Report) vacancy rates according to the U.S. Census Fortune 1000 companies headquartered here • # 8 Best Place to Live in the U.S. (U.S. News and Bureau and other third-party services like REIS, include Columbia Sportswear, Greenbrier World Report) MPF Research, and Axiometrics. The U.S. Census Cos. and Portland General Electric. Fortune • #8 Fittest Cities in America (CBS News) Bureau pegged Portland’s Q3 2018 vacancy 500 companies based outside Oregon with • #9 Best Foodie Cities in the USA (U.S. News and rate at 4.5% and the U.S. average at 7.1%. major operations here are Precision Castparts World Report) and Intel. REIS forecast 2018 Portland metro year-over- 2018 lists include: year rents growth at 3.0% and the Multifamily Tech and software companies continue to • #1 Restaurant City of the Year (Bon Appetit) NW Apartment Report survey proved average relocate their operations here or open major • #1 Best Foodie City in America (Wallethub & October 2017-18 year-over-year rent growth outposts in Portland. These companies enjoy Travelpulse) #6 (Jetsetter) at 3.3%. Portland’s educated workforce, affordable high quality of life, and a low cost of doing • #3 Healthiest City in the U.S. (Active.com) SKILLED WORKFORCE & STRONG EMPLOYMENT business compared to the Bay Area. • #3 Best Place for Business and Careers (Forbes) In a 2018 WalletHub report comparing 150 of • #4 Best City for Biking (Fast Company) the largest U.S. metros, Portland is listed as Companies which have opened major branches in Portland include Airbnb, Google, • #9 Top City for Entrepreneurs and Start-Ups the 15th most educated city in America. More (Business.org) #23 (CNBC) than half of Multnomah County workers have Squarespace, Mozilla, Simple, Survey Monkey, • #10 Greenest City in America (Newsweek) a college degree, well ahead of the national SalesForce and New Relic, Inc. Portland’s tech average of 38.5%. startup companies include Viewpoint, Jama • #10 Most Entrepreneurial State (Amazon.com) Software, Thetus, Urban Airship, Acquia, • #15 Most Educated City in America (Wallethub) According to the State of Oregon’s Employment Elemental Technologies, Act-On, Puppet Labs, Department, Portland enjoys one of the fastest and The Clymb. job growth rates in the Pacific Northwest, and the entire nation. Data indicates the area added 31,000 jobs in 2016, 28,000 jobs in 2017, and 29,000 in 2018. 10 HFO INVESTMENT REAL ESTATE HAZELWOOD APARTMENTS • 16 UNITS • PORTLAND, OREGON 11 OPERATIONS ANALYSIS RENT ROLL ANALYSIS Average Scheduled Average Scheduled Average Projected Rents Unit Type Unit Count Square Feet Average Projected Rents Rents Rents per Sq Ft per Sq Ft 2 Bedroom / 1.5 Bathroom 8 900 $883 $0.98 $975 $1.08 2 Bedroom / 1.5 Bathroom 8 1,000 $1,029 $1.03 $1,100 $1.10 Totals / Averages 16 950 $956 $1.01 $1,038 $1.09 Income Current Scheduled Rents Projected Operations Note Scheduled Gross Rent $183,540 $11,471 $199,200 $12,450 1 Less: Vacancy/Credit Loss -$9,177 -$574 -5.0% -$9,960 -$623 -5.0% 2 Net Rental Income $174,363 $10,898 $189,240 $11,828 Other Income $0 $0 $5,523 $345 3 Includes: Utility Billing (RUBs) $0 $0 $5,523 $345 25.0% Gross Operating Income $174,363 $10,898 $194,763 $12,173 Expenses Projected Operations Per Unit % GOI Projected Operations Per Unit % GOI Real Estate Taxes $24,700 $1,544 14.2% $24,700 $1,544 12.7% 4 Insurance $3,791 $237 2.2% $3,791 $237 1.9% Total Utilities $22,438 $1,402 12.9% $22,438 $1,402 11.5% Fee Management $13,949 $872 8.0% $15,581 $974 8.0% 5 Landscaping $1,800 $113 1.0% $1,800 $113 0.9% Maintenance/Repairs $8,000 $500 4.6% $8,000 $500 4.1% 6 Turnover $3,200 $200 1.8% $3,200 $200 1.6% Reserves $4,000 $250 2.3% $4,000 $250 2.1% Total Expenses -$81,878 -$83,510 Expenses per Unit -$5,117 -$5,219 % of Gross Operating Income -47% -43% Net Operating Income (NOI) $92,485 $111,253 12 HFO INVESTMENT REAL ESTATE OPERATIONS ANALYSIS INCOME 1.
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