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WILLOW BEND 9210 SW Center Street, Tigard, Oregon 97223

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WILLOW BEND 9210 SW Center Street, Tigard, Oregon 97223 FOR SALE WILLOW BEND 9210 SW Center Street, Tigard, Oregon 97223 PROPERTY HIGHLIGHTS • Newly Remodeled • Owner Financing Available HUGH HOLTMAN | SENIOR ADVISOR [email protected] • Single Level O: 503.208.9393 | M: 503.799.0447 • Condo Platted www.svnimbrie.com • Great Entry Point into Multifamily Ownership • Fireplaces All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. PROPERTY DETAILS | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON Sale Price: $1,150,000 Price per Unit: $164,286 Lot Size: 0.46 AC Building Size: 5,175 SF Property Type: Multifamily Units: 7 Year Built: 1969/2017 Submarket: Tigard Located in Tigard, OR, the Willow Bend apartments offer a nice entry level into apartment ownership. Recently remodeled from head to toe with a new composite roof, new decks, new cabinets, flooring, paint, etc. The property consists of (4) one bedroom units and (3) two bedroom units with plenty of off street parking. The property is fully leased and the owner is offering financing for a qualified buyer. Currently platted as condo's, this provides an investor an alternative exit strategy. Walk Score: 84 Transit Score: 50 All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. ABOUT THE CITY OF TIGARD | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON Tigard is a city in Washington County, Oregon. The population as of 2016 is 51,902. It is $402,700 51,902 the state’s 12th largest city and one of the fastest growing communities. Incorporated in 1961, the city is located south of Beaverton and north of Tualatin, and is part of Median Home Value 2016 Population the Portland metropolitan area. Interstate 5 and Oregon Route 217 are the main freeways in the city, with Oregon Route 99W and Oregon Route 201 serving as other major highways. Public transit service is provided by TriMet, via several bus routes and the WES Commuter Rail line. Tigard is officially divided into 13 geographic areas around elementary schools and major transportation routes. Each neighborhood has been assigned an area number, 1-13, however some of the neighborhoods carry unofficial names long associated with them prior to their 8.1% $51,581 current numeric designations. Population Increase Median Household Companies based in Tigard include Consumer Cellular, Gerber Legendary Blades, LaCie, (2010-2016) Income and Stash Tea Company, among others. The city is also home to the Washington Square mall, one of the largest in Oregon, and the northern part of Bridgeport Village. All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. INTERIOR PHOTOS | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. REHAB SCOPE OF WORK | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON WILLOW BEND REHAB SCOPE OF WORK New windows & sliders New interior doors and trim New Kitchen cabinets and countertops New Fireplace tile hearth New SS Kitchen appliances New subfloors New bathrooms Sheetrock & ceiling repair New carpet in bedrooms New heaters New engineered wood floors (LR & kitchen) New dedicated circuits for microwaves New LED lighting New GFCIs New hardware Updated landscaping Interior painting New spray in insulation Enclosed patios Plumbing repairs Fireplace conversion to gas New vapor barrier and improved drainage All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. PRO FORMA | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON Price: $1,150,000 GIM: 11.55 RENT ROLL & UNIT MIX No. Units: 7 Price/SF: $222.22 APPROX. RENT AVG. RENT PER MONTHLY Year NUMBER UNIT TYPE SQ. FT. RANGE SQ. FT. INCOME Price/Unit: $164,286 1969/2017 Built: 4 1 Bd / 1 Ba 680 $1,050 - $1,100 $1.58 $4,300 CAP Rate: 5.58% Acreage: 0.46 3 2 Bd / 1 Ba 818 $1,250 - $1,450 $1.65 $4,000 7 TOTAL/AVERAGE 739 $1,136 - $1,250 $1.61 $8,300 PROPOSED FINANCING ON SALE Total Building SF 5,175 % Down: 25.00% INCOME $/Unit/Yr Budget Down Payment: $287,500 Loan Amount: $862,500 Scheduled Gross Annual Income $14,229 $99,600 Interest Rate: 5.00% RUBS $0 Length of Loan: 30 Less: Vacancy 5% ($711) ($4,980) Monthly Payment: ($4,630) Other Income $0 Annual Debt Service: ($55,561) Debt Coverage Ratio: 1.15 Effective Annual Income $13,517 $94,620 CURRENT EXPENSES $/Unit/Yr Budget $64,149 Net Operating Income: Real Estate Taxes 2016/2017 5.80% $784 $5,488 Before Tax Cash Flow: $8,588 Insurance Budget 1.85% $250 $1,750 Cash-on-cash Return: 2.99% Electric / Gas 2018 Annualized 0.30% $41 $288 Water & Sewer 2018 Annualized 8.42% $1,138 $7,968 Principal Reduction Yr 1 $12,436 Garbage 2018 Annualized 1.59% $214 $1,500 7.31% Total Year 1 Return Management 6.00% 6.00% $811 $5,677 Maintenance/Repairs Budget 3.14% $425 $2,975 Turnover Budget 1.69% $229 $1,600 Landscape Maintenance Budget 1.59% $214 $1,500 Advertising Budget 0.16% $21 $150 Reserves Budget 1.66% $225 $1,575 Total Estimated Annual Expenses 32.20% ($4,353) ($30,471) Total Estimate Net Operating Income 67.80% $9,164 $64,149 All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. EXTERIOR PHOTOS | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. AERIAL LOCATION PHOTO | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON Downtown Tigard WILLOW BEND All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. AERIAL MAP | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON WILLOW BEND All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. DEMOGRAPHICS | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON Demographics Data 1 mile 3 miles 5 miles Total Households 4,552 47,241 126,082 Total Population 11,180 111,896 298,779 Persons per Household 2.5 2.4 2.4 Average Household Income $65,098 $75,245 $79,544 Average House Value $314,294 $334,490 $369,614 Average Age 33.5 38.5 38.5 Average Age (Male) 33.0 37.5 37.1 Average Age (Female) 34.0 39.8 39.8 All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. DISCLAIMER | WILLOW BEND | MULTIFAMILY | TIGARD, OREGON The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of the SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor. Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. This Offering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice.
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