N Williams Development Site 25 N Fargo Street, Portland, OR Executive Summary
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N Vancouver Ave N Vancouver N Cook St N Williams Ave 10,982 SF OF RX ZONED LAND N Fargo St OFFERING MEMORANDUM N Williams Development Site 25 N Fargo Street, Portland, OR Executive Summary HIGHLIGHTS Located in the core of one of Portland’s most trendy and sought after neighborhoods, this offering consists of 10,982 square feet of developable 10,982 SF of vacant multifamily land land at the corner of North Williams Avenue and North Fargo Street. With Vested for 100 units plus one retail space a Bike Score of 95 and Walk Score of 90, the location is attractive to the millennials who have been moving to the neighborhood in droves. Dynamic location in popular North Williams neighborhood Zoned RX, the site is presently vacant and is vested for 100 units plus one Located 1 block from Legacy Emanuel Hospital and other retail space. major employers Over the last five years, the North Williams Neighborhood has exploded One block from New Seasons grocery from a sleepy area to one of the most diverse and dynamic streets in all of Portland, including 300,000 SF of retail. Located just 10 minutes from Located on major bike arterial with excellent public transportation downtown, it’s a perfect snapshot for what Portland is best known for: bikes, and high pedestrian counts beer, and food. With a wide array of bars, breweries, restaurants, funky shops and gathering joints, the neighborhood attracts a diverse mix of residents 10 minutes to downtown Portland and visitors. PROPOSED PROPERTY INFORMATION Address 25 N Fargo Street, Portland, OR 95 90 Property ID R916400610 BIKESCORE WALKSCORE Land Area 10,982 SF Topography Flat Pricing $1,810,000 ($165 PSF) Kidder Mathews | OM 2 Zoning RX (CENTRAL RESIDENTIAL) ZONE ZONING CODE Primary Zoning Uses RX(d) Multi-family housing The RX zone is a high density multi-dwelling zone which allows the highest density of dwelling units of the residential zones. Density is not regulated by a maximum number of units per acre. Rather, the maximum 5:1 with IZ Bonus Allowable FAR size of buildings and intensity of use are regulated by floor area ratio (FAR) limits and other site development (56,715 SF) standards. Generally the density will be 100 or more units per acre. Allowed housing developments are Max Bldg Height 100’-0” characterized by a very high percentage of building coverage. The major types of new housing development Max Bldg Coverage 100% will be medium and high rise apartments and condominiums, often with allowed retail, institutional, or other service oriented uses. Generally, RX zones will be located near the center of the city where transit is readily Min Landscape Area None available and where commercial and employment opportunities are nearby. RX zones will usually be applied in Front: 0’ combination with the Central City plan district. Street: 0’ Setbacks Side & Rear: 0’ Garage Entrance 5’/18’ Overlay Design overlay Plan District Albina community Land Use Review Yes Kidder Mathews | OM 3 Site Survey Kidder Mathews | OM 4 Proposed Building Kidder Mathews | OM 5 Proposed Building Kidder Mathews | OM 6 Proposed Building Kidder Mathews | OM 7 Proposed Building -6 Kidder Mathews | OM 8 Proposed Building Kidder Mathews | OM 9 Market Overview LOCATION SUMMARY North Williams’ street exposure is hard to beat with its high traffic counts of not only bikes and cars, but pedestrians as well. With its convenient, close-in eastside access, the neighborhood has become a destination for foodies, beer aficionados, and entertainment in general. As a major bike arterial connecting north Portland to Downtown, the street sees upwards of 4,000 riders per-day in the summer. For those who still drive their cars, the freeway entrance to Interstate 5 and I-405 is The New York Times described the North two blocks away, bringing Williams in a feature article by saying Downtown, the Pearl “Perhaps no other street has been District, and many other transformed like Williams Avenue, where neighborhoods within a old homes and vacant lots have given way quick drive. to a mini-canyon of multistory mixed-use Public transportation is also buildings, and its auto route downsized abundant in this corridor, to include one of this cycling-happy city’s with TriMet’s #44 bus line busiest bike lanes.” stopping blocks from the property. Portland’s award winning MAX Light Rail train runs parallel to N. Williams along N. Interstate, and features a stop on its yellow line, less than three quarters of a mile away. Located just a block north of the property is a uber-popular New Seasons grocery store, with its mecca of local and organic goods that draws many residents to stop by multiple times a day. One block southwest is one of the area’s major employers, the renowned Legacy Emanuel Medical Center and Randall Children’s Hospital with 554 beds, employing several thousand people. Activities are abundant nearby, including ten parks within walking distance, including Dawson Park just two blocks away. This park features a playground, tennis courts, and free concerts during long summer evenings. Another 8 blocks away is the Irving City Park, a go-to destination for dog lovers. The neighborhood also features a popular farmers market that runs on Sundays from May to November. Kidder Mathews | OM 10 Area Overview Moda Center Lloyd Center NE Weidler St NE Weidler NE Hancock St Mall Toro Bravo Irving Park Ex Novo Brewing Company NE Fremont St NE Fremont Convention Wonder Ballroom PROPERTY Center NE Broadway St NE Broadway Russell Street Bar-B-Que NE MLK Blvd Bridges Cafe & Catering OX Restaurant Cook Street Apartments N Williams Avenue Century Apartments Tasty n Sons Ristretto Roasters Coffee Barre3 Lillis Albina City Park Hopworks BikeBar Legacy Emanuel Medical Center Nike WILLAMETTE RIVER DOWNTOWN PORTLAND Kidder Mathews | OM 11 Neighborhood Overview N Fremont St N Vancouver Ave N Vancouver N Williams Ave N Fargo St PROPERTY DAWSON PARK Kidder Mathews | OM 12 Neighborhood Amenities Martin Luther King Jr Blvd NE Skidmore St NE Skidmore NE Mason St NE Shaver St NE Failing St St NE Fremont NE Fargo St NE Beech St PROPERTY 6 2 1 3 10 7 11 3 21 20 9 7 8 19 6 5 1110 6 1 4 3 2 8 2 13 12 N Williams Ave 22 1817 16 15 1 9 Dawson 5 3 4 7 5 Park 8 7 4 2 N Vancouver Ave 4 9 1 14 10 Lillis Albina 5 9 City Park Denorval Unthank City Park 6 RESTAURANTS WELLNESS & BEAUTY SHOPPING SERVICES 1 The People’s Pig 12 Tasty n’ Sons 1 Akasu Hair Studio & Spa 1 ink & peat 1 Abraham Fixes Bikes 2 Compass Coffee Roasting 13 Eat: An Oyster Bar 2 barre3 2 Lark Press 2 Wonder Ballroom 3 Game Knight Lounge 14 Ex Novo Brewing 3 Auto & Work Injury Center 3 Mud Bay 3 Friendly Bike Guest House 4 Barbeque Soul 15 Crisp 4 Kartini Clinic 4 New Seasons 4 Metropolis Cycle Repair Legacy Emanuel 5 Chalino 16 Lompoc Brewing 5 5 Queen Bee 5 Portland Psychotherapy Medical Center 6 Maui’s 17 Hopworks BikeBar 6 Renew Chiropractic Clinic 6 SpielWerk Toys 6 Self Enhancement Gym 7 Bread & Honey Cafe 18 The Box Social 7 Mod Salon 7 Sugar Wheel Works 7 United Bicycle Institute 8 The Whole Bowl 19 Quesabrosa 8 Myoptic Optometry 8 TreeHouse Children’s Boutique 8 UP Design Lounge 9 Sloan’s Tavern 20 XLB 9 Randall Children’s Hospital 9 Workshop Vintage 9 Urban Nest Realty 10 What’s the Scoop? 21 Vendetta 10 Two Rivers Veterinary Clinic 10 Meare Cycles 11 Life of Pie Pizza 22 Coco Donuts 11 Yoga Shala Wellness Kidder Mathews | OM 13 Neighborhood Pictures Kidder Mathews | OM 14 Neighborhood Overview BUS & MAX LANES BIKE LANES MAX Yellow Line Nearest Bus Lines NE Skidmore St NE Skidmore St NE Mason St NE Mason St NE Shaver St NE Shaver St NE Failing St NE Failing St N Mississippi Ave N Mississippi Ave N Mississippi Ave N Mississippi Ave N Greeley Ave N Greeley Ave NE Beech St NE Beech St NE Fremont St NE Fremont St N Cook St N Cook St PROPERTY PROPERTY N Vancouver Ave N Vancouver MLK Jr Blvd Ave N Vancouver N Vancouver Ave N Vancouver N Vancouver Ave N Vancouver N Russell St N Russell St MLK Jr Blvd N Williams Ave N Williams Ave N Williams Ave N Williams Ave Fremont Bridge Fremont Bridge WILLAMETTE RIVER WILLAMETTE RIVER NW Naito Pkwy NE Broadway NW Naito Pkwy NE Broadway NE Weidler St NE Weidler St Broadway Bridge Broadway Bridge Kidder Mathews | OM 15 Area Corridors NE Columbia Blvd DEKUM TRIANGLE NE Ainsworth St NE Greeley Ave NE Greeley NE Killingsworth St ALBERTA ARTS CORRIDOR NE Prescott St NE Cully Blvd PROPERTY INTERSTATE CORRIDOR & MAX LIGHT RAIL INTERSTATE BEAUMONT VILLAGE MISSISSIPPI CORRIDOR ROSE CITY IRVINGTON NE Sandy Blvd N WILLIAMS CORRIDOR NE 82nd Ave NE 33rd Ave NE 33rd HOLLYWOOD DISTRICT NE BROADWAY ST CORRIDOR E Burnside St DOWNTOWN SE Hawthorne Blvd Kidder Mathews | OM 16 PORTLAND RANKINGS Best places for business and careers Fittest city in America #1 – Forbes 2017 #1 – Huffington Post America’s “coolest” city right now Top 10 cycling cities #1 – International Traveller, Jan 2016 #2 – Travel Channel 2016 America’s greenest cities Moving destination of 2017 #1 – Travel & Leisure, May 2015 #2 – United Van Lines 2018 Kidder Mathews | OM 17 INVESTING IN PORTLAND GROWING POPULATION EMPLOYMENT ULI 2017 Emerging Trends ranks Portland 3rd Oregon was the #2 moving destination in 2017 for Portland MSA employment is at an all-time high, among 78 metro areas for real estate investment people moving from one state to another, according employing ±1,072,600 workers to a United Van Lines Study In 2016, Oregon personal income growth was 5th In the past year, Portland MSA has added over 48,400 nationally at 1.3% Portland has added 42,000 residents over the last jobs, an increase of 2.6% three years,