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Kolin Building KOLIN BUILDING OFFERING MEMORANDUM KOLIN BUILDING INVESTMENT CONTACTS Daren Duke +1 503 499 0056 [email protected] Mike Thomas +1 503 499 0059 [email protected] Irfan Tahir +1 503 757 1960 405 This Offering Memorandum is intended solely for your limited use and benefit in determining whether you desire to express any further interest in the purchase of the property. Neither Owner nor Broker, including any of their respective officers, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of the contents of this Offering Memorandum. The prospective purchaser should perform its own separate and independent due diligence as it relates to the physical, environmental, legal, and all other material attributes that might be considered in the acquisition of the property. T A B L E O F C O N T E N T S Executive Summary .........................4 Property Profile ..............................10 Comparables ..................................18 Market Overview ...........................22 405 Executive Summary Colliers International is offering the uniquely attractive opportunity to purchase the Kolin Building, an office asset located in Portland Oregon’s historic Old Town neighborhood in the heart of downtown. Built in 1905, this multi-tenant building comprises two stories within walking distance of numerous restaurants, shops, services and city parks. Highlights • Classic Portland building located in Old Town Portland, near Downtown and the Pearl District • Excellent access to downtown Portland, I-405 and I-5, Union Station Train Depot, Portland Streetcar, Broadway Bridge and Steel Bridge • Conveniently located near MAX stops and Trimet bus lines • Controlled access • Air conditioned building • Elevator served • Nearby monthly parking available • Renovated in 2000 • Each space has its own kitchenette Please contact brokers for pricing guidance 4 COLLIERS INTERNATIONAL | PORTLAND EXECUTIVE SUMMARY 5 Neighborhood Overview Old Town/Chinatown was the original urban core of Portland and In a step towards revitalization of the area, the Lan Su Chinese was declared a National Historic Landmark in 1977, its national Garden opened September 14, 2000. The $12.8 million park covers significance based on its historic importance as a major 19th- an entire city block and was built by 65 artisans from Suzhou, century west coast port, and also for its collection of cast-iron China of imported materials (though all plants were grown locally). commercial architecture. More recently, NW 3rd and 4th Avenues received streetscape improvements, including plaques describing historical features. Attractions include the Saturday Market, the Shanghai Tunnels, Two block-long “festival streets” that can easily be used for street Lan Su Chinese Garden, Amtrak’s Union Station, and Ankeny festivals were also created between these streets. Square, site of Portland’s oldest public art work, the Skidmore Fountain. Other major organizations based in Chinatown include the Port of Portland, Oregon Department of Transportation’s Portland offices and NW Natural Gas. Waterfront Park 0.5 miles from Kolin Bldg 6 COLLIERS INTERNATIONAL | PORTLAND Jamison Square Park US Postal Service Steel Bridge KOLIN BUILDING Waterfront Park Waterfront NW 6TH 6TH 6TH NW NW Shanghai Tunnels Waterfront Park 0.5 miles from Kolin Bldg Portland Portland MAX Green MAX Blue MAX Stop Bus Stop Streetcar Streetcar & Yellow & Red Line Stop Lines Lines EXECUTIVE SUMMARY 7 Broadway Corridor Project Located right outside of Prosper Portland’s Broadway Corridor project, the Kolin Building is poised to benefit immensely from neighborhood improvements, as well as new retail, office, housing, and green spaces. The Broadway Corridor project offers the potential to create 5 million+ square feet of new economic, business, social and community development opportunities. The site is at the heart of a transportation network that includes light rail, streetcar, and bus, with multiple stops of each mode within 1/8 of a mile of the site, as well as Prosper Portland-owned Union Station. The location and size of the Broadway Corridor represents an opportunity to realize Prosper Portland’s vision for an equitable economy by advancing prosperity, creating a vibrant neighborhood, and supporting living wage jobs. For more information on this ongoing project, visit KOLIN BUILDING www.broadwaycorridorpdx.com 8 COLLIERS INTERNATIONAL | PORTLAND Opportunity Zone The Kolin Building is located in one Oregon’s Opportunity Zones. Opportunity Zones can deliver significant tax savings on medium- to long-term investments in economically disadvantaged communities. This new tax incentive pertains to both the capital gains invested initially through a qualified opportunity fund (QOF), as well as future capital gains earned on the original investment in zone-based businesses or projects. Each zone consists of an entire census tract, as established for the decennial U.S. Census. Tracts vary in size but generally align with population density. Oregon has 834 census tracts, more than 300 of which were eligible by meeting the definition of a “low income community” in terms of median family incomes or poverty rates. With the opportunity zone incentive, the capital gains arising from sale to an unrelated person that are then transferred into a qualified opportunity fund within 180 days will have their tax liability delayed or deferred until December 31, 2026, at the latest. The taxpayer decides how much of his/her newly realized gains to invest, when to sell or exit that investment, or even whether to invest other moneys alongside (which would not receive these tax benefits). In addition to deferring income taxes, by the time the investment of tax-deferred capital gains in the opportunity zone is sold or the end of 2026, whichever is earlier: • The amount subject to taxes shrinks by 10% if the investment has been held for at least five years by 2026 (invested by 2021). • The amount subject to taxes also shrinks to the fair market value of the investment if less than its original value. For more information on Opportunity Zones, visit: www.oregon4biz.com/Opportunity-Zones EXECUTIVE SUMMARY 9 PROPERTY PROFILE Property Profile The Kolin Building can allow a user or investor to acquire a close-in turnkey property. Originally built in 1905, the property was fully seismically upgraded in 2000. The tasteful upgrades to the build-out represent a move in-ready option. Within a stone’s throw of exciting new developments at the Post Office and Greyhound sites, the Kolin Building represents an opportunity to be adjacent to the 5 million+ square feet that will be developed. The property’s location within an Opportunity Zone creates options for a buyer to further improve the property, including the potential addition of another floor. Fully HVAC’d and elevator-served. Long term ownership has remained extremely proactive in regards to maintenance of the property. Ready for immediate occupancy. Address 322-326 NW 6th Avenue Portland, OR Foundation/Sructure Reinforced masonry Net Rentable Area 10,000 SF Exterior Walls Reinforced masonry Leased 53% Structural Steel Frame/Superstructure Zone 3 seismic completed 1997 Number of Floors 2 Entrances and Doors 2 Year Built 1905 with renovations in 2000 Lobby and Common Area Finishes New floor coverings and exposed brick Site Area 0.11 acres (4,729 square feet) Elevators 1 All building areas meet accessibility Parcel Number R140454 ADA Compliance requirements Historic Registry No FAR 6:1 with bonus Zoning CXD Class B 99 WALK SCORE 98 BIKE SCORE 100 TRANSIT SCORE 12 COLLIERS INTERNATIONAL | PORTLAND THIS MAP WAS PREPARED FOR N.E.1/4 S.W.1/4 SEC.34 T.1N. R.1E. W.M. ASSESSMENT PURPOSE ONLY MULTNOMAH COUNTY 1N 1E 34CA 1" = 100' PORTLAND SEE MAP 1N 1E 34BD APPROX. 1/16 COR. 60' N.W. (G) GLISAN ST. APPROX. 3' 100' 100' 100' CEN. SEC. 5' 60' 60' 100' 60' 100' 100' 60' 100' 100' W1/2 E1/2 100' 30' 300 5' 5' 200 100' 100' 2100 2000 1600 1500 900 800 7 50' 50' 50' 50' 50' 50' 50' 50' 50' ASSESSED 50' 8 7 8 7 8 700 300 A1 8 7 100 8 50' BY D.O.R. 1600 A1 1500 A1 7 W1/2 8 7 100' 25' 50' 50' 50' 50' 50' 50' 50' 50' 80000 50' 5 6 5 6 6 5 6 5 6 25' 4' 11 1/8" Address 322-326 NW 6th Avenue Portland, OR 48 37 36 25 5 24 BK. 1000 PG. 687 23 3 OLD 0.66' 4 28' N1/2 1400 N1/2 2200 1900 1701 600 28' 400 50' 50' 50' AVE. 50' 50' 50' 150' 50' 50' 150' AVE. 4 50' 4 3 TOWN 3 4 3 4 AVE. 1300 22' 3 S1/2 S1/2 IN ST. IN ST. 2002-166830 3 4 34'1 3/8" AVE. 500 ORD. 138348 Tax Roll COUCHS ADD, BLOCK 38, LOT 6 LOFTS VAC. 6-19-74 1800 1700 1200 50' 50' 50' 50' 50' 50' 50' 50' 50' 1 2 1 2 CONDO. 0.66' 1 50' 2 1 2 1 100' 5' 5' 3' 100' 100' 100' 100' 2 99.33' 100' 100' 100' 5.6' 100' TO 2019 ASSESSMENT 100' VAC. 6-19-74 91' 134' ORD. 138348 IN ST. 2000-126356 29.8' 60' N.W. (F) FLANDERS ST. IN ST. 2002-166830 100' IN ST. 2001-024823 30' Improvements $2,340,000 100' 5' 100' 708 100' 100' 100' 100' 100' 95' 34.75' 100' 65' 100' 100' 5' 8 5' 5' 50' 2700 APPROACH 3600 50' 50' 50' 50' 50' 50' 2300 3100 50' 4300 2800 3200 3500 50' 50' 4200 3400 50' PARTY 8 7 8 7 8 7 8 WALL 75' 7 3700 8 7 8 Land $754,840 0.25' 5 2600 34.75' 65' N1/2 50' 50' 50' 50' 50' 50' 50' 50' 50' 50' 5 6 5 6 5 6 5 BK.
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