SE DIVISION DEv. / INvestment LOT ideal for redevelopment or owner-user IN INNER SE PORTLAND 2923 SE DIVISION ST, PORTLAND OR SE DIVISION STREET Premier 5,000 sf prime LOCATION PROPERTY FOR SALE Location cm2 zoning - multifamily, retail, office & more GEORGE N. DIAMOND NICHOLAS G. DIAMOND Licensed in PLEASE Oregon CONTACT: 503.222.2178 503. 222. 2655 12.03.2018 2839 SW 2nd Avenue, Portland OR, 97201 [email protected] [email protected] 12.03.2018 503.222.1655 - www.REIG.com SE DIVISION DEv. / investment LOT Table of Contents 1 COVER 12 LOT MAP & VICINITY Broker Contact: 2 CONTENTS 13 ZONING MAP GEORGE N. DIAMOND 3 INVESTMENT SUMMARY 14 ZONING DETAIL 503.222.2178 (O) 503.781.4764 (C) [email protected] NEIGHBORHOOD INFO REGIONAL AERIAL 4 15 NICHOLAS G. DIAMOND 5-6 SITE PHOTOGRAPHY 16-17 LOCAL INFO & DEMOS 503.222.2655 (O) 503.887.8344 (C) [email protected] 7-11 IMPROVEMENT DETAIL 18-19 OREGON DISCLOSURE Offer Solicitation Process: Offers should be presented in the form of a nonbinding letter of intent, spelling out the significant terms and conditions, including, but not limited to: (1) Asset pricing, (2) Due diligence and closing time frame, (3) Earnest money deposit, (4) A description of the debt/equity structure, and (5) Qualifications to close. The purchase shall require all cash to be paid at closing. Purchase and sales agreement shall be Oregon / SW Washington CAB form. Offers and development plan should be delivered to the attention of Real Estate Investment Group. TABLE OF CONTENTS / CONTACT PAGE 2 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION DEV. / investment LOT PRIME COMMERCIAL MIXED-USE LOT for redevelopment or owner/user SALE PRICE: $1,000,000 TOTAL SIZE: 5,000 SQ. FT. 2923 SE DIVISION ST PORTLAND, OR 97202 CALL GEORGE DIAMOND ( 503.222.2178) OR NICHOLAS DIAMOND (503.222.2655) Property Features: Location Features: • Prime Redevelopment Site or Owner-User Opportunity • Excellent Portland Location in the Heart of SE Division’s Bustling Retail District • 5,000 SF Lot with 1,968 SF Improvement • Close to Ladd’s Addition, Piccolo Park, Powell Blvd, SE Hawthorne Retail, Sewallcrest Park • CM2 Zoning Allows: Multifamily, Retail, Office & More • New Mixed-Use and Multifamily Developments in Immediate Vicinity • 4:1 FAR with Bonus and 55’ Max Height with Bonus • Nearby Retailers Include Ava Genes, Bollywood Theater, Clay’s Smokehouse, (75’ with Planned Dev. Bonus) Imperial Bottle Shop, Pok Pok, Salt & Straw, St. Honore, Stella Taco, Whiskey Soda Lounge, Urban Waxx INVESTMENT SUMMARY PAGE 3 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION DEv. / investment LOT The property’s location along SE Portland’s iconic Division Street offers a sought-after location in a thriving district of the close-in market. Walking distance to multiple restaurants, retailers, services and transit as well as east access to downtown and surrounding arease make the location ideal. THEORY 33 NEW 4-STORY, 30-UNIT APARTMENT BUILDING (COMPLETED) OSWEGO LAKE 3212 SE DIVISION NEW 4-STORY, 32-UNIT APARTMENT BUILDING WITH BASEMENT PROPERTY 2919 SE DIVISION NEW 4-STORY, 20-UNIT APARTMENT BUILDING W/ ONSITE STORMWATER PLANTER 2940 SE DIVISION NEW 4-STORY, 32-UNIT APARTMENT BUILDING WITH NO ONSITE PARKING 2502 SE 29TH AVE NEW 4-STORY, 50-UNIT APARTMENT BUILDING WITH BASEMENT GARAGE AND GROUND FLOOR RETAIL CITY HALL DOWNTOWN NEIGHBORHOOD INFORMATION PAGE 4 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION Dev. / INVESTMENT LOT Aerial Map 2923 SE Division Street SE DIVISION STREET SITE PHOTOGRAPHY PAGE 5 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION Dev. / INVESTMENT LOT SITE PHOTOGRAPHY PAGE 6 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION Dev. / INVESTMENT LOT BUILDING DETAILS • 2BR/1BA residential unit + 598 SF retail/office • Fully-permitted improvements: • Full roof replacement in 2016 • 33 roof-mounted solar panels covering 100% electricity costs plus additional income • New rear patio in 2016 • All old pipes replaced with pex tubing • Upgraded electrical • Furnace replaced 4 years ago • Garage eligible for commercial storage use • Basement washer and dryer Features & • All appliances negotiable in sale Amenities IMPROVEMENT DETAIL - FEATURES PAGE 7 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION Dev. / INVESTMENT LOT 598 SF BUSINESS OCCUPANCY IMPROVEMENT DETAIL - floor plans PAGE 8 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION Dev. / INVESTMENT LOT 2BR/1BA owner-user residential unit 598 SF retail/office space in front Fully-permitted improvements SE DIVISION ST IMPROVEMENT DETAIL - EXTERIOR ELEVATIONS PAGE 9 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION Dev. / INVESTMENT LOT IMPROVEMENT DETAIL - INTERIOR PHOTOS PAGE 10 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION Dev. / INVESTMENT LOT IMPROVEMENT DETAIL - INTERIOR PHOTOS PAGE 11 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. SE DIVISION Dev. / INVESTMENT LOT 20 NEW APT. UNITS 50 NEW APT. UNITS 32 NEW APT. UNITS Aerial MapLOT MAP & VICINITY PAGE 12 The information contained herein has been obtained from sources2923 we deem SE reliable. Division We cannot, Street however, guarantee its accuracy. GEORGE ROGERS PARK SE DIVISION Dev. / INVESTMENT LOT CM2 (COMMERCIAL MIXED-USE 2) The Commercial/Mixed Use 2 (CM2) zone is a medium-scale zone intended for sites in a variety of centers, along corridors, and in other mixed use areas that have frequent transit service. The zone allows a wide range and mix of commercial and residential uses, as well as employment uses that have limited off-site impacts. Buildings in this zone will generally be up to four stories tall unless height and floor area bonuses are used, or plan district provisions specify other height limits. Development is intended to be pedestrian-oriented, provide a strong relationship between buildings and sidewalks, and complement the scale of surrounding residentially zoned areas. SUBJECT R1 (RESIDENTIAL MEDIUM-DENSITY) The R1 zone is a medium density multi-dwelling zone. It allows approximately 43 units per acre. Density may be as high as 65 units per acre if amenity bonus provisions are used. Allowed housing is characterized by one to four story buildings and a higher percentage of building coverage than in the R2 zone. The major type of new housing development will be multi-dwelling structures (condo- miniums and apartments), duplexes, townhouses, and rowhouses. Generally, R1 zoning will be applied near Neighborhood Collector and District Collector streets, and local streets adjacent to commercial areas and transit streets. R2.5 (RESIDENTIAL 2.5) The R2.5 lot dimension regulations ensure that: • Each lot has enough room for a reasonably-sized attached or detached house; • Lots are of a size and shape that development on each lot can meet the develop ment standards of the R2.5 zone; • Lots are not so large that they seem to be able to be further divided to exceed the maximum allowed density of the site in the future; • Each lot has room for at least a small, private outdoor area; • Lots are wide enough to allow development to orient toward the street; • Each lot has access for utilities and services; Zoning Map • Lots are not landlocked; • Lots don’t narrow to an unworkable width close to the street; and 2923 SE Division Street •Lots are regularly shaped. ZONING MAP PAGE 13 The information contained herein has been obtained from sources we deem reliable. We cannot, however, guarantee its accuracy. Chapter 33.130 Title 33, Planning and Zoning Commercial/Mixed Use Zones 5/24/18 SE DIVISION Dev. / INVESTMENT LOT Chapter 33.130 Title 33, Planning and Zoning 33.130.110 Accessory Uses Commercial/Mixed Use 2 zone Commercial/Mixed Use Zones 8/22/18 Uses that are accessory to a primary use are allowed if they comply with specific regulations for the The accessoryCommercial/Mixed uses and all development Use 2 (CM2) standards. zone is a medium-scale zone intended for sites in a variety of centers, along corridors, and in other mixed use areas that have frequent transit Table 130-2 service.33.130.130 The zone Nuisance allows-Related a wide Impacts range and mix of commercial and residential uses, as well as employment uses that have limited off-site impacts. Buildings in this zone will generally Summary of Development Standards in Commercial/Mixed Use Zones Standards CR CM1 CM2 CM3 CE CX be up toA. fourOff stories-site impacts. tall unless All nonresidential height and uses floor including area bonuses their accessory are used, uses mustor plan comply district with provi- the standards of Chapter 33.262, Off-Site Impacts. Maximum FAR (see 33.130.205 and 1 to 1 [1] 1.5 to 1 2.5 to 1 3 to 1 2.5 to 1 4 to 1 sions specify other height limits. Development is intended to be pedestrian-oriented, provide a 33.130.212) strong relationshipB. Other nuisances. between Other buildings nuisances and are sidewalks, regulated byand Title complement 29, Property andthe Maintenancescale of surround - - Bonus FAR (see 33.130.212) NA See Table See Table See Table See See 130-3 130-3 130-3 Table Table ing residentiallyRegulations.