SE PORTLAND LAND DEVELOPMENT - images1.loopnet.com€¦ · With Portland continuing to experience significant in-migration, and with fewer and fewer development sites in premier neighborhoods

1

APARTMENTS

SE PORTLAND LAND DEVELOPMENT

2324-2336 SE BELMONT PORTLAND, OREGON

O F F E R I N G M E M O R A N D U M

PRICE: $1,875,000

TOTAL SQUARE FEET: 11,761

PRICE/SF: $159.43

3 LOTS

7

2 3 2 4 - 2 3 3 6 S E B E L M O N T S T . P O R T L A N D , O R 9 7 2 1 4

Marcus & Millichap has been chosen to exclusively market for sale a package of 3 land parcels located at 2324-2336 SEBelmont St. Each parcel is 3,920 square feet for a total square footage of 11,760.

The current zoning is Commercial Mixed-Use 2 (CM2), which allows for a variety of uses including retail, office andresidential. A Maximum of FAR 2.5 to 1 and a maximum 45’0” height limit which is generally 4 stories.

SE Belmont is among Portland’s hippest neighborhoods and is home to numerous bars and eateries. The Korean grocery“superstore” H-Mart recently opened a location a few blocks away.

With Portland continuing to experience significant in-migration, and with fewer and fewer development sites in premierneighborhoods like Belmont, especially with the 3 separate parcels which allows one to do a phased development or 3separate multi family properties, the Subject Property offers an exciting development opportunity.

•

•

•

•

•

•

•

10

. .

0.09 Acres0.09 Acres 0.09 Acres

SE Belmont St

12

THE OFFERING

Land Price

Land Price/SF

Zoning

Development Type

$1,875,000

$159.43

CM2

Redevelopment

13

14

Use Categories CM1 CM2 CM3 CE

Residential Categories

Household Living Y Y Y Y

Group Living L/CU L/CU L/CU L/CU

Commercial Categories

Retail Sales and Service Y/L Y Y Y

Office Y/L Y Y Y

Quick Vehicle Servicing N L L Y

Vehicle Repair N Y Y Y

Commercial Parking N Y Y Y

Self-Service Storage N N L Y

Commercial Outdoor Recreation N Y Y Y

Major Event Entertainment N CU CU CU

Industrial Categories

Manufacturing and Production L/CU L L L

Warehouse / Freight Movement N N L L

Wholesale Sales N L L L

Industrial Service N L/CU L/CU L/CU

Railroad Yards N N N N

Waste Related N N N N

Zoning Use Allowances

Y = Allowed Use; L = Allowed, but Special Limitations; CU = Conditional Use; N = No, Prohibited

15

Use Categories CM1 CM2 CM3 CE

Institutional Categories

Basic Utilities Y/CU Y/CU Y/CU Y/CU

Commercial Service L/CU L/CU L/CU L/CU

Parks and Open Areas Y Y Y Y

Schools Y Y Y Y

Colleges Y Y Y Y

Medical Centers Y Y Y Y

Religious Institutions Y Y Y Y

Daycare Y Y Y Y

Other Categories

Agriculture L/CU L/CU L/CU L/CU

Aviation & Surface Passenger Terminals N N N CU

Detention Facilities N N CU CU

Mining N N N N

RF Transmission Facilities L/CU L/CU L/CU L/CU

Rail Lines and Utility Corridors CU CU CU CU

Zoning Use Allowances

Y = Allowed Use; L = Allowed, but Special Limitations; CU = Conditional Use; N = No, Prohibited

16

CM1 CM2 CM3 CE

Base Height (stories) 35'(3) 45'(4) 65'(6) 45'(4)

Base FAR 1.5:1 2.5:1 3:01 2.5:1

Maximum Height Limit with

Bonus (stories) 35'(3) 55'(5)* 75'(7) 45'(4)

Maximum FAR with Bonus 2.5:1 4:1 5.1 3.1

Maximum Height- Transit

Street ROW <70 feet Base height

45' within 10' of

lot line

45' within 10' of

lot line Base height

Maximum Height- Adjacent

to RF-R2.5 Zone Base height

35' within 25' of

R zone lot line

35' within 25' of

R zone lot line

35' within 25' of

R zone lot line

Maximum Height- Adjacent

to R2-R1 Zone Base height

45' within 25' of

R zone lot line

45' within 25' of

R zone lot line

45' within 25' of

R zone lot line

Additional Height Allowed

for Active Ground-floor Uses 3' 3' 3' 3'

Maximum Building Coverage

% Inner/East/West 90/75/75 100/85/85 100/85/85 90/75/75

Required landscaping %

Inner/East/West 0/15/15 0/15/15 0/15/15 0/15/15

Exterior Display Areas L L L Y

Exterior Storage Areas N N L Y

Drive Thru Facilities N L L Y

Zoning Concept Development Standards

* The 55’ height limit is allowed only in areas with a Mixed Use - Urban Center Comprehensive Plan designation and in

areas with the Mixed Use - Civic Corridor Comprehensive Plan designation where the Design overlay zone is applied.

17

18

20

2324-2336 SE BELMONT

(SUBJECT)

123 SE 13th Ave

19 NE Ivy St

2940 SE Division St

SE 2nd & Ash

Multi-Property Sale

2601-2605 NE Glisan St

SALES COMPARABLES

1

2

3

4

5

6

19

Avg. $160.15Avg. $153.74

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00

$180.00

$200.00

Average Price Per Square Foot

Avg. $6,976,122Avg. $6,696,731

$0

$800,000

$1,600,000

$2,400,000

$3,200,000

$4,000,000

$4,800,000

$5,600,000

$6,400,000

$7,200,000

$8,000,000

Average Price Per Acre

SALES COMPARABLES

ON MARKET COMPARABLES

SALES COMPS AVG

ON MARKET COMPS AVG

20

SALES COMPARABLES

2324 SE BELMONT ST2324 SE Belmont St, Portland, OR, 97214

1

Close of Escrow 7/14/2017

Sales Price $2,090,000

Zoning CM2

Price/SF $165.45

Lot Size (Acres) .29

Price/Acre $7,206,897

123 SE 13TH AVE123 SE 13th Ave, Portland, OR, 97214

2

Close of Escrow 1/17/2018

Sales Price $3,089,999

Zoning CM2

Price/SF $177.34

Lot Size (Acres) .40

Price/Acre $7,724,998

19 NE IVY ST19 NE Ivy St, Portland, OR, 97212

ON MARKET COMPARABLES

Asking Price $ 1,875,000

Price/SF $159.43

Lot Size 1 (Acres) 0.9

Lot Size 2 (Acres) 0.9

Lot Size 3 (Acres) 0.9

Price/Acre $7,222,345

21

SALES COMPARABLES

3

Close of Escrow 2/16/2018

Sales Price $825,000

Zoning CM2

Price/SF $172.18

Lot Size (Acres) .11

Price/Acre $7,500,000

2940 SE DIVISION ST2940 SE Division St, Portland, OR, 97202

4

Close of Escrow 11/26/2018

Sales Price $2,750,000

Zoning CM2

Price/SF $175.36

Lot Size (Acres) .36

Price/Acre $7,638,889

SE 2ND & ASHSE 2nd & Ash, Portland, OR,

ON MARKET COMPARABLES

5

Close of Escrow 1/5/2016

Sales Price $1,750,000

Zoning CM2

Price/SF $118.16

Lot Size (Acres) 0.34

Price/Acre $5,147,059

MULTI-PROPERTY SALE4926 SE Division St, Portland, OR, 97206

22

SALES COMPARABLES

6

Close of Escrow 9/14/2016

Sales Price $1,195,000

Zoning CM2

Price/SF $153.21

Lot Size (Acres) 0.18

Price/Acre $6,671,905

2601-2605 NE GLISAN ST2601-2605 NE Glisan St, Portland, OR, 97232

7

On Market

List Price $1,500,000

Zoning CM2

Price/SF $153.74

Lot Size (Acres) 0.22

Price/Acre $6,696,731

3210 SE 50TH AVE3210 SE 50th Ave, Portland, OR, 97206

ON MARKET COMPARABLES

23

25

Walk Score87

Bike Score98

Transit Score54

26

27

Created on May 2019

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Population 32,621 237,426 480,256

▪ 2018 Estimate

Total Population 32,085 229,998 468,362

▪ 2010 Census

Total Population 27,964 204,376 424,402

▪ 2000 Census

Total Population 26,314 187,770 395,566

▪ Daytime Population

2018 Estimate 56,406 413,989 644,718

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Households 17,032 121,103 221,737

▪ 2018 Estimate

Total Households 16,676 115,795 213,035

Average (Mean) Household Size 1.88 1.92 2.13

▪ 2010 Census

Total Households 14,300 100,784 189,956

▪ 2000 Census

Total Households 13,595 90,714 173,403

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2018 Estimate

$250,000 or More 3.95% 5.00% 4.53%

$200,000 - $249,999 3.48% 3.38% 3.01%

$150,000 - $199,999 4.78% 6.37% 5.84%

$125,000 - $149,999 5.20% 5.97% 5.77%

$100,000 - $124,999 7.40% 9.32% 9.63%

$75,000 - $99,999 11.79% 12.76% 13.34%

$50,000 - $74,999 17.08% 16.52% 17.69%

$35,000 - $49,999 12.56% 10.30% 11.18%

$25,000 - $34,999 10.36% 8.26% 8.50%

$15,000 - $24,999 9.92% 8.30% 8.20%

Under $15,000 13.48% 13.81% 12.29%

Average Household Income $83,999 $94,844 $92,036

Median Household Income $55,169 $64,233 $63,903

Per Capita Income $44,127 $48,336 $42,302

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population by Age

0 to 4 Years 3.41% 4.30% 5.22%

5 to 14 Years 5.38% 6.77% 8.72%

15 to 17 Years 1.20% 1.68% 2.28%

18 to 19 Years 0.76% 1.69% 1.81%

20 to 24 Years 6.09% 6.51% 6.00%

25 to 29 Years 17.06% 12.58% 10.47%

30 to 34 Years 16.60% 12.26% 10.88%

35 to 39 Years 12.25% 10.35% 9.77%

40 to 49 Years 15.58% 15.36% 15.25%

50 to 59 Years 9.76% 11.24% 11.78%

60 to 64 Years 4.47% 5.64% 5.73%

65 to 69 Years 3.14% 4.61% 4.68%

70 to 74 Years 1.72% 2.71% 2.82%

75 to 79 Years 0.93% 1.56% 1.70%

80 to 84 Years 0.70% 1.14% 1.23%

Age 85+ 0.93% 1.60% 1.67%

Median Age 34.83 36.92 37.28

▪ Population 25+ by Education Level

2018 Estimate Population Age 25+ 26,681 181,816 355,775

Elementary (0-8) 0.94% 1.32% 2.18%

Some High School (9-11) 2.60% 2.85% 4.41%

High School Graduate (12) 9.40% 10.78% 14.23%

Some College (13-15) 18.95% 19.56% 20.97%

Associate Degree Only 6.48% 5.73% 6.37%

Bachelors Degree Only 38.97% 35.00% 30.56%

Graduate Degree 22.38% 24.21% 20.31%

28

ECONOMY

▪

▪

▪

.

28

29

MARKET OVERVIEW

▪ The metro is expected to add nearly 126,000 people over the next five years,

resulting in the formation of nearly 63,000 households.

▪ A median home price well above the U.S. level means 61 percent of households can

afford to own their home, which is below the national rate of 64 percent.

▪ Of residents age 25 and older, 36 percent hold bachelor’s degrees, and 13 percent

have also obtained a graduate or professional degree.

The metro contains more than 37,000 acres of parks and provides numerous outdoor

opportunities, including activities at Mount Hood and on the Hood River. The metro lies

60 miles east of the Pacific Ocean, with 330 miles of beaches along the Oregon coast.

Professional sports teams represent basketball, soccer and hockey. Cultural activities can

be found at various local venues, including the Portland Art Museum, World Forestry

Center Discovery Museum and the Portland Children’s Museum, and plays are staged at

the Portland Center for the Performing Arts. Major colleges and universities include Lewis

and Clark, Pacific University, the University of Portland and Portland State University. The

University of Oregon and Oregon State University are nearby.

QUALITY OF LIFE

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

2018 Population by Age

0-4 YEARS

6%5-19 YEARS

18%20-24 YEARS

6%25-44 YEARS

30%45-64 YEARS

26%65+ YEARS

14%

38.0

2018MEDIAN AGE:

U.S. Median:

38.0

$68,800

2018 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$58,800

2.5M

2018POPULATION:

Growth2018-2023*:

5.1%

964K

2018HOUSEHOLDS:

6.5%

Growth2018-2023*:

30

* Cap rates trailing 12 months through 1Q18; 10-Year Treasury up to March 29

Sources: CoStar Group, Inc.; Real Capital Analytics

•

•

•

31

32

Yamhill County 2.6% -290 $21.82 0.0%

Columbia County 3.4% 0 $15.00 0.0%

Southeast 5.3% 40 $24.58 2.7%

Northwest 5.4% -300 $25.77 11.5%

Lloyd District 5.6% -200 $30.06 13.2%

Northeast 5.6% -100 $15.02 -0.7%

Westside 6.3% -60 $22.85 1.8%

Clark County 8.6% -200 $20.95 -0.1%

Southwest 11.1% 80 $20.95 0.9%

CBD 12.9% -10 $32.19 6.7%

I-5 Corridor 14.9% 160 $25.12 3.3%

Overall Metro 9.7% -30 $25.40 4.4%

•

•

MARKET OVERVIEW

33

•

•

•

MARKET OVERVIEW