Ash Street Courtyard 12026 SE Ash, Portland, OR 97216 CONFIDENTIAL OFFERING MEMORANDUM Contact Details: STEVE MORRIS Vice President 971.888.4010 X107 [email protected]A Multifamily Investment Opportunity | For Sale | $4,700,000 The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
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Ash Street Courtyard12026 SE Ash, Portland, OR 97216
A Multifamily Investment Opportunity | For Sale | $4,700,000
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Ash Street Courtyard12026 SE Ash, Portland, OR 97216
CONTENTS
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
CONFIDENTIALITY & DISCLAIMER
PROPERTY INFORMATION 3
FINANCIAL ANALYSIS 6
SALES COMPARABLES 10
RENT COMPARABLES 16
ADDITIONAL INFORMATION 22
LOCATION INFORMATION 27
ADVISOR BIOS 31
All materials and information received or derived from Investors Management Group Northwest LLC its directors, officers,agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as tocompleteness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicablegovernmental requirements, developability or suitability, financial performance of the property, projected financialperformance of the property for any party’s intended use or any and all other matters.
Neither Investors Management Group Northwest LLC its directors, officers, agents, advisors, or affiliates makes anyrepresentation or warranty, express or implied, as to accuracy or completeness of the any materials or informationprovided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnishedfor review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. Investors Management Group Northwest LLC will not investigate or verify any such matters orconduct due diligence for a party unless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conducttheir own inspections and investigations including through appropriate third party independent professionals selected bysuch party. All financial data should be verified by the party including by obtaining and reading applicable documents andreports and consulting appropriate independent professionals. Investors Management Group Northwest LLC makes nowarranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions.Investors Management Group Northwest LLC does not serve as a financial advisor to any party regarding any proposedtransaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes,may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to aparty do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate anyapplicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in orderto determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with acertified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney.Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by Investors Management Group Northwest LLC incompliance with all applicable fair housing and equal opportunity laws.
TABLE OF CONTENTS
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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
PROPERTY INFORMATION
Executive Summary
Project Highlights
1Ash Street Courtyard12026 SE Ash, Portland, OR 97216
Executive Summary
12026 SE Ash, Portland, OR 97216
ASH STREET COURTYARD
Property Summary:
Sale Price: $4,700,000Number of Units: 47NOI: $279,973Lot Size: 0.45 AcresBuilding Size: 29814 sqftYear Built: 2011Zoning: RHdCap (Actuals): 6.01%Cash-Cash: 5.17%
Property Overview
- All units 60% AMI- 100% Occupancy (accepted apps on vacants- Sub-meters for water on each- W/D connections on each- Buyer to assume existing HUD 223(f) loan
(approx. $3.45M / 3.47% / 35 yr amort)- Current Cap Rate = 6.01% / Cash-Cash = 5.17%- Property Tax Abatement thru 2021
Location
- 1 block walk to MAX light-rail to Downtown- Easy Freeway access – I-205 & I-84- Easy walk to Ventura & Floyd Light parks- Nearby shopping – Mall 205, Gateway and NE 122nd
Ash Court Apartments
PROJECT HIGHLIGHTS
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
FINANCIAL ANALYSIS
Current Operating Actuals
Income & Expense Notes
Market Rate Buyout Notes
2Ash Street Courtyard12026 SE Ash, Portland, OR 97216
Vice PresidentSTEVE MORRIS Professional Background
Steve Morris has 10 years of experience in multifamily investments. He is a licensed principal broker in Oregon andmanaging broker in Washington. Steve owns investment properties in the Portland area and deals with the sameissues multi-family owners experience in Portland.
Steve uses his analytical skills to help principals to make quicker and better-informed decisions on what matters tothem by translating complex financial metrics. In addition, his organizational skills and familiarity with high-techallow him to use up-to-date tools to manage large amounts of information which means jobs are done once anddone right.
Steve was involved in all facets of multi-family transactions and was a top producer for SVN-Bluestone. He wasresponsible for financial underwriting, market analysis, prospect calls, property tours, coordination of due diligenceand closing details.
Transaction sizes ranged from $1 million to $20 million. In addition to market-rate properties, Steve has experiencewith LIH sales and is familiar with the unique issues involved in transacting income-qualified properties.
Prior to his career in commercial real estate, Steve was in the high-tech industry with 10 years at Intel as anengineering manager followed by working for a start-up and being partner in a sales rep firm for Intel.
Steve is recognized as a reference on the Portland multi-family market with articles on the same in nationalpublications and frequent quotes in local business journals. He holds a MSEE degree from University of Portlandalong with coursework at Lewis & Clark Law School in Portland, Oregon. Steve has been a volunteer for JuniorAchievement in the Portland public school system.
OR | License No. 200202054WA | License No. 24512
EducationBSEE / MSEE University of Portland
Ash Street Courtyard12026 SE Ash, Portland, OR 97216