FOR SALE > EXCLUSIVE NOB HILL MULTI-FAMILY PROPERTY 2244 NW Overton, Portland, Oregon 97210 COLLIERS INTERNATIONAL 851 SW Sixth Avenue, Suite 1200 Portland, OR 97204 www.colliers.com BETH DUPONT MBA Associate Vice President Investment & Multifamily 503 499 0091 [email protected]Property Highlights > 9 units - 1 bedroom/1 bath > 100% Leased > All units have been tastefully updated in original vintage style > Exterior painted this fall with new landscaping in the front of the building > Spacious units with good natural light > Easy to manage > Close proximity to lifestyle amenities, including dining, retail, medical, recreation and grocery stores (New Seasons and Zupans just minutes away) > Walk to Portland Streetcar and bus lines > Large on-site laundry room > Individual locked storage units in basement > Additional space in basement for potential additional income (Buyer check with City of Portland for allowable uses) > Convenient access to major employers Price $3,400,000 Located in Highly Desireable NW 23rd Neighborhood KEN BOYKO Vice President Portland, Oregon 503 542 5889 [email protected]
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FOR SALE > EXCLUSIVE NOB HILL MULTI-FAMILY PROPERTY
2244 NW Overton, Portland, Oregon 97210
COLLIERS INTERNATIONAL851 SW Sixth Avenue, Suite 1200Portland, OR 97204www.colliers.com
2244 NW Overton is a 9-unit apartment property located in the heart of Portland’s prestigious NW District.The building consists of oversized one bedroom, one bath units. Built in 1952, the average size of each unit is 898± SF including one daylight basement unit at 955± SF. There is an onsite laundry room and a separate locked storage area for each unit in the basement. With the exception of the newly remodeled basement daylight unit, each unit has lovely hardwood floors, and has been remodeled to varying degrees to keep each contemporary, but retaining the charm of the original mid-century architecture. The units are oversized with good natural lighting, and built-in storage. The property is a 100% leased, but there is room to increase rents and also implement a tenant bill-back utility program, or (RUBS). The location boasts of an unbeatable 96 walk score and 97 bike score, with a short walk to boutique shops, restaurants and bars along 23rd Avenue, and minutes from the Pearl District and downtown Portland. This asset is a pride of ownership property, which has been carefully cared for by the present owner and will be a welcomed addition to a new buyer’s investment portfolio.
*Per CoStar. Buyer to verify all numbers.See notes on income below.
INCOME MONTHLY ANNUAL PRO FORMAGross Rents $16,205.00 $194,460.00 $196,800.00
Utility Charge $0.00 $0.00 $7,700.003
Other Income $494.00 $5,928.00 $5,928.00
Average Vacancy 5% ($834.95) ($10,019.40) ($10,521.40)
Gross Income $15,864.05 $190,368.60 $199,906.60
ANNUAL NET OPERATING INCOME $129,096.60 $138,634.60
Income & ExpenseOPERATING EXPENSES ANNUAL %Repairs & Maintenance2 $9,500.00 4.99%
Management & Leasing2 $12,604.00 6.62%
Utilites (Common Area Electricity, Water/Sewer, Trash)
Electricity1 $2,784.00 1.46%
Water & Sewer1 $4,456.00 2.34%
Garbage1 $1,826.00 0.96% Oil1 $2,713.00 1.43%
Landscaping2 $3,535.00 1.86%
Reserves $150/Unit2 $1,350.00 0.71%
Turnover Expense ($250/unit)2 $2,250.00 1.18%
Property Taxes1 $15,171.00 7.97%
Insurance1 $4,583.00 2.41%
General & Administrative2 $500.00 0.26%
TOTAL EXPENSES $61,272.00 32.19%1Owner’s actual 2016 expenses.2Multifamily NW 2017 Spring Apartment Report - Operating Expenses
3Proforma Income includes addition of RUBS Program at 50% or $5,000 annually, and charging a monthly rent of $25.00 per storage unit, for an additional other income of $2,700 annually.
FOR SALE > EXCLUSIVE NOB HILL MULTI-FAMILY PROPERTY