EXCLUSIVE OFFERING

EXCLUSIVE OFFERING
H A G E R M A N F R I C K O ’ B R I E N , L L C • I N V E S T M E N T R E A L E S TAT E
Multifamily
K N O W H O W I S K E Y.
Amenities
• Mixed use retail/residential
• Built as condos
• Granite countertops
• Hardwood floors
• Air conditioning in units
• Apartments have full size
washers/dryers
• Outdoor patios/decks
• Near MAX light rail and
bus line
Location
105 NE 172nd Avenue
Gresham, Oregon 97236
ELAINE station
39 Units • price: $3,500,000
For More
Information
Call Our Team at:
503-241-5541
HFO
Investment Real Estate
1028 SE Water Avenue,
Suite 270
Portland, OR 97214
Elaine Station is a mixed-use apartment/retail building located
at 105 NE 172nd Avenue in Gresham. This brand new community
is ideally situated adjacent to MAX and bus lines. Built as condos,
these flat and townhouse-style apartments feature full-size washers
& dryers, hardwood floors, granite countertops and either patios or
balconies. All units include condo appliance packages, gas heat and
air conditioning.
Elaine Station is located near Albertsons, Safeway, Rite-Aid,
Walgreens, a Starbucks and nearly 30 restaurants.
In a recent rental survey, the Metro Multifamily Housing
Association reported that rents in the Gresham area averaged $0.78
per square foot and vacancy rates averaged 3.3%. Between 2000
and 2004, rents in Gresham increased more than 28%. Recent rent
increases have averaged
5-10% with similar rent
hikes forecast for 2008.
Elaine Station
elaine station
Pro Forma Income & Expenses
SCHEDULE OF CURRENT MONTHLY RENTS
UNITS
UNIT TYPE
APPROX.
SQ. FT. 13
1 Bed / 1 Ba
652
16
2 Bd / 2 Ba TH
995
4
3 Bd/ 2 Ba TH 1070 6
Retail
853 39
AVERAGE 867
PROPOSED
AVG. RENT
RENTSPer SQ. FT.
$750 - $750
$1.15
$925 - $925
$0.93
$950 - $950 $0.89
$853 - $853 $1.00
$771 - $771 $0.92
MONTHLY
INCOME
$9,750 $14,800 $3,800
$5,118
$33,468
INCOME
105 ne 172nd avenue
gresham, Ore. 97236
listing summary
Price:
$3,500,000
Price Per Unit: $89,744
Price Per Sq Ft: $105.10
CAP Rate: 7.33%
GIM: 8.50
Physical Information
No. Units: 39
Year Built: 2008
Lot Size (acres):
0.986
Total Sq. Ft.:
33,303
No. Stories:
3
Roof Type:
Pitched Comp
Exterior:
Hardi Lap
Laundry Room:
No
Washer/Dryers:
Yes
Disposals:
Yes
Range/Refrigerators:
Yes
Parking Spaces: 33
Garages:
No
Patio/Deck:
Yes
Heating:
Gas
Air Conditioning:
Yes
Floors:
Hardwood
Scheduled Gross Annual Income Less: Vacancy 5.00% Plus: Other Income
Effective Annual Income $401,616
($20,080)
$10,188
$391,724
EXPENSES
% effective
annual income
$/Unit/
Year
Real Estate Taxes Insurance Utilities Mgmt., Resident Mgmt., Professional
9.84%
2.46%
7.07%
5.00%
4.00%
$1,000
$250
$718
$502
$402
2007/2008
Estimate
Estimate
5.00%
4.00%
Maintenance/Repairs
Estimate
2.57%
$261
Turnover Estimate
1.48%
$150
Landscape Maintenance Estimate
0.30%
$31
Advertising Estimate
0.13%
$13
Reserves Estimate
1.23%
$125
Miscellaneous Estimate
0.13%
$13
TOTAL EST. ANNUAL EXPENSES 34.49%
($3,465)
TOTAL EST. NET OPERATING INCOME Annual Budget
$39,000
$9,750
$28,000
$19,586
$15,669
$10,188
$5,850
$1,200
$500
$4,875
$500
($135,118)
$256,606
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of
the information or to the duration of percentage rents. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Parties who receive this information from unauthorized parties shall not be recognized. Copyright Hagerman Frick O’Brien LLC (c) 2006-2008.
analysis & AREA
INFORMATION
According to a recent survey by the Metro
Multifamily Housing Association (MMHA),
rents in the Portland metro area have
climbed as much as 10% over the last
year and 2007 income was up 3%
to 8%. This is largely attributed to a
reduction in the number of apartments
and a decrease in home sales.
Gresham/Rockwood
For More Information Call
503-241-5541
Cody Hagerman
cody@hfore.com
Greg Frick
greg@hfore.com
Tim O’Brien
tim@hfore.com
Hugh Holtman
hugh@hfore.com
Nick Klein
nick@hfore.com
Rob Marton
rob@hfore.com
Hagerman Frick O’Brien
1028 SE Water Avenue,
Suite 270
Portland, OR 97214
Gresham’s Rockwood community is
located between the big-city hustle
to the West and the solitude of the
countryside to the East. Gresham
(pop. 99,225) is the state’s fourth largest city.
Major employers within a 3-mile radius include: The Boeing Co., Fred
Meyer, Boyd’s Coffee, Legacy Mt. Hood Medical Center, Pella Windows &
Doors, LA Crosse Footwear manufacturing, Townsend frozen foods, Nacco
Wholesale Materials Handling, and Swift trucking.
Local employer FedEx is currently finalizing a $17 million purchase of
77 acres from the Port of Portland and will open a new distribution facility
near Gresham. The first phase of construction consists of a 571,000 square
foot warehouse and office complex. FedEx estimates it will create an
additional 1,000 jobs in the area when the facility is fully operational.
In addition, the national industrial developer DP Partners has started
construction of a 265,000 square-foot industrial/distribution warehouse to
the northwest. Location
105 NE 172nd Avenue, Gresham, Oregon 97236