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KIDDER.COM FOUR OAKS OFFERING MEMORANDUM | 11575 SW GREENBURG ROAD | TIGARD, OR

FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. [email protected] . EXCLUSIVELY LISTED BY. CLAY NEWTON

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Page 1: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

KIDDER.COM

FOUR OAKSOFFERING MEMORANDUM | 11575 SW GREENBURG ROAD | TIGARD, OR

Page 2: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.

This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

01EXECUTIVE SUMMARY

02FINANCIALS

03MARKET OVERVIEW

KIDDER.COM

TABLE OF CONTENTS

JORDAN CARTER

[email protected]

EXCLUSIVELY LISTED BY

CLAY NEWTON

[email protected]

TYLER LINN

[email protected]

Page 3: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 3

01EXECUTIVE

SUMMARYTHE OFFERING

INVESTMENT HIGHLIGHTS

LOCATION OVERVIEW

Page 4: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 4

Rare value-add opportunity located in one of Portland’s top suburbs.

THE OFFERING

Built in 1965, Four Oaks Apartments consists of 24 apartment units located in Tigard, Oregon. Featuring a desirable unit mix of seven - 1 bed/1 bath units, eight - 2 bed/1 bath units, and nine - 2 bed/1.5 bath townhouse units, Four Oaks provides residents with a convenient location, low density layout, large well laid out units, and private backyards with fences. One third of the units

EXECUTIVE SUMMARY

have been recently remodeled. Exterior improvements include fresh paint, several new roofs, fences, landscaping upgrades, and a new garbage enclosure.

New ownership will have the opportunity to “step-in” to a property that has undergone significant capital infusion and demonstrated income increases over the last two years. Since taking over ownership, the current owner has spent an extensive amount of time upgrading 8 of the 24 units and doing several exterior capital improvement projects, like new roofs. Renovated units feature new lighting, stainless-steel appliances, new wood-style vinyl plank flooring,

and door and trim packages. On average, renovated units are achieving a premium over the current averages for the classic non-renovated units of between $50-200, depending on the floor plan.

Four Oaks is ideally situated for an easy commute to virtually anywhere in the Portland Metro. Transportation options are abundant as the property is located right on Greenburg Road, just off Highway 99 and near an entrance to Highway 217. The I-5 Freeway and the Tigard TC WES light rail station are both located less than half-mile away, and a bus line stops near the property on Greenburg Rd. een

Four Oaks is blocks from Tigard’s quaint historic downtown, but its close proximity to numerous major retail and entertainment destinations really sets this location apart. Within two miles of the property you’ll find abundant restaurant choices, major retailers, 12 parks and golf courses, and several grocery stores.

PROPERTY OVERVIEW

Address 11575 SW Greenburg Rd Tigard, OR 97223

Parcel Number (APN) 1S135DC-03000

Land Area ±1.14 acres

Number of Units 24

Year Built 1965

NRSF ±18,630

Avg Apt Size ±776 SF

Avg Rent $1,121

Parking Off-street

Heat Electric

Price $3,950,000

Price/Unit $164, 583

Price/SF $212

Cap Rate 5.25%

Proforma Cap Rate 5.92%

Page 5: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

PROVEN VALUE-ADD opportunity for new owner to “step in” to a value-add strategy and capture rental upside

DESIRABLE one and two-bedroom layouts. Each unit has a walk-up entry with private fenced patios

UNBEATABLE LOCATION with more than 1 million square feet of retail shopping and restaurants within minutes of the property

DYNAMIC TRANSPORTATION

OPTIONS – Four Oaks offers fantastic access to Highway 217 and Interstate 5, and is within walking distance of the nearby Tigard Transit Center, which serves riders by bus or WES light rail

INVESTMENT HIGHLIGHTS

SW

GR

EENB

UR

G R

DSUBJECT

PROPERTY

HISTORIC DOWNTOWN

TIGARD

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 5

Page 6: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

SUBJECT PROPERTY

Four Oaks is located within one mile of more than 5.4 million square feet of office and retail space. Washington Square Mall, with 1,458,734 square feet of retail floor space, is located only one mile from Four Oaks. First opened in 1973, Washington Square is currently anchored by Nordstrom, Macy’s, JCPenney, and Dick’s Sporting goods.

WASHINGTON SQUARE

SW GREENBURG RD

TIGARD MEDICAL MALL

ATRIUM WEST

LINCOLN CENTER TOWER

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 6

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NEW VINYL PLANK WOOD flooring (in renovated units)

UPDATED KITCHENS with new appliances (in renovated units)

NEW SHAKER CABINETS and hardware (in renovated units)

HARD SURFACE COUNTERTOPS in kitchens and bathrooms (in renovated units)

NEW ROOFS on several buildings

NEW EXTERIOR PAINT and new fences

RECENT IMPROVEMENTS

RENOVATED KITCHEN

UNRENOVATED KITCHEN

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 7

Page 8: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 8

Page 9: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

BEAVERTON

SW PORTLAND

TIGARD

DISTANCE FROM FOUR OAKS

Location Miles

Historic Downtown Tigard 0.30

Tigard TC WES Station 0.30

Washington Square Mall 0.75

RedTail Golf Course 1.25

Hall/Nimbus WES Station 1.50

Downtown Beaverton 3.75

Nike World Headquarters 5.00

Cedar Hills 5.20

Columbia Sportswear Headquarters

6.80

Downtown Portland 7.00

Hillsboro 9.75

Intel Corporation 10.00

Portland International Airport

13.00

Englewood Park

Summerlake City Park

Redtail Golf Center

TIGARD TC WES STATION

HALL/NIMBUS WES STATION

SUMNER COLLEGE

PORTLAND COMMUNITY

COLLEGE SYLVANNIA

PACIFIC PLAZA

Dirksen Nature Park

GREENWAY TOWN CENTER

Woodard Park

Greenway Park

AMENITIES MAP

SUBJECT PROPERTY

WASHINGTON SQUARE

Fanno Creek Park

BUS 76 SW Greenburg & 92nd

TIGARD PLAZA

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 9

Page 10: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

TIGARD TC WES STATION

The WES Commuter Rail (Westside Express Service) is a commuter rail line owned by TriMet and operated by Portland and Western Railroad. It serves five stations in the cities of Beaverton, Tigard, Tualatin, and Wilsonville. The line spans 14.7 miles, traveling north–south along the west side of Oregon Highway 217 and Interstate 5, between Beaverton and Wilsonville.

WES connects suburban commuters to Portland’s MAX Light Rail, running on a 30-minute headway on

CENTRAL TRANSIT LOCATION

TRANSIT HIGHLIGHTS

Nearby bus lines: 12 & 64

Hwy 217: 1,500 feet away

Route 99W: 600 feet away

I-5: 1.25 miles away

Hwy 26: 5.2 miles away

weekdays during morning and evening rush hours. In May 2018, an average of 1,590 riders rode WES trains daily. TriMet recently announced that they are moving forward with plans for $200 million project to expand their Red Line light-rail into Hillsboro, which would increase reliability of service to the area.

Construction on a new, 12-mile SW Corridor MAX light rail line is due to begin by 2022, and slated to be delivered in 2027, allowing for convenient public transit to and from important employment, retail, and education centers, including Downtown Portland. The line is set to stretch as far southwest as Tigard.

SUPERIOR LOCATION

Tigard TC WES Station is located in Tigard, just 15 minutes from downtown Portland, 10 minutes from downtown Beaverton, and less than 20 minutes from downtown Hillsboro.

SUBJECT PROPERTY

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 10

Page 11: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

ACCESS TO PROMINENT WESTSIDE EMPLOYERS

Four Oaks is in close proximity to a high concentration of major employment drivers, including some of the largest corporations in the Portland metro area.

• Nike World Headquarters (5 miles): 10-minute drive to global athletic apparel powerhouse and Portland’s most well-known corporate headquarters. Nike employment has increased by almost 60% since 2007, with approximately 12,000 employees based throughout the Portland MSA. Nike World Headquarters in Beaverton is currently undergoing an expansion of over 3.2 million square feet with expected completion in 2020.

• Intel Ronler Acres Campus (10 miles): 15-minute drive to the primary Hillsboro campus of the largest employer of the Portland MSA.

• Multiple other corporation headquarters within 10-minute drive: Columbia Sportswear, Tektronix, Reser’s Fine Foods, Virginia Garcia Memorial Health, and Plaid Pantry are all headquartered near Four Oaks.

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 11

Page 12: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

NIKE FACTS

Founded in 1964 by Bill Bowerman & Phil Knight

Originally named Blue Ribbon Sports

2019 Operating Income: $4.77 billion

2019 Revenue: $39.12 billion

Number of Global Employees: 76,700

Number of Portland MSA Employees: 12,600

NIKE: 5 MILES FROM FOUR OAKS

Located in Beaverton, Nike’s Worldwide Headquarters spans more than 286 acres, with more than 75 buildings, each named for a famous athlete. The leading global supplier of athletic shoes and apparel, Nike employs more than 12,000 people in the Portland metro area alone, and is in the midst of a billion dollar expansion that includes the construction of the 1 million square foot Serena Williams Building.

Nike was founded by University of Oregon track and field coach Bill Bowerman, and former track athlete

EMPLOYMENT DRIVERS

Phil Knight, in 1964 as Blue Ribbon Sports. In its first year of business Blue Ribbon Sports sold 1,300 pairs of running shoes, in 2019 their annual revenue was over $39 billion, an increase of 7.47% from 2018. The Portland Business Journal ranked Nike as the second most successful manufacturing firm in the Portland area (behind Intel) in 2019.

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 12

Page 13: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

INTEL FACTS

Founded in 1968 by Gordon Moore & Robert Noyce

2019 Operating Income: $24.89 billion

2019 Revenue: $75.73 billion

Employees worldwide: 110,800

Employees in Portland MSA: ±20,000

COLUMBIA SPORTSWEAR FACTS

Founded in 1938 by Paul Lamfrom

Headquartered in Cedar Mill, Oregon

2019 Operating Income: $395 million

2019 Revenue: $3.04 billion

Employees: +8,900

Founded as N M Electronics in 1968, Intel Corporation is now the world’s second largest semiconductor chip manufacturer. In 2018, Intel ranked no. 46 in Fortune 500’s list of the largest US corporations by total revenue. Intel recently announced

The Columbia Sportswear Company was founded by Paul Lamfrom in 1938 as the Columbia Hat Company. Columbia Sportswear became publicly traded in 1998 and moved to its current headquarters just outside Portland in Cedar Mill in

a multibillion dollar expansion of its Hillsboro D1X research factory, which is projected to add 1,750 jobs to their current Oregon workforce of 22,000. The Portland Business Journal named Intel as the most successful manufacturing firm in the metro area in 2019.

2001. Today, Columbia distributes products to more than 72 countries and over 13,000 retailers worldwide.

INTEL: 10 MILES FROM FOUR OAKS COLUMBIA SPORTSWEAR: 6.8 MILES FROM FOUR OAKS

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 13

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FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 14

02LOCATION

OVERVIEW

Page 15: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 15

When it comes to Four Oaks, location is the key. Tigard is one of Portland’s most affluent suburbs, located about 10 miles southwest of downtown Portland.

TIGARD

With a population of nearly 55,000 people, it’s known for its convenient location and excellent public education system. The Tigard, Tualatin and Sherwood submarket has been one of the strongest apartment markets in the entire country with a vacancy level of just *4%. Average rental rates for all unit types in this submarket are $1.53 per SF.

Tenants benefit from the convenient location just off Highway 99, a major retail thoroughfare that starts in SW Portland and runs southwest through Tigard, all the way into Oregon’s famous wine country in the Willamette Valley. Located less than a mile from the Highway 217 entrance, and less than two miles

to the I-5 freeway, bringing all areas of the Portland Metro within a short commute of Four Oaks.

Costco, Walmart Supercenter, Fred Meyer and Winco are all less than a mile away from Four Oaks, as well as the Washington Square Mall, with 170 stores and 1,458,734 square feet of retail floor space. First opened in 1973, Washington Square is currently anchored by Nordstrom, Macy’s, JCPenney, and Dick’s Sporting goods.

Amongst the 12 nearby parks, Dirksen Nature Park, Woodard Park, Englewood Park, and the 30-acre Fanno Creek Park are the closest, all within a half-mile of Four Oaks. Additionally, RedTail Golf Course is just over a mile away and is home to one of the best pro golf shops in the country, providing golf enthusiasts ample opportunity to test their skill at one of the toughest public courses in Oregon.

*Rental rates prior to March, 2020.

SUBMARKET OVERVIEW 55,514

POPULATION OF TIGARD

1961

INCORPORATED

15 MIN

COMMUTE TIME TO DOWNTOWN PORTLAND

2,876+

NUMBER OF LOCAL BUSINESSES

550+ ACRES

PARKS & OPEN SPACES

8 MIN

COMMUTE TIME TO DOWNTOWN PORTLAND

A

NEIGHBORHOOD GRADE

16 MILES

PAVED TRAILS

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Portland is considered one of the nation’s most livable cities.

CITY OF PORTLAND

Located on the banks of the Willamette River only 90 minutes from snow-capped peaks and the Pacific Ocean, one might not realize Portland’s bustling downtown and waterfront are the heart of a metropolitan region with more than 2 million people. Twelve bridges span a wide elbow of the Willamette River, connecting the east and west sides of town. Throughout the metro

area are thriving neighborhoods filled with restaurants, record shops, bars, funky clothing stores, antique malls and art galleries.

Portland is known for its progressive bike-friendly attitude, lively music and restaurant scenes, food carts, farmers’ markets, and endless recreation possibilities. Beyond the metro area residents enjoy the Pacific Northwest’s natural beauty via slopes, sails, surf and trails.

Portland is a walkable and bikeable city. Within walking distance of most parts of downtown is the campus of Portland State University, the

MARKET OVERVIEW

world-class Portland Art Museum, Waterfront Park, Pioneer Courthouse Square, the Oregon Historical Society, a performing arts complex and a concert hall. For the sports-minded, Portland is home of the MLS Timbers, NBA Trail Blazers, and WHL Winterhawks. Outdoor enthusiasts love Forest Park, the largest city park in the nation, with 5,000 acres of hiking and biking trails, a zoo, public gardens and beautiful old-growth woods. The downtown core is connected by one of the world’s leading public transportation systems, a combination of buses, streetcars, and light-rail trains, putting the entire metro area only a couple stops away.

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 16

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FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 17

INVESTING IN PORTLAND

ULI 2018 Investment Prospects ranks Portland #2 in the Pacific region

IN 2018, at 5.2% Oregon personal income growth was above the national average of 4.1%

PORTLAND ranked #6 on Business Insider's Top 50 Best Places to Live in 2018

PORTLAND MSA multifamily vacancy is below 4.85%

PORTLAND MSA is the 8th strongest rental market in the nation, per Axiometrics

PORTLAND'S current unemployment rate is 3.3%, a 42-year low

GROWING POPULATION

OREGON was the #2 moving destination in 2019 for people moving from one state to another, according to a 2020 United Van Lines Study

PORTLAND has added 42,000 residents over the last three years, an increase of 1.7%; above national average

PORTLAND ranked 19th in the nation in population growth ahead of San Francisco, Boston, and New York City

MORE THAN 34% of Portland residents have a bachelor's degree or higher, above the national average of 28%

PORTLAND MSA employment is at an all-time high, employing ±1,229,400 workers

MARKET OVERVIEW

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2,753,168POPULATION

$22.3BVALUE OF EXPORTED SHIPMENTS IN 2018

$439,000MEDIAN HOME VALUE

34%PORTLAND AREA RESIDENTS WITH A BACHELOR'S DEGREE

#1 MOST DESIRABLE PLACE TO LIVE — US NEWS, 2019

#1 BEST PLACE FOR BUSINESS & CAREERS — FORBES

#1 IN US FOR PUBLIC PARK SPENDING — TRUST FOR PUBLIC LAND, 2018

#1 SAFEST PLACE TO LIVE— RENTAL HOUSING JOURNAL, 2017

#2 MOVING DESTINATION OF 2019— UNITED VAN LINES, 2020

Portland Rankings

MARKET OVERVIEW

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 18

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FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 19

03FINANCIALS

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CURRENT FINANCIAL ANALYSIS

INCOME

Annual Per-Unit

Potential Rental Income $322,905 $13,454

Other Income $6,112 $255

Utility Reimbursement $14,543 $606

Laundry $3,403 $142

Gross Operating Income $346,963 $14,457

Vacancy & Concessions ($16,145) ($673)

Effective Operating Income $330,818 $13,784

UNIT MIX

Quantity Type Avg SF Avg Rent* $ / SF

7 1 x 1 575 $951 $1.65

8 2 x 1 785 $1,149 $1.46

9 2 x 1.5 925 $1,229 $1.33

24 Total / Avg 18,630 $26,909 $1.44

EXPENSES

Annual Per-Unit

Real estate taxes 2019-2020 ($23,162) ($965)

Property insurance 2019 ($6,508) ($271)

Water/Sewer YTD Ann ($35,424) ($1,476)

Electricity YTD Ann ($2,376) ($99)

Garbage YTD Ann ($6,370) ($265)

Maint/Repair Est ($16,800) ($700)

Turnover Est ($4,800) ($200)

Property Management Est ($16,541) ($689)

Landscaping Est ($3,600) ($150)

Office/Admin YTD Ann ($1,978) ($82)

Reserves Est ($6,000) ($250)

Total Operating Expenses ($123,559) ($5,148)

Net Operating Income $207,259 $8,636

FINANCIAL SUMMARY

Price $3,950,000

Price / Unit $164,583

Price / SF $212

Cap Rate 5.25%

GRM 12.23

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 20

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FINANCIAL SUMMARY

Price $3,950,000

Price / Unit $164,583

Price / SF $212

Cap Rate 5.92%

GRM 11.21

PROFORMA FINANCIAL ANALYSIS

INCOME

Annual Per-Unit

Potential Rental Income $352,380 $14,683

Other Income $6,112 $255

Utility Reimbursement $14,543 $606

Laundry $3,403 $142

Gross Operating Income $376,438 $15,685

Vacancy & Concessions ($17,619) ($734)

Effective Operating Income $358,819 $14,951

UNIT MIX

Quantity Type Avg SF Avg Rent* $ / SF

7 1 x 1 575 $1,050 $1.83

8 2 x 1 785 $1,295 $1.65

9 2 x 1.5 925 $1,295 $1.40

24 Total / Avg 18,630 $29,365 $1.58

EXPENSES

Annual Per-Unit

Real estate taxes 2019-2020 ($23,162) ($965)

Property insurance 2019 ($6,508) ($271)

Water/Sewer YTD Ann ($35,424) ($1,476)

Electricity YTD Ann ($2,376) ($99)

Garbage YTD Ann ($6,370) ($265)

Maint/Repair Est ($16,800) ($700)

Turnover Est ($4,800) ($200)

Property Management Est ($17,941) ($748)

Landscaping Est ($3,600) ($150)

Office/Admin YTD Ann ($1,978) ($82)

Reserves Est ($6,000) ($250)

Total Operating Expenses ($124,959) ($5,207)

Net Operating Income $233,860 $9,744

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 21

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FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 22

RENT COMPARABLES1 BEDROOM / 1 BATHROOM

Property Year Built Units SF Avg Market Rent Avg Rent PSF

FOUR OAKS

11575 SW Greenburg Rd Tigard, OR

1965 7 576 $951 $1.65

01HALLMARK APARTMENTS

9350 SW Hall Blvd Tigard, OR

1978 39 568 $995 $1.75

02TIGARD TERRACE

12345 SW Hall Blvd Tigard, OR

1963 24 600 $1,006 $1.68

03ENGLEWOOD TERRACE

10960 SW Springwood DrTigard, OR

1976 50 646 $1,095 $1.70

04CREEKSIDE COMMONS

7645 SW Bonita RdTigard, OR

1979 48 650 $1,125 $1.73

05THE JAX

9685 SW Johnson StTigard, OR

1964 39 650 $1,141 $1.76

AVERAGES 1972 40 623 $1,072 $1.72

2

3

1

5

4

SUBJECT PROPERTY

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FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 23

RENT COMPARABLES2 BEDROOM / 1 BATHROOM

Property Year Built Units SF Avg Market Rent Avg Rent PSF

FOUR OAKS

11575 SW Greenburg Rd Tigard, OR

1965 8 785 $1,149 $1.46

01THE JAX

9685 SW Johnson StTigard, OR

1964 39 750 $1,250 $1.67

02TIGARDVILLE

11255 SW Greenburg Rd Tigard, OR

1971 36 877 $1,295 $1.48

03TIGARD TERRACE

12345 SW Hall Blvd Tigard, OR

1963 24 750 $1,323 $1.76

04THE YORK APARTMENTS

7582 SW Hunziker St Tigard, OR

1969 52 800 $1,350 $1.69

05GLACIER LILLY

11461-11549 SW 98th AveTigard, OR

1976 32 780 $1,350 $1.73

06TAMARYN APARTMENTS

9655 SW North Dakota StTigard, OR

1978 62 896 $1,395 $1.56

AVERAGES 1969 43 815 $1,323 $1.63

4

6

2

1

5

3

SUBJECT PROPERTY

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FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 24

RENT COMPARABLES2 BEDROOM / 1.5 BATHROOM TOWNHOUSE

Property Year Built Units SF Avg Market Rent Avg Rent PSF

FOUR OAKS

11575 SW Greenburg Rd Tigard, OR

1965 9 925 $1,229 $1.33

01HALLMARK APARTMENTS

9350 SW Hall Blvd Tigard, OR

1978 39 600 $1,125 $1.88

02ENGLEWOOD TERRACE

10960 SW Springwood Dr Tigard, OR

1976 50 880 $1,235 $1.40

03PARK PLACE APARTMENTS

11555 SW 88th AveTigard, OR

1969 88 755 $1,290 $1.71

04THE JAX

9685 SW Johnson StTigard, OR

1964 39 900 $1,319 $1.47

05TAMARYN APARTMENTS

9655 SW North Dakota StTigard, OR

1978 62 832 $1,448 $1.74

AVERAGES 1973 56 796 $1,283 $1.64

1

5

3

4

2

SUBJECT PROPERTY

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FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 25

SALE COMPARABLES

PropertyYear Built Units Sale Date Sale Price Price/Unit Price/SF Cap Rate

01OAK VIEW VILLAGE

2305 SW Briggs RdBeaverton, OR

1978 41 05.15.20 $7,000,000 $170,732 $228 N/A

02VALLEY PARK PLAZA

4925 SW Jamieson RdBeaverton, OR

1962 71 02.21.20 $12,000,000 $169,014 $217 5.35%

03TIGARDVILLE

11255 SW Greenburg RdTigard, OR

1971 36 10.11.19 $7,000,000 $194,444 $217 5.21%

04THE JAX

9685 SW Johnston StTigard, OR

1964 39 08.13.19 $7,000,000 $179,487 $179 5.50%

05ICON BEAVERTON

14620 SW Farmington RdBeaverton, OR

1968 61 06.06.19 $10,710,000 $175,574 $226 5.60%

AVERAGES 1969 50 $8,742,000 $177,850 $213 5.42%

2

3

1

5

4

Page 26: FOUR OAKS - LoopNet · FINANCIALS. 03. MARKET OVERVIEW. KIDDER.COM. TABLE OF CONTENTS. JORDAN CARTER. 503.221.2280. jordan.carter@kidder.com . EXCLUSIVELY LISTED BY. CLAY NEWTON

FOUR OAKS OFFERING MEMORANDUM KIDDER MATHEWS 26

AWARD-WINNING SERVICES

PSBJ Largest Commercial Real Estate Firms 21

PSBJ Fastest Growing Companies 6

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KIDDER MATHEWS OVERVIEW

COMMERCIAL BROKERAGE

$9.6BANNUAL TRANSACTION VOLUME

440+NO. OF BROKERS

VALUATION ADVISORY

1,680+ASSIGNMENTS ANNUALLY

38/23TOTAL NO. OF APPRAISERS / MAIS

PROPERTY MANAGEMENT

70M+SF UNDER MANAGEMENT

We know the West Coast. In fact , we’re i ts largest independent commercial real estate firm. Our team boasts 900 local market specialists and top-producing professionals—serving out of 22 offices across five states. The expertise of each local office is reinforced by the relationships, intelligence, and experience of our entire firm.

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KIDDER.COM

EXCLUSIVELY REPRESENTED BY

CLAY NEWTON

[email protected]

JORDAN CARTER

[email protected]

TYLER LINN

[email protected]