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Assumed Closing Date of January 1, 2020
Suite GLA Bldg Lease DatesAnnual
Rent Per Lease
Current
Total Rent
Current
Total Rent
Proforma
Rent Per
Proforma
Total Rent
Proforma
Total Rent
Renewal Options
and Option Year
Tenant Name Number (SF) Share Comm. Exp.Sq. Ft.
Type Per Month Per Year Sq. Ft.Per Month Per Year
Rental Information
St./U/dio PDX A 1,025 23.0% 12/1/17 7/31/22 $28.69 MG $2,420 $29,405 $29.55 MG $2,524 $30,291 (2) 1-Year Options
4 Bedroom / 1 Bath B 2,778 62.4% 7/1/19 6/30/20 $16.20 MG $3,750 $45,000 $16.41 MG $3,800 $45,600 None
Garage Workspace C 650 14.6% Vac Vac $7.38 MG $400 $4,800 $7.38 MG $400 $4,800 N/A
Total: - 4,453 100% - - $17.79 MG $6,570 $79,205 $18.12 MG $6,724 $80,691 -
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Income Current Per SF Pro-Forma Per SF
Scheduled Base Rental Income 79,205 17.79 80,691 18.12
Expense Reimbursement Income
Total Reimbursement Income $1,016 11.0% $0.23 $1,016 9.9% $0.23
Potential Gross Revenue 80,221 18.02 81,707 18.35
General Vacancy (4,800) 6.1% (1.08) (4,085) 5.0% (0.92)
Effective Gross Revenue $75,421 $15.95 $194,089 $18.89
Operating Expenses Current Per SF Pro-Forma Per SF
Common Area Maintenance (CAM)
Garbage ($660) ($0.15) ($660) ($0.15)
Landscaping ($300) ($0.07) ($300) ($0.07)
Repairs & Maintenance ($1,000) ($0.22) ($1,000) ($0.02)
Insurance ($1,390) ($0.31) ($1,390) ($0.31)
Real Estate Taxes ($2,112) ($0.47) ($2,112) ($0.47)
Management Fee ($3,771) 5.0% ($0.85) ($3,881) 5.0% ($0.87)
Reserves - Non Reimbursable ($891) ($0.20) ($891) ($0.20)
Total Expenses ($9,233) ($2.07) ($10,234) ($2.30)
Net Operating Income $66,188 $14.86 $67,388 $15.13
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Summary
Purchase Price $1,100,000
Down Payment $385,000 35%
Number of Suites 3
Price Per Sq Ft $247
Gross Leasable Area (GLA) 4,453 SF
Lot Size 0.11 Acres
Year Built 1905
Occupancy 85.40%
Returns Current Pro-Forma
CAP Rate 6.02% 6.13%
Cash-on-Cash 4.80% 5.12%
Debt Coverage Ratio 1.39 1.41
Financing 1st Loan
Loan Amount $715,000
Loan Type New
Interest Rate 4.50%
Amortization 25 Years
Year Due 2026
Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative.
Operating Data
Income Current Pro-Forma
Scheduled Base Rental Income $79,205 $80,691
Total Reimbursement Income $1,016 $1,016
Potential Gross Revenue $80,221 $81,707
General Vacancy ($4,800) ($4,085)
Effective Gross Revenue $75,421 $77,622
Less: Operating Expenses ($9,233) ($10,234)
Net Operating Income $66,188 $67,388
Debt Service ($47,690) ($47,690)
Net Cash Flow After Debt 4.80% $18,498 5.12% $19,698
Principal Reduction 15,839 $16,567
Total Return 8.92% $34,337 9.42% $36,265
Operating Expenses Current Pro-Forma
CAM $2,960 $2,960
Insurance $1,390 $1,390
Real Estate Taxes $2,112 $2,112
Management Fee $3,771 $3,881
Reserves – Non-Reimbursable $891 $891
Total Expenses $9,233 $10,234
Expenses/SF $2.07 $2.30
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2937 E BURNSIDE ST , PORTLAND, OR, 97214
Marcus & Millichap has been selected to exclusively market for sale the mixed-use property located at 2937
East Burnside Street in Southeast Portland, Oregon. This retail / residential property consists of
approximately 4,453 square feet of gross leasable area situated on a 5,000 square foot parcel of land zoned
CM2 – Commercial Mixed-Use 2. There is off-street parking.
The retail structure with frontage on Burnside is approximately 1,025 square feet. The space is currently
leased to St./U/dio PDX, which is a yoga studio. They began leasing the property in 2017, and their lease
expires at the end of July 2022. They have two 1-year options to renew with 3% annual escalations.
The house behind the retail suite is approximately 2,778 square feet, which consists of four bedrooms, 1
bathroom, and a full basement with separate entry. The house is currently leased until the end of June 2020.
The garage to the Northeast of the house consists of approximately 650 square feet of gross leasable area.
The garage is currently vacant, but was previously occupied by a photographer on a gross lease at a rate of
$400 per month.
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COALITION
Laurelhurst Neighborhood
Subject Property
2937 E Burnside
14
15
16ST. /U/DIO PDX
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Burnside Mixed-Use
Old Sellwood Bank Building
Lombard Mixed-Use
Westover Mixed-Use
72nd & Glisan Mixed-Use
Hungry Tiger Complex
Basement Pub Mixed-Use
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2
3
4
5
6
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Avg. 5.44%
0.0
0.7
1.4
2.1
2.8
3.5
4.2
4.9
5.6
6.3
7.0
2937 E
Burnside St
Old
Sellwood
Bank
Building
Lombard
Mixed-Use
Westover
Mixed-Use
72nd &
Glisan
Mixed Use
Hungry
Tiger
Complex
Basement
Pub
Average Cap Rate
22
2
Close Of Escrow: 1/2/2019
Sales Price: $1,050,000
Cap Rate: 5.15%
Price/SF: $181
LOMBARD MIXED-USE4926 N Lombard St, Portland, OR, 97203
Close Of Escrow: 2/14/2019
Sales Price: $2,140,700
Cap Rate: 5.98%
Price/SF: $299
OLD SELLWOOD BANK BUILDING8301-8317 SE 13th Ave, Portland, OR, 97202
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Close Of Escrow: 9/12/2018
Sales Price: $2,650,000
Cap Rate: 5.07%
Price/SF: $600
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WESTOVER MIXED-USE2332 NW Westover Rd, Portland, OR, 97210
1
5
Close Of Escrow: 7/7/2017
Sales Price: $2,150,000
Cap Rate: 5.60%
Price/SF: $204
HUNGRY TIGER COMPLEX201-213 SE 12th Ave, Portland, OR, 97214
Close Of Escrow: 8/16/2018
Sales Price: $1,100,000
Cap Rate: 5.70%
Price/SF: $170
72ND & GLISAN MIXED-USE7202-7204 NE Glisan St, Portland, OR, 97213
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Close Of Escrow: 6/1/2017
Sales Price: $1,050,000
Cap Rate: 5.13%
Price/SF: $376
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BASEMENT PUB MIXED-USE1024-2018 SE 12th Ave, Portland, OR, 97214
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