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Multi-Family Housing & Office Space in Bustling Salem NeighborhoodSE Salem Portfolio
1140-1144, 1162, 1847 13th St SE* Salem * OR * 97302
Confidentiality and DisclaimerThe 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 Marcus & Millichap and
should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap 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, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary,
especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on
behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus &
Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other
professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma
financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections,
analyses, and decision-making.
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or
name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,
service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
THERESA TERRACE APARTMENTS
Portland, OR
ACT ID ZAB0210141
2
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
3
4
CONTENTS:Investment Overview 05The Properties 09Market Overview 16Financial Summary 25Market Comparables 30
Exclusively listed by:
SE SALEMPORTFOLIO1140-1144,1162 & 1847
13th Street SE
Salem, OR 97302
1162 SE 13th St.
1140-1144 SE 13th St.
the INVESTMENT OVERVIEW
5
6
EXECUTIVE SUMMARYSE SALEM PORTFOLIO
Price $1,700,000 16 Apartments Units2 Commercial Offices
MIX: 16 -One Bedroom / One Bath Flats2 –Commercial Office Spaces
VITAL DATA
Price $1,700,000 CURRENT PRO FORMA
Down Payment25% /
$500,000CAP Rate 6.05% 7.00%
Loan Amount $1,275,000 GRM 10.64 8.89
Loan TypeProposed
New
Net Operating Income
$102,842 $118,959
Interest Rate / Amortization
3.85% / 30 Years
Net Cash Flow After Debt Service
7.32% / $31,114
11.11% / $47,231
Price/Unit $94,444Total Return
12.74% / $54,158
16.75% / $71,178
Price/SF $149.78
Number of Units 18
Rentable Square Feet
11,129
Year Built1912/1946/
1971
Lot Size 0.68 acre(s)
1140-1144 SE 13th St.
7
▪ - 7% Pro Forma Cap Rate▪ - 2.9% Typical Market Vacancy▪ - Walkable to Downtown Salem▪ - Walk Score of 80 “Very Walkable”▪ - Significant Capital Upgrades in Past Five Years
Marcus & Millichap is pleased to exclusively represent the sale of the SE SalemPortfolio, a group of conveniently-located assets in Salem, Oregon. The properties arecomprised of 18 units, 16 of which are one bedrooms apartments, complemented bytwo commercial office spaces. 1140-1144 13th St SE include two two-story buildings,each with four apartments. Both buildings received extensive capital upgrades in 2016,including new membrane roofs, windows, siding, paint and interior and systemupgrades. Immediately next door is 1162 13th St SE, which houses the two commercialoffices, and also received significant upgrades in 2016 (all upgrades detailed on page8). Just a half-mile south is 1847 13th St SE, comprised of two single-story buildings,each with four units. The single-story layout is very appealing to tenants, as supportedby the long-term tenant history. Six of the eight units at 1847 have been updatedTwelve of the 16 apartments offer individual exterior entries, and all offer off-streetparking.
Upside can be achieved via several avenues. Rents are approximately 8.44% belowmarket, allowing for solid achievable rent growth. Additionally, free laundry is providedat 1140-1144, allowing for introduction of coin-op machines to recapture income. Thecommunities both feature off-street parking.
8
1140-1144 13 St SE*New Roofs (Membrane)*Siding*Windows*Kitchen Cabinets*Appliances*Updated Bathrooms*Electrical Panels*Water Heaters
1162 13 St SE*New Sheet Rock*Water Heaters*Cadet Heaters*Carpet*Appliances
1847 13 St SE*New Pitched Comp Roof on One Building*Miscellaneous Unit Updates in Six of the Eight Units
RECENT CAPITAL IMPROVEMENTS (approx. past 5 years)
the PROPERTIES1847 SE 13th ST.
10
❖ Majority of Units Recently Remodeled
❖ Tile Surrounds & Granite Counters in Select Units
❖ Attractive Curb Appeal
❖ Yard Space for Select Units
❖ Updated Vinyl Windows
❖ Dishwashers in Each Unit
❖ On-Site Laundry Facility
❖ Plentiful Off-Street Parking
1162 SE 13th St
1847 SE 13th St
11
1140-1144 SE 13th St
1847 SE 13th St
12
Site Description:Number of Units 16 Apartments & 2 Office Spaces
Year Built 1912, 1946 & 1971
Zoning IC – Industrial Commercial
Number of Buildings 5
Number of Stories 2
Rentable Square Feet 11,129
Lot Size 0.68 acre
Parking16 Spaces (1140-1162)
10 Spaces (1847)
Parking Ratio 1.44:1
Landscaping Mature Trees, Shrubs, Lawn
Topography Level
Utilities:
Water/Sewer Paid by Owner
Electric Paid by Tenant
Trash Paid by Owner
Construction:
Foundation Crawl Space & Slab
Framing Wood
Exterior Stucco and T1-11
Roof
Membrane, 2016 (1140-1144)Metal Roof (1162)
Pitched Comp Shingle, One 2018 (1847)
13
About the Property Location:
Southeast Salem offers a suburban lifestyle withurban accessibility and amenities. The area is just ashort drive or walk from downtown Salem, andoffers many diverse shopping and dining options.There are several parks, grocers, andentertainment options, as well as breweries, coffeeshops and boutique shops all within 1.5 miles ofthe property.Residents of Southeast Salem enjoy excellentaccess to key points throughout the area:
• Downtown Salem – 1.4+ miles• State Capitol Building – 1.1+ miles• Chemeketa Community College – 5.2+ miles• Salem Saturday Market – 1.4+ miles• Bush’s Park/Gilmore Field Park – 0.3 miles• Salem Health Hospital – 0.7+ miles• Oregon Coast – 55 miles• Downtown Portland – 45 miles
The inherent walkability and growing vibrancy ofdowntown Salem provide area amenities thatattract tenants interested in enjoying all that Salemhas to offer.
1140-1144 SE 13th St
14
SE Salem Portfolio
Salem, OR
Is Conveniently Located on
The I-5 Corridor1847 SE 13th St
1140-1144, 1162SE 13th St
Conveniently Located Within Walking Distance of Downtown Salem
Within Walking Distance of: Downtown Salem,
State Capitol Building,Chemeketa Community College,
Salem Saturday Market,Riverfront City Park,
Salem Health Hospital
Walking Distance 20-minute Radius
1140-1144 & 1162 13 St SE
the MARKET OVERVIEW
Major employers of Salem include worldwide headquarters of Onity, a technology company and Oregon government jobs
Salem has several distribution centers including Amazon’s new warehouse in Southeast Salem which will open in 2019 and provide approximately 1,500 new jobs
19
MARKETING TEAM
Income
In 2019, the median household income for your selected geography is
$41,697, compare this to the US average which is currently $60,811.
The median household income for your area has changed by 33.40%
since 2000. It is estimated that the median household income in your
area will be $49,178 five years from now, which represents a change
of 17.94% from the current year.
The current year per capita income in your area is $26,374, compare
this to the US average, which is $33,623. The current year average
household income in your area is $62,127, compare this to the US
average which is $87,636.
Population
In 2019, the population in your selected geography is 13,702. The
population has changed by 2.54% since 2000. It is estimated that the
population in your area will be 13,952.00 five years from now, which
represents a change of 1.82% from the current year. The current
population is 49.03% male and 50.97% female. The median age of
the population in your area is 32.68, compare this to the US average
which is 38.08. The population density in your area is 4,350.03 people
per square mile.
Households
There are currently 5,502 households in your selected geography. The
number of households has changed by 7.11% since 2000. It is
estimated that the number of households in your area will be 5,648
five years from now, which represents a change of 2.65% from the
current year. The average household size in your area is 2.18 persons.
Employment
In 2019, there are 26,769 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
55.61% of employees are employed in white-collar occupations in
this geography, and 42.67% are employed in blue-collar occupations.
In 2019, unemployment in this area is 5.31%. In 2000, the average
time traveled to work was 23.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
77.89% White, 1.67% Black, 0.94% Native American and 2.60%
Asian/Pacific Islander. Compare these to US averages which are:
70.07% White, 12.87% Black, 0.19% Native American and 5.66%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 19.38% of the current year
population in your selected area. Compare this to the US average of
18.17%.
Housing
The median housing value in your area was $213,149 in 2019,
compare this to the US average of $212,058. In 2000, there were
2,172 owner occupied housing units in your area and there were
2,966 renter occupied housing units in your area. The median rent at
the time was $426.
Source: © 2019 Experian
*1140-1144 & 1162 SE 13th
20
DEMOGRAPHICS*
101,443Total Population within Three
Mile Radius
GENDER
Average Household Income
in One Mile Radius
Median Housing Value within
One Mile Radius
5,502Total Households in One Mile Radius
8.63%From 2010
$62,127 $213,149
50.11%
49.89%
*1140-1144 & 1162 SE 13th
21
Source: © 2019 Experian
*1140-1144 & 1162 SE 13th
Created on August 2020
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2024 Projection
Total Population 13,952 104,355 228,725
▪ 2019 Estimate
Total Population 13,702 101,443 220,321
▪ 2010 Census
Total Population 12,960 94,818 203,176
▪ 2000 Census
Total Population 13,363 88,849 182,236
▪ Daytime Population
2019 Estimate 42,160 149,911 236,713
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2024 Projection
Total Households 5,648 40,797 85,539
▪ 2019 Estimate
Total Households 5,502 39,453 81,980
Average (Mean) Household Size 2.18 2.42 2.57
▪ 2010 Census
Total Households 5,065 36,145 74,354
▪ 2000 Census
Total Households 5,137 33,977 67,175
Growth 2015-2020 2.65% 3.41% 4.34%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
▪ Occupied Units
2024 Projection 5,648 40,797 85,539
2019 Estimate 5,706 40,563 83,675
Owner Occupied 2,170 18,895 43,823
Renter Occupied 3,331 20,558 38,156
Vacant 204 1,110 1,695
▪ Persons In Units
2019 Estimate Total Occupied Units 5,502 39,453 81,980
1 Person Units 41.20% 34.05% 29.04%
2 Person Units 30.13% 30.98% 32.01%
3 Person Units 13.09% 13.84% 14.77%
4 Person Units 7.76% 10.49% 12.01%
5 Person Units 3.87% 5.55% 6.50%
6+ Person Units 3.94% 5.10% 5.66%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2019 Estimate
$200,000 or More 2.81% 2.69% 2.88%
$150,000 - $199,000 3.40% 3.50% 3.72%
$100,000 - $149,000 9.81% 12.04% 13.39%
$75,000 - $99,999 9.59% 12.84% 13.79%
$50,000 - $74,999 17.61% 19.63% 21.20%
$35,000 - $49,999 14.04% 14.04% 13.56%
$25,000 - $34,999 13.13% 10.93% 10.50%
$15,000 - $24,999 13.44% 11.37% 10.47%
Under $15,000 16.15% 12.96% 10.48%
Average Household Income $62,127 $67,082 $71,044
Median Household Income $41,697 $50,841 $55,838
Per Capita Income $26,374 $27,173 $27,110
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2019 Estimate Total Population 13,702 101,443 220,321
Under 20 25.62% 26.20% 27.42%
20 to 34 Years 27.63% 23.67% 22.29%
35 to 39 Years 5.97% 6.73% 6.84%
40 to 49 Years 10.77% 12.10% 12.24%
50 to 64 Years 18.28% 17.76% 17.49%
Age 65+ 11.73% 13.54% 13.69%
Median Age 32.68 35.10 35.20
▪ Population 25+ by Education Level
2019 Estimate Population Age 25+ 8,660 67,086 144,121
Elementary (0-8) 5.47% 5.86% 5.77%
Some High School (9-11) 7.21% 7.54% 7.73%
High School Graduate (12) 23.07% 26.16% 25.79%
Some College (13-15) 24.27% 25.01% 25.39%
Associate Degree Only 8.15% 7.96% 8.50%
Bachelors Degree Only 17.07% 16.10% 15.86%
Graduate Degree 13.70% 9.64% 9.23%
▪ Population by Gender
2019 Estimate Total Population 13,702 101,443 220,321
Male Population 49.03% 50.11% 49.74%
Female Population 50.97% 49.89% 50.26%
22
OVERVIEW
Oregon’s state government is located in Salem, providing a stabilizing
influence on the metro economy. The market is composed of Marion and
Polk counties. The area is also known for its lumber and agriculture
industries, which are supported by lush forests, lakes and rivers. Nearby
wildlife refuges and state parks provide an abundance of recreational
activities. Salem is home to several postsecondary institutions, including
one of the oldest universities in the west, Willamette University.
DEMOGRAPHICS
ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
1140-1144 13TH PLACE SOUTH EAST
LUMBER PRODUCTION
Several forests are located near the area, benefiting Salem’s strong lumber
industry, which supports thousands of workers.
DISTRIBUTION CENTER
With its location halfway between Portland and Eugene, the market serves as a
prime distribution hub for the region.
AGRICULTURAL PRODUCTION
The Willamette River supports a strong agriculture industry in Salem, which
employs tens of thousands of individuals.
▪ Home Depot, FedEx and Henningsen Cold each have large distribution centers in Salem. Wilco, an
agriculture supply firm, also has a distribution facility in the area.
▪ Agriculture is a dominant part of the Salem metro’s economy. The area’s primary crops include
wheat and hops, but several fruits including strawberries and prunes are grown here. Major
agriculture employers include Truitt Family Foods, Diamond Foods and Wilmette Valley Fruit.
▪ Other segments important to the local economy include government, aerospace, manufacturing and
technology. Additionally, several colleges and universities in the region support the region’s growing
need for a skilled workforce.
418K
2017POPULATION:
150K
2017HOUSEHOLDS:
36.5
2017MEDIAN AGE:
$52,500
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
37.8U.S. Median:
$56,3005.9%
Growth2017-2022*:
3.2%
Growth2017-2022*:
SALEM: The Historic Heart of Oregon
23
DEMOGRAPHICS
propertyname
Wave of Young Professionals, Healthy Local Economy
Maintain Investor Sentiment Despite New Rent Cap
Competition for talent motivates strong migration trends. The Portland apartment sector enters the
next decade on solid footing as an influx of new residents call the metro home, many being young
professionals drawn by a large corporate presence. A highly skilled workforce encourages tech titans
Amazon, Google and Apple to increase their hiring efforts in the metro on top of large contributions to
the employment base by Nike, Adidas and Under Armour. In addition to a healthy job outlook and
growing economy this year, young workers are enticed by a lower cost of living in contrast to other
West Coast metros, bolstering demand for rental housing. Many of these are choosing to lease an
apartment longer as they are not ready to commit to a 30-year mortgage, motivating developers to
boost apartment inventory substantially as the market contends with a shortage of housing. More
than 9,000 market-rate units were underway at the onset of 2020, with the greatest focus placed on
areas near major employers and transit access including Central and East Portland.
No shortage of investment opportunities following new regulations. Oregon made headlines last year
as the first state in the nation to enact statewide rent control, causing some investors to reevaluate
their strategies. Despite increased local and statewide regulations, investor sentiment holds strong
against a backdrop of robust underlying demand, tight operations across the metro and another year
of favorable rent growth. Elevated initial yields also grab the attention of investors as the market
average is the highest on the West Coast, falling in the mid-5 percent band. Fewer restrictions and
returns that are 50 to 100 basis points above the market average will keep buyers active in Portland’s
suburbs this year, including Beaverton, Vancouver and East Portland. Institutional groups have
become a major participant in recent years, boosting liquidity in the market for large and modern
complexes positioned toward higher-income renters.
* Estimate; ** Forecast
Sources: Marcus & Millichap Research Services; BLS; CoStar Group, Inc.
24
Best Beer State in America (Thrillist) - #2 Oregon
10 Best Foodie Cities in America (WalletHub) - #1 Portland, OR
the FINANCIAL SUMMARY
26
27
28
29
Loan information provided by Collin Kautz(503) [email protected]
the MARKET COMPARABLES
31
SALES COMPARABLES
SE SALEM PORTFOLIO
(SUBJECT)
3414-3458 30th Ave NE
Westview Manor
Carleton Way Apartments
Laurie Ann Apartments
127-177 Sunset Ave N
DPP Apartments
Summerpark Apartments
Heritage Hills Apartments
Churchdale Apartments
SALES COMPARABLES
32
SALES COMPARABLES AVERAGES
Avg. $116,947
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
Cypress
Garden
Apartments
3414-3458
30th Ave NE
Westview
Manor
Carleton
Way
Apartments
Laurie Ann
Apartments
127-177
Sunset
Ave N
DPP
Apartments
Summerpark
Apartments
Heritage
Hills
Apartments
Churchdale
Apartments
Average Price Per Unit
Average Cap Rate
0.0
0.7
1.4
2.1
2.8
3.5
4.2
4.9
5.6
6.3
7.0
1140-1144
13th Place
South East
127-177
Sunset
Ave N
DPP
Apartments
Churchdale
Apartments
Laurie Ann
Apartments
Carleton
Way
Apartments
Summerpark
Apartments
Cypress
Garden
Apartments
Avg. 5.7
Avg. 5.57
SALES COMPARABLES
IN ESCROW COMPARABLES
SALES COMPS AVG
IN ESCROW COMPS AVG
33
SALES COMPARABLES
SALES COMPARABLES
1
Units Unit Type
Close Of Escrow: 11/13/2019 24 2 Bdr 1 Bath Flat
Sales Price: $1,900,000
Price/Unit: $105,556
Price/SF: $135.71
Total No. of Units: 18
Year Built: 1979
NOTES
Property was an off-market deal. Buildings have desirable metal roofs.
Units are single story and all have washer/dryer hookups and small private
yards.
3414-3458 30TH AVE NE3414-3458 30th Ave NE, Salem, OR, 97301
Units Unit Type
Close Of Escrow: 2/10/2020 9 1 Bdr 1 Bath Flat
Sales Price: $1,050,000 2 2 Bdr 1 Bath Flat
Price/Unit: $95,455
Price/SF: $120.30
CAP Rate: 5.42%
Total No. of Units: 11
Year Built: 1967
2
NOTES
Property has updated windows, new paint and on-site laundry facility.
Units had dated interiors, but unit mix is comparable to subject property.
127-177 SUNSET AVE N127-177 Sunset Ave N, Keizer, OR, 97303
Units Unit Type
Offering Price: $1,700,000 16 One Bdr One Bath
Price/Unit: $94,444 2Office w Kitchen & 1 2
Bath
Price/SF: $149.78
CAP Rate: 6.05%
GRM: 9.86
Total No. of Units: 18
Year Built:1912, 1946 &1971
SE SALEM PORTFOLIO1140-1144, 1162 & 1847 13th St SE, Salem, OR, 97302
34
SALES COMPARABLES
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SALES COMPARABLES
Units Unit Type
Close Of Escrow: 2/25/2020 12 2 Bdr 1 Bath Flat
Sales Price: $1,335,000
Price/Unit: $111,250
Price/SF: $123.61
CAP Rate: 5.14%
Total No. of Units: 12
Year Built: 1979
3
NOTES
Property had been newly renovated with new HardiPlank siding with
exterior paint and newly paved parking lot. There is an on-site laundry
facility. Interiors have new carpet and flooring. The location is inferior to
the subject property.
DPP APARTMENTS3654-3664 47th Ave NE, Salem, OR, 97305
4
Units Unit Type
Close Of Escrow: 1/8/2020 12 2 Bdr 1 Bath Flat
Sales Price: $1,732,500
Price/Unit: $133,269
Price/SF: $153.52
CAP Rate: 5.75%
Total No. of Units: 13
Year Built: 1993
NOTES
Buyer planned to convert a laundry area into a 13th unit. The property
offered off-street parking, and was located one block from significant
retail.
CHURCHDALE APARTMENTS212-236 Churchdale Ave N, Keizer, OR, 97303
Units Unit Type
Close Of Escrow: 2/10/2020 13 2 Bdr 1 Bath Flat
Sales Price: $1,500,000
Price/Unit: $115,385
Price/SF: $147.93
CAP Rate: 6.22%
Total No. of Units: 13
Year Built: 1979
5
NOTES
Property was listed by Rhoades-Corso Group. Roof was replaced during
escrow period. There is an on-site laundry facility. Majority of the units
were updated with new LVP flooring and new appliances.
LAURIE ANN APARTMENTS390-414 Madrona Ave SE, Salem, OR, 97302
35
SALES COMPARABLES
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SALES COMPARABLES
7
Units Unit Type
Close Of Escrow: 2/19/2020 18 2 Bdr 1 Bath Flat
Sales Price: $2,200,000
Price/Unit: $122,222
Price/SF: $150.11
CAP Rate: 6.00%
GRM: 10.24
Total No. of Units: 18
Year Built: 1957
NOTES
Eight of the units were built in 1957 and 10 units were built in 1993. There
are washer/dryer hookups in all the units with spacious floor plans.
Property and units have been renovated and included new cabinets, new
LVP flooring. Rent growth potential was minimal.
SUMMERPARK APARTMENTS1311-1329 6th St NW, Salem, OR, 97304
Units Unit Type
Close Of Escrow: 3/11/2020 12 1 Bdr 1 Bath Flat
Sales Price: $4,550,000 24 2 Bdr 1 Bath Flat
Price/Unit: $126,389
Price/SF: $138.72
Total No. of Units: 36
Year Built: 1972
8
NOTES
Property had below market rents and dated interiors. Buyer planned to
renovate to bring rents to market. Features included a pool and on-site
laundry. Unit mix was inferior to subject property but location was
comparable.
HERITAGE HILLS APARTMENTS3875 Liberty Rd S, Salem, OR, 97302
Units Unit Type
Close Of Escrow: 9/30/2019 19 1 Bdr 1 Bath Flat
Sales Price: $2,600,000
Price/Unit: $136,842
Price/SF: $236.36
CAP Rate: 5.85%
Total No. of Units: 19
Year Built: 1937
6
NOTES
This property was flipped by a contractor and originally purchased at a
very low price per unit. At the time of sale this property was had a
complete full renovation from roof, interiors, exteriors and all plumbing and
electrical systems. Property was reframed with new layouts. Units had
granite counter-tops, LPV flooring and stainless steel appliances.
CARLETON WAY APARTMENTS2005-2007 Carleton Way NE, Salem, OR, 97301
36
SALES COMPARABLES
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SALES COMPARABLES
Units Unit Type
In Escrow 4 1 Bdr 1 Bath Flat
List Price: $2,000,000 14 2 Bdr 1 Bath Flat
Price/Unit: $111,111
Price/SF: $162.07
CAP Rate: 5.57%
Total No. of Units: 18
Year Built: 1966
9
NOTES
Location is very superior, but comparable has more deferred maintenance
than the subject. Property was listed and sold by Rhoades-Corso Group.
CYPRESS GARDEN APARTMENTS1604-1640 Chemeketa St NE, Salem, OR, 97301
37
RENT COMPARABLES
8
CYPRESS GARDENS
(SUBJECT)
1346 12th St SE
1461-1491 Lee St SE
Brookwood Terrace
Apartments
Bush Park
The Beverly
4
7
8
9
11
20
12
14
15
16
17
13
18
10
4
1
2
3
5
38
PROPERTY NAMEAVERAGE RENT - MULTIFAMILY
AVERAGE RENT - MULTIFAMILY
Avg. $828
$0
$90
$180
$270
$360
$450
$540
$630
$720
$810
$900
1140-1144
13th Place
South East
1346 12th
St SE
1461-1491
Lee St SE
Brookwood
Terrace
Apartments
Bush Park The Beverly
1 Bedroom
39
RENT COMPARABLES
OCCUPANCY: 100% | YEAR BUILT: 1992
1
NOTES
This property features covered parking and garages, laundry facilities,
fitness center, clubhouse, and a library. The units include basic amenities,
washer/dryer hookups and washer/dryer in select units, patio/deck or
balcony. Water/sewer and trash are paid via an additional $40 for one-bed,
$50 for two-bed, and $60 for three-bed units that has been added into
rent.
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath Flat 4 500 $1,020 $2.04
1 Bdr 1.5 Bath Flat 6 855 $1,100 $1.29
2 Bdr 1 Bath Flat 6 990 $1,250 $1.26
2 Bdr 1.5 Bath Flat 26 900 $1,235 $1.37
2 Bdr 2 Bath Flat 19 1,090 $1,350 $1.24
3 Bdr 2.5 Bath Twnhs 2 1,850 $1,745 $0.94
Total/Avg. 63 966 $1,261 $1.30
RIPPLING BROOK TERRACE3758 Mica View Ct SE, Salem, OR, 97302
2
OCCUPANCY: 100% | YEAR BUILT: 1963
NOTES
This property features on site parking. The units include washer/dryer
hookups, patios/decks, dishwashers, and walk in closets. Water/sewer,
and trash are paid via an additional $35 for one-bed $40 for two-bed, and
$45 for three-bed units that has been added into rent.
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath Flat 2 750 $985 $1.31
2 Bdr 1 Bath Flat 8 1,026 $1,035 $1.01
2 Bdr 2 Bath Flat 2 1,000 $1,060 $1.06
Total/Avg. 12 976 $1,031 $1.06
WINTER GARDEN APARTMENTS 603 Winter St NE, Salem, OR, 97301
YEAR BUILT: 1912, 1946 & 1971
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Unit Type Units SF Rent Rent/SF
One Bdr One Bath
16 630 $805 $1.28
Office w Kitchen & 1 2 Bath
2 635 $750 $1.18
Total/Avg. 18 631 $799 $1.27
SE SALEM PORTFOLIO1140-1144, 1162 & 1847 13th St SE, Salem, OR, 97302
40
RENT COMPARABLES
OCCUPANCY: 100% | YEAR BUILT: 1978
3
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath Flat 27 897 $1,155 $1.29
Total/Avg. 27 897 $1,155 $1.29
NOTES
This property features on site parking. The units include washer/dryer
hookups, patios, decks, dishwashers, and walk in closets. Water/sewer
and trash are included.
BROWNING AVENUE 110 Browning Ave SE, Salem, OR, 97302
OCCUPANCY: 100% | YEAR BUILT: 1941
4
NOTES
This property features on-site parking, laundry facilities, storage units, and
is gated. The units feature basic kitchens and laminate floors. Water/sewer
and trash are included in rent.
Unit Type Units SF Rent Rent/SF
Studio 1 Bath Flat 10 315 $776 $2.46
1 Bdr 1 Bath Flat 18 495 $861 $1.74
2 Bdr 1 Bath Flat 5 600 $979 $1.63
Total/Avg. 33 456 $853 $1.87
THE DEVEREAUX1484-1492 State St, Salem, OR, 97301
5
OCCUPANCY: 98% | YEAR BUILT: 1962
NOTES
This property features on site parking. The units include washer/dryer
hookups, patios/decks, dishwashers, and walk in closets. Water/sewer
and trash are paid by owner.
Unit Type Units SF Rent Rent/SF
Studio 1 Bath Flat 4 475 $725 $1.53
1 Bdr 1 Bath Flat 6 529 $765 $1.45
2 Bdr 1 Bath Flat 4 850 $950 $1.12
Total/Avg. 14 605 $806 $1.33
FAIRMOUNT1169 Fir St S, Salem, OR, 97302
41
RENT COMPARABLES
OCCUPANCY: 98% | YEAR BUILT: 1975
6
Unit Type Units SF Rent Rent/SF
2 Bdr 1.5 Bath Twnhs 16 1,100 $1,150 $1.05
Total/Avg. 16 1,100 $1,150 $1.05
NOTES
This property features a swimming pool, courtyard, laundry facilities on
site, and covered parking. The units feature washer/dryer hookups, gas
fireplaces, and dishwashers. Water,/sewer and trash removal is included.
JAMESTOWN261 Missouri Ave S, Salem, OR, 97302
YEAR BUILT: 1973
7
NOTES
This property features covered and surface parking, on-site laundry
facilities, and green space. The units are spacious with basic kitchen
amenities, dining areas, and private patios/decks. Water/sewer and trash
are paid via an additional $50 for two bedroom and $60 for three bedroom
units which has been added to the rent.
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath Flat 18 855 $1,025 $1.20
3 Bdr 2 Bath Flat 2 1,075 $1,135 $1.06
Total/Avg. 20 877 $1,036 $1.18
VISTA TERRACE3374 Liberty Rd S, Salem, OR, 97302
8
OCCUPANCY: 95% | YEAR BUILT: 1979
NOTES
Property has on-site laundry. Units have patios/decks and most
apartments have updated LVP flooring. Water/sewer and trash are
included in rent.
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath Flat 13 780 $1,005 $1.29
Total/Avg. 13 780 $1,005 $1.29
LAURIE ANN APARTMENTS390 Mardrona S, Salem, OR, 97302
42
RENT COMPARABLES
OCCUPANCY: 95% | YEAR BUILT: 1960
9
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath Flat 4
2 Bdr 1 Bath Flat 6
2 Bdr 2 Bath Flat 2 $1,095
Total/Avg. 12 $1,095
NOTES
Property has in well located close to downtown and sits on top of a creek.
There are carports and on-site laundry. Units have decks and patios and
updated windows. Water/sewer and trash are included in rent.
MILLBROOK TERRACE761 Church St NE, Salem, OR, 97301
43