THE FRANCES BUILDINGEcho Theater Echo Theater THE FRANCES BUILDING This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes

THE FRANCES BUILDING

Mixed-Use Investment Property 3632-3646 SE Hawthorne Blvd, Portland, Oregon 97214

MIXED-USE INVESTMENT PROPERTY – EXCLUSIVE OFFERING

136 NE 28th Avenue Portland, Oregon 97232

503-327-8237 Office 503-954-3087 Fax

www.equitypacificrealestate.com


This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and

bears all risk for any inaccuracies.

Subject Property Neighborhood Photos

Hawthorne Fred Meyer Bagdad Theater & Pub

Powell’s Books 3 Doors Down Cafe

Starbucks Oasis Cafe




Subject Property Exterior Photos – Retail Tenants

Portland Cider House Rachel’s Ginger Beer

Harlow Cuisine Harlow Cuisine

Echo Theater Echo Theater




Subject Property Exterior Photos




Subject Property Interior Photos – Unit #2 2BR/1BA








Subject Property Interior Photos – Unit #4 Studio




















Subject Property Photos – Common Space




Subject Property Photos – Basement




The Location _________________

The Frances Building is located in the heart of the Hawthorne District of Close-In SE Portland. This popular neighborhood is highly sought by investors and tenants alike. It features vintage commercial and residential buildings and has many locally owned shops and restaurants.

Located on the corner of SE 37th Avenue & Hawthorne Boulevard, The Frances Building is situated across the street from the popular McMenamins Bagdad Theater & Pub. Starbucks Coffee is across the street to the north, and Powell’s on Hawthorne bookstore and Fred Meyer, Wells Fargo and Bank of America all within two blocks.

The Tenants __________________

Rachel’s Ginger Beer Portland Cider Company

Harlow Restaurant The Echo Theater

featuring Do Jump! a Non-Profit OrganizationSeven (7) Apartments

Historic Portland Landmark Building __________________

According to Wikipedia, The Frances Building is a property listed on the National Register of Historic Places. Built in 1911, it was added to the National Historic Register in 1994. The Frances Building is a two-story structure that faces Southeast Hawthorne Boulevard, while the Echo Theatre is a one-story structure facing SE 37th Avenue. The adjoining buildings, constructed as parts of a single project, are separated by a party wall.

Investor Rudolph Christman, who financed construction of the project, named the Frances Building in honor of his wife. It was the first commercial structure built along Hawthorne Boulevard between Southeast 20th and 39th avenues. Other commercial development soon followed, enhanced by the growth of nearby residential areas and construction of trolley lines to serve them. The original first floor of the Frances Building was home to a barber shop, and a dry goods store, a candy store, and a drug store. The second floor included offices and living quarters. Through many decades, commerce has continued on the first floor; seven apartments occupy the second floor.




Subject Property Photos – Echo Theater




Echo Theater & DOJUMP

Entered originally from Hawthorne via a passage through the Frances Building, the Echo Theater was once a movie house. Facing competition from the nearby Bagdad Theater which opened across the street in 1927, the Echo Theater closed, and its entrance was moved to the 37th Avenue side. Storage and plumbing companies used the space until 1984, when it again became a theater home to DOJUMP, a non-profit movement theater school.

DOJUMP is a modern dance and trapeze company which was launched in 1983 in the historic Echo Theater. It uses clowning, aerial dance, tumbling and partner acrobatics to perform physical theater storytelling. DOJUMP performs across the country as well as holds workshops for schools and corporate events.

The Echo Theater has been an important hub of arts and culture in the iconic Hawthorne District of SE Portland for a long time.




Price: $4,600,000

Down Payment: 50% $2,300,000

Number of Units: 11

Price/Unit: $418,182 $2,300,000

Building/SF: 20,330

Price/SF $226

Current Cap: 5.08%

Market Cap: 5.56% Parcel ID

Current GIM 13.2 Lot Size

Market GIM 12.3 Utilities paid by Tenant

Year Built: 1911

Current Market 2017 Estimate % EGI Per Unit INCOME EXPENSES

Scheduled Rent Income $299,484 $326,736 Taxes $23,614 - $2,147 Additional Income $59,553 $59,553 Insurance $4,800 - $436 Scheduled Gross Income $359,037 $386,289 Water & Sewer $12,000 - $1,091 Less: Vacancy (3%) ($10,771) ($11,589) Trash/Recycling $6,000 - $545 Effective Gross Income $348,266 $374,700 Gas & Electricity $9,600 - $873 Less: Expenses ($114,487) ($118,716) Management $27,861 8.00% $2,533 Net Operating Income $233,779 $255,984 Maintenance & Repairs $17,413 5.00% $1,583

Turnover & Cleaning $10,448 3.00% $950 Year 1 Debt Service ($153,410) ($153,410) Reserves $2,750 - $250 Pre-Tax Cash Flow $80,370 $102,574 Principal Reduction $50,952 $50,952 Total Expenses $114,487 32.9% $10,408 Total Return 5.7% $131,322 6.7% $153,527 Cash Yield 3.5% $80,370 4.5% $102,574

Total Units Unit Type Rent Rent/PSF Rent Rent PSF

4 Storefront 1,040 - 4,085 SF $3,564 - $5,627 $0.97 - $3.74 $3,564 - $5,627 $0.97 - $3.74

2 2BR-1BA 800 SF $1,375 - $1,450 $1.72 - $1.81 $1,895 $2.37

4 1BR-1BA 600 - 700 SF $975 - $1,195 $1.63 - $1.71 $1,395 $2.15

1 Studio 250 SF $750 $3.00 $825 $3.30

11 $24,957 $27,228

3632-3646 SE Hawthorne BlvdPortland, Oregon 97214

Financing Summary

New Multi-Family Loan in the amount of

Summary Location

Amortized over 25 Years

at 4.50% Principal and Interest

Additional Information

R326486

Approximate SF/Unit

0.22 Acre (9,500 SF)

Electricity

Annualized Operating Data Annualized Expenses

Scheduled Income Current Market

INVESTMENT SUMMARY


This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

Subject Property – Apartment Floor Plans per City of Portland Microfiche


This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

Subject Property – Parapet Brace & Roof Plans per City of Portland Microfiche (October, 1992)

Documents

THE FRANCES BUILDINGEcho Theater Echo Theater THE FRANCES BUILDING This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes