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TRANSCRIPT
OFFERING MEMORANDUM
A 68-Unit Apartment Community
Portland , OR
THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 3KIDDER MATHEWS | OFFERING MEMORANDUM | THE ASTORIA2
EXECUTIVE SUMMARY
Section 1
The Offering
Investment Highlights
Property Description
THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 3KIDDER MATHEWS | OFFERING MEMORANDUM | THE ASTORIA2
THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 5KIDDER MATHEWS | OFFERING MEMORANDUM | THE ASTORIA4
EXECUTIVE SUMMARY
Built in 1950 and recently renovated in 2014, The Astoria consists of 68 units with modern amenities and mid-century charm. Close to transit and shopping, The Astoria combines quiet residential living, within close proximity to all the excitement that Portland’s eastside has to offer. Situated on a private cul-de-sac, The Astoria has three separate parking lots and over 60 parking spaces. The central courtyard features a seasonal pool, fitness center, bike storage, laundry facilities and storage cabinets, as well as plenty of greenspace for outdoor activities.
The Astoria features over $1.1 million in recent renovations to the interior and exterior. Exterior renovations include newer roofs, paint, and energy efficient vinyl windows. The interiors have been extensively renovated in 65 of the 68 units with new kitchens featuring modern cabinets and hard surface counters, new fixtures, and refinished hardwood floors (lower level) or carpet and vinyl (second level). Average rents are presently 5% below market, providing upside through lease renewals and unit turns.
Located in the Rose City Park neighborhood, The Astoria is situated near the Historic Hollywood Shopping District and the Jade International District, and Alameda/Beaumont neighborhoods. The property is located directly across from the Rose City Public Golf Course, the second oldest golf course in Oregon. At the west end of the golf course is Rose City Park, which features sports fields, play structures, a picnic area, and walking paths. The Astoria is also close to the I-84 and I-205 freeways, TriMet 77 Bus Line, and the NE 82nd Avenue Max Light Rail station. Downtown Portland is just a 10-minute drive west, the Portland International Airport is 10-minutes to the north, and Gresham is
20-minutes east.
The Offering ADDRESS1913 NE 73rd Avenue Portland, OR 97213
YEAR BUILT / RENOVATED 1950/2014
NO. OF UNITS 68
TAX PARCELS R194040, R194041
LAND AREA 2.67 Acres
NRSF 40,724
GBA 57,432
AVERAGE UNIT SIZE 599 SF
BUILDINGS 5
PARKING ±60 surface off-street spaces
SIDING Brick/stucco
HEAT Gas (Individually metered)
AVERAGE MONTHLY RENT $1,249
PRICE Please call for price
CAP RATE 5.01%
GRM 12.76
Milwaukie
Multnomah
Dunthorpe
Woodstock
Richmond
Mt. Tabor
Montavilla
Gateway
Roseway
Rose City Park
Alameda
Alberta
Northwest
Southwest Hills
South Waterfront
Hollywood
Parkrose
Buckman
Laurelhurst
Lents
Happy Valley
DOWNTOWN PORTLAND
26
PORTLAND INTERNATIONAL AIRPORT
Gresham
Beaverton
Overlook
Sellwood-Moreland
THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 5
THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 7KIDDER MATHEWS | OFFERING MEMORANDUM | THE ASTORIA6
INVESTMENT HIGHLIGHTS
Located only minutes from downtown Portland, The Rose City Park neighborhood combines the
comfort of the suburbs with the convenience and entertainment of city life. Located just blocks
from I-84, one mile from the I-205, and minutes from numerous bus stops and the nearby NE
82nd Avenue MAX Station, tenants have an abundance of public transportation options. The
neighborhood has ready access to some of Portland’s largest employers and business districts,
while still being in close proximity to numerous parks and natural areas.
ROCKY BUTTE PARK
GRANT PARK
GLENHAVEN PARK
COLUMBIA CHRISTIAN SCHOOL
NORMANDALE PARK
ROSEMOUNT BLUFF NATIONAL AREA
LAURELHURST PARK
MULTNOMAH UNIVERSITY
PRESIDENT JAMES MADISON HIGH SCHOOL
ROSEWAY HEIGHTS MIDDLE SCHOOL
HOLLYWOOD
LAURELHURST
IRVINGTON
ALAMEDA
MONTAVILLA
ROSE CITY PARK ELEMENTARY SCHOOL
THE PORTLAND MONTESSORI SCHOOL
Highlights
$1.1 million in recent interior and exterior improvements
Pride of ownership opportunity
Rental upside through raising rents to market
Vintage charm with period amenities
Manicured courtyard setting
Conveniently located near the Hollywood shopping district and directly across
from the Rose City Golf Course
Close to Trimet 77 bus line, MAX Light Rail station, and freeways
JASON LEE ELEMENTARY SCHOOL
MT TABOR
ROSE CITY GOLF COURSE
Sandy Blvd
NE Glisan St
NE Halsey St
NE
82n
d A
ve
ROSE CITY GRILL
PORTLAND VALUE INN
MONTAVILLA PARK
MAX LINE
MA
X L
INE
MAX LINE