Cambria Apartments

EXCLUSIVE INVESTMENT OFFERING

4650 SW Luradel Street, Portland, OR 97219

15 Units + Duplex with 14 Unit Development Potential . Built 1977 . $2,650,000

Grayson Pounder President, Principal Broker

503.680.4638 Grayson@PounderRealty.com

Highly Sought After SW Portland Neighborhood

Duplex Can Be Replaced With 14 Units

On Site Laundry for Additional Income

Plentiful Parking

Newer Roof and Vinyl Windows

Upside in Rents

Wood floors Throughout

Vinyl Windows

New Cabinets/Countertops

Lots of Storage

Vaulted Ceilings

Air Conditioning

UNIT AMENITIES

THE OPPORTUNITY

PROPERTY DESCRIPTION

Built in 1977, The Cambria Apartments, are located in the desirable SW quadrant of

Portland. The property is comprised of 15 apartment homes with a unit mix of 1

Studio apartment, 4 one bedroom/one bathroom units and 10 two bedroom/one

bathroom units. Most apartment homes have been updated to include new cabi-

nets and countertops, newer appliances, wood floors and vinyl windows. The units

are spacious and offer lots of storage space.

The Cambria Apartments are comprised of 2 two story buildings with wood frame

construction and pitched composition roof.

Additional Duplex is single level wood frame construction with pitched composition

roof. Plans are being drawn to replace with 14 two bedroom apartments.

Close In and Desirable SW Portland Location

Minutes from Downtown

New Countertops, Vinyl Windows, Wood Floors (Select Units)

Laundry On Site

Plentiful Parking

Development Potential for Increased Income

PORTLAND’S RENTAL MARKET

Portland’s economy was founded on the area’s abundant resources and acces-

sibility of water transport. Within the past 20 years, the economy has signifi-

cantly expanded and diversified. Today, international trade is vitally important

to the regional economy, as well as high-tech manufacturing, metals manufac-

turing, construction, and business services. Future economic development will

center on the current manufacturing sectors, as well as biotechnology / health

sciences and alternative energy. Tourism is a strong player in the local econo-

my, supporting over 28,900 jobs in the metro area. The Portland Metro Area is

home to two Fortune 500 headquarters: Nike and Precision Castparts.

Cambria Apartments

LOCATION

The Cambria Apartments are located on the west side of the city, approximately 2

miles from downtown Portland in the desirable Lair Hill neighborhood. Home to

one of the city’s oldest parks, Lair Hill is a mostly residential neighborhood close to

downtown Portland. Large homes and apartment/condo complexes sprawl from

Marquam Hill to the South Waterfront, making it an ideal location for families on

the grow. Though the smallest neighborhood in the South Portland Business Asso-

ciation, Lair Hill is a vital & essential addition to the South Portland area.

Portland, Oregon is considered by many demographic and planning experts to be

one of the cities of the future. Outside Magazine describes Portland as, “hip,

smart, and packed with adventure.” Portland’s winning combination of urban and

natural amenities has made it one of the nation’s most desirable places to live and

work. The city of Portland, situated between two West Coast economic power-

houses, San Francisco and Seattle, has a population of 2.2 million people. The area

is a lure for both talent and business, helping to underscore Portland’s leadership

in various sectors such as clean tech, green building, computer software develop-

ment and apparel design. Despite what is going on in the economy, Portland has

continually experienced an annual population growth better than one percent.

6105 SW Macadam, Portland, OR 97223

Cambria Apartments

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-

supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are

not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use

by Pounder Realty and their clients. This file may not be reproduced physically or in electronic format without the

expressed written consent of Pounder Realty. Not responsible for errors and omissions.

Grayson Pounder President, Principal Broker

503.680.4638 Grayson@PounderRealty.com

Pounder Realty

6105 SW Macadam Ave Portland, Oregon 97239

www.pounderrealty.com

PRO FORMA INCOME & EXPENSES

Units 15 + 14 Unit Development Potential Price $2,650,000

Built 1977 & 1950 Price / Unit $155,882

Average SF 852 Price / SF $183.01

Building Two Story, Wood Frame + Duplex Pro Forma Cap Rate 5.88%

Roof Pitched Composition Proposed Loan Amount $1,855,000

Rent / SF $1.29 Loan Payment $8,856

Interest Rate 4.0%

Amortization 30 Years

PROPERTY SUMMARY

INVESTMENT SUMMARY

Units Type Unit SF Total SF Market

Rent

Monthly

Rent

Annual

Mkt. Rent Rent / SF

1 Studio 600 600 $850 $850 $10,200 $1.42

4 1 Bed / 1 Bath 770 3,080 $1,050 $4,200 $50,400 $1.36

10 2 Bed / 1 Bath 900 9,000 $1,145 $11,450 $137,400 $1.27

2 Duplex 2 Bed 900 1,800 $1,100 $2,200 $26,400 $1.22

17 852 14,480 $1,100 $18,700 $198,000 $1.29

Income Pro Forma

Current

Rent /

Trailing

Exp

Scheduled Market Rent $224,000 $199,020

Less: Vacancy 3.00% ($5,940) Net Rental Income $217,668 $199,020

Plus: RUBS $7,975 $7,974

Plus: Laundry &Fees $7,300 $7,288

Total Operating Income (EGI) $232,943 $214,282

Expenses Per Unit

On Site Management $265 $4,500 $4,841

Turnover $147 $2,500 $4,250

Repairs & Maintenance $471 $8,000 $12,536

Management Fee 4.0% $548 $9,318 $8,982

Utilities $1,059 $18,000 $17,631

Landscape $265 $4,500 $4,524

Real Estate Taxes $1,405 $23,885 $19,808

Insurance $165 $2,800 $2,700

Replacement Reserves $250 $3,750 $1,410

Total Expenses $72,253 $76,682

Per Unit: $4,544 $4,511

Per SF: $5.34 $5.30

Net Operating Income $155,690 $137,600

Less : Debt Service ($106,273) ($106,273) Projected Net Cash Flow $49,418 $31,327

Cash-on-Cash Return 6.22% 3.94%

Cap Rate Analysis Price $/Unit $/SF Cap Rate Cap Rate

Listing Price $2,650,000 $155,882 $183.01 5.88% 5.19%

All Financing Total

Loan

Down

Payment LTV

Monthly

Payment

Debt

Constant

$1,855,000 $795,000 70% ($8,856) 5.7%