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pdx investment propertiesCommercial Real Estate Services

Location* Minutes from Costco, Walmart, Fred Meyer* Minutes from Washington Square* On the bus line

Features* 1/3 of the units are recently remodeled * Very desirable unit mix * New privacy fences with backyards * Fresh exterior paint* Roofs are in great shape (some new)

This property is located in a popular suburb of Tigard. It’s close to everything, Costco, Fred Meyer, Walmart, and several restaurants. All that, and still just minutes from Washington Square, a major shopping center in the Portland area. About 1/3 of the units have been recently remodeled with rental upside still waiting to be realized. The majority of units are 2bed, including 2bed town houses. Priced at a 5.25 cap rate with a stabilization North of a 6 cap rate.

Jeff Gibbs

c 503.260.4867

jeff@pdxinvestmentproperties.com

$3,995,000 | 11575 SW Greenberg Rd, Tigard OR 97223Four Oaks Apartments | 24 units

pdx investment properties | 401 6th St, Oregon City OR 97045 | c 503.260.4867 | f 503.512.5855 | jeff@pdxinvestmentproperties.com

Income and Expenses11575 SW Greenberg Rd Tigard OR 97223

Physical InformationNo. Units 24

Year Built/Renovated 1965

Roof Type Pitched 3 tab/Flat

Exterior Hardi/T111

No. Stories 2

Washers/Dryers No

Dishwashers/Disposals Yes

Range/Refrigerators Yes

Fireplace/Wood Stove Some

Open Parking Spaces Yes

Covered Parking Spaces No

Patio/Deck Yes

Heating Type Electric

Garages No

Storage Units Yes

Laundry Room Yes

Lot Size 1.14 AC

Scheduled Monthly Rents

Units Type Est. SF Current Avg. Rent

Monthly Income

Rent at Market

Monthly Income

7 1 BD/1 BA 700 $958 $6,706 $1,150 $8,050

8 2 BD/1 BA 850 $1,123 $8,984 $1,250 $10,000

9 2 BD/1.5 TH 1000 $1,213 $10,917 $1,350 $12,150

24 Estimated Total $26,607 $30,200

Scheduled Gross Income $319,284 $362,400Less Vacancy (5%) $15,964 $18,120

Effective Gross Income $303,320 $344,280

Annual Laundry/Other $6,000 $4,200

Annual RUBS @ $50/Uint $15,840 $7,200

Effective Annual Income $325,160 $355,680

Estimated ExpensesCurrent Budget

Per/Unit Amount Per/Unit Amount

Taxes $926 $22,222 $926 $22,222

Insurance $225 $5,400 $225 $5,400

Electricity 2019 (6 month) $162 $3,876 $162 $3,876

W/S 2019 (6 month) $1,229 $29,500 $1,229 $29,500

Garbage 2019 (6 month) $228 $5,462 $228 $5,462

Management $1,217 $29,200 $1,334 $32,011

Estimated Repairs $250 $6,000 $250 $6,000

Turnover Reserves 9/u $500 $4,500 $500 $4,500

Landscaping 2018 YE $113 $2,700 $113 $2,700

Replacement Reserves $250 $6,000 $250 $6,000

Total Est. Annual Expenses $114,860 $117,671

Per Unit $4,786 Per Unit $4,903

Investment SummaryCurrent Projected

Net Operation Income (NOI) $210,300 $238,009

Cap Rate 5.26% 5.96%

Cash Flow $46,196 $73,905

Cash Return 4.16% 10.5%

Listing SummaryPrice $3,995,000

Loans $2,796,500

Equity 30%

Current Cap Rate 5.26%

Projected Cap Rate 5.96%

Proposed FinancingDown Payment $1,198,500

Percent Down 30%

Loan Amount $2,796,500

Interest Rate 4.20%

Term (Years) 10/30

Loan Payments Per Year $164,104

Current Net Cash Flow $46,196

Projected Net Cash Flow $73,905

pdx investment properties | 401 6th St, Oregon City OR 97045 | c 503.260.4867 | f 503.512.5855 | jeff@pdxinvestmentproperties.com

Photos5601-5635 Kiillingsworth St, Portland OR 97218