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Lincoln Tower - 10260 SW Greenburg Road, Suite 530, Portland, OR 97223

503.208.9400

William Maxwell | Senior Advisor [email protected] O: 503.482.4099 | M: 503.475.8212

PROPOSAL

ASHBROOK APARTMENTS 1343 SE Godsey Road, Dallas, Oregon 97338

Property Highlights

• Large Units

• Laundry On-site

• Resident Manager On-site

• Below Market Rents

• Additional Development Opportunities

ASHBROOK APARTMENTS Dallas, Oregon

PROPERTY INFORMATION


The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

PROPERTY OVERVIEW | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON

Investment Overview

Sale Price: $3,450,000

Price per Unit: $107,813

Number of Units: 32

Cap Rate: 7.49%

Lot Size: 3.13 Acres

Building Size: 32,565 SF

Year Built: 1977

Submarket: Dallas, Oregon

Zoning: RMD



PROPERTY DESCRIPTION

The Ashbrook Apartments consists of twenty-one 2

bedroom, 1.5 bath townhouse units with approximately

875 square feet and eleven 3 bedroom 1.5 bath

townhouse units at approximately 1.290 square feet in

seven buildings.

PARCEL MAP | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON



Ashbrook

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AERIAL MAP | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON



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LOCATION MAP | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON



Ashbrook

Apartments




PROPERTY ANALYSIS

PRO FORMA | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON



FINANCIAL SUMMARY

INVESTMENT OVERVIEW ACTUAL

Price $3,450,000

Price per Unit $107,813

GRM 9.5

CAP Rate 7.49%

Total Return (yr 1) $223,627

Debt Coverage Ratio -

OPERATING DATA

Gross Scheduled Income $351,096

Other Income $4,518

Total Gross Income $355,614

Operating Expenses $97,107

Net Operating Income $258,507

INCOME & EXPENSES

INCOME SUMMARY ACTUAL PER UNIT % OF GRI PROFORMA PER UNIT % OF GRI

Grossed Scheduled Rent $351,096 $10,972 98.73% $352,200 $11,006 $98.7%

Laundry Income $3,498 $109.31 0.98% $3,498 $109 0.98%

Misc. Income $1,020 $31.88 0.29% $1,020 $32 0.29%

Rubs - - - -

Total Income $355,614 $356,718 $11,147

EXPENSE SUMMARY ACTUAL PER UNIT % OF GRI PROFORMA PER UNIT % OF GRI

Taxes $21,458 $670,56 6.03% $21,458 $671 6.02%

Insurance $7,200 $225.00 2.02% $7,200 $225 2.02%

Electric $1,424 $44.50 0.40% $1,424 $44 0.40%

Water/Sewer $24,048 $751.51 6.76% $24,048 $752 6.74%

Garbage $10,283 $321 2.89% $10,283 $321 2.88%

Management $14,000 $437.50 3.94% $14,000 $437 3.92%

Maintenance/Repairs $18,694 $584.19 5.26% $18,694 $584 5.24%

Misc. - - - - -

Turnover - - - - -

Landscaping - - - - -

Vacancy Factor - - - $7,134 $223 2.00%

Gross Expenses $97,107 $3,034.61 27.31% $104,241 $3,257 29.21

Net Operating Income $258,507 $7,297.43 72.69% $252,577 $7,893 70.79%

RENT ROLL | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON



UNIT NUMBER

UNIT BED

UNIT BATH

UNIT SIZE (SF)

CURRENT RENT

MARKET RENT

MARKET RENT (PER SF)

CURRENT RENT (PER SF)

1 2 1.5 875 $798 $895 $1.02 $0.89

2 2 1.5 875 $995 $895 $1.02 $1.14

3 2 1.5 875 $890 $895 $1.02 $1.02

4 2 1.5 875 $920 $895 $1.02 $1.05

5 2 1.5 875 $800 $895 $1.02 $0.91

6 2 1.5 875 $875 $895 $1.02 $1.00

7 2 1.5 875 $795 $895 $1.02 $0.91

8 2 1.5 875 $815 $895 $1.02 $0.93

9 2 1.5 875 $880 $895 $1.02 $1.01

10 3 2 1,290 $920 $1,295 $1.00 $0.71

11 3 2 1,290 $1,195 $1,295 $1.00 $0.93

12 2 1.5 875 $970 $895 $1.02 $1.11

13 2 1.5 875 $780 $895 $1.02 $0.89

14 2 1.5 875 $840 $895 $1.02 $0.96

15 2 1.5 875 $880 $895 $1.02 $1.01

16 2 1.5 875 $895 $895 $1.02 $1.02

17 3 2 1,290 $1,1505 $1,295 $1.00 $1.00

18 2 1.5 875 $780 $895 $1.02 $0.89

19 2 1.5 875 $750 $895 $1.02 $0.86

20 3 2 1,290 $1,050 $1,295 $1.00 $0.81

21 3 2 1,290 $915 $1,295 $1.00 $0.71

22 2 1.5 875 $785 $895 $1.02 $0.90

23 2 1.5 875 $895 $895 $1.02 $1.02

24 3 2 1,290 $1,140 $1,295 $1.00 $0.88

25 2 1.5 875 $895 $895 $1.02 $1.02

26 3 2 970 $970 $1,290 $1.33 $1.00

27 2 1.5 875 $775 $895 $1.02 $0.94

28 3 2 1.290 $1,078 $1,295 $1.00 $0.84

29 3 2 1,290 $1,100 $1,295 $1.00 $0.85

30 3 2 1,290 $905 $1,295 $1.00 $0.70

31 2 1.5 875 $875 $895 $1.02 $1.00

32 3 2 1,290 $965 $1,295 $1.00 $0.75

Total/Average 32,245 $29,258 $33,035 $1.02 $0.95

UNIT MIX SUMMARY

UNIT TYPE

COUNT % TOTAL SIZE (SF)

MARKET RENT

RENT/SF

2 bed / 1 bath

22 68.75% 875 $895 $1.02

3 bed / 2 bath

10 31.25% 1,290 $1,295 $1.00

Total/Average

32 100% 32,565 $26,175 $1.01

Ashbrook Apartments

1343 SE Godsey Road, Dallas, Oregon 97338


SALE & RENT COMPARABLES





SALE COMPARABLE SUMMARY | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON

Glynbrook Estates

189 Glynbrook Street N

Salem, OR 97303

Price $3,400,000

Price/Unit $97,142

Unit 35

Price/SF $94.39

Building SF 36,020 SF

Sale Date 06/27/2017

Cap Rate 6.00%

Year Built 1976

Notes $39,534/bedroom. $4,069/unit expenses

Ashbrook Apartments

1343 SE Godsey Road

Dallas, Oregon 97338

Price $3,450,000

Price/Unit $107,813

Unit 32

Price/SF $105.94


Sale Date -

Cap Rate 7.49%

Year Built 1977

Notes -

River Road Apartments

5115 River Rd N

Keizer, OR 97303

Price $2,200,000

Price/Unit $81,481

Unit 27

Price/SF $73.83



Cap Rate 6.50

Year Built 1963

Notes 100% Occupied

Price $5,400,000

Price/Unit $90,000

Unit 60

Price/SF $101.47



Cap Rate 5.6%

Year Built 1994

Notes $39,706/bedroom. $4,325/unit expenses

Beverly Plaza

3655 Beverly Avenue NE

Salem, OR 97305




Countryside Apartments

4607 Silverton Rd NE

Salem, OR 97305

Price $2,080,000

Price/Unit $65,000

Unit 32

Price/SF $70.56



Cap Rate 5.71%

Year Built 1987

Notes -

Price $2,525,000

Price/Unit $58,720

Unit 43

Price/SF $85.45



Cap Rate 7.21

Year Built 1963

Notes -

Spring Creek Apartments

816 25th St. SE

Salem, OR 97301

Price $2,800,000

Price/Unit $83,928

Unit 36

Price/SF $85.37



Cap Rate 7.19%

Year Built 1972

Notes -

Britewood Apartments

1398 E Cleveland St

Woodburn, OR 97071

Price $4,100,000

Price/Unit $77,358

Unit 53

Price/SF $78.07



Cap Rate 6.75%

Year Built 1979

Notes -

Heritage Hills Apartments

3875 S Liberty Rd

Salem, OR 97302




341 SE 2nd Avenue

Canby, OR 97013

Price $1,175,000

Price/Unit $83,928

Unit 14

Price/SF $83,928



Cap Rate 6.49%

Year Built 1965

Notes -

Property Name Sale Price Units $/SF $/unit Cap GRM Sale Date

* Ashbrook Apartments $3,450,000 32 $105.94 $107,813 7.49% - -

1 River Road Apartments $2,200,000 27 $73.83 $81,481 6.50% - 11/01/2016

2 Glynbrook Estates $3,400,000 35 $94.39 $97,142 6.00% 8.85 06/27/2017

3 Beverly Plaza $5,400,000 60 $101.47 $90,000 5.6% 9.12 05/09/2017

4 Spring Creek Apartments $2,525,000 43 $85.45 $58,720 7.21% 6.54 05/04/2017

5 Britewood Apartments $4,100,000 53 $78.07 $77,358 6.75% 6.83 06/01/2016

6 Countryside Apartments $2,080,000 32 $70.56 $65,000 5.71% 3.29 09/01/2016

7 Heritage Hills Aartments $2,800,000 36 $85.37 $77,777 7.19% 9.36 06/08/2017

8 341 SE 2nd Ave $1,175,000 14 $136.63 $83,928 6.49% 9.23 07/01/2016

Average $2,960,000 37.5 $88.38 $78,933 6.44% 7.35 -

SALE COMPARABLE CHART | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON

All SVN® Offices Independently Owned and Oprated

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AshbrookApartments

River RoadApartments

GlynbrookEstates

Beverly Plaza Spring CreekApartments

BritewoodApartments

CountrysideApartments

Heritage HillsAartments

341 SE 2nd Ave

RENT SURVEY SUMMARY | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON



Embassy Way Apartments

4180 Embassy Way NE

Salem, OR 97305

Average Rent/SF $0.94

Average Rent $845

Average Size 900 SF

Number of Units 64


Lot Size 2.15 AC

Year Built 1991

Occupancy 98.4%

Notes -

Ashbrook Apartments

1343 SE Godsey Road

Dallas, Oregon 97338

Pacific Crest Apartments

950 N 2nd Street

Silverton, OR 97381


Average Rent $1,000

Average Size 829 SF

Number of Units 76


Lot Size 3.47 AC

Year Built 1992

Occupancy 97.4%

Notes -


Average Rent $906

Average Size 807 SF

Number of Units 56


Lot Size 2.32 AC

Year Built 1990

Occupancy 98.2%

Notes -

Cheryl Lynn Apartments

4822 Cheryl Lynn Way NE

Salem, OR 97305


Average Rent $914

Average Size 1,008 SF

Number of Units 32


Lot Size 3.13 AC

Year Built 1977

Occupancy 100%

Notes -


All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.


Average Rent $997

Average Size 925 SF

Number of Units 54


Lot Size 1.85 AC

Year Built 2013

Occupancy 96.3%

Notes -

Newcastle Place Apartments

4470 Conser Way NE

Salem, OR 97305


Average Rent $833

Average Size 833 SF

Number of Units 82


Lot Size 43.54 AC

Year Built 1981

Occupancy 96.3%

Notes -

Hollywood Park Apartments

3300 Hollywood Drive NE

Salem, OR 97305


Average Rent $832

Average Size 587 SF

Number of Units 52


Lot Size 3.97 AC

Year Built 1979

Occupancy 96.1%

Notes -

Sandalwood Apartments

3963 Etta Drive NE

Salem, OR 97305


Average Rent $820

Average Size 848 SF

Number of Units 36

Building SF 30,546

Lot Size 0.58 AC

Year Built 1971

Occupancy 94.4%

Notes -

Whispering Pines

3777 Iberis Street NE

Salem, OR 97305


All SVN® Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

Knott Apartments

452 N Ivy St

Canby, OR 97013


Average Rent $786

Average Size 841 SF

Number of Units 10


Lot Size 0.63 AC

Year Built 1989

Occupancy 100%

Notes -

Property Name Rent/SF Building Size # of Units Occupancy Rate Average Rent Year Built

* Ashbrook Apartments $0.95 32,245 SF 32 100% $914 1977

1 Pacific Crest Apartments $1.21 79,968 SF 76 97.4% $1,000 1992

2 Embassy Way Apartments $0.954 59,648 SF 64 98.4% $845 1991

3 Cheryl Lynn Apartments $1.12 45,192 SF 56 98.2% $906 1990

4 Newcastle Place $1.08 49,950 SF 54 96.3% $997 2013

5 Hollywood Parks $1.42 30,550 SF 52 96.1% $832 1979

6 Sandalwood Apartments $1.03 68,332 SF 82 96.3% $855 1981

7 Whispering Pines $0.97 30,546 SF 36 94.4% $820 1971

8 Knott Apartments $0.93 8,410 SF 10 100% $786 1989

Average $1.09 44,198 SF 53.75 97.14% $880 1988

RENT SURVEY CHART | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON

All SVN® Offices Independently Owned and Oprated

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AshbrookApartments

Pacific CrestApartments

Embassy WayApartments

Cheryl LynnApartments

Newcastle Place Hollywood Parks SandalwoodApartments

Whispering Pines Knott Apartments



DEMOGRAPHICS & MARKET RESEARCH



DEMOGRAPHICS | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON

DEMOGRAPHICS DATA

1 mile 3 miles 5 miles

Total Households 1,091 4,350 7,588

Total Population 3,175 11,665 20,025

Persons per Household 2.9 2.7 2.6

Average Household Income $52,502 $55,290 $56,733

Average House Value $190,338 $199,563 $210,011

Average Age 35.8 38.0 37.5

Average Age (Male) 37.5 38.5 37.5

Average Age (Female) 34.4 37.8 37.8



ABOUT DALLAS OREGON | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON



Dallas is a city in the state of Oregon and serves as

the county seat of Polk County. The city is situated along

Rickreall Creek, about 15 miles west of the state capitol,

Salem. The city was settled in the 1840s on the north side of

Rickreall Creek and was originally named "Cynthian" or

"Cynthiana". According to the United State Census Bureau,

the city has a total area of 4.81 square miles and as of 2016,

a population of 15,923.

Dallas has many treasures, with many beautiful City parks,

the Dallas Aquatic Center, the Motor-Vu Drive In, and small

town charm. A short drive away is the 2,500 acre Baskett

Slough National Wildlife Refuge, the Black Rock trail system -

Oregon's first free ride area for mountain biking, and award

-winning wines.

Not only family-friendly, Dallas is business-friendly too. With

sites from 1 to over 20 acres, with access to highways and

rail service, Dallas is ready for employers and can offer

incentive packages, streamlined permitting, friendly staff,

and a supportive business environment.

15 Miles

West of Salem

$253,200

Median Home Value

15,923

2016 Population



Top Employers

Dallas Public Schools

Polk County

Forest River, Inc.

West Valley Hospital

Dallas Retirement Village

Professional Background

Bill Maxwell grew up in Southern California and graduated from Los Alamitos High School

where he lettered in Water Polo and Swimming all three years. Bill attended Cypress College

where he played water polo and during college he worked for the City of Seal Beach as a

Beach Lifeguard earning many accommodations and awards for saving lives.

First licensed as a Real Estate Broker in 1983 Bill worked with Buckingham Investments

specializing in apartments sales and management where he oversaw the management of a

portfolio of apartment communities in Long Beach, California. After many sales awards and

consistent sales performance Bill was recruited by Mike Macrae who founded Macrae

Investments in Long Beach, California. After a few years with Macrae Investments, Bill started

his own brokerage firm in Long Beach specializing in sales and management of apartment

communities.

Bill's extensive knowledge of apartment communities from both investment and

management perspectives gives his clients added value when selling or purchasing

apartments.

Education

Cypress College

University of Nevada - Las Vegas (UNLV)

Current Listing

Silverton Manor - 992 N 2nd Street, Silverton, Oregon 97381 (39 Units - Multifamily)

ADVISOR PROFILE | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON

William Maxwell Senior Advisor



10260 SW Greenburg Road, Suite 530 Portland, OR 97223 O: 503.482.4099 | M: 503.475.8212 [email protected] OR #199912087

DISCLAIMER | ASHBROOK APARTMENTS | MULTIFAMILY | DALLAS, OREGON

The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be

used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written

consent of the SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other

person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the

person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.

Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information

contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property.

This Offering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be

correct, and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for

representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication

transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to

it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor

any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this

Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole

discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate

negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity

reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate

Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have

acknowledged the foregoing and agreed to release the Owner and the SVN Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such

correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective

purchaser proceeds at its own risk.



Lincoln Tower

10260 SW Greenburg Road, Suite 530

Portland, OR 97223

ph: 503.208.9400

William Maxwell | Senior Advisor

[email protected]

O: 503.482.4099 | M: 503.475.8212


The information listed above has been obtained from sources we believe to be

reliable, however, we accept no responsibility for its correctness.

proposal ashbrook apartments€¦ · ashbrook apartments dallas, oregon property information all...

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