The Bruce Apartments - LoopNet...Scheduled Gross Rent $194,400 $204,000 Fixed Expenses Less:...

James Gillespie

Oregon Principal Broker

(503) 890-5775

[email protected]

The Bruce Apartments 7 Units - NW Portland, OR

Heather Miller

Licensed Oregon Broker

(503) 444-5819

[email protected]

THE BRUCE APARTMENTS

1214 NW 25th Ave


KW Commercial-Portland Central is pleased to offer the opportunity to purchase the

Bruce Apartments, a charming 7 unit property in the Northwest Alphabet District of Portland,

Oregon. This investment offers a desirable vintage property with benefits of very spacious units

and wood frame construction not typical of this era. There is the potential for more income

with adding secondary ground level studio apartment and pass through of utility charges. The

Bruce Apartments offers upside to a buyer through bringing rents to levels consistent with the

submarket.

The Bruce is a 3-story apartment building with a renovated ground level apartment.

Each upper floor has 2 units with 3 bedrooms & 1 bathroom. All upper units have private decks

overlooking the beautiful Northwest Heights of Portland. The main floor has a new front porch.

The ground level has one unit, three storage units, a bike room and a laundry room plus an

extra room that may be converted to a studio apartment.

The building has had many improvements over the last several years, Including

refinished hardwoods, new exterior and interior paint, roof repair, remodeled bathrooms and

kitchens.


1214 NW 25th Ave

PROPERTY OVERVIEW

Fairway Center

The Historic Bruce Apartments charm gives it curbside appeal on NW 25th

Ave in the lively neighborhood of Northwest Portland. The surrounding area

is a hot commodity for residents, being a destination for trendy bistros,

fashion boutiques, coffee roasters, fine dining, and craft cocktail hours.

Day-to-day amenities are all walking distance from the Bruce and has great

transportation for those who need to travel outside the neighborhood.

NW Overton St

NW Northup St

PROPERTY HIGHLIGHTS

• All new refinished hardwood floors

• Private decks with beautiful views

• New front porch & railings

• Historical Charm on NW 25th Ave

• Additional Storage, On-Site Laundry &

Bike room

• The best location possible for

Multifamily Investments

PROPERTY OVERVIEW

Address 1214 NW 25th Ave

Price $2,600,000

Total Units 7

Avg Unit 3 bedroom, 1 bath

Avg Unit Size 1,450 SF


1214 NW 25th Ave

IMPOVEMENTS & FEATURES

• Built in 1909; Numerous upgrades over the years.

• Exterior paint and stucco was done in 2015.

• Roof flat repaired in 2013 and well maintained.

• All bathrooms & kitchens have been remodeled

• 7 Units; 2 on each floor; 1 on ground floor.

• Each upper unit has 3 bedrooms, a kitchen & 1 bathroom .

• Refinished hardwood floors.

• All units have been repainted in the last 2 years

• New water heaters.

• New water line to the building.

• Added $2,000 Handicap accessible shower in downstairs

unit.

• Water proof membrane installed in upper units porches.

• Intercom security access system installed for main & upper

floors.

• Miscellaneous annual maintenance for pride of ownership.


1214 NW 25th Ave

FINANCIAL SUMMARY

NET OPERATING INCOME SUMMARY

PLUS: Income Current Pro Forma LESS: Expenses Current Pro Forma

Scheduled Gross Rent $194,400 $204,000 Fixed Expenses

Less: Vacancy/Deductions 3.0% $5,832 3.0% $6,120 Property Tax $21,687 $22,608

Net Rental Income $188,568 $197,800 Utilities - Electric $712 $734

Other Income $1,978 $6,178 Utilities - Water/Sewer $4,782 $4,925

Effective Gross Annual Income $190,546 $204,058 Utilities - Gas $537 $553

LESS: Operating Expenses $52,708 $53,340 Trash Removal $2,989 $3,079 Net Operating Income $137,838 $150,718 Insurance $3,445 $3,445

Variable Expenses

Cash Flow $137,838 $150,718 Management $9,720 $10,200

Debt Service $101,028 $101,028 Landscaping $1,150 $1,150

Net Cash Flow After Debt Services $36,810 $46,690 Repairs & Maintenance $4,536 $3,500

Principal Reduction $37,634 $38,701 Operating Reserves $1,750 $1,750

Total Return $74,444 $88,391 Turnover $1,400 $1,400

CAP Rate 5.2% 5.6% Total Annual Operating Expenses $52,708 $53,340

Purchase Price $2,650,000 Expenses per Unit $7,529 $7,620

Price per Square Foot $279.00 Expenses per SF $5.55 $5.61

FINANCIAL SUMMARY DETAILS

Loan Based on 40% down

25 year amortization

4.05% interest rate

300 month amortization

Based on OnPoint preliminary quote

Quote 5/1/19 5 year fixed


1214 NW 25th Ave

TENANT OVERVIEW

UNIT # CURRENT RENT CURRENT RENT POTENTIAL RENT RENT/SF/MONTH UNIT SIZE ROOMS BATH

Unit 1 $2,350/mo $1.68/SF/mo $2,550/mo $1.85/SF/mo 1,450 SF 3 1







Total 9,500 SF 21 7 $16,200/mo $1.71/SF/mo $17,775/mo $1.87/SF/mo


1214 NW 25th Ave

• Landlord pays water, sewer & trash and common electicity.

• Tenant pays for gas, electric & cable.

• On-site laundry facility; 2 washers & 2 dryers.

• Bike storage room.

• 3 storage units.

• Refinished hardwood floors.

• Remodeled bathrooms and kitchens.

• Top floors have great views from private decks.

• Landlord allows cats; $150 Non-refundable

deposit.

• Security Deposit is $2,000 - $350 of it is a

cleaning fee when they move out.

• Downstairs unit is mostly

handicap accessible.

TENANT OVERVIEW


1214 NW 25th Ave

NORTHWEST PORTLAND

The Northwest District is one of Portland’s best neighborhoods. The

area is full of local restaurants and boutique shops. The

neighborhood commands some of the highest rents in Portland

due to a combination of nearby amenities, close proximity to

downtown Portland employment centers, low crime rates and high

school ratings. The Northwest District is the 6th most walkable

neighborhood in Portland with a walk score of 93. The Bruce

apartments are conveniently located near great transit options like

the Portland Streetcar and 5 different TriMet bus stops less than a

quarter of a mile from the front door.

The neighborhood is gorgeous; vintage homes on every block;

peaceful parks; cute boutiques; busy breweries; fancy restaurants.

The Bruce Apartments also has great attractions nearby such as

McMenamins Mission Theater, Pittock Mansion, Providence park

Portland’s Rose & Japanese Gardens and more.

Photos from left to right: Top row: Trader Joes; McMenamins Mission Theater; Forest Park

2nd row: Wallace Dog Park; New Seasons Market; The Fireside NW Portland

3rd row: Breakside Brewery - NW Slabtown; Providence Park; Blue Star Donuts

4th row: Couch Park; Salt & Straw; Pittock Mansion

Walker’s Paradise

Daily errands do not require a car. 94 Walk Score

Good Transit

Many nearby public transportation options. 4 minute walk to

the Portland Street Car. Less than a mile away from the MAX

Blue Line & Red Line. 4 Nearby Bus Line Options.

58 Transit Score

Very Bikeable

85 Bike Score


1214 NW 25th Ave

AERIAL OVERVIEW

NORTHWEST

DISTRICT

The Bruce

Wallace Park

Burnside Bridge

PEARL

DISTRICT

DOWNTOWN

GOOSE

HOLLOW

SLABTOWN

KELLER WILLIAMS - PORTLAND CENTRAL

919 NE 19TH AVE, SUITE 100, PORTLAND, OR 97232 Each Office is independently owned and operated

7-PLEX FOR SALE


4531 SE BELMONT ST

PORTLAND, OR

Confidentiality & Disclaimer:

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or

warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability,

financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or

information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active

conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for

a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate

third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and

consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or

assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/

or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and

governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with

an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney.

Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers,

architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Chicago-O'Hare in compliance with all applicable fair housing and equal

opportunity laws.

Exclusively Listed By:

James Gillespie

Foundation Commercial Group

Oregon Principal Broker

503.890.5775

[email protected]

Heather Miller

KW Commercial

Licensed Oregon Broker

(503) 444-5819

[email protected]

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