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MAPLE
PL
AC
EE APARTMENT
SS
MAPLE
PL
AC
APARTMENT
9457 N Bristol Avenue | Portland, OR 97203 | 2 0 Uni t s
2314 & 2318 NE Multnomah
|0Portland,
Oregon 97323
Pr ic e: $2Street
,10 0,0
0
12 Apartments + 1 Single Family Residence
Extensive Upgrades | Three-bedroom Flats | Private Yards | Adjacent to Pier Park
Garden court | Off Street Parking | NE Portland near LLoyd Center
E X C L U S I V E
E X C L U S I V E
A L L
A P A R T M E N T S.
O F F E R I N G
L I S T I N G
A L L
T H E
HFO
HFO INVESTMENT
INVESTMENT REAL
REAL ESTATE
ESTATE
www.hfore.com | 503.241.5541
M A Pwww.hfore.com
L E P L A C E A P|A503.241.5541
RTMENTS
|
1
T I M E.SM
MAPLE PLACE APARTMENTS
2314 & 2318 NE Multnomah Street
Portland, OR 97323
Listing Summary
Price:
Price Per Unit: Price Per Sq. Ft.: Cap Rate: 12 Units + 1 House • Price: $1,850,000
Investment Description
Maple Place Apartments is a rare opportunity to acquire a well-maintained asset
in the trending Sullivan’s Gulch neighborhood of northeast Portland. Maple
Place is a few blocks from Lloyd Center and walking distance to the Broadway
shopping district. Numerous transportation options including Interstate 84,
Portland’s MAX line and key surface arterials including Multnomah Blvd,
Broadway Street and Sandy Blvd connect the Sullivan’s Gulch neighborhood and
Maple Place to downtown Portland.
$1,850,000
$142,308
$150
5.56%
Physical Information
The apartments and house are
are on separate tax lots.
No. Apartments:
Year Built:
Square Feet (apx):
Avg Unit Size (SF):
No. Stories:
Acres:
Maple Place’s unit mix meets the demands of the neighborhoods diverse
demographic. In addition to the single family four (4) bedroom two (2)
bathroom house, Maple Place offers one-bedroom flats and townhomes, twoand four-bedroom apartments.
SFR House:
Year Built: Square Feet (apx):
Acres: Maple Place’s scheduled rents currently average $943 per unit, or $0.99 psf not
including the house. These rents trail the market. The asset has an opportunity
to increase cash flow through increasing rents and charging residents for
utilities. Pro forma rents are based on highest achieved rents and average
$1,143 per unit or $1.20 psf. Maple Place has been self managed, therefore the
expenses are estimates and reflect potential third-party management.
12
1968
10,653
888
2
0.28
1
1907
1,674
0.11
NE 16th Ave
This garden-style community is perfectly positioned for new management and
rent positioning to take advantage of its strong, close-in NE Portland location.
NE Broadway St
Safeway
NE 24th Ave
NE Weidler St
Lloyd Center Mall
99E
99E
Oregon
Convention
Center
NE
yd
Llo
lvd
NE
th
16
Dr
MAX lines
Maple Place
NE 33rd Ave
Holladay
Park
84
B
Benson Polytechnic
High School
E Burnside St
d
Blv
NE Glisan Street
NE 22nd Ave
NE 12th Ave
Buckman
Field Park
NE
dy
n
Sa
Laurelhurst Theater
Whole Foods Market
Laurelhurst Park
M A PLE PL AC E A PA RT ME N T S
|
2
NE Cesar E Chavez Blvd
NE Multnomah St
Portland, OR 97232
13
$1,850,000
1968
$142,308
No. Units
Year Built
Sq. Ft
Lot Size (Acres)
12,327
$150
0.39
5.65%
PRO FORMA INCOME & EXPENSES
Unit Mix and Rents
Units
1
3
6
2
1
13
Appr.
Sq. Ft.
Unit Type
1
1
2
4
4
Bd
Bd
Bd
Bd
Bd
/
/
/
/
/
1
1
1
1
2
Ba
Ba
Ba
Ba
Ba
Flat
Townhome
Flat
Flat
House
621
644
810
1620
1674
948
Current Scheduled
Rents
$910
$800
$925
$1,060
$2,100
-
$910
$905
$975
$1,165
$2,100
RPro Forma Avg.
Pro Forma
e
Rent
Rents
n Per Sq Ft
$910 $1.47
$905 $1.41
$975 $1.20
$1,165 $0.72
$2,100 $1.25
$1,070
$1.13
Amenities
Monthly
Total
$910
$2,715
$5,850
$2,330
$2,100
$13,905
• Off-street parking
• Onsite laundry
• Quiet community
• Convenient Lloyd
Center location
• Diverse unit mix
Income
Scheduled Gross Rent
$166,860
Less: Vacancy/Credit Loss
-5.0%
-$8,343
Net Rental Income
$158,517
Plus: Laundry
$3,000
Plus: Miscellaneous
$1,000
Total Other Income
$4,000
Gross Operating Income (GOI)
$162,517
Expenses
% of GOI
$/Unit/
Year
Proforma
11.5%
$1,432
$18,611
Real Estate Taxes
2013/2014 Net Taxes
Insurance
Current premium
1.4%
$175
$2,279
Utilities
2014 T12
6.2%
$775
$10,069
Fee Management
Estimate
3.5%
$1,000
$13,001
Landscaping
0
1.5%
$185
$2,400
Maintenance/Repairs
2014 T12
4.0%
$500
$6,500
Turnover
0
1.2%
$150
$1,950
Reserves
Estimate
2.0%
$250
$3,250
31.2%
($4,466)
Estimated Annual Expenses
Net Operating Income (NOI)
($58,061)
$104,456
This information has been secured from sources we believe to be reliable, but we make no representations or
warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Parties who receive this
information from unauthorized parties shall not be recognized. © 2015 HFO Investment Real Estate, LLC.
M A PLE PL AC E A PA RT ME N T S
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3
• A mix of
townhomes and
flats
ANALYSIS & AREA INFORMATION
Close-in Portland Submarket
For More
Information
503.241.5541
Residents find The Maple Place and its urban location convenient
to downtown and to neighborhoods found throughout NE Portland,
including Irvington, Hollywood, and Laurelhurst.
Trevor Calton
trevor@hfore.com
The Lloyd District Neighborhood includes restaurants, shops, hotels,
movie theatres, condominiums and apartments, and office buildings.
This commercial neighborhood in North/NE Portland is home to the
Lloyd Center, the Rose Quarter (home of the Moda Center), and the
17-acre Oregon Convention Center. Major activity takes place around
the Rose Quarter on game days for the Portland Winterhawks ice
hockey team and the NBA Trail Blazers.
Tyson Cross
Tyson@hfore.com
New development and increased employment opportunities coming to
the Lloyd Center Neighborhood include:
Greg Frick
greg@hfore.com
Lee Fehrenbacher
lee@hfore.com
Rob Marton
rob@hfore.com
Jack Stephens
jack@hfore.com
Cody Vaz
codyv@hfore.com
 www.hfore.com
HFO INVESTMENT REAL ESTATE
1028 SE Water Avenue, Suite 270
Portland, Oregon 97214
www.hfore.com
Office: 503.241.5541
Fax: 503.241.5548
•
May, 2015: The 168-room Hotel Eastlund (formerly a Red Lion)
will open across from the Convention Center.
•
Fall, 2016: Lloyd Center Mall is expected to complete a
$50-million remodeling project. The remodeling calls for updates
to existing entryways, the food court and ice rink.
•
By 2017: A $200 million 600-room Hyatt Hotel is slated to be built
at the Convention Center. Construction is expected to begin in
summer or fall of 2015.
Public transit is extensive throughout the neighborhood, including
TriMet buses and MAX trains, as well as a commuter express from
Vancouver, Washington’s C-Tran bus system.
The property is positioned to take advantage of the Portland Metro
area’s growing population and its demand for housing. Lower
vacancies are driving rents higher and the young demographic found in
Portland’s transitioning neighborhoods pay a premium for well located,
nicely maintained housing.