O. 503.224.6743F. 503.224.7933www.tfn-ire.com
Exclusively listed by:Tilbury Ferguson Investment Real Estate, Inc.
TILBURY FERGUSON
INVESTMENT REAL ESTATE, INC.
Liz Tilbury, CCIM [email protected]
1231 NW Hoyt Street, Suite 201 Portland, Oregon 97209
Ben Murphy [email protected]
MISSISSIPPI COURT43 LIKE-NEW APARTMENTS & ONE OFFICE/ART SPACE 2631 N MISSISSIPPI AVE, PORTLAND, OR 97227
PRICE: $8,550,000
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
MISSISSIPPI COURT
Extensive Renovation in 2016 - Building was vacated and some units combined/reconfigured at a cost of over $1,385,000
1920's Art Deco Building with Vintage Charm
Wood Frame Construction
STUDIO APARTMENTS PRICE: $8,550,000
43 STUDIO APARTMENTS & ONE OFFICE/ART SPACE 2631 N MISSISSIPPI AVE, PORTLAND, OR 97227
Brokers:Tilbury Ferguson Investment Real Estate, Inc.
Liz Tilbury, [email protected]
NOTE: PLEASE DO NOT DISTURB RESIDENTS OR STAFF
PROPERTY DETAILS
Fully Sprinkled & Alarmed
Historic Mississippi District
Substantially upgraded electrical and plumbing systems
Two blocks from Albina/Mississippi MAX station.Three blocks to Legacy Emanuel Medical Center
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
Price: Price/Unit
Avg. Rent: Avg. Rent/SF:
EGI:
$8,550,000$194,318
$1,126/month
$2.62/SF
$684,793
241,292 (35.2%)
$5,484
$443,501
5.2%
PROFORMA SUMMARY
Year Built: Units: No. Floors:
Gross Building SF:
Lot Size: Exterior:Roof:Framing: Foundation:Windows: Heat: Hot Water:
Laundry: Access: Parking:
1926; Renovated 201644 (one office/art space)
Three
23,438 SF 0.31 acres StuccoFlat - MembraneWood FrameConcreteVinyl - Custom Double Hung
Gas - Individual Furnaces, Cadet Lower Level
Central Boiler (Gas)On-site Secured entryStreet
IMPROVEMENTS SUMMARY
INVESTMENT HIGHLIGHTS
MISSISSIPPI COURT
• Rare asset in historic Mississippi District.
• Close-in east side location near trendyshops & restaurants offering some of thebest dining & entertainment Portland has tooffer.
• 1920’s restoration - Jazz age charm withmodern day finishes.
• Excellent access to public transit - Twoblocks from Albina/Mississippi MAX station.Five minutes to downtown. “Biker’sparadise, 88 bike score.”
• Upside potential as discounted leasesrenew. 100 %occupied with over two years
stabilized operations.
• Can place new debt, loan quotes providedupon request.
Expenses: Expenses/Unit:
NOI:Cap Rate:
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
SORTED RENT ROLL
Type Current Scheduled Count
1
1
1
1
5
1
1
1
1
4
1
1
1
1
1
1
2
Studio (g) - 529 SF
Studio (a) - 298 SF Total
Studio (b) - 354 SF
$995 $1,075
$1,020 $1,075
$1,045 $1,075
$1,075 $1,075
$1,023 $1,075$955 $1,050
$995 $1,050
$1,000 $1,050
$1.050 $1,050
$1,000 $1,050Studio (b) - 354 SF Total
Studio (d) - 448 SF $1,050
$1,245$1,065
$1,245$1,095
$1,245$1,110
$1,245$1,120
$1,245$1,135
$1,245$1,165
$1,245$1,175
$1,245$1,185
$1,245$1,195
$1,245$1,245
$1,245$1,245
$1,245$1,156
$595$575
$595$575
1
1
1
5
1
17
1
1
$1,200 $1,295
$1,290 $1,295
$1,295 $1,295
$1,126 $1,196Averages Total
1
1
1
1
44
$1,245
$980 $1,075 1
Studio (e) - 457 SF
Studio (d) - 448 SF Total
Studio (e) - 457 SF Total
Studio (f) - 494 SF $1,095
$1,145
$1,155
$1,215
$1,280
$1,280
$1,280
$1,280
1
2
1
1
Studio (f) - 494 SF Total $1,178 $1,280 5
$1,295$1,295Studio (g) - 529 SF Total
$1,270 $1,295 4
Studio (a) - 298 SF
Studio (C) - 415 SF 1
1
1
1
$1,015 $1,215
$1,095 $1,215
$1,125 $1,215
$1,155 $1,215
2
2
$1,215 $1,215
$1,215 $1,215
Studio (c) - 415 SF Total 8$1,156 $1,215
HighestAchieved
$1,280 $1,280 1
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
Current Schedule of Rents
Income And Expense Summary Operating Expenses
%/GOI7.6%
1.8%
3.5% 5.0% 3.0%
3.3%
2.9%
Per Unit$1,178
$281
$545 $778 $467
$509
$458
$51,817
$12,379$23,968
$34,240 $20,544
$22,390
$20,166
1.3%
1.3%
0.7% 1.6% 0.9%
1.1%
1.3%
$199
$198
$113 $250 $136
$170
$200
$8,774
$8,730
$4,985 $11,000 $6,000
$7,500
$8,800
Total Amount/Per Year% of GOIPer Unit/Per Year Per Sq. Ft./Per Year
Net Operating Income (NOI)
Cap Rate
$241,29235.2%$5,484
$12.75
$443,501 5.2%
$594,720
$17,842 (3%)
$576,878
$34,621 $2,959 $5,127
$65,208$684,793
Current Gross Scheduled Income
Less: Estimated Vacancy/Credit Loss
Effective Rental Income
Miscellaneous Income (1)Storage Income (1)Laundry Income (1)Utility Reimbursement (RUBs) (2)
Gross Operating Income (GOI)
(1) Misc., Storage, Laundry Income: 2018 Year-End Actuals
(2) Current RUBs charges: $130/Unit (assumes %5 vacancy factor)
(3) Fire/Liability Insurance Premium: $12,379
(4) Current C&R Real Estate Management Fee: 3.5%
(5) Estimated Payroll/On-Site personnel for manager/maintenance staff: 5%
(6) Estimated R/M: Includes parts/supplies for electrical, plumbing,appliances
(7) Utilities: 2018 Year-End actuals
(8) Phone/Internet: 2019 Year-End actuals (FastMesh Internet for residents)
(9) Landscaping: 2018 Year-End actuals (Includes pest control)
(10) Turnover: $250/Unit, includes "make ready" expenses such as cleaning
(11) Advertising/Promotion: Estimated, includes Zillow, Yelp, Hotpads, SEO
(12) General/Admin: Estimated and includes IT support, office supplies, security
(13) Reserves/Replacements: Estimated $200/Unit
$241,292$5,48435.2%
Expenses:Real Estate Taxes (2)
Property Insurance (3)
Property Management (4) Payroll: On-site Personnel (5)
Repair/Maintenance (6)
Electricity/Gas (Common Area) (7)
Water/Sewer (7)
Garbage (7)
Phone/Internet (8)
Landscaping (9)
Turnover (10)Advertising/Promotion (11)
General/Administration (12)
Reserves/Replacements (13)
Total
Total Operating Expenses
Type
Studio/One BathStudio/One BathStudio/One BathStudio/One BathArt Studio/Work OfficeStudio/One BathStudio/One Bath
Approx. SF
298354415448500494529
Rent
$1,023$1,000$1,156$1,156$575$1,178$1,270
$/SF
$3.43$2.82$2.79$2.58$1.15$2.38$2.40
Monthly
$5,115$4,000$9,250$19,650$575$5,890$5,080
Current Schedule of Rents
#
54817154
44 430 $1,126 $2.63 $49,560
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
Highest Achieved Rents
Income And Expense Summary Operating Expenses
%/GOI7.3%
1.7%
3.5% 5.0% 3.0%
3.2%
2.8%
Per Unit$1,178
$281
$563 $804 $483
$509
$458
$51,817
$12,379
$24,778
$35,398 $21,239
$22,390
$20,166
1.2%
1.2%
0.7% 1.6% 0.8%
1.1%
1.2%
$199
$198
$113 $250 $136
$170
$200
$8,774
$8,730
$4,985 $11,000 $6,000
$7,500
$8,800
Total Amount/Per Year% of GOIPer Unit/Per Year Per Sq. Ft./Per Year
Net Operating Income (NOI)
Cap Rate
$243,95634.5%$5,544
$12.89
$463,998 5.4%
$631,620$31,581 (5%)
$600,039
$34,621 $2,959 $5,127
$65,208$707,954
(1) Misc., Storage, Laundry Income: 2018 Year-End Actuals
(2) Current RUBs charges: $130/Unit (assumes %5 vacancy factor)
(3) Fire/Liability Insurance Premium: $12,379
(4) Current C&R Real Estate Management Fee: 3.5%
(5) Estimated Payroll/On-Site personnel for manager/maintenance staff: 5%
(6) Estimated R/M: Includes parts/supplies for electrical, plumbing,appliances
(7) Utilities: 2018 Year-End actuals
(8) Phone/Internet: 2019 Year-End actuals (FastMesh Internet for residents)
(9) Landscaping: 2018 Year-End actuals (Includes pest control)
(10) Turnover: $250/Unit, includes "make ready" expenses such as cleaning
(11) Advertising/Promotion: Estimated, includes Zillow, Yelp, Hotpads, SEO
(12) General/Admin: Estimated and includes IT support, office supplies, security
(13) Reserves/Replacements: Estimated $200/Unit
$243,956$5,54434.5%
Expenses:Real Estate Taxes (2)
Property Insurance (3)
Property Management (4) Payroll: On-site Personnel (5)
Repair/Maintenance (6)
Electricity/Gas (Common Area) (7)
Water/Sewer (7)
Garbage (7)
Phone/Internet (8)
Landscaping (9)
Turnover (10)Advertising/Promotion (11)
General/Administration (12)
Reserves/Replacements (13)
Total
Current Gross Scheduled Income
Less: Estimated Vacancy/Credit Loss
Effective Rental Income
Miscellaneous Income (1)Storage Income (1)Laundry Income (1)Utility Reimbursement (RUBs) (2)
Gross Operating Income (GOI)
Total Operating Expenses
Type
Studio/One BathStudio/One BathStudio/One BathStudio/One BathArt Studio/Work OfficeStudio/One BathStudio/One Bath
Approx. SF
298354415448500494529
Highest Achieved Rents
#
54817154
$1,075$1,050$1,215$1,245$595$1,280$1,295
Rent
$3.61$2.97$2.93$2.78$1.19$2.59$2.45
Increase
5.1%5.0%5.1%7.7%3.5%8.7%2.0%
Monthly
$5,375$4,200$9,720$21,165$595$6,400$5,180
44 430 $1,196 $2.78 6.2% $52,635
$/SF
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
MISSISSIPPI COURT
Renovation Highlights.
• Brick courtyard, water feature, & planters• Entryway, intercom, & mailboxes• Bike racks• Four laundry rooms (stacked washer/dryer in
each)• Substantially upgraded plumbing & sewer
• Custom fiberglass, double-hung, double-glazed windows (replaced in phases)
• Fully sprinkled & alarmed• New fire escape• Oil tank decommissioned• New leasing office
• Upgraded common areas & hallways• Addition of arches and other architectural
period fixtures• Fast Mesh Internet service• Nine brand new apartments reconfigured from
previous existing offices• Remaining 34 units extensively renovated
• Refinished oak & fir floors in apartments &hallways
• Energy efficient appliances• Gas stoves• New cabinetry, countertops, & light fixtures• Classic built-ins
• Checkered (black/white) tile floors inbathrooms & kitchens
• Bathrooms with new hardware, flooring, tubsurrounds, and fixtures
• Forced air (gas) heaters on upper level; electricCadet heaters on lower level
• New electrical systems on ground floor units
• Total hard costs over $1,385,000
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
FLOOR PLANS
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
SALES COMPARABLES$
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
EXTERIOR / INTERIOR PHOTOGRAPHY
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
HISTORIC MISSISSIPPI NEIGHBORHOOD
HISTORIC N. MISSISSIPPI
North Mississippi is Portland distilled to its essence. The street’s commercial district, which runs 6 blocks north/south, features quirky stores with coffee roasting equipment, saltwater aquariums, chandeliers made with recycled wine bottles, and jewelry cast from animal organs. It started as a tumbledown neighborhood, but in the 90’s began to turn around and is now attracting people from all over Portland to its quirky shops, great bars, and unique restaurants. Some call it “hipster central.”
For example, if it’s time for brunch, the hands down favorite according to a neighborhood poll is Bridges Cafe and Catering. The second favorite is Broder Nord, which specializes in beautifully presented Scandinavian dishes. Beer aficionados will appreciate the Labrewatory for its fine craft beers. Widmer Brothers, located one block from Mississippi Court, was founded in 1894 and is the 9th largest brewing company in the nation. This is a publicly-held brewery employing over 150 people.
Portland Diamond Project
The group called the Portland Diamond Project announced that they have an agreement in principle with the Port of Portland for land north of downtown Portland that is suitable for a 32,000-34,000 seat MLB ballpark, as well as ancillary development. The location of the site sits on the Willamette River, would face toward Portland’s Fremont Bridge, and would have a retractable roof.
The 45-acre Terminal 2 location site has been controlled by the Port and is located in an industrial part of Portland that is slowly seeing development edge northward toward it. The location has ample to space to host a ballpark and additional development, but there has been speculation that an adjacent parcel called Terminal 1 could also be in play at some point. The two together would provide more than 88 acres. If the ballpark plans were to come to fruition, it and the associated development would anchor one of the largest development areas in Portland since the South Waterfront district.
N. WILLIAMS CORRIDOR
New Seasons Market recently opened its 13th location on North Williams. The store is 30,000 SF and aims to fill a grocery void in North Portland. It employs a staff of 162 people, 115 of whom reside in the immediate area. New Seasons currently has three additional stores in development for Nyberg Rivers, Northwest Portland, and Grant Park in Northeast Portland.
A trio of new office buildings in Portland’s North Williams corridor should put the rapidly changing neighborhood on the map for companies seeking office space. A 36,000 SF, five-story office building called the Radiator opened on North Vancouver in March. Next door, R&H Construction is building twin office buildings that will make up a nearly 80,000 SF development called One North. Numerous tech companies have driven a surge in demand for so-called “creative office” space.
LEGACY EMANUEL
Legacy Emanuel is nationally known for its expertise in critical health conditions and features specialists in virtually every field of medicine. It is the largest employer in the immediate neighborhood and employs 10,000 workers across six medical centers. This location features a 554-bed center specializing in trauma care, urology, and neonatal care. The Randall Children’s hospital is also on campus. According to the Oregon Employment Department, Portland
metro hospital employment grew by 3.2% in 2014.
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
MISSISSIPPI DISTRICT MAP
AREA MAP
TILBURY FERGUSON INVESTMENT REAL ESTATE, INC.
1231 NW HOYT STREET, SUITE 201 PORTLAND, OREGON 97209 | OFFICE: 503.224.6743 | FAX: 503.224.7933 | WWW.TFN-IRE.COM
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