18675 SW BOONES FERRY RD18675 SW Boones Ferry Rd • Tualatin, OR 97062
Offering Memorandum
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18675 SW BOONES FERRY RD
Tualatin, OR
ACT ID ZAA0210558
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any
corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or
subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information
about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, express 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. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
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E X C L U S I V E LY L I S T E D B Y
Jacob Serrill
Associate
Associate Member - National Multi
Housing Group
Portland Office
Tel: (503) 200-2075
Fax: (503) 200-2010
License: OR 201228311
Tyson Cross
First Vice President Investments
Associate Member - National Multi
Housing Group
Portland Office
Tel: (503) 200-2154
Fax: (503) 200-2010
Licenses: OR 201211250, WA 119224
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18675 SW BOONES FERRY RD
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INVESTMENT
OVERVIEW
PROPERTY OVERVIEW
18675 SW BOONES FERRY RD
PROPERTY
OVERVIEW
Marcus & Millichap is pleased to present 18675 SW Boones Ferry Rd, a seven-unit apartment community located in Tualatin, Oregon. The property is conveniently located
adjacent to Tualatin Commons, offering tenants a green space and a lake, multiple dining options, and several free events hosted by the city of Tualatin every year. The
property is also located less than a mile from Interstate 5, Fred Meyers, New Seasons Market, and the newly built Cabela’s.
The Boones Ferry seven unit has had a number of recent updates. Most recently, a new roof was installed on both buildings in December 2019. In addition to the new roof,
new vinyl windows have been installed, along with hickory laminate flooring, tile shower surrounds, formica countertops with a glass mosaic backsplash, and high-end
stainless-steel appliances. All seven units have been updated within the last five years.
The unit mix consists primarily of two-bedroom, one bath units. There is also one studio apartment, and a three bed, two-bathroom unit. This is a very rare opportunity to
acquire an extremely well-located multifamily building in Tualatin.
PROPERTY OVERVIEW
▪ Built in 1968
• New Roof in December 2019
• New Vinyl Windows, Floors, Finishes, and Appliances
• All Units Updated in Last 5 Years
• Excellent Location in Tualatin
• Diverse Unit Mix
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REGIONAL MAP
18675 SW BOONES FERRY RD
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LOCAL MAP
18675 SW BOONES FERRY RD
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AERIAL PHOTO
18675 SW BOONES FERRY RD
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18675 SW BOONES FERRY RD
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
18675 SW BOONES FERRY RD
RENT ROLL SUMMARY
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FINANCIAL ANALYSIS
18675 SW BOONES FERRY RD
OPERATING STATEMENT
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FINANCIAL ANALYSIS
18675 SW BOONES FERRY RD
PRICING DETAIL
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18675 SW BOONES FERRY RD
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MARKET
COMPARABLES
18675 SW BOONES FERRY RD
SALES COMPARABLES MAP
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18675 SW BOONES FERRY RD
(SUBJECT)
Tek View Apartments
Kelly Gray
Chantilly Square
6859 SW Montauk Circle
Greenburg Townhomes
7640 SW 34th Ave
SALES COMPARABLES
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2
3
4
5
6
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PROPERTY NAME18675 SW BOONES FERRY RD
SALES COMPARABLES
Avg. $191.20
$0.00
$30.00
$60.00
$90.00
$120.00
$150.00
$180.00
$210.00
$240.00
$270.00
18675 SW
Boones
Ferry Rd
Tek View
Apartments
Kelly Gray Chantilly
Square
6859 SW
Montauk
Circle
Greenburg
Townhomes
7640 SW
34th Ave
Average Price Per Square Foot
Avg. $185,486
$0
$30,000
$60,000
$90,000
$120,000
$150,000
$180,000
$210,000
$240,000
18675 SW
Boones
Ferry Rd
Tek View
Apartments
Kelly Gray Chantilly
Square
6859 SW
Montauk
Circle
Greenburg
Townhomes
7640 SW
34th Ave
Average Price Per Unit
SALES COMPARABLES SALES COMPS AVG
Avg. 4.95%
0.0
0.6
1.2
1.8
2.4
3.0
3.6
4.2
4.8
5.4
6.0
18675 SW
Boones
Ferry Rd
Tek View
Apartments
Kelly Gray Chantilly
Square
6859 SW
Montauk
Circle
Greenburg
Townhomes
7640 SW
34th Ave
Average Cap Rate
PROPERTY NAME
MARKETING TEAM
18675 SW BOONES FERRY RD
SALES COMPARABLES
rentpropertyname1
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rentpropertyname1
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SALES COMPARABLES
Units Unit Type
Offering Price: $1,450,000 1 Studio Flat
Price/Unit: $207,143 5 2 Bed 1 Bath Flat
Price/SF: $243.70 1 3 Bed 2 Bath Flat
CAP Rate: 4.34%
GRM: 12.97
Total No. of Units: 7
Year Built: 1968
Underwriting Criteria
Income $112,491 Expenses $49,514
NOI $62,977 Vacancy ($5,589)
18675 SW BOONES FERRY RD18675 SW Boones Ferry Rd, Tualatin, OR, 97062
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Units Unit Type
Close Of Escrow: 10/21/2019 8 3 Bdr 1 Bath Flat
Sales Price: $1,640,000
Price/Unit: $205,000
Price/SF: $200.98
CAP Rate: 5.86%
Total No. of Units: 8
Year Built: 1965
NOTES
Located in Beaverton. Property was updated prior to sale, including shaker
style cabinetry, stainless steel appliances, tile and wood flooring, new
countertops and fixtures.
TEK VIEW APARTMENTS13023 SW Jenkins Rd, Beaverton, OR, 97005
Units Unit Type
Close Of Escrow: 8/13/2019 6 2 Bdr 1.5 Bath Twnhs
Sales Price: $1,150,000
Price/Unit: $191,667
Price/SF: $193.60
CAP Rate: 5.60%
Total No. of Units: 6
Year Built: 2000
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NOTES
Located in Southeast Portland. Property was updated prior to sale with
LVP flooring, granite countertops, and new white appliances. The exterior
was also repainted.
KELLY GRAY2332 SE 121st Ave, Portland, OR, 97216
PROPERTY NAME
MARKETING TEAM
18675 SW BOONES FERRY RD
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Close Of Escrow: 9/24/2019 9 1 Bdr 1 Bath Flat
Sales Price: $1,800,000
Price/Unit: $200,000
Price/SF: $190.36
CAP Rate: 4.50%
Total No. of Units: 9
Year Built: 1972
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NOTES
Located in Sellwood. A majority of the interiors were upgraded prior to sale
with new countertops, vinyl windows, stainless steel appliances, and
fixtures.
CHANTILLY SQUARE7967 SE 13th Ave, Portland, OR, 97202
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Units Unit Type
Close Of Escrow: 10/11/2019 7 2 Bdr 1 Bath Twnhs
Sales Price: $1,250,000 1 3 Bdr 1 Bath Twnhs
Price/Unit: $156,250
Price/SF: $149.52
CAP Rate: 4.14%
Total No. of Units: 8
Year Built: 1980
NOTES
These townhomes include garages, fireplaces, decks, garbage disposals,
and laundry hookups. Property was sold with all units severely
underrented.
6859 SW MONTAUK CIRCLE6859 SW Montauk Circle, Tualatin, OR, 97035
Units Unit Type
Close Of Escrow: 7/8/2019 8 2 Bdr 1.5 Bath Twnhs
Sales Price: $1,280,000
Price/Unit: $160,000
Price/SF: $176.02
CAP Rate: 4.84%
Total No. of Units: 8
Year Built: 1967
Underwriting Criteria
Income $105,600 Expenses $43,087
NOI $61,965
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NOTES
Property was sold in good condition, but with dated interiors. Rents were
below market at the time of sale.
GREENBURG TOWNHOMES11445 SW Greenburg Rd, Tigard, OR, 97223
PROPERTY NAME
MARKETING TEAM
18675 SW BOONES FERRY RD
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Close Of Escrow: 12/6/2018 6 2 Bdr 1 Bath Flat
Sales Price: $1,400,000 1 3 Bdr 1.5 Bath Flat
Price/Unit: $200,000
Price/SF: $236.69
CAP Rate: 4.75%
Total No. of Units: 7
Year Built: 1971
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NOTES
Located in Multnomah Village. This property was purchased in a 1031
exchange, and the buyer was represented by Marcus & Millichap. Some
units were updated with new LVP flooring prior to sale. A credit was given
at the time of sale to repair the parking lot which was in poor condition.
7640 SW 34TH AVE7640 SW 34th Ave, Portland, OR, 97219
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18675 SW BOONES FERRY RD
RENT COMPARABLES MAP
18675 SW BOONES FERRY RD
(SUBJECT)
Kenny Woods
Meridian Park Apartments
Bonita Court Apartments
London Pointe Apartments
Mallard Ridge
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7
8
9
11
20
12
14
15
16
17
13
18
10
4
1
2
3
5
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PROPERTY NAME18675 SW BOONES FERRY RD
RENT COMPARABLES
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AVERAGE RENT - MULTIFAMILY
Avg. $1,384
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
18675 SW
Boones
Ferry Rd
Kenny Woods Meridian
Park
Apartments
Bonita
Court
Apartments
London
Pointe
Apartments
Mallard
Ridge
2 Bedroom
PROPERTY NAME
MARKETING TEAM
18675 SW BOONES FERRY RD
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
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YEAR BUILT: 1968
rentpropertyname1
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Unit Type Units SF Rent Rent/SF
Studio Flat 1 600 $1,035 $1.73
2 Bed 1 Bath Flat
5 850 $1,288 $1.52
3 Bed 2 Bath Flat
1 1,100 $1,840 $1.67
Total/Avg. 7 850 $1,331 $1.57
18675 SW BOONES FERRY RD18675 SW Boones Ferry Rd, Tualatin, OR, 97062
YEAR BUILT: 1963
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NOTES
Property features duplex style apartments that feature single level living,
large backyards, hardwood floors, and washer & dryer hookups. Tenants
are individually metered and billed for all utilities.
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath Flat 8 850 $1,400 $1.65
Total/Avg. 8 850 $1,400 $1.65
KENNY WOODS5556 Kenny St, Lake Oswego, OR, 97035
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YEAR BUILT: 1977
NOTES
These units feature laundry machines in unit, and newly renovated
kitchens with appliances and flooring. Laundry machines are included in
every unit, and utilities are $25 per person per month. $50 has been added
to the two bedroom rent to reflect this. One and three bedroom rental
information was unavailable as they are occupied by long term tenants.
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath Flat 2 644
2 Bdr 1 Bath Flat 18 900 $1,450 $1.61
3 Bdr 1 Bath Flat 3 1,100
Total/Avg. 23 904 $1,450 $1.61
MERIDIAN PARK APARTMENTS19765 SW 65th Ave, Tualatin, OR, 97062
PROPERTY NAME
MARKETING TEAM
18675 SW BOONES FERRY RD
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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YEAR BUILT: 1952
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Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath Flat 6 720
2 Bdr 1 Bath Flat 15 850 $1,365 $1.61
2 Bdr 2 Bath Flat 8 920 $1,415 $1.54
3 Bdr 2 Bath Flat 7 1,100
Total/Avg. 36 893 $1,382 $1.58
NOTES
Property features covered parking and laundry machines in every unit.
Units also have patios/decks and some garages are available. Two
bedroom units have a utility billback of $85 per unit in place which has
been added to the above rent. Information on one and three bedroom
units was unavailable as they are occupied by long term tenants.
BONITA COURT APARTMENTS7759 SW Bonita Rd, Portland, OR, 97224
YEAR BUILT: 1990
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NOTES
Property features a wood burning fire place, washer and dryer in unit, and
new vinyl wood flooring and carpet throughout. Flat rate utility billback is in
place of $25 per person. $50 has been added to the monthly rent to reflect
that expense.
Unit Type Units SF Rent Rent/SF
2 Bdr 2 Bath Flat 16 1,100 $1,400 $1.27
Total/Avg. 16 1,100 $1,400 $1.27
LONDON POINTE APARTMENTS9720 SW Tualatin Rd, Tualatin, OR, 97062
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YEAR BUILT: 1994
NOTES
Located in Lake Oswego, these apartments feature covered parking, wood
burning fire places, and laundry machines in unit. Tenants are responsible
for a $65 utility reimbursement which has been added to the above rent.
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath Flat 11 760
2 Bdr 2 Bath Flat 11 1,000 $1,290 $1.29
Total/Avg. 22 880 $1,290 $1.29
MALLARD RIDGE15422 SW Bangy Rd, Lake Oswego, OR, 97035
www.MarcusMillichap.com
Jacob Serrill
Associate
Associate Member - National Multi Housing
Group
Portland Office
Tel: (503) 200-2075
Fax: (503) 200-2010
License: OR 201228311
Tyson Cross
First Vice President Investments
Associate Member - National Multi Housing
Group
Portland Office
Tel: (503) 200-2154
Fax: (503) 200-2010
Licenses: OR 201211250, WA 119224
E X C L U S I V E LY L I S T E D B Y
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