James Gillespie
Oregon Principal Broker
(503) 890-5775
The Bruce Apartments 7 Units - NW Portland, OR
Heather Miller
Licensed Oregon Broker
(503) 444-5819
THE BRUCE APARTMENTS
1214 NW 25th Ave
THE BRUCE APARTMENTS
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.
THE BRUCE APARTMENTS
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
THE BRUCE APARTMENTS
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.
THE BRUCE APARTMENTS
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
THE BRUCE APARTMENTS
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
Unit 2 $2,300/mo $1.64/SF/mo $2,550/mo $1.85/SF/mo 1,450 SF 3 1
Unit 3 $2,250/mo $1.57/SF/mo $2,550/mo $1.85/SF/mo 1,450 SF 3 1
Unit 4 $2,400/mo $1.71/SF/mo $2,550/mo $1.85/SF/mo 1,450 SF 3 1
Unit 5 $2,450/mo $1.75/SF/mo $2,550/mo $1.85/SF/mo 1,450 SF 3 1
Unit 6 $2,400/mo $1.71/SF/mo $2,550/mo $1.85/SF/mo 1,450 SF 3 1
Unit 7 $2,100/mo $1.91/SF/mo $2,550/mo $2.25/SF/mo 1,100 SF 3 1
Total 9,500 SF 21 7 $16,200/mo $1.71/SF/mo $17,775/mo $1.87/SF/mo
THE BRUCE APARTMENTS
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
THE BRUCE APARTMENTS
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
THE BRUCE APARTMENTS
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
THE BRUCE APARTMENTS
4531 SE BELMONT ST
PORTLAND, OR
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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.
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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
Heather Miller
KW Commercial
Licensed Oregon Broker
(503) 444-5819