12 Unit Apartment Complex in a Convenient LocationTheresa Terrace Apartments
4633 SW Huber St * Portland * OR * 97219
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THERESA TERRACE APARTMENTS
Portland, OR
ACT ID ZAB0210141
2
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
the INVESTMENT OVERVIEW
EXECUTIVE SUMMARYTHERESA TERRACE APARTMENTS
Price $1.795,000 12 Apartments Units
MIX: 1-Studio / One Bath Flat3-One Bedroom / One Bath Flat8-Two Bedroom / One Bath Flats
VITAL DATA
Price $1,795,000 CURRENT PRO FORMA
Down Payment30% /
$538,500CAP Rate 5.15% 5.7%
Loan Amount $1,256,500 GRM 11.48 10.64
Loan TypeProposed
New
Net Operating Income
$92,400 $102,273
Interest Rate / Amortization
3.75% / 30 Years
Net Cash Flow After Debt Service
4.19% / $22,572
6.02% / $32,444
Price/Unit $149,583Total Return
8.48% / $45,676
10.48% / $56,430
Price/SF $211.43
Number of Units 12
Rentable Square Feet
8,490
Year Built 1969
Lot Size 0.32 acre(s)
▪ - 5.7% Pro Forma Cap Rate▪ - 1.1% Typical Market Vacancy▪ - Six Miles from Downtown Portland▪ - Short Walk to Barbur Transit Center▪ - Easy Accessibility to I-5▪ - Favorable and Diverse Unit Mix▪ -Within 6 Miles are PSU, Lewis & Clark,
▪ PCC Community College and OHSU Colleges/Universities
Marcus & Millichap is pleased to exclusively represent the sale of the Theresa TerraceApartments, a well-maintained asset in desirable southwest Portland. The property iscomprised of 12 units, eight of which are two bedrooms, complemented by three one-bedroom units and a single studio. The diversity of unit mix and proximity to bothneighborhood amenities and downtown Portland make this an easy-to-own asset withstrong long-term growth potential.
Upside can be achieved via several avenues. Rents are approximately 7.3% belowmarket, allowing for solid but achievable rent growth. Additionally, seven of the 12units have been remodeled, and include updated flooring and cabinetry, stainlessappliances and granite kitchen counters. This straightforward process can becontinued with the remaining units. Large windows provide great natural light, and theproperty has updated vinyl windows and a newer pitched composite roof. Thecommunity features off-street parking and a shared laundry facility as both a tenantamenity and an additional income stream. A recent quote for the parking lotresurfacing is available.
the PROPERTY
7
For video of renovated unit go to: Theresa Terrace Video
THERESA TERRACE APARTMENTS
the Theresa Terrace Apartments are
Conveniently Located Near Major
Thoroughfares
Theresa Terrace APARTMENTS
o 67% of Units Have Been Renovated
o Renovations Include Luxury Vinyl Plank Flooring, Stainless-Steel Appliances, Wood Cabinets, and Granite Counter Tops
o Vinyl Windows
o On-Site Laundry Facility
o Off-Street Parking
Photo depicts unrenovated kitchen
For video of renovated unit go to: Theresa Terrace Video
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About the Property Location:
The West Portland Park neighborhood offers a suburbanlifestyle with urban accessibility and amenities. The areahas many diverse dining options, some an easy strollfrom Theresa Terrace. There are both traditional andspecialty grocers, as well as breweries, coffee shops andboutique shops all within 1.5 miles of the property.Residents of Theresa Terrace enjoy excellent access tokey points throughout the area:
• Downtown Portland – 6.1 miles• Lake Oswego – 3 miles• PDX International Airport – 17.5 miles• Multnomah Village – 1.5 miles• Hillsdale Farmers Market – 2.7 miles• PCC Sylvania College – 1.5 miles• Lewis & Clark College– 4 miles• Oregon Health & Science University & Hospital – 5.6
miles• Portland State University- 6 miles
Despite the proximity to both I-5 and Barbur Blvd,Theresa Terrace is tucked back from the bustle, providingboth peace and convenience.
Good School System
Coveniently Located off I-5 Hwy and Barbur Blvd.
0.4 miles to Barbur Transit Center1 mile to PCC (Portland Community College Sylvania)
4 miles to Lewis & Clark College5 miles to Portland State University
6 miles (11 minute drive) to downtown Portland andOHSU (Oregon Health & Science University)
3 miles to Lake Oswego7 miles to Beaverton
17.5 miles from PDX International Airport
Uber/Lyft Drive Time- 20-minute Radius
the MARKET OVERVIEW
MARKETING TEAM
Income
In 2019, the median household income for your selected geography is
$90,394, compare this to the US average which is currently $60,811.
The median household income for your area has changed by 57.28%
since 2000. It is estimated that the median household income in your
area will be $102,659 five years from now, which represents a change
of 13.57% from the current year.
The current year per capita income in your area is $54,893, compare
this to the US average, which is $33,623. The current year average
household income in your area is $127,537, compare this to the US
average which is $87,636.
Population
In 2019, the population in your selected geography is 15,040. The
population has changed by 9.49% since 2000. It is estimated that the
population in your area will be 15,628.00 five years from now, which
represents a change of 3.91% from the current year. The current
population is 48.94% male and 51.06% female. The median age of
the population in your area is 40.08, compare this to the US average
which is 38.08. The population density in your area is 4,774.19 people
per square mile.
Households
There are currently 6,470 households in your selected geography. The
number of households has changed by 10.22% since 2000. It is
estimated that the number of households in your area will be 6,746
five years from now, which represents a change of 4.27% from the
current year. The average household size in your area is 2.31 persons.
Employment
In 2019, there are 4,176 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
76.48% of employees are employed in white-collar occupations in
this geography, and 23.52% are employed in blue-collar occupations.
In 2019, unemployment in this area is 2.26%. In 2000, the average
time traveled to work was 25.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
82.23% White, 4.25% Black, 0.55% Native American and 5.40%
Asian/Pacific Islander. Compare these to US averages which are:
70.07% White, 12.87% Black, 0.19% Native American and 5.66%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 6.00% of the current year
population in your selected area. Compare this to the US average of
18.17%.
Housing
The median housing value in your area was $422,054 in 2019,
compare this to the US average of $212,058. In 2000, there were
4,049 owner occupied housing units in your area and there were
1,821 renter occupied housing units in your area. The median rent at
the time was $634.
Source: © 2019 Experian
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DEMOGRAPHICS
109,952Total Population within Three
Mile Radius
GENDER
Average Household Income
in One Mile Radius
Median Housing Value within
One Mile Radius
6,470Total Households in One Mile Radius
10.22%From 2000
$127,537 $422,054
48.94%
51.06%
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DEMOGRAPHICS
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
▪ The metro is expected to add nearly 163,200 people over the next five years,
resulting in the formation of nearly 74,400 households.
▪ A median home price well above the U.S. level means 59 percent of households can
afford to own their home, which is above the national rate of 57 percent.
▪ Of residents age 25 and older, 37 percent hold bachelor’s degrees, and 14 percent
have also obtained a graduate or professional degree.
The metro contains more than 37,000 acres of parks and provides numerous outdoor
opportunities, including activities at Mount Hood and on the Hood River. The metro lies
60 miles east of the Pacific Ocean, with 330 miles of beaches along the Oregon coast.
The metro has professional basketball, soccer and hockey teams. Cultural activities can
be found at various local venues, including the Portland Art Museum, World Forestry
Center Discovery Museum and the Portland Children’s Museum, and plays are staged at
the Portland’5 Centers for the Arts. Major colleges and universities include Lewis and
Clark, Pacific University, the University of Portland and Portland State University. The
University of Oregon and Oregon State University are nearby.
QUALITY OF LIFE
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
2019 Population by Age
0-4 YEARS
6%5-19 YEARS
18%20-24 YEARS
6%25-44 YEARS
30%45-64 YEARS
26%65+ YEARS
14%
38.1
2019MEDIAN AGE:
U.S. Median:
38.1
$72,100
2019 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$60,800
2.5M
2019POPULATION:
Growth2019-2024*:
6.5%
985K
2019HOUSEHOLDS:
7.4%
Growth2019-2024*:
the FINANCIAL OVERVIEW