a 68-unit apartment community - loopnet · vinyl windows. the interiors have been extensively...

OFFERING MEMORANDUM

A 68-Unit Apartment Community

Portland , OR

THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 3KIDDER MATHEWS | OFFERING MEMORANDUM | THE ASTORIA2

EXECUTIVE SUMMARY

Section 1

The Offering

Investment Highlights

Property Description



EXECUTIVE SUMMARY

Built in 1950 and recently renovated in 2014, The Astoria consists of 68 units with modern amenities and mid-century charm. Close to transit and shopping, The Astoria combines quiet residential living, within close proximity to all the excitement that Portland’s eastside has to offer. Situated on a private cul-de-sac, The Astoria has three separate parking lots and over 60 parking spaces. The central courtyard features a seasonal pool, fitness center, bike storage, laundry facilities and storage cabinets, as well as plenty of greenspace for outdoor activities.

The Astoria features over $1.1 million in recent renovations to the interior and exterior. Exterior renovations include newer roofs, paint, and energy efficient vinyl windows. The interiors have been extensively renovated in 65 of the 68 units with new kitchens featuring modern cabinets and hard surface counters, new fixtures, and refinished hardwood floors (lower level) or carpet and vinyl (second level). Average rents are presently 5% below market, providing upside through lease renewals and unit turns.

Located in the Rose City Park neighborhood, The Astoria is situated near the Historic Hollywood Shopping District and the Jade International District, and Alameda/Beaumont neighborhoods. The property is located directly across from the Rose City Public Golf Course, the second oldest golf course in Oregon. At the west end of the golf course is Rose City Park, which features sports fields, play structures, a picnic area, and walking paths. The Astoria is also close to the I-84 and I-205 freeways, TriMet 77 Bus Line, and the NE 82nd Avenue Max Light Rail station. Downtown Portland is just a 10-minute drive west, the Portland International Airport is 10-minutes to the north, and Gresham is

20-minutes east.

The Offering ADDRESS1913 NE 73rd Avenue Portland, OR 97213

YEAR BUILT / RENOVATED 1950/2014

NO. OF UNITS 68

TAX PARCELS R194040, R194041

LAND AREA 2.67 Acres

NRSF 40,724

GBA 57,432

AVERAGE UNIT SIZE 599 SF

BUILDINGS 5

PARKING ±60 surface off-street spaces

SIDING Brick/stucco

HEAT Gas (Individually metered)

AVERAGE MONTHLY RENT $1,249

PRICE Please call for price

CAP RATE 5.01%

GRM 12.76

Milwaukie

Multnomah

Dunthorpe

Woodstock

Richmond

Mt. Tabor

Montavilla

Gateway

Roseway

Rose City Park

Alameda

Alberta

Northwest

Southwest Hills

South Waterfront

Hollywood

Parkrose

Buckman

Laurelhurst

Lents

Happy Valley

DOWNTOWN PORTLAND

26

PORTLAND INTERNATIONAL AIRPORT

Gresham

Beaverton

Overlook

Sellwood-Moreland

THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 5


INVESTMENT HIGHLIGHTS

Located only minutes from downtown Portland, The Rose City Park neighborhood combines the

comfort of the suburbs with the convenience and entertainment of city life. Located just blocks

from I-84, one mile from the I-205, and minutes from numerous bus stops and the nearby NE

82nd Avenue MAX Station, tenants have an abundance of public transportation options. The

neighborhood has ready access to some of Portland’s largest employers and business districts,

while still being in close proximity to numerous parks and natural areas.

ROCKY BUTTE PARK

GRANT PARK

GLENHAVEN PARK

COLUMBIA CHRISTIAN SCHOOL

NORMANDALE PARK

ROSEMOUNT BLUFF NATIONAL AREA

LAURELHURST PARK

MULTNOMAH UNIVERSITY

PRESIDENT JAMES MADISON HIGH SCHOOL

ROSEWAY HEIGHTS MIDDLE SCHOOL

HOLLYWOOD

LAURELHURST

IRVINGTON

ALAMEDA

MONTAVILLA

ROSE CITY PARK ELEMENTARY SCHOOL

THE PORTLAND MONTESSORI SCHOOL

Highlights

$1.1 million in recent interior and exterior improvements

Pride of ownership opportunity

Rental upside through raising rents to market

Vintage charm with period amenities

Manicured courtyard setting

Conveniently located near the Hollywood shopping district and directly across

from the Rose City Golf Course

Close to Trimet 77 bus line, MAX Light Rail station, and freeways

JASON LEE ELEMENTARY SCHOOL

MT TABOR

ROSE CITY GOLF COURSE

Sandy Blvd

NE Glisan St

NE Halsey St

NE

82n

d A

ve

ROSE CITY GRILL

PORTLAND VALUE INN

MONTAVILLA PARK

MAX LINE

MA

X L

INE

MAX LINE

a 68-unit apartment community - loopnet · vinyl windows. the interiors have been extensively...

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