sw barbur retail strip center sale package...sw barbur retail strip center 8200-8224 sw barbur...
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FOR SALE
INVESTMENT REAL ESTATE SERVICES
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
$2,200,000
LUIS MARTIN DEL CAMPO503.416.8422
LuisM@norris-stevens.com
BRAD MACOMBER503.225.8481
BradM@norris-stevens.com
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
INVESTMENT
The Offering
INVESTMENT HIGHLIGHTSPrice: $2,200,000
Cap: 6.58% (Actual)
Land Area: 20,000 SF
Year Built: 1951
Occupancy: 92%
Leasable SF: 7,657
Price Per SF: $287.32
Lease Type: NNN
Current Rents PSF: $12 - $23
Parking: 4.89/1,000 (36 Spaces)
Zoning: General Commercial
NORRIS & STEVENS, INC. IS PLEASED TO PRESENT THE FOLLOWING EXCLUSIVE LISTING:
8200 -8224 SW Barbur is a multi-tenant retail strip center located on the corner of the signalized intersection of SW Barbur Boulevard and SW 19th Avenue. The offering provides an opportunity to acquire a two-building ±7,700 SF retail strip center at 92% occupancy.
• Shadow Anchored - Intersection shared with newly remodeled Safeway, as well as the proposed 162-unit multi-family mixed use development anchored by Natural Grocers, construction to begin 7/2017
• Long Term Tenants – Three of the four tenants have been at the center for more than 10 years• Transit friendly - with TriMet bus stops at 2 points along property line• High Traffic Counts – this dense retail location attracts 20,000 vehicles per day• Solid Consumer Base – there are 104,039 residents earning an average household income in excess of
$105,017 within a 3 mile radius
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219 FOR SALE
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Site Plan
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219 FOR SALE
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Site Aerial
SITESW BA
RBUR B
LVD
SW 1
9TH
AVE
NU
E
SW MULTNOMAH BLVD
SW CAPITOL HILL ROAD
PROPOSED
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219 FOR SALE
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Financial Analysis
OFFERING SUMMARY
Sale Price $2,200,000
Down Payment (30%) $660,000
Loan Amount $1,540,000
Loan Type New
Interest Rate/Amortization 4.75% / 25 Yrs
Gross Leaseable Area (SF) 7,657
Price Per Square Foot $287.32
Year Built 1951
Lot Size (SF) 20,000
Actual Cap Rate 6.58%
INCOME
Base Rent
Occupied Space $146,866
Vacant Space at Market $10,800
Gross Potential Rent $157,666
Expense Reimbursement $18,275
Gross Potential Income $175,941
Vacancy/Collection Allowance $12,222
Effective Gross Income $163,719
Total Expenses $19,045
Net Operating Income $144,674
Debt Service $96,396
Debt Coverage Ratio 1.50
Net Cash Flow After Debt Service $48,278
Cash on Cash Return 7.31%
Principal Reduction $24,000
Total Return $72,278
Total Yield 10.95%
EXPENSES (2014 ACTUALS)
Real Estate Taxes $12,182
Insurance $2,400
Reserves/Replacements ($.10 psf) $770
Utilities $3,693
Total Expenses $19,045
Expenses per SF $2.49
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219 FOR SALE
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
Rent Roll
Lease Summary Start Date End Date Price PSF SF Increases Current Year Rent Vacant at MarketTobacco Town 11.15.1995 12.31.2020 $23.53 3,685 3% $86,724.00Tobacco Town 10.20.2007 12.31.2020 $19.13 900 3% $17,220.00Humdinger mtm $21.37 872 3% $18,634.64EMS Management 04.01.2003 mtm $16.80 500 no $8,400.00Burger Stevens 05.17.2017 07.31.2018 $12.00 1,100 no $13,200.00Vacant $18.00 600 $10,800.00Clear Channel (billboard) 02.01.2010 01.31.2020 3% $2,687.00Total 7,657 $146,865.64 $10,800.00
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219 FOR SALE
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
On Market Comps
Property Address On Market Ask Price Cap Rate Year Built Land Area Building Size Price/SF Occupancy
201-213 SE 12th AvePortland OR 97214 64 Days $2,150,000 5.60% 1909 0.23 Ac 10,553 SF $203.73 100%
2500 SE 26th AvePortland OR 97202 62 Days $2,434,000 5.00% - 0.34 Ac 4,220 SF $576.78 100%
9455 SW Barbur BlvdPortland OR 97219 197 Days $2,000,000 5.30% 1987 0.58 Ac 1,850 SF $1,081.08 100%
6800 SW BH Hwy. (217)Portland OR 97225 65 Days $2,180,000 6.51% 1967 0.34 Ac 18,000 SF $121.11 100%
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219 FOR SALE
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
On Market Comps
Property Address On Market Ask Price Cap Rate Year Built Land Area Building Size Price/SF Occupancy
8225 SE Clatsop StPortland OR 117 Days $1,600,000 6.00% 1980 1.37 Ac 3,884 SF $411.95 100%
15930 SW Regatta Ln.Beaverton OR 97006 78 Days $1,750,000 4.90% - 0.7 Ac 5,587 SF $313.23 100%
12091-12111 SE Sunnyside RdHappy Valley, OR 97015 69 Days $4,350,000 5.50% 2016 1.02 Ac 4,410 SF $986.39 100%
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
SOLD
Sold Comps
Property Address Sale Date Sale Price Cap Rate Year Built Land Area Building Size Price/SF
480 5th StLake Oswego, OR 97034 03.02.2017 $1,313,000 4.50% 1947 - 4,750 SF $276.42
8708-8728 SE 17th AvePortland OR 97202 09.08.2016 $3,000,000 6.58% 2007 0.35 AC 7,502 SF $399.89
4817 SW 53rd AvePortland, OR 97221 11.22.2016 $1,175,000 6.86% 1968 0.65 AC 5,969 SF $196.85
10227-10240 NE Clackamas StPortland OR 97220 08.05.2016 $1,200,000 7.00% 1947 - 13,014 SF $92.21
SW BARBUR RETAIL STRIP CENTER8200 -8224 SW Barbur Boulevard | Portland OR 97219
INVESTMENT REAL ESTATE SERVICES
900 SW 5th Avenue • 17th Floor • Portland, OR 97204
503.223.3171 • norris-stevens.com
Information contained herein has been obtained from others and considered to be reliable; however, a prospective purchaser or lessee is expected to verify all information to his/her own satisfaction.
SOLD
Sold Comps
Property Address Sale Date Sale Price Cap Rate Year Built Land Area Building Size Price/SF
2937 SE Burnside StPortland, OR 97214 04.14.2017 $1,025,000 7.32% 1905 0.12 Ac 3,598 SF $284.88
4727 NE Fremont StPortland OR 97213 03.02.2017 $1,675,000 4.50% 1927 0.23 Ac 5,822 SF $287.70
2606-2612 SE Gladstone StPortland, OR 97202 11.03.2016 $1,220,000 7.00% 1981 0.23 AC 5,952 SF $204.97
12091-12111 SE Sunnyside RdHappy Valley, OR 97015 07.27.2016 $2,763,000 5.74% 2016 1.02 AC 4,410 SF $626.53
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