FAIRVIEW VILLAGE DEVELOPMENT OPPORTUNITY

1601 NE Market Drive, Fairview, Oregon

FOR MORE INFORMATION CONTACT: NAME

PHONE

EMAIL

WEBSITE ADDRESS – ADDRESS

2 | P a g e All of the information contained herein was obtained either from the owner or other parties we consider reliable. We have no reason to doubt its accuracy, however we do not guarantee it.

INVESTMENT SUMMARY

The Ceeley Project is located on the SW corner of NE Village

and NE market Drive which is the main intersection in

Fairview Village (www.fairviewvillage.com). The project is

located on Lot 1 of Partition Plat 2002-13 and includes the

existing 62-stall parking lot on Tract X, Fairview Village No. 5.

The 4-story Ceeley Project features three levels of

apartments over 7,700 SF of ground floor commercial space.

Each of the three elevator served apartment levels features

8-one bedroom and 3-two bedroom units. The total count is

24-one bedroom units and 9-two bedroom units.

Project planning approval was granted on November 27,

2018. The project qualifies for System Development

Charges reductions of over $7,500 per unit IF the building

permit application is accepted before June 30, 2019. Time

is of the essence.

Both land parcels including completed project

improvements and entitlements are for sale for:

$1,250,000

EXSISTING IMPROVEMENTS

The parking lot serving this project is already constructed.

All utilities are already stubbed into the site including the fire

suppression service which is stubbed into the proposed FACP

location on the ground floor.

Multiple water meters are available to the site so residential

use can be served separately from commercial use.

Power/phone/CATV is stubbed into the property at the

location noted on the plan as the electrical room. All

sitework is completed to within 10’ of or less along all

building lines which minimizes sitework costs and associated

risk.

The approved project design includes a total of 78 on-site

stalls which exceeds on-site parking requirement by 12 stalls.

Seller contracts with parking management company to

lease stalls to surrounding neighbors in return for managing

parking lot. Eight on-street stalls about the project frontage

which increases the parking supply to satisfy the wide variety

of commercial uses allowed in this mixed use zone.

4 | P a g e All of the information contained herein was obtained either from the owner or other parties we consider reliable. We have no reason to doubt its accuracy, however we do not guarantee it.

PROPERTY INFORMATION

Fairview Village is a 91-acre planned unit development which began single family phases in 1994. Rowhouse phases began in

1997 and the first apartment project within the Village was completed in 2000. The last apartment project was completed in

2006. The last mixed projects surrounding the subject property was completed in 2009.

Two parcels make up the Property.

A-1N3E33AB-901 – R519577 is Lot 1 of Partition Plat 2002-13

This is the parcel on which the building is to be built. The parcel is .37 acres in size (16,050 SF). In addition to the building, 16

parking stalls, maneuvering area and a dumpster enclosure are located on this property. The first layer of pavement on the

south and west sides is completed to within 5’ of the proposed building line along with water, sewer, power/phone/CATV stubs,

storm water service stubbed to the building line.

Half of the 15’ wide public sidewalks along NE Market Drive (north exposure) and NE Village Street (east exposure) are

completed including street tree wells. The 15’ wide sidewalk format runs from NE Halsey southward through Fairview Village

along this property frontage to the main City Park located one block south of the property. The 15’ wide sidewalk format also

runs along both sides of NE Market Drive from the Target store located 200’ west of the site eastward to the point where NE

Market Drive turns southward where it runs to NE Glisan.

B-1N3E33AB-7600 – R16410 is Tract X, Fairview Village No. 5.

This is the completed parking lot that serves the project. The parcel is .68 acres in size (29,563 SF). The parking lot includes 62-

stalls, landscaping and lighting. The parking lot is surrounded on three sides by a public alley maintained by the City of Fairview.

This 16’ wide public alley serves both the parking lot and the 2-3 car garages for the surrounding rowhouses. In addition to

access via 3 driveways serving the public alley, Tract X has a 30’ wide driveway onto NE Market Drive. The project enjoys 4

existing driveways that provide access to NE Market Drive, NE Park Land and NE Village Street. Parking lot drains onto public

alley. Irrigation is served via a shared water meter located along NE Park Lane. A power meter is located within the parking lot

to serve the parking lot lights, the lighted bollards and several irrigation clocks that serve Tract X and two connecting public only

tracts that run to NE Village Street and NE Park Lane. The City of Fairview makes an annual payment toward the electrical costs

for the walkway bollards.

5 | P a g e All of the information contained herein was obtained either from the owner or other parties we consider reliable. We have no reason to doubt its accuracy, however we do not guarantee it.

LOCATION SUMMARY

The project is located on the southwest corner of the intersection of NE Market Drive and NE Village Street. NE Village begins

one block south of the site and runs to a signalized intersection with NE Halsey Street one block to the north. NE Market Drive

runs from NE Glisan along the south boundary of Fairview Village through the Village to NE Halsey. The intersection of these two

streets is the main intersection of Fairview Village and provides immediate access to NE Halsey via its two connections.

6 | P a g e All of the information contained herein was obtained either from the owner or other parties we consider reliable. We have no reason to doubt its accuracy, however we do not guarantee it.

LOCATION PROXIMITY

7 | P a g e All of the information contained herein was obtained either from the owner or other parties we consider reliable. We have no reason to doubt its accuracy, however we do not guarantee it.

LOCATION PROXIMITY

Providence Hospital owns the vacant 5.0 acre parcel

immediately across the intersection to the northeast.

The City’s Library is located across NE Village Street to the

east.

The City Hall is located one block to the south along NE

Village Street.

Mixed use rowhouses run from the site southward to the City

Hall.

The Post Office and the new (2016) 26,000 SF VA clinic are

located north of the site across NE Market Dive. A mixed

use project featuring 6,476 SF of ground level commercial

space and 71 townhouse/apartment units is approved

directly across the street at the NWC of NE Market Drive/NE

Village Street.

Four mixed use rowhouses lie to the west of the project

along with a credit union.

The 137,000 SF Target stores lies one block west of the site

where NE Market Drive turns northward to intersect with NE

Halsey Street.

Since 2006 three apartments projects have been

constructed in Fairview Village. Chinook Way Apartments

(2000) features 124 units. Fairview Village Apartments (2006)

features 64-units. Market Place Apartments (2006) features

15 units and two office spaces.

8 | P a g e All of the information contained herein was obtained either from the owner or other parties we consider reliable. We have no reason to doubt its accuracy, however we do not guarantee it.

OFFERING SUMMARY

$1,250,000 exclusive of any broker fees

Title/escrow by Fidelity National Title – Gresham OR

Completed Sitework

-62 stall parking lot on Tract X with improvements costing over $5,000 per stall $310,000

-Lot 1 subbase and 1st pavement layer $35,000

-50% complete sidewalks along both frontages $25,000

-Fire Vault, PIV and stub into future FACP room $17,500

-Garbage enclosure slab/block walls $15,000

-Lot 1 storm drain tie-in $15,000

-Lot 1 building Area rough grade $10,000

-Street Tree wells & irrigation sleeves $7,500

-Parking lot Light base and stub into future electrical room $5,000

-Power/phone/CATV stubs into future building pad $5,000

Total: $445,000

Completed Entitlement Work

-Architectural Bank Set Plans $29,040

-Survey Map $1,100

-Traffic Report $1,800

-City Planning Fees $1,000

Total: $32,940

Completed Entitlements and Siteworks Total: $477,940

Offering Price $1,250,000 – Completed Entitlements and Sitework $477,940 = $772,060 for land cost / 33 units = $23,395/unit PLUS

commercial space.

Completed sitework significantly accelerates project timing and reduces risks associated with sitework.

Next step is Building Permit Application.