parkview lofts - loopnet€¦ · parkview lofts is a ±12,900 square foot mixed-use building...
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PARKVIEW LOFTSASHLAND, OR
PARKVIEWLOFTS
CALLA GUANAJUATO
WALKING PATH
PARKVIEWLOFTS
PARKVIEW LOFTS is a ±12,900 square foot mixed-use building located in the heart of downtown Ashland, Oregon with three ground-floor retail suites and nine 2nd-floor apartment units. The Oregon Shakespeare Festival (OSF) leases eight of the nine apartments for their year-round staff and the remaining apartment unit will be leased back by the Seller at closing. Sesame Asian Kitchen and Gateway Real Estate occupy the ground floor, both having occupied the Premises for 10+ years with recent lease extensions.
The Property is situated just off Main Street, the city’s primary thoroughfare, and known as a trendy, walkable street lined with coffee shops, restaurants, and boutiques providing high numbers of pedestrian traffic. The property backs up to the Calla Guanajuato walking trail that extends from the city center through Lithia Park and is located directly across from the Oregon Shakespeare Festival’s 4-acre campus, providing strong draw to the trade area.
OREGON SHAKESPEARE
FESTIVAL
Parkview Lofts
5.50%CAP
$5,640,000PRICE
5 N. MAIN STREET & 21 WINBURN WAY, ASHLAND, OR 97520
Overview
LEASEABLE SF11,947 SFRetail (Ground Floor): 6,424 SFMultifamily (2nd Floor): 5,523 SF
LAND AREA18,295 SF
YEAR BUILT1948
SUBMARKET VACANCY3.2%*
OCCUPANCY82%
Investment Summary
■ Opportunity for upside upon lease-up of the Property’s single vacancy, a 2,198 SF retail suite.
■ Located within a supply-constrained retail market with limited developable land; only 54,000 SF developed over the last 20 years.
■ Current owners have invested roughly $1 million into building upgrades, including the 2nd floor apartment units currently leased to the Oregon Shakespeare Festival, new wiring, roof, plumbing, etc.
■ The Oregon Shakespeare Festival accounts for more than 300,000 annual visitors to Ashland with a strong economic impact of roughly $128 million.*
■ High average incomes of $97,000 within a 1-mile radius of the Property and nearly $145,000 to the south, the highest incomes in the county.
*As of 12/18/2019 for the greater Ashland-Medford trade area.
*Provided by the Oregon Shakespeare Festival website for 2017.
PAGE 5
Overview
WINBURN WAYWINBURN WAY
OREGONSHAKESPEARE
FESTIVAL
LITHIALITHIAPARKPARK
Please contact Capital Pacific for more information on nearby parking lot if interested in
purchasing.
Site
Q&
AQ: I SEE THE SELLER WILL LEASE-BACK ONE OF THE APARTMENT UNITS – WILL THEY EXECUTE A LEASE AT CLOSING, AND WHAT WILL THE TERMS OF THE LEASE BE? A: The Seller currently utilizes unit 7 and will lease-back the space from Seller at closing for a one-year period at terms inline with those of the OSF lease, and currently reflected in the Rent Roll.
Q: HAVE THERE BEEN ANY RECENT CAPITAL IMPROVEMENTS TO THE BUILDING? A: Yes, the Seller invested nearly $1 million into improving the apartment units and general building upgrades, including rewiring, plumbing, and a new roof.
Questions & Answers
PAGE 7
TOTAL 1-MILE 3-MILES 5-MILES
Businesses 757 1,308 1,597
Employees 6,829 11,105 13,460
Population 9,518 23,563 31,983
KEY 1-MILE 3-MILES 5-MILES
BusinessSummary
MAJOR RETAILAnytime FitnessACE HardwareAshland Food Co-opAshland Street CinemaAT&T StoreDollar TreeFlipSide
Grange Co-op: AshlandIndigo Creek OutfittersKeyBankMarket of ChoiceNAPA Auto PartsPapa Murphy’sRogue Valley Crafters MarketSafeway
U.S. Bank Wells Fargo BankWendy’sWork Sharp Culinary
Surrounding Retail
PARKVIEWLOFTS
PACIFIC HWY
PACIFIC HWY
SISKIYOU BLVD
SISKIYOU BLVD
LITHIA WAY
LITHIA WAY
N M
AIN ST
N M
AIN ST
11,200VPD
99
99 50,500VPD
OREGON SHAKESPEARE
FESTIVAL
$145,000AVERAGE HH
INCOME$ SOUTHERN OREGON
UNIVERSITY
WALKER ELEMENTARY
SCHOOL
ASHLAND MIDDLE SCHOOL
ASHLAND HIGH
SCHOOL
NORTH MOUNTAIN
PARK
PAGE 9
The Oregon Shakespeare Festival is one of the oldest and largest non-profit theatres in the U.S., running since 1935 when it was founded by Tony Award-winner Angus L. Bowmer. The city of Ashland and the festival have historically always supported one another, and the City applied for and received a federal grant in the 1960’s to help build a 600-seat indoor theatre, named the Angus Bowmer Theatre that further propelled the festival’s popularity for the next 50 years. The Festival since expanded and currently has three theatres, including a sister location in Portland, OR in 1994, called Portland Center Stage.
FESTIVAL HISTORY
The oldest existing full-scale Elizabethan stage in the western
hemisphere
Oregon Shakespeare Festival
The economic impact the OSF has on Ashland and the state of Oregon is remarkable, operating on an annual budget of roughly $34 million and providing an economic impact of $128 million (in 2017). The OSF relies heavily on donations and corporate partners in addition to ticket sales, that represents approximately 62% of their income. The OSF is managed by a Board of Directors and an Endowment Fund of Trustees and prides itself on being a destination theatre and place of pilgrimage for successive generations of audience members all across the U.S.
OSF’S LEGACYAccolades
85YEARS
OSF HAS BEENRUNNING
Top 5REGIONAL THEATRES
TIME MAGAZINE RATED
OSFStats
88%OF VISITORS
TRAVEL MORE THAN 125 MILES TO FESTIVAL
800800PERFORMANCES
THROUGH THE 9 MONTH SEASON (FEB-OCT)
300,000300,000VISITORS
ANNUALLY TO OSF
1,3001,300EMPLOYED BY OSF
600 THEATRE PROFESSIONALS700 VOLUNTEERS
Oregon Shakespeare Festival PAGE 11
Ashland has historically had high earning residents with average incomes around $100,000 annually, and reaching $145,000 in the south hill area, representing the highest incomes in Jackson County. As the city’s population has grown there has been a lack of housing and limited developable land. Several recent projects are underway or recently approved that will help accommodate Ashland’s popularity and continued growth.
MIDTOWN LOFTSMIDTOWN LOFTS
MIDTOWN LOFTSMIDTOWN LOFTS
New Developments
NEW DEVELOPMENTS
1. SNOWBERRY BROOK APARTMENTS – PHASE II60 multifamily units & 35 townhomes with a 4-year wait list. Approved Summer 2019. 2. THE MIDTOWN LOFTS70 multifamily units, all less than 500 SF.
PARKVIEW LOFTS
MIDTOWNLOFTS
SNOWBERRYBROOK
APARTMENTS
New Developments
PAGE 13
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Income & Expense
PRICE $5,640,000CAPITALIZATION RATE 5.50%
CASH FLOW SUMMARYSCHEDULED INCOME PER SFBase Rent 3/1/2020 - 2/28/2021 $27.89Rent Increases Over Base Rent $0.02Operating Expense Reimbursement $1.07Equals: Scheduled Gross Income $28.97Current Vacancy 18%Total Effective Gross Income (EGI) $28.97
OPERATING EXPENSES PER SFCAMS $0.69Property Taxes $0.95Insurance $0.25Management Fee of EGI $1.00Reserves $0.10Total Operating Expenses $2.99
NET OPERATING INCOME $25.98
$11,967$1,195
$35,716
$310,436
3.5%
$333,193$232
$12,727$346,152
$346,152
$8,198$11,369$2,987
1/10/2020 [ <www.CapitalPacific.com> ]
Financial Summary
RentRoll
TO ACCESS THE FULL FINANCIAL SUMMARY INCLUDING RENT ROLL, PLEASE EXECUTE THIS FORM.
Financial Summary
PAGE 15
APARTMENTS
Featured Photography
Featured Photography
PAGE 17
AVAILABLE SPACE
SESAME KITCHEN
GROUND FLOOR RETAIL
Featured Photography
SESAME KITCHEN GATEWAY REAL ESTATE
GATEWAY REAL ESTATE
AVAILABLE SPACE
Featured Photography
PAGE 19
BUILDING EXTERIOR
Featured Photography
Featured Photography
PAGE 21
Ashland’s economy has historically been supported by the Oregon Shakespeare Festival and Southern Oregon University. Ashland hosts a number of annual festivals, art and culinary events, alongside a growing wine scene, and popular destination for outdoor enthusiasts. Main St. is the city’s primary arterial that
Ashland
AVERAGE HOUSEHOLD INCOME
(WITHIN 1-MILE RADIUS OF PROPERTY)
±$97,000
Ashland’s annual Festival of Light launched in 1992 to pick up city tourism following the ending season of the Oregon Shakespeare Festival. The event allows attendees to walk along Main Street and enjoy local shops.
2019 FESTIVAL OF LIGHT(ESTIMATED)
25,000 V I S I T O R S
Festival of Light
extends through the downtown core and connects to Interstate-5 at both the north and south ends of the city. Running perpendicular to Main St. is the Ashland Creek that runs along Calle Guanajuato, a popular walking trail that backs up to trendy restaurants with outdoor seating, coffee shops, breweries, and a number of murals.
Location
Southern Oregon University has an enrollment of over 6,200 students with over 42,000 alumni, and offers over 37 areas of study. SOU is one of seven public universities in the state of Oregon, and has been nationally recognized for their dedication to sustainability. SOU was recently awarded with the Best Case Study Award by the Association for the Advancement of Sustainability in Higher Education and is the first university in the U.S. to certify as a Bee Campus USA with LEED Gold campus housing.
SOUTHERN OREGON UNIVERSITY
The New York Times declared Southern Oregon University a “hidden gem”
of higher education.
#25#25“TOP PUBLIC SCHOOLS,
REGIONAL UNIVERSITIES IN THE WEST”
U.S. News & World Report
THE PRINCETON REVIEW NAMED SOU ONE OF THE MOST ENVIRONMENTALLY RESPONSIBLE COLLEGES IN THE US AND CANADA.
Location
The information in this Executive Summary has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. All rights reserved to Capital Pacific, LLC.
Contact Us
Contact the listing team:
Our brokers collaborate:
MEET THE ENTIRE TEAM HERE.
KEVIN ADATTO
MICHAEL HORWITZ
SEAN MACK
DAVID GELLNER
LANCE SASSER
SEAN TUFTS
SCOTT FRANK
PETER DUNN
MICHAEL LOWES
PETER [email protected]: 503.607.0197
LANCE [email protected]: 503.607.0207
Contact Us
