12 Unit Apartment Complex in a Convenient LocationTheresa Terrace Apartments

4633 SW Huber St * Portland * OR * 97219

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and

should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified

information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the

future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or

asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any

tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be

reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these

matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to

verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary,

especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on

behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus &

Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other

professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma

financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections,

analyses, and decision-making.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or

name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,

service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

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

11

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

16

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%

17

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