Post on 27-Feb-2021
www.tfn-ire.com • (503) 224-6743
HILLSDALE COURT
12 Garden Court Units • Portland, Oregon 6502-6546 SW 21st Ave, Portland, OR
TILBURY FERGUSONI N V E S T M E N T R E A L E S TAT E , I N C .
HILLSDALE COURT 6502-6546 SW 21st Ave, Portland, OR
Exceptionally large apartments. Four 1 BR (Approx. 820 SF), six 2BR (Approx. 1,060 SF), and one 3 BR (Approx. 1,450 SF), and one 4BD/2BA (Approx. 1,890 SF).
All units feature hardwood floors.
Spacious garden with mature plantings and attractive expansive lawn. Site has 0.78 acres, according to county records.
Four apartments with oversized decks. Others with patio.
All apartments with washer and dryer.
Three and Four bedroom duplex units have full basements.
Two units with fireplaces.
Gas heated. Electric hot water separately metered. RUBs charges range from $115-$175/unit.
Current Schedule of Monthly RentsNumber Type Approx. SF Rent $/SF
1BD/1BA 820 SF $1,379 $1.684
2BD/1BA 1,060 SF $1,345 $1.276
3BD/2BA 1,450 SF $2,000 $1.381
4BD/2BA 1,890 SF $2,315 $1.221
1,082 SF $1,492 $1.3812
PLEASE DO NOT DISTURB RESIDENTS
OFFERING SUMMARY
Listed By: Liz Tilbury - liz@tfn-ire.comBen Murphy - ben@tfn-ire.com
1231 NW Hoyt Street, Suite 201 - Portland, OR 97209
ASSET SUMMARY
Property Hillsdale Court Address 6502 - 6546 SW 21st AveCity, State Portland, Oregon
County Multnomah
Year Built 1959
Total Units 12
Approx Sq Ft Avg Unit Size 1,082 sq ft
PRICING
Price $2,950,000Per Unit $245,833
Per Sq Ft $227
Current Cap Rate 4.6%
BUILDING SUMMARY
Lot SizeRoofStructural HeatingParkingFloorsLaundry
0.78 AcresComposition AsphaltWood Frame w/ Brick Veneer Gas16 SpacesHardwood in Main Living AreasIn Suite12,980 sq ft
PROFORMA Income and Expense Summary
Current Rents
Highest Achieved
Current Gross Scheduled Income $214,800Less: Estimated Vacancy/Credit Loss $6,444 (3.0%)
Effective Rental Income $208,356Miscellaneous Income $323
Utility Reimbursement (RUBs) $15,360
Expense SummaryTotal Per
Year% GOI Notes
Real Estate Taxes $27,998 12.5% 2
Property Insurance $2,500 1.1%
Property Management $17,699 7.9%
Repair/Maintenance $8,962 4.0% 5
Electricity/Gas $7,018 3.1%
Water/Sewer $11,011 4.9%
Garbage $1,595 0.7%
Turnover $1,800 0.8%
6
$4,000$4,612
1.8%2.1%
Notes
$228,300$11,415 (5.0%)$216,885$323$15,360
1
1
Landscaping
General AdministrationReserves/Replacements
Totals Per Year
$2,400
$89,445
1.1%
40.0%
34
6
6789
10
The information contained herein has been obtained from sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. Any projections, opinions, assumptions or estimates are used for example only and do not represent the current or future performance of the property. The value of this investment to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. THE PROSPECTIVE PURCHASER IS EXPECTED TO VERIFY THIS AND ALL OTHER FACTS PERTAINING TO THIS PROPERTY.
Footnote Summary1. RUBs Income: $1,280/month (per rent roll); Misc. Income: Oct. 2020
Annualized2. 2020/2021 Net Real Estate Taxes3. Property Insurance: Estimate4. 7.9% Capital Property Management Fee5. Repair/Maintenance: Covers pest control, plumbing, repairs, services,
materials, HVAC: 4.0% Estimate6. Utilities: Oct. 2020 Annualized7. Turnover: Includes make ready expenses such as painting, flooring,
cleaning: $150/unit estimate8. Landscaping: Estimate9. General/Admin: Includes office supplies, advertising, lease commission,
professional fees: August 2020 Annualized10. Reserves/Replacements: $200/unit estimate
Expenses Per Unit
$2,333$208$1,475$747$585$918$133$150$333$384
$200
$7,466
$89,594 $90,609$224,039 $232,568
$134,445 $141,959
4.6% 4.8%
Gross Operating IncomeTotal Operating ExpensesNet Operating Income
Cap Rate
SALE COMPARABLES
Elysium1210 NE Hancock Portland, OR Price: $2,000,000 Under Contract
Built: 1947 Units: 8SF: 8,671$/Unit: $250,000$/SF: $231
Built: 1904 Units: 12SF: 10,670$/Unit: $200,000$/SF: $225
Built: 1930 Units: 12SF: 7,472$/Unit: $208,333$/SF: $335
Brentwood & Pinecrest565 N Rosa Parks Portland, OR Price: $2,772,681 8/16/19
Built: 1965 Units: 13SF: 13,295$/Unit: $213,283$/SF: $209
1800 Stark1800 SE Stark Portland, OR Price: $3,060,000 4/18/2019
Built: 1964 Units: 15SF: 9,580$/Unit: $204,000$/SF: $319
Inverness131 SE 24th Ave Portland, OR Price: $2,500,000 1/17/2020
Hillsdale Court6502-6546 SW 21st Ave Portland, OR Price: $2,950,000 FOR SALE
Built: 1959 Units: 12SF: 12,980$/Unit: $245,833$/SF: $227
AVERAGES: $/PER SF: $264 - $/PER UNIT:$215,123
12-Plex1830 NW 23rd Pl Portland, OR Price: $2,400,000 9/3/2019
RENT COMPARABLESHilldale Garden6404 SW 30th Ave Portland, OR Built:1966 Units: 61
Type: 1BD- 645 SF - $1,138 - $1.76/SF Type: 2BD- 984 SF - $1,240 - $1.59/SF Type: 3BD - 935 SF - $1,868 - $2.00/SF
RUBS: WSG ($60-$80)Occp: 100%
AVERAGES:1BD - 741 SF - Rent: $1,297 - $/SF: 1.76 2BD - 966 SF- Rent: $1,428 - $/SF: 1.49 3BD - 1,195 SF - Rent: $1,722 - $/SF: 1.47 Occp.: 97%
Timberlee5123 SW 38th Pl Portland, OR Built: 1964 Units: 85
Type: 1BD- 860 SF - $1,395 - $1.62/SF Type: 2BD- 984 SF - $1,595 - $1.62/SF Type: 3BD - 1,200 SF - $1,895 - $1.58/SF
RUBS: WSG ($55,$60,$65)Occp: 96%
Montclair3310 SW Btv. Hills. Hwy. Portland, OR Built: 1975Units: 17
Type: 2BD- 900 SF - $1,329 - $1.48/SF Type: 3BD - 1,200 SF - $1,454 - $1.21/SF
RUBS: WSG ($60-$80)Occp: 95%
Colony Park3541 SW Btvt. Hills. Hwy. Portland, OR Built: 1967Units: 62
Type: 2BD- 1,075 SF - $1,236 - $1.15/SF Type: 3BD - 1,250 SF - $1,478 - $1.18/SF
RUBS: WSG ($35 2BD - $45 3BD)Occp: 98%
Tempo West5808 SW Bvt. Hills. Hwy. Portland, OR Built:1973/2019 Units: 56
Type: 1BD- 709 SF - $1,325 - $1.87/SF Type: 2BD- 1,056 SF - $1,580 - $1.50/SF Type: 3BD - 1,415 SF - $1,750 - $1.24/SF
RUBS: WSG ($100-$150)Occp: 92%
Shadow Hills2040 SW Vernon St Portland, OR Built:1990 Units: 220
Type: 1BD- 750 SF - $1,330 - $1.77/SF Type: 2BD- 1,000 SF - $1,585 - $1.59/SF Type: 3BD - 1,170 SF - $1,885 - $1.61/SF
RUBS: WSG (Billed Seperately) Occp: 95%
Hillsdale Court6502-6546 SW 21st Ave Portland, OR Built:1959Units: 12
Type: 1BD- 820 SF - $1,379 - $1.68/SF Type: 2BD- 1,060 SF - $1,345 - $1.27/SF Type: 3BD - 1,450 SF - $2,000 - $1.38/SFType: 4BD - 1,890 SF - $2,315 - $1.22/SF
SW PORTLAND - MULTNOMAH VILLAGEAREA HOUSING MARKETThe median home value in Multnomah Village is $432,920. Multnomah Village home values have increased 1.1% over the past year. The median list price per square foot in Multnomah Village is $279, which is higher than the Portland-Vancouver-Hillsboro Metro average of $232. The median price of homes currently listed in Multnomah Village is $420,000 while the median price of homes that sold is $411,700.
ECONOMYOregon Health & Science University, with 16,500 employees and 3,000 students, is a dominant presence in Southwest Portland. With an annual operating budget of $2.8 billion and a substantial impact on Portland's economy, OHSU among Portland's largest employers. Other notable employers based in Southwest Portland include Precision Castparts Corp., manufacturer of components for aircraft engines and industrial gas turbines; YMCA of Columbia-Willamette, headquartered within the submarket; and National University of Natural Medicine, with about 200 full-time employees and about 600 students.
HCHillsdale Court
3 Miles to Downtown
Bus Stop
Restaurant
Coffee Shop
WALKSCORE
85
BIKE SCORE
74
Park
Bar
HILLSDALE COURTPRICING
Price $2,950,000Per Unit $245,833
Per Sq Ft $227
Cap Rate 4.6%
ASSET SUMMARYProperty Hillsdale Court Address 6502-6546 SW 21st Ave
City, State Portland, Oregon
County Multnomah
Year Built 1959
Total Units 12
Approx NR Sq Ft 12,980 sq ftAvg Unit Size 1,082 sq ft
www.tfn-ire.com • (503) 224-6743
TILBURY FERGUSONI N V E S T M E N T R E A L E S TAT E , I N C .
PLEASE DO NOT DISTURB RESIDENTS