68th AVENUE 4-PLEX – $625,000

4 UNIT MULTI-FAMILY INVESTMENT
68th Ave. 4-Plex – 19701-19707 SW 68th Ave.
Tualatin OR 97062
$625,000

HIGHLIGHTS

– Great Location w/ Rental Upside
– Full Size W/D Hookups all Units
– Off Street Parking & Garages (4)
– Recent Unit Renovations
– Large Yard Space – Fireplaces in all Units

PROPERTY

The 68th Avenue 4-Plex was built in 1978 and comprise of four (4) total units. Unit amenities include open patios with yard access, ample built-in storage/closet space, large kitchens and all units include full size washer/dryer hookups and wood-burning fireplaces. Kitchens include range/stove units, dishwashers, full-size refrigerators and disposals. Property amenities include off-street parking spaces, four detached fully enclosed garages and large yard space. The subject property is part of a small, secluded and quiet neighborhood of similar low-density plexes. The unit-mix includes two – 2bd/1.5ba townhouses at approximately 950 SF, one – 3bd/1.5ba townhome at approximately 1,080 SF and one – 4bd/2.5ba townhome at approximately 1,280 SF. All units in the complex are separately metered for electricity. Units are served with electric hot water and electric cadet style forced-air heating systems (in addition to wood-burning fireplaces). Tenants are responsible for electricity and cable and along with an extra utility charge currently averaging $45/mo/unit. Rents at the property are currently averaging near $1.01/SF across all units and present substantial realistic rental upside for a new investor. Current rents for the area average between $1.35/SF and $1.41/SF, the pro-forma outlook in the following Investment Summary section assumes modest pro-forma rents between $1.13/SF to $1.21/SF. Increasing rents to this level would increase cash flow based on a 25% down payment to over 11%.

LOCATION

The 68th Avenue 4-Plex is located at 19701 SW 68th Avenue in Tualatin, Oregon, a suburb of Portland directly adjacent to the city of Lake Oswego. Tualatin & Lake Oswego have a combined population of 64,489 according to the 2013 census estimate. Lake Oswego is one of the most affluent suburbs of Portland with an average household median income per the 2012 census of $84,186. Most notable nearby amenities include Bridgeport Village, Safeway, Walgreens, 24-Hour Fitness, downtown Lake Oswego (4 miles) and Oswego Lake (1.5 miles).
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MARKETING PACKAGE 

68th 4-Plex  (download PDF HERE)

PROPERTY DETAILS

Price $625,000 Cap Rate 5.91%
No. Units 4 Pro-Forma Cap Rate 7.16%
Building Size 4,160 SF Occupancy 100%
Price/ Unit $156,250 No. Stories  2
Property Type Multifamily Year Built 1978
Property Sub-type Apartments  Lot Size  —-
Property Use Type Investment  Listing ID  —-

UNIT MIX INFORMATION

Unit Type # Of Units Avg. Rent Sq Feet
2bd/1.5ba TH 1 $875 950 Sq Feet
2bd/1.5ba TH 1 $825 950 Sq Feet
3bd/1.5ba TH 1 $1,195 1080 Sq Feet
4bd/2.5ba TH 1 $1,500 1280 Sq Feet

FINANCIAL SUMMARY

Current Net Operating Income $36,945
Pro-Forma Net Operating Income $44,720