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Steve Broker Steve Broker John Agent John Agent
Executive Vice President Investments First Vice President Investments Vice President Investments Vice President Investments
Palo Alto Office Sacramento/Reno Office Palo Alto Office Palo Alto Office
Tel: (650) 391-1774 Tel: (916) 724-1400 Tel: (650) 391-1796 Tel: (650) 391-1797
Fax: (650) 391-1715 Fax: (916) 724-1410 Fax: (650) 391-1715 Fax: (650) 391-1715
Steve.Broker@marcusmillichap.com Steve.Broker@marcusmillichap.com John.Agent@marcusmillichap.com John.Agent@marcusmillichap.com
License: CA 01234567 License: CA 01234567NV 01234
License: CA 01234567 License: CA 01234567
PINE ST WATERFRONT OPPORTUNITY LAND102 Pine St NE • Salem, OR 97301
OFFERING MEMORANDUM
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
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.
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.
PINE ST WATERFRONT OPPORTUNITY LAND
Salem, OR
ACT ID Z0210487
2
PINE ST WATERFRONT OPPORTUNITY LAND
3
INVESTMENT
OVERVIEW
PROPERTY OVERVIEW
PINE ST WATERFRONT OPPORTUNITY LAND
PROPERTY OVERVIEW
Marcus & Millichap, as the exclusive advisor, is pleased to present the opportunity to acquire 102 Pine Street SE, Salem, Oregon. The subject
property is a riverfront, development ready set of eight lots located within a tax advantaged Opportunity Zone. The property is located on the
western bank of the Highland Neighborhood, just minutes from downtown Salem, local retail destinations, parks, schools, and the Broadway at
Pine Transit Station.
102 Pine Street is located in an Opportunity Zone, providing potential tax incentives for developing and holding the property. These potential
incentives include deferral of capital gains tax, increase in the tax basis of current realized capital gains, and the ability to pay zero capital gains
on appreciation of the subject property.
The property, approximately 64,684 square feet, is zoned Industrial Commercial, with a Class 2 Greenway Development Permit, Class 2 Zoning
Adjustment, and Conditional Use for eight duplexes to be developed, for a total of 16 residential units. The flexible Industrial Commercial zoning
allows for many potential uses, including residential, retail, office, industrial, and others. The property line starts at the low water mark in the river,
allowing construction to extend out closer to the river than is typically permitted, providing a unique opportunity for riverfront residence
development.
This is an opportunity to develop an in-demand riverfront center in the heart of Salem with great potential returns and tax savings.
PROPERTY OVERVIEW
1.48 Acres of IC/Residential Zoned Land
Close proximity to Downtown, Retail Destinations, Parks,
Schools, and the Broadway @ Pine Transit Station
Utilities On-Site, Shovel Ready
Low 3.1% Highland Submarket Vacancy
Riverfront Development Opportunity
Flexible IC Zoning Allows for a Plethora of Uses
Located in a Designated Opportunity Zone
4
#
EXECUTIVE SUMMARY
OFFERING SUMMARY
#
PINE ST WATERFRONT OPPORTUNITY LAND
5
PINE ST WATERFRONT OPPORTUNITY LAND
5
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES *
Onity Inc 22,000
Salem Health 4,177
Norpac Foods Inc 4,040
Oregon State Hospital Purch 1,350
Oregon State Hospital 1,203
Administration Office 1,200
City of Salem 1,024
Public Welfare 1,000
State Farm Insurance 949
Communications Office 900
Oregon Department of Revenue 804
Ore Dept Consumer and Bus Svcs
800
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 10,564 114,686 206,349
2010 Census Pop 9,858 107,270 193,908
2017 Estimate HH 4,198 41,485 75,323
2010 Census HH 3,923 39,041 71,210
Median HH Income $34,436 $42,799 $48,020
Per Capita Income $17,890 $22,063 $23,715
Average HH Income $43,959 $58,810 $63,601
* # of Employees based on 5 mile radius
Offering Summary
Offering Price $610,000
Lot Size SF 64,684
Lot Size AC 1.48
Land Price/SF $9.43
Land Price/AC $412,162
Number of Parcels 2 Tax Parcels – 8 Lots
Zoning IC with Duplex Conditional Use
APNs 073W15DA05000, 073W15DA05100
Tax 2018-2019 $9,249.76
Frontage 260’ Pine St NE, 200’ Front St NE
Topography Paved lot with Sloped River Bank
Services Utilities at site including on-site storm, sewer, and water
Adjacent Development Retail, Office, Commercial
PINE ST WATERFRONT OPPORTUNITY LAND
66
PINE ST WATERFRONT OPPORTUNITY LAND
77
PINE ST WATERFRONT OPPORTUNITY LAND
88
PINE ST WATERFRONT OPPORTUNITY LAND
99
PINE ST WATERFRONT OPPORTUNITY LAND
1010
Marcus & Millichap closes
more transactions than any
other brokerage firm.
12
PINE ST WATERFRONT OPPORTUNITY LAND
11
PROPERTY PHOTO
AERIAL PHOTO
PINE ST WATERFRONT OPPORTUNITY LAND
12
LOCAL MAP
PINE ST WATERFRONT OPPORTUNITY LAND
13
REGIONAL MAP
PINE ST WATERFRONT OPPORTUNITY LAND
14
PARCEL MAP
PINE ST WATERFRONT OPPORTUNITY LAND
15
ZONING MAP
PINE ST WATERFRONT OPPORTUNITY LAND
16
PINE ST WATERFRONT OPPORTUNITY LAND
17
MARKET
COMPARABLES
PINE ST WATERFRONT OPPORTUNITY LAND
SALES COMPARABLES MAP
18
PINE ST WATERFRONT OPPORTUNITY
LAND
(SUBJECT)
4165 Lancaster Dr NE
4345 Sunnyside Rd SE
Lancaster Dr SE
ON MARKET COMPARABLES
1
2
3
19
PROPERTY NAMEPINE ST WATERFRONT OPPORTUNITY LAND
SALES COMPARABLES
Avg. $9.35
$0.00
$1.50
$3.00
$4.50
$6.00
$7.50
$9.00
$10.50
$12.00
$13.50
$15.00
Pine St
Waterfront
Opportunity
Land
4165
Lancaster
Dr NE
4345
Sunnyside
Rd SE
Lancaster
Dr SE
Average Price Per Square Foot
Avg. $407,183
$0
$60,000
$120,000
$180,000
$240,000
$300,000
$360,000
$420,000
$480,000
$540,000
$600,000
Pine St
Waterfront
Opportunity
Land
4165
Lancaster
Dr NE
4345
Sunnyside
Rd SE
Lancaster
Dr SE
Average Price Per Acre
ON MARKET COMPARABLES ON MARKET COMPS AVG
PROPERTY NAME
MARKETING TEAM
PINE ST WATERFRONT OPPORTUNITY LAND
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
20
ON MARKET
COMPARABLES
Asking Price $540,000
Down Payment $540,000
Down Payment % 100%
Price/SF $9.68
Lot Size (Acres) 1.28 acre(s)
Price/Acre $421,873
PINE ST WATERFRONT OPPORTUNITY LAND
102 Pine St NE, Salem, OR, 97301
ENTITLED: NO | PERMIT READY: YES
1
On Market
Days On Market 15
List Price $289,900
Zoning RM
Density 1500
Price/SF $13.31
Lot Size (Acres) .5
Price/Acre $579,800
Lot Dimensions 180 X 155
4165 LANCASTER DR NE4165 Lancaster Dr NE, Salem, OR, 97305
ENTITLED: NO | PERMIT READY: YES
2
On Market
List Price $249,000
Zoning CO
Density 1500
Price/SF $5.55
Lot Size (Acres) 1.03
Price/Acre $241,748
Lot Dimensions 317 X 172
4345 SUNNYSIDE RD SE4345 Sunnyside Rd SE, Salem, OR, 97302
ENTITLED: NO | PERMIT READY: YES
PROPERTY NAME
MARKETING TEAM
PINE ST WATERFRONT OPPORTUNITY LAND
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
21
ON MARKET
COMPARABLES
3
On Market
List Price $160,000
Zoning RA
Density 1500
Price/SF $9.18
Lot Size (Acres) .4
Price/Acre $400,000
Lot Dimensions 237 X 67
LANCASTER DR SELancaster Dr SE, Salem, OR, 97312
ENTITLED: NO | PERMIT READY: YES
PINE ST WATERFRONT OPPORTUNITY LAND
22
MARKET
OVERVIEW
MARKET OVERVIEW
OVERVIEW
SALEM, OR
Oregon’s state government is located in Salem, providing a stabilizing
influence on the metro economy. The market is composed of Marion and
Polk counties. The area is also known for its lumber and agriculture
industries, which are supported by lush forests, lakes and rivers. Nearby
wildlife refuges and state parks provide an abundance of recreational
activities. Salem is home to several postsecondary institutions, including
one of the oldest universities in the west, Willamette University.
DEMOGRAPHICS
1
ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
PINE ST WATERFRONT OPPORTUNITY LAND
LUMBER PRODUCTION
Several forests are located near the area, benefiting Salem’s strong lumber
industry, which supports thousands of workers.
DISTRIBUTION CENTER
With its location halfway between Portland and Eugene, the market serves as a
prime distribution hub for the region.
AGRICULTURAL PRODUCTION
The Willamette River supports a strong agriculture industry in Salem, which
employs tens of thousands of individuals.
Home Depot, FedEx and Henningsen Cold each have large distribution centers in Salem. Wilco, an
agriculture supply firm, also has a distribution facility in the area.
Agriculture is a dominant part of the Salem metro’s economy. The area’s primary crops include
wheat and hops, but several fruits including strawberries and prunes are grown here. Major
agriculture employers include Truitt Family Foods, Diamond Foods and Wilmette Valley Fruit.
Other segments important to the local economy include government, aerospace, manufacturing and
technology. Additionally, several colleges and universities in the region support the region’s growing
need for a skilled workforce.
418K
2017POPULATION:
150K
2017HOUSEHOLDS:
36.5
2017MEDIAN AGE:
$52,500
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
37.8U.S. Median:
$56,3005.9%
Growth2017-2022*:
3.2%
Growth2017-2022*:
PROPERTY NAME
MARKETING TEAM
PINE ST WATERFRONT OPPORTUNITY LAND
DEMOGRAPHICS
Source: © 2017 Experian
Created on October 2018
POPULATION 1 Miles 3 Miles 5 Miles
2022 Projection
Total Population 10,678 117,384 210,982
2017 Estimate
Total Population 10,564 114,686 206,349
2010 Census
Total Population 9,858 107,270 193,908
2000 Census
Total Population 9,507 96,110 171,720
Daytime Population
2017 Estimate 13,143 147,526 224,024
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2022 Projection
Total Households 4,372 43,483 78,946
2017 Estimate
Total Households 4,198 41,485 75,323
Average (Mean) Household Size 2.43 2.58 2.61
2010 Census
Total Households 3,923 39,041 71,210
2000 Census
Total Households 3,609 35,225 63,915
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2017 Estimate
$250,000 or More 0.34% 1.19% 1.29%
$200,000 - $249,999 0.19% 0.81% 0.94%
$150,000 - $199,999 0.44% 2.80% 3.27%
$125,000 - $149,999 1.53% 3.41% 3.67%
$100,000 - $124,999 4.35% 6.35% 7.07%
$75,000 - $99,999 8.33% 9.93% 11.97%
$50,000 - $74,999 18.09% 18.73% 19.99%
$35,000 - $49,999 16.00% 15.26% 15.19%
$25,000 - $34,999 12.67% 12.29% 11.57%
$15,000 - $24,999 14.93% 12.40% 11.55%
Under $15,000 23.14% 16.83% 13.49%
Average Household Income $43,959 $58,810 $63,601
Median Household Income $34,436 $42,799 $48,020
Per Capita Income $17,890 $22,063 $23,715
24
PROPERTY NAME
MARKETING TEAM
PINE ST WATERFRONT OPPORTUNITY LAND
DEMOGRAPHICS
Source: © 2017 Experian
Created October 2018
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population by Age
0 to 4 Years 8.46% 7.36% 7.06%
5 to 14 Years 13.86% 14.18% 14.27%
15 to 17 Years 3.64% 4.04% 4.20%
18 to 19 Years 2.11% 3.03% 2.73%
20 to 24 Years 9.10% 8.28% 7.38%
25 to 29 Years 10.44% 8.07% 7.34%
30 to 34 Years 9.15% 7.60% 7.13%
35 to 39 Years 6.88% 6.76% 6.62%
40 to 49 Years 11.68% 12.16% 12.08%
50 to 59 Years 11.66% 11.75% 12.01%
60 to 64 Years 4.06% 5.21% 5.67%
65 to 69 Years 3.16% 3.92% 4.56%
70 to 74 Years 1.93% 2.72% 3.22%
75 to 79 Years 1.42% 1.89% 2.25%
80 to 84 Years 1.16% 1.37% 1.60%
Age 85+ 1.26% 1.65% 1.90%
Median Age 31.22 33.27 34.93
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population 25+ by Education Level
2017 Estimate Population Age 25+ 6,637 72,378 132,823
Elementary (0-8) 11.78% 7.58% 6.33%
Some High School (9-11) 9.46% 9.28% 8.54%
High School Graduate (12) 26.63% 26.83% 26.72%
Some College (13-15) 24.94% 24.92% 26.18%
Associate Degree Only 6.53% 7.84% 7.93%
Bachelors Degree Only 13.84% 13.88% 14.39%
Graduate Degree 4.51% 7.99% 8.42%
25
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PINE ST WATERFRONT OPPORTUNITY LAND
DEMOGRAPHICS
26
Income
In 2017, the median household income for your selected geography is
$34,436, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 23.97%
since 2000. It is estimated that the median household income in your
area will be $39,427 five years from now, which represents a change
of 14.49% from the current year.
The current year per capita income in your area is $17,890, compare
this to the US average, which is $30,982. The current year average
household income in your area is $43,959, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 10,564. The
population has changed by 11.12% since 2000. It is estimated that
the population in your area will be 10,678.00 five years from now,
which represents a change of 1.08% from the current year. The
current population is 49.37% male and 50.63% female. The median
age of the population in your area is 31.22, compare this to the US
average which is 37.83. The population density in your area is
3,353.79 people per square mile.
Households
There are currently 4,198 households in your selected geography. The
number of households has changed by 16.32% since 2000. It is
estimated that the number of households in your area will be 4,372
five years from now, which represents a change of 4.14% from the
current year. The average household size in your area is 2.43 persons.
Employment
In 2017, there are 7,898 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
44.27% of employees are employed in white-collar occupations in
this geography, and 55.29% are employed in blue-collar occupations.
In 2017, unemployment in this area is 8.79%. 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:
71.76% White, 1.37% Black, 1.25% Native American and 1.36%
Asian/Pacific Islander. Compare these to US averages which are:
70.42% White, 12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 32.02% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
PINE ST WATERFRONT OPPORTUNITY LAND
Housing
The median housing value in your area was $149,059 in 2017,
compare this to the US average of $193,953. In 2000, there were
1,220 owner occupied housing units in your area and there were
2,389 renter occupied housing units in your area. The median rent at
the time was $454.
Source: © 2017 Experian
DEMOGRAPHICS
27
TRAFFIC COUNT
YEAR COUNT
2015 15,800
2015 14,100
2010 3,200
MARKETING PLAN
#
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAMEPINE ST WATERFRONT OPPORTUNITY LAND
PRICING AND VALUATION MATRIX
PROPERTY NAMEPINE ST WATERFRONT OPPORTUNITY LAND
28
MARKET OVERVIEW
Source: © 2017 Experian
28
Subject Property
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