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THE FRANCES BUILDING
Commercial Investment Property
3632-3646 SE Hawthorne Blvd, Portland, Oregon 97214
COMMERCIAL INVESTMENT PROPERTY – EXCLUSIVE OFFERING
136 NE 28th
Avenue
Portland, Oregon 97232
503-327-8237 Office
503-954-3087 Fax
www.equitypacificrealestate.com
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Neighborhood Photos
Hawthorne Fred Meyer Bagdad Theater & Pub
Powell’s Books 3 Doors Down Cafe
Starbucks Oasis Cafe
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Exterior Photos – Retail Tenants
Portland Cider House Rachel’s Ginger Beer
Harlow Cuisine Harlow Cuisine
Echo Theater Echo Theater
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Exterior Photos
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Interior Photos – Unit #2 2BR/1BA
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Interior Photos – Unit #3 1BR/1BA
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Interior Photos – Unit #4 Studio
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Interior Photos – Unit #5 1BR/1BA
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Interior Photos – Unit #6 1BR/1BA
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Interior Photos – Unit #7 1BR/1BA
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Interior Photos – Unit #8 2BR/1BA
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Photos – Common Space
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Photos – Basement
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
The Location _________________
The Frances Building is located in the heart of the Hawthorne District of Close-In SE Portland. This popular neighborhood is highly sought by investors and tenants alike. It features vintage commercial and residential buildings and has many locally owned shops and restaurants. Located on the corner of SE 37th Avenue & Hawthorne Boulevard, The Frances Building is situated across the street from the popular McMenamins Bagdad Theater & Pub. Starbucks Coffee is across the street to the north, and Powell’s on Hawthorne bookstore and Fred Meyer, Wells Fargo and Bank of America all within two blocks.
The Tenants __________________
Rachel’s Ginger Beer
Portland Cider Company Harlow Restaurant The Echo Theater
featuring Do Jump! a Non-Profit Organization Seven (7) Apartments
Historic Portland Landmark Building __________________
According to Wikipedia, The Frances Building is a property listed on the National Register of Historic Places. Built in 1911, it was added to the National Historic Register in 1994. The Frances Building is a two-story structure that faces Southeast Hawthorne Boulevard, while the Echo Theatre is a one-story structure facing SE 37th Avenue. The adjoining buildings, constructed as parts of a single project, are separated by a party wall. Investor Rudolph Christman, who financed construction of the project, named the Frances Building in honor of his wife. It was the first commercial structure built along Hawthorne Boulevard between Southeast 20th and 39th avenues. Other commercial development soon followed, enhanced by the growth of nearby residential areas and construction of trolley lines to serve them. The original first floor of the Frances Building was home to a barber shop, and a dry goods store, a candy store, and a drug store. The second floor included offices and living quarters. Through many decades, commerce has continued on the first floor; seven apartments occupy the second floor.
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Photos – Echo Theater
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Echo Theater & DOJUMP Entered originally from Hawthorne via a passage through the Frances Building, the Echo Theater was once a movie house. Facing competition from the nearby Bagdad Theater which opened across the street in 1927, the Echo Theater closed, and its entrance was moved to the 37th Avenue side. Storage and plumbing companies used the space until 1984, when it again became a theater home to DOJUMP, a non-profit movement theater school. DOJUMP is a modern dance and trapeze company which was launched in 1983 in the historic Echo Theater. It uses clowning, aerial dance, tumbling and partner acrobatics to perform physical theater storytelling. DOJUMP performs across the country as well as holds workshops for schools and corporate events. The Echo Theater has been an important hub of arts and culture in the iconic Hawthorne District of SE Portland for a long time.
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Price: $3,750,000
Down Payment: 50% $1,875,000
Number of Units: 11
Price/Unit: $340,909 $1,875,000
Building/SF: 14,915
Price/SF $251
Current Cap: 6.22%
Market Cap: 6.92% Parcel ID
Current GIM 10.3 Lot Size
Market GIM 9.5 Utilities paid by Tenant
Year Built: 1911
Current Market 2017 YTD Actual % EGI Per Unit
INCOME EXPENSES
Scheduled Rent Income $312,576 $340,176 Taxes $25,803 - $2,346
Additional Income $69,856 $74,693 Insurance $24,636 - $2,240
Scheduled Gross Income $382,432 $414,869 Water & Sewer $7,008 - $637
Less: Vacancy (5%) ($19,122) ($20,743) Trash/Recycling $10,927 - $993
Effective Gross Income $363,310 $394,126 Gas & Electricity $1,941 - $176
Less: Expenses ($129,928) ($134,705) Management $19,982 5.50% $1,817
Net Operating Income $233,382 $259,421 Maintenance & Repairs $25,432 7.00% $2,312
Turnover & Cleaning $10,899 3.00% $991
Year 1 Debt Service ($125,062) ($125,062) Reserves $3,300 - $300
Pre-Tax Cash Flow $108,320 $134,359
Principal Reduction $41,537 $41,537 Total Expenses $129,928 35.8% $11,812
Total Return 8.0% $149,857 9.4% $175,896
Cash Yield 5.8% $108,320 7.2% $134,359
Total Units Unit Type Rent Rent/PSF Rent Rent PSF
4 Storefront 1,040 - 4,085 SF $3,669 - $6,454 $11.84 - $46.14 $3,669 - $6,454 $11.84 - $46.14
2 2BR-1BA 800 SF $1,375 - $1,450 $1.72 - $1.81 $1,895 $2.37
4 1BR-1BA 600 - 700 SF $975 - $1,195 $1.63 - $1.71 $1,395 $2.15
1 Studio 250 SF $750 $3.00 $825 $3.30
11 $26,048 $28,348
Additional Information
R326486
Approximate SF/Unit
0.22 Acre (9,500 SF)
Electricity
Annualized Operating Data Annualized Expenses
Scheduled Income Current Market
3632-3646 SE Hawthorne Blvd
Portland, Oregon 97214
Financing Summary
New Multi-Family Loan in the amount of
Summary Location
Amortized over 25 Years
at 4.50% Principal and Interest
INVESTMENT SUMMARY
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Potential Office Redevelopment Concepts
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Potential Office Redevelopment Concepts
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Subject Property – Apartment Floor Plans per City of Portland Microfiche
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Subject Property – Parapet Brace & Roof Plans per City of Portland Microfiche (October, 1992)
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
LEASE SURVEY – COMMERCIAL RETAIL
PROPERTY LOCATION
YEAR BUILT
SPACE TYPE
UNIT SF
CURRENT RENT RENT/PSF SOURCE PHOTO
The Frances Building 3632 SE Hawthorne Portland, OR 97214
*Subject Property
1911 Echo Theater Harlow Cuisine
Portland Cider Co Rachel's Ginger Beer
4,085 2,456 1,300 1,040
$4,031 $6,454 $3,669 $3,999
(3) NNN Leases &
Echo Theater Non-Profit
$11.84 $31.53 $33.87 $46.14
Owner
SE 2nd & Taylor 134 SE Taylor St Portland, OR 97214
1921 Retail/Restaurant 2,386 $7,060
NNN Lease
$35.51 urbanworksrealestate.com 9/19/17
4118 NE Sandy Blvd Portland, OR 97212
2013 Restaurant 2,624 $6,560
NNN Lease
$30.00 LoopNet 9/19/17
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
SPACE TYPE
UNIT SF
CURRENT RENT RENT/PSF SOURCE PHOTO
Matterhorn Building 940 SE Madison St Portland, OR 97214
2017 Restaurant 1,927 $4,818
NNN Lease
$30.00 LoopNet 9/19/17
Hollywood Market Square 4133 NE Sandy Blvd Portland, OR 97212
1950 Retail 1,760 $5,133
NNN Lease
$35.00 LoopNet 6/1/17
Hawthorne Theater Building 3862 SE Hawthorne Portland, OR 97214
1919 Restaurant 2,492 $6,645
NNN Lease
$32.00 LoopNet 6/1/17
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
SPACE TYPE
UNIT SF
CURRENT RENT RENT/PSF SOURCE PHOTO
111 NE MLK Jr Blvd Portland, OR 97232
2016 Retail 1,347 $3,368
NNN Lease
$30.00 LoopNet 6/1/17
The Geode 2502 SE Division Portland, OR 97202
2016 Retail 2,794 $6,985
NNN Lease
$30.00 LoopNet 6/1/17
Hawthorne 31 1521 SE 31st Ave Portland, OR 97214
2016 Retail 2,293 $5,733
NNN Lease
$30.00 LoopNet 6/1/17
1408 NE Alberta St. Portland, OR 97211
1981
Retail 901 $2,403
NNN Lease
$32.00 cimls.com/ lease-listing 11/13/16
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
RENT SURVEY - APARTMENTS
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF
UNITS UNIT TYPE
UNIT SF
CURRENT RENT
RENT/PSF SOURCE PHOTO
The Frances Building 3632 SE Hawthorne Portland, OR 97214
*Subject Property
1911 11 2 – 2BR/1BA 4 – 1BR/1BA
1 – Studio
800 600 – 700
250
$1375 - $1450 $975 - $1195
$750
Plus + Utility Bill Backs
$1.72 - $1.81 $1.63 - $1.71
$3.00
Owner
Oriental Apts 3562 SE Harrison St Portland, OR 97214
1926 16 1BR/1BA 684 $1525
& $85 W/S/G
Bill Back
$2.23 Craigslist 10/27/17
Laurel View Apts 236 SE 32nd Ave Portland, OR 97214
1928 14 1BR/1BA 490 $1200
& $50 W/S/G
Bill Back
$2.45 Craigslist 8/23/17
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF
UNITS UNIT TYPE
UNIT SF
CURRENT RENT
RENT/PSF SOURCE PHOTO
2524 SE 12th Ave Portland, OR 97202
1909 8 Studio
450 $1250
& $100 W/S/G
Bill Back
$2.78 Craigslist 8/23/17
2829 SE Belmont St Portland, OR 97214
1927 1
Condo
Studio 330 $900 $2.73 Craigslist 7/17/17
1529 SE 20th Ave Portland, OR 97214
1927 Mixed-use Studio 400 $1100 $2.75
Craigslist 6/7/17
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF
UNITS UNIT TYPE
UNIT SF
CURRENT RENT
RENT/PSF SOURCE PHOTO
Mount Tabor Apts 4929 SE Hawthorne Portland, OR 97215
1923 46 Studio 300 $899 $3.00 Craigslist 4/25/17
904 SE 20th Ave Portland, OR 97214
1923 9 1BR/1BA 600 $1350 $2.25 Craigslist 4/4/17
1304 SE 37th Ave Portland, OR 97214
1976 4 2BR/1BA
800 $1975 $2.47 Craigslist 3/30/17
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
RECENT SALES COMPARABLES
PROPERTY LOCATION
YEAR BUILT
# UNITS / TOTAL SF UNIT MIX / COMMENTS PRICE
PRICE / UNIT
PRICE / SF SOLD PHOTO
The Frances Building 3632 SE Hawthorne Portland, OR 97214
*Subject Property
1911 11 14,915 SF
+
(5,415 SF basement)
7 Apts &
4 Retail Spaces
$3,750,000 $340,909 $251 TBD
603 SE 6th Ave Portland, OR 97214
1927 6,700 SF
+
(735 SF basement)
Office & Retail
$2,700,000 N/A $403 Aug 2017
Hungry Tiger Complex 201 SE 12th Ave Portland, OR 97214
1909 9
10,533 SF
+ (5,054 SF basement)
7 Apts &
2 Retail Spaces
$2,150,000
Cap: 5.60%
$238,889 $204 July 2017
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
# UNITS / TOTAL SF UNIT MIX / COMMENTS PRICE
PRICE / UNIT
PRICE / SF SOLD PHOTO
Serene Court Apts 1130 NE 1st Ave Portland, OR 97232 *URM Building
1913 26 26 - Studio $4,200,000 $161,538 $252 June 2017
2937 E Burnside St Portland, OR 97214 *URM Building
1905 2
2,740 SF
+ (858 SF
basement)
1 SFH &
1 Retail Space
$1,025,000 $512,500 $374 April 2017
3319 SE Division St Portland, OR 97202
1911 5
5,440 SF
4 Apts &
1 Retail Space
$1,700,000 $340,000 $313 Nov 2016
The Kentwood 2032 N Kilpatrick St Portland, OR 97217 *URM Building
1910 44
+ (8,496 SF basement)
44 Apts & 2 Commercial Spaces
$3,950,000 $89,772 $227 April 2016
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
# UNITS / TOTAL SF UNIT MIX / COMMENTS PRICE
PRICE / UNIT
PRICE / SF SOLD PHOTO
3950 N Mississippi Ave Portland, OR 97227
1913 3
7,700 SF
+ (4,000 SF basement)
3 Retail Spaces $2,825,000 $941,667 $367 Jan 2015
Lanning Court Apts 4263 SE Belmont Portland, OR 97215 *URM Building
1927 19
7,040 SF
+ (3,420 SF basement)
1 – 2BR/2BA 2 – 1BR/1BA
16 - Studio
$2,700,000
$142,105 $384 June 2015
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Significant Nearby New Construction
PROPERTY LOCATION
# UNITS UNIT MIX / COMMENTS
CONSTRUCTION STATUS
GROUPS PHOTO
LOCA @ The Goat Blocks Belmont & 11th Ave Portland, OR 97214
246
Six Buildings
Around a Central Plaza 97,000 SF Retail
Parking for 285 Vehicles
& 553 Bicycles
Under Construction
Killian Pacific
Modera Belmont 818 SE 6th Ave Portland, OR 97214
200 &
Office
Six Story Building
Ground Floor Retail & Creative Office Space
Parking for 205 Vehicles
& 302 Bicycles
Under Construction
Mill Creek &
SERA Design
240 Clay SE 3rd & Clay St Portland, OR 97214
Office/Retail Retail &
Office Spaces
Under Construction
Killian Pacific &
Mackenzie Architects
811 SE Stark Portland, OR 97214
Office/Retail Four Story Building Ground Floor Retail
& Offices
Under Construction
Works Partnership
THE FRANCES BUILDING
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
# UNITS UNIT MIX / COMMENTS
CONSTRUCTION STATUS
GROUPS PHOTO
Burnside Delta 1111 SE Sandy Blvd Portland, OR 97214
85 Six Story Building
w/ Ground Floor Retail
Approved Urban Development Group
& Vallaster Corl Architects
Jupiter Hotel Expansion 800 E Burnside St Portland, OR 97214
Hotel Six Story Building
w/ Ground Floor Retail & Restaurants
Under Construction
Works Partnership
710 E Burnside Portland, OR 97214
49 Eleven Story Building
w/ 10,628 SF of Office Space
Parking for 55 Vehicles & 78 Bicycles
Under Construction
Polyphon Architecture & Design
Grand Belmont 514 SE Belmont St Portland, OR 97214
133 Six Story Building
w/ 8,925 SF of Retail Spaces
Parking for 63 Vehicles
Design Review
Urban Assets Advisors
& Vallaster Corl
Architects
