ASH STREET MANOR
1726-1744 NE Hancock St. Portland, OR 97212
Upside in Rents
The Golden Key Manor Apartments offer a rare opportunity to own a pride-of-ownership property in Portland’s sought-after Irvington District. Built in 1966, the subject property has been well-maintained by the same owners for over 20 years. The property is currently 100% occupied with long-term renters and is well- positioned for attractive rent upside over the next 12-18 months.
Golden Key Manor is a 10-unit complex comprised of four - 1BD/1BA flats between approximately 700-725 square feet, four - 2BD/1BA flats at 890 square feet and two 3BD/1BA flats at 1,000 square feet. Most units have been upgraded with flooring, tile baths, backsplashes, hardware and cabinetry. The property is wood- frame construction with pitched composition shingle roofing and newer vinyl windows throughout. The property includes a large basement space with individual storage units and laundry machines for tenant usage. Units are serviced by electric hot water and electric forced-air wall heating systems. The property also offers off-street parking with a total of ten assigned spaces.
Rents are stable and averaging near $1.54/SF, tenants are currently not being charged a utility billback fee for utility usage. Average rents of comparable property are near $1.71/SF which presents attractive and realistic rent upside for a new investor. Stabilizing rents at market in addition to implementing a RUBS program for utilities would nearly double the current cash flow in place.
Golden Key Manor is located in the “close-in” Northeast Portland Irvington District with easy access to downtown Portland, bus lines, I-84 & MAX light rail. This area is adjacent to other highly desirable neighborhoods such as Lloyd, Sullivan’s Gulch and Hollywood districts. Irvington is historic and mixed urban and residential area that is located within walking distance to dining, shopping, and other entertainment. The well-established community has a mix of older East Portland homes, usually mid-sized to larger family homes located on mature tree-lined streets. There are also attractive vintage apartments and small plexes, as well as newly developed condominiums along the Broadway corridor giving the area a very urban feel. The property is located just over a 1⁄4 mile from Lloyd Center Mall & is one short block to Broadway, which offers an array of restaurants, shops & services.
1726-1744 NE Hancock St. Portland, OR 97212
SALES PRICE: $1,234,545
YEAR BUILT: 1966
Notes: Web 3/1/18. Last sale September 2008. Unit includes garage.
1bd/1ba: 4 720 Sq Ft Units
2bd/1ba: 4 905 Sq Ft Units
3bd/2ba: 2 975 Sq Ft Units
CROWN ROYAL APARTMENTS: 36 Units
1912 NE Schuyler St. 97212| Built: 1969 Type: 2bd/1ba Sq Ft: 870 Rent: $1,475 $1.69/SF
THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire the subject property.
This confidential memorandum contains brief, selected information pertaining to the business and affairs of Owner, and has been prepared by Equity Pacific Real Estate, LLC, primarily from information supplied by Owner. This memorandum does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. Neither Owner nor Equity Pacific Real Estate, LLC, nor any of their officers, employees or agents make any representation of warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents and no legal liability is assumed or to be implied with respect thereto. The information contained herein is not a substitute for a thorough due diligence investigation. All potential buyers must take appropriate measures to verify all of the information set forth herein.
By acknowledgement of your receipt of this confidential memorandum, you agree that the memorandum and its contents are confidential, that you will hold and treat it in the strictest of confidence, that you will not, directly or indirectly, disclose or permit anyone else to disclose this memorandum or its contents to any other person, firm or entity without prior written consent of Owner’s agents with Equity Pacific Real Estate, LLC, and that you will not use or permit to be used this memorandum or its contents in any fashion or manner detrimental to the interest of Owner.
OWNER AND EQUITY PACIFIC REAL ESTATE, LLC EXPRESSLY RESERVE THE RIGHT AT THEIR SOLE DISCRETION TO REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN THE PROPERTY AND TO TERMINATE DISCUSSIONS WITH ANY PARTY AT ANY TIME WITH OR WITHOUT NOTICE.
If you do not wish to pursue negotiations leading to this acquisition, kindly return this confidential memorandum to Equity Pacific Real Estate, LLC.
THIS CONFIDENTIAL MEMORANDUM SHALL NOT BE DEEMED A REPRESENTATION OF THE STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THIS MEMORANDUM. IN ADDITION, WHERE TERMS OF A SIGNED CONFIDENTIALITY AGREEMENT PROVIDED BY OWNER DIFFER FROM TERMS CONTAINED HEREIN, THE SIGNED CONFIDENTIALITY AGREEMENT SHALL PREVAIL.
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.