HAWTHORNE BELMONT BRICK 4-PLEX

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 4-Plex located at 1003 - 1017 SE 23rd Avenue in Portland, Oregon which has sold for $1,075,000 ($268,750 per unit and $214 per SF).  
 
This beautifully maintained turn-key 4-Plex was built in 1947, comprising one (1) 2BR/1BA apartment of approximately 880 square feet, and three (3) 1BR/1BA apartments of approximately 650 square feet. All of the units feature hardwood floors and forced air gas heat, and are individually metered for gas and electricity. There are three (3) garages and a common basement with coin-op laundry. The windows are newer and the electrical system has been updated.  

With timeless curb appeal, this investment property is situated on a tree lined street between Hawthorne & Belmont. Popular restaurants, bars, entertainment and retail shopping are within walking distance, and Colonel Summers Park is just blocks away.  


Jason Waxberg represented the seller and the buyer to the transaction.
 

1003 - 1017 SE 23rd Avenue, Portland, Oregon 97214

HAWTHORNE MIXED USE REDEVELOPMENT SITE

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 17,144 SF site located at 1314 SE Cesar E Chavez Blvd. in Portland, Oregon which has sold for $1,600,000 or $93 PSF.   
 
This asset was purchased for redevelopment and comprises two tax parcels zoned CM1. The Commercial Mixed Use 1 Zone (CM1) is small-scale, commercial mixed use zone intended for sites within lower density residential areas, on neighborhood corridors. Buildings in this zone can be built up to three stories and are generally oriented around retail, residential and office uses. 

Located along Cesar E Chavez Blvd and two blocks from Hawthorne Blvd, this is an ideal location for tenants and retailers alike. Fred Meyer Grocery is located directly across the street, and there are popular coffee shops, bars, restaurants and retail stores along Hawthorne Blvd. 


Jason Waxberg represented the buyer on the transaction, and helped them successfully complete their 1031 tax deferred exchange.
 

1314 SE Cesar E Chavez Blvd., Portland, OR 97214

GOLDEN KEY MANOR

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the Golden Key Manor located at 1726-1744 NE Hancock Street in Portland, Oregon which has sold for $2,150,000 ($215,000 per unit and $234 per SF).  
 
Golden Key Manor is a beautifully maintained pride-of-ownership 10-unit complex built in 1966, and comprised of four (4) 1BD/1BA flats between approximately 700-725 square feet, four (4) 2BD/1BA flats of approximately 890 square feet, and two (2) 3BD/1BA flats of approximately 1,000 square feet. A majority of the 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. There are also 10 off-street parking spaces.  

Golden Key Manor is located in the close-in NE 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, and within walking distance to dining, shopping, and other entertainment. 

 

Chuck Brazer represented both the seller and the buyer to the transaction.
 

1726-1744 NE Hancock St, Portland, Oregon 97212

VILLAS ON BROADWAY

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 20-Unit Villas on Broadway located at 1601 Broadway Street in Seaside, Oregon which has sold for $2,199,900 or $109,995 per unit, $122 PSF and a 7.85% capitalization rate.   
 
Villas on Broadway were originally built as condominiums in 1973 and comprise five separate 4-Plex buildings on six tax lots.  The complex is located on 1.5 acres of secluded park-like grounds surrounded by trees.  The apartment unit mix includes five (5) 3BR/2BA apartments of approximately 1,090 SF, ten (10) 2BR/1BA apartments of approximately 900 SF, and five (5) 1BR/1BA apartments of approximately 700 SF.  These spacious units all feature washer & dryer hook-ups and rear balconies and patios.  There are 26 off-street asphalt parking spaces. 
 
All of the units at Villas on Broadway were fully remodeled in 2007, with modernization improvements including new fiber cement board siding on all buildings, and all new kitchens featuring granite slab countertops, new cabinets and stainless steel appliances, as well as new laminate wood flooring and carpeting throughout. 
 
Villas on Broadway are located just minutes from the Seaside Promenade, situated at the foot of the exclusive Seaside Heights Hill and a short walk to Seaside’s historic shopping district and the beaches. 
 

Jason Waxberg represented the buyer on the transaction, and helped them successfully complete their 1031 tax deferred exchange.

 

1601 Broadway Street, Seaside, OR 97138

THE FRANCES BUILDING

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of The Frances Building located at 3632 SE Hawthorne Boulevard in Portland, OR.  This investment property sold for $3,500,000 ($235 per SF) at a 6.70% cap rate.

Located directly across the street from the Bagdad Theater in the heart of the Hawthorne District in close-in SE portland, the Frances Building is an historic, vintage mixed-use investment property comprising seven (7) residential apartments, three (3) retail storefront spaces and the Echo Theater.  Built in 1911, The Frances Building has been designated a Portland Historic Landmark Building and is on the National Historic Registry.

The three NNN Retail Tenants are Rachel's Ginger Beer, Portland Cider Company and Harlow restaurant. The Echo Theater is home to DOJUMP and the Echo Theater Company & School.  The residential apartments comprise two (2) 2BR/1BA units of approximately 800 square feet, four (4) 1BR/1BA units that average approximately 650 square feet and one (1) studio unit of approximately 250 square feet.
 
  
Jason Waxberg represented the seller to the transaction.

 

3632 SE Hawthorne Boulevard, Portland, Oregon 97214

MOUNTAIN VIEW APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 16-Unit Mountain View Apartments located at 1907 N College Street in Newberg, OR.  This investment property sold for $1,800,000 ($112,500 per unit and $146 per SF). 
 
The Mountain View Apartments were built in 1973 and consist of eight one-story duplexes, comprising one (1) 4BR/2BA apartment of approximately 950 square feet, one (1) 3BR/1BA apartment of approximately 850 square feet, and fourteen (14) 2BR/1BA apartments of approximately 750 square feet. Each apartment has an attached garage. There is laundry room with four coin-operated washers and dryers. 
 
The Mountain View Apartments are located one mile from downtown Newberg and in close proximity to George Fox University. 
 
The new owners intend to continue to make improvements to the apartments to achieve top of the market rents.
  
Jason Waxberg represented the buyer to the transaction.

 

1907 N College Street, Newberg, Oregon 97132

PARKE PLACE APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 16-Unit Parke Place Apartments located at 5012 NE Cleveland Ave in Portland, OR.  This investment property sold for $2,900,000 ($181,250 per unit and $220 per SF). 
 
The Parke Place Apartments were built in 1911, comprising two (2) 2BR/1BA apartments of approximately 750 square feet, eight (8) 1BR/1BA apartments of approximately 625 square feet and six (6) studios of approximately 500 square feet. Unit interiors feature a mixture of hardwood and vinyl flooring. There are vintage details throughout including built-ins, period lighting fixtures and hardware. There is off-street parking for five spaces.
 
The Parke Place Apartments are located in close proximity to the Alberta Arts District, a popular neighborhood lined with shops, galleries, restaurants and bars.  On the last Thursday of every month there is also a colorful street fair. 
 
The new owners intend to continue to make improvements to the apartments to achieve top of the market rents.
 

Chuck Brazer represented the buyer to the transaction.

 

5012 NE Cleveland Avenue | Portland, Oregon 97211 

HIGHLANDER APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 38-Unit Highlander Apartments located at 1217 NE 122nd Avenue in Portland, OR. This investment property sold for $5,100,000 ($134,210 per unit and $155 per SF).

The Highlander Apartments were built in 1960, comprising twenty two (22) 2BR/1BA apartments of approximately 950 square feet and sixteen (16) 1BR/1BA apartments of approximately 750 square feet. Fifteen apartments had been fully renovated at the time of the sale, including new stainless steel appliances, granite countertops, tile backsplashes and laminate flooring. Each unit has a patio or a balcony and the property has a landscaped central courtyard and two on-site laundry facilities. Additional capital improvements also include a new membrane roof and vinyl windows. 

The Highlander Apartments are located on the east side of the city, approximately 8 miles from downtown Portland. The property is on a bus line, near the MAX light rail, and close to the I-205 and I-84 highways. It is also in close proximity to several schools, parks and retail stores.  

The new owners are long-term investors and intend on taking full advantage of Portland’s strong rental market to achieve maximum return.


Chuck Brazer represented the buyer to the transaction.

 

1217 NE 122nd Avenue | Portland, Oregon 97230 

CEDAR VILLAGE APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 65-Unit Cedar Village Apartments located at 8805 N Colton Street in Spokane, Washington, which has sold for $3.7M ($56,923 per unit and $88 per SF).  Built in 1976 and located in the Hill n’ Dale neighborhood in North Spokane, Cedar Village comprises forty nine (49) 1BR/1BA units and sixteen (16) 2BR/1BA units in an attractive and quiet garden courtyard setting.
 
Listed for $3.5M in September, Equity Pacific presented multiple offers which led to an above asking price sale in what has become an increasingly strong Spokane multi-family investment market.  At the time of the sale, the owner had remodeled the majority of the 65 units.  Quality upgrades to the unit interiors included new flooring, paint, appliances, countertops, doors and fixtures.  Additionally, the baseboard electric heaters were removed and replaced with an electric Cadet-style in-wall heater in each room.  Exterior upgrades to the property included all new exterior paint as well as removing all the fireplace chimneys from the roofs, creating a much more appealing, streamlined look.   

Cedar Village comprises four multi-family buildings, along with a fifth structure used as a Manager’s leasing office on the upper floor and common area laundry service on the lower level which adds additional income. There is also a seasonal outdoor pool situated directly in front of the Manager’s office. 


Jason Waxberg represented the seller to the transaction.

 

8805 N Colton Street | Spokane, Washington 99218 

THE PRAGER LOMBARD MANSION

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of The Prager Lombard Mansion located at 2032 NW Everett Street in Portland, which sold for $1,200,000 ($200,000 per unit and $167 per SF).
 
The Prager Lombard Mansion was originally built in 1890 as a single family home of wood frame with brick, wood shingle and wood lap exterior, and was converted to an apartment building in 1943.  The building features significant architectural character and detail on its façade, with period ornamental finishes.  
 
The Property is situated on a 5,793 SF corner lot or approximately 0.13 acre zoned high density residential (RH) which would allow for an increased number of units.  The landscaping is mature and creates an element of privacy from the pedestrian and vehicle traffic along NW 21st Ave and NW Everett Street.  There is a wrought iron fence around the perimeter that enhances the building’s vintage character and charm. 
 
There are six apartments including a very large Owner’s Unit comprising two floors and nearly 2,000 SF, along with two 1BR/1BA units of approximately 600 SF and two 1BR/1BA units of approximately 530 SF, and a Studio apartment approximately 450 SF.   Each unit is individually metered for natural gas and electricity.  Four of the units feature decorative fireplaces that are currently not used by the tenants.  The apartment interiors feature warm period details with hardwood and tiled floors, with a mix of hardwood and vinyl floors in the kitchens. 
 
Jason Waxberg represented the seller to the transaction.

 

2032 NW Everett Street | Portland, Oregon 97209 

FOUNTAIN COURT APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 26-Unit Fountain Court Apartments located in Hermiston, Oregon. The Fountain Court Apartments sold for $1,195,000 ($45,962 per unit and $61 per SF).
 
Built in 1978 this investment property is made up of three buildings comprised of twenty two (22) 2BR/1BA units of approximately 750 SF and four (4) 1BR/1BA units of approximately 650 SF.  Many of the units have been recently upgraded. There is on-site laundry and ample off-street parking.
 
Equity Pacific conducted an in-depth rent and economic development analysis for the area and determined the property to be a solid investment in one of the fastest growing regions in Eastern Oregon. Hermiston has grown into a regional retail hub, home to the Union Pacific Railroad switching facility, a refrigerator cargo dock on the Columbia River and is located on several major east-west and north-south freeways.
 
This purchase fulfilled the buyers’ 1031 exchange following the sale of their NE Portland 4-Plex in April. The buyers effectively increased their cash flow from less than $1,000 to more than $3,000 per month. The new owners intend to continue to make improvements to the apartments to achieve top of the market rents.
 
Jason Waxberg represented the buyer to the transaction.

 

140 SW 9th Street | Hermiston, Oregon 97838  

COUNTRY CLUB MANOR APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 43-Unit Country Club Manor Apartments located at 605 Umatilla Avenue in Umatilla, OR. The property sold for $1,960,000 ($43,581 per unit and $60.51 per SF). Country Club Manor was built in 1977 with extensive remodel in 2013-14. The property offered over 10% immediate cash flow based on the in-place income and expenses and over 17% cash flow after stabilizing at market levels.

Marketing Country Club Manor presented particular challenges as Umatilla is a much smaller, more tertiary sub-market. Equity Pacific welcomed the challenges and were able to locate and identify several qualified investors. The most qualified buyer submitted the strongest offer and swiftly completed their due diligence ultimately resulting in a successful close of escrow. 

Chuck Brazer represented the seller to the transaction.

 

605 Umatilla Ave | Umatilla, Oregon 97882 

ASH STREET APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 12-Unit Ash Street Apartments located at 11940 SE Ash Street in Portland, OR. The property sold for $1,365,000 ($113,750 per unit and $132 per SF). The Ash Street Apartments were constructed in 2009. The building is three-story wood-frame with hardiplank siding and double paned vinyl windows.
 
The property comprises all 2BR/1BA apartments of approximately 860 SF and presents solid rent upside for a new investor. All units offer spacious floor plans with large kitchens, breakfast bar, ample storage and full size washer/dryer hookups. All units feature electric hot water and electric forced-air cadet style heating systems and are separately metered for electricity. In addition, all units on all floors including exterior entryways are equipped with a sprinkler system.
 
Chuck Brazer represented the seller to the transaction.

 

11940 SE Ash Street | Portland, Oregon 97216

CLOSE-IN NE VINTAGE COMMERCIAL PROPERTY

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the pride of ownership Single Tenant Net Leased Investment Property located at 3308 NE Peerless Pace in the Laurelhurst neighborhood of NE Portland which has closed for $1,050,000 ($221 per SF). The property features one of the iconic stone Laurelhurst archways on the property. This is an excellent close-in NE Portland location near Laurelhurst Park, Oregon Park, NE 28th Avenue, NE Glisan Street, NE Sandy Boulevard, Whole Foods, Da Vinci Arts Middle School and very popular stores, restaurants, bars and brew pubs all within walking distance. There is also easy access to freeway I-84.

This unique professional office building was built in 1928. The property has a distinctive historical charm with period details, and is zoned for both residential and commercial, offering multiple pathways to increased future value. The property is currently leased to a local non-profit organization.

The building is approximately 4,752 SF. The interiors of the units feature high ceilings, hardwood floors, arched doorways, French doors, bay windows, and a fireplace. The building has stucco siding and features off-street parking.

Jason Waxberg represented the buyer to this transaction.

 

3308 NE Peerless Place | Portland, Oregon 97232

PARK REGENCY

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 15-Unit Park Regency Apartments for $2,445,000. Located in the heart of the Hollywood neighborhood in close-in NE Portland, this attractive two-story property built in 1969 features cedar and brick siding and has been very well maintained.  

Situated on a 15,000 SF corner lot, the Park Regency Apartments feature an excellent unit mix comprising two (2) 3BR/1.5BA units, one 2BR/1.5BA Town Home, eight (8) 2BR/1BA units and four (4) 1BR/1BA units. Overall the average apartment size is 800 SF, and the  apartments feature decks and balconies. All the apartments are individually metered for electricity. There is open, off-street asphalt parking for 16 cars. 

Park Regency benefits from this strong location as a Walker’s Paradise with a 91 Walk Score and is a Biker’s Paradise with a 98 Bike Score, and is located near Whole Foods, Trader Joe’s, 24-Hour Fitness, Providence Hospital, the Hollywood Theater and a wide variety of  retail stores, coffee shops, parks, schools and public transportation. 

Equity Pacific secured the sale of the property against multiple competing offers. The new owner intends to upgrade the property to realize the building’s pride of ownership potential and achieve higher, market level rents.  

Chuck Brazer represented the buyer on this transaction.

 

4502 NE Hancock Street | Portland, Oregon 97213

RIVERSCAPE LOT 8

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the Riverscape Lot 8 Multi-Family Land Development for $8,500,000. The crown jewel of Fore Property Company's Portland portfolio, this beautiful 250-unit waterfront apartment project overlooks the Willamette River just north of the downtown core. The Riverscape Lot 8 development features high-end interior appointments and luxury amenities such as a roof terrace and yoga studio. 


Jason Waxberg represented both parties to the transaction. 

 

NW Riverfront Lot 8 | Portland, OR 97209

RIVERSCAPE LOT 1

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the Riverscape Lot 1 Multi-Family Land Development for $4,250,000. Fore Property Company plans to build the 149 unit apartment community to be known as the Guild Lofts that will capture the best of the Portland lifestyle just north of the Fremont Bridge. 

Conveniently located in the heart of one of Portland's up-and-coming neighborhoods, residents will be able to step out and be anywhere in the city within minutes. River views from the 4th floor outdoor deck and front-door access to the riverfront trail appeal to all demographics. There will be a mix of studio, one, and two bedroom units. Units will have Energy Star* appliances including dishwasher, microwave-oven, range, and washer / dryer. Common area amenities will include a spacious clubhouse with meeting space, business center and fitness room located on the waterfront.

Jason Waxberg represented both parties to the transaction. 

 

NW Riverfront Lot 1 | Portland, OR 97209

MONTAVILLA GARDEN COURT

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of two side by side 4-Plex apartment buildings on separate tax lots located at 602 NE 78th Avenue near Glisan Street in the Montavilla neighborhood of NE Portland. Montavilla is an emerging close-in sub-market attracting tenants and investors with its neighborhood parks, schools, restaurants and retail stores. Owned for years by the same family, this property features significant rent upside. Built in 1961, each 4-plex building is two-story wood frame with cedar and roman brick exteriors.

Altogether the property comprises eight 2BR/1BA Town House apartments of approximately 900 SF with spacious living rooms, hardwood floors, and tiled kitchens and baths. Each apartment features a balcony overlooking a courtyard-like setting with mature landscaping.  

The new owners will make improvements to the buildings and update the interiors to achieve top of the market rents. This 8-Unit property sold for $860,000 ($107,500 per unit and $118 per SF). There is open, off-street parking for eight cars and each building features coin-op laundry in the basement. 

Jason Waxberg represented the buyer to the transaction.

 

602 NE 78th Avenue | Portland, Oregon 97213