Prime Development Land

Transcription

1 1831 NW 28th Ave OFFERING MEMORANDUM Prime Development Land 20,000 SF at NW 28th Avenue & Thurman Street

2 Executive Summary Rare opportunity to purchase 20,000 SF of R1 land, located in the heart one of Portland s premiere neighborhoods. R1 zoning allows a wide range of development possibilities including apartments, townhouses, and condominiums. A buyer can utilize and execute the current project as designed, or take a different approach by acquiring the land and designing and building whatever project they envision. At the corner of NW 28th Avenue and NW Thurman Street, this site is located at one of the best addresses in the City of Portland. This stunning location features some of Portland s best restaurants and businesses, as well as easy access to public transportation. PROPOSED PROPERTY INFORMATION Address # Units Up to 20 Land Area Zoning 1831 NW 28th Avenue, Portland, OR 20,000 SF Price $5,280,000 R1 (Residential 1,000 zone) Density may be as high as 65 units per acre with density bonus 1831 NW 28th Ave Kidder Mathews OM 2

3 REGIONAL MAP 1831 NW 28th Ave NE Knott St NW Raleigh St NE Broadway St NW 23rd St NW Lovejoy St NW 21st St NW 19th Ave NW Glisan St E Burnside St NE Sandy Blvd DOWNTOWN PORTLAND SE Hawthorne Blvd SE Division St SE Caser Estrada Chavez Blvd Kidder Mathews OM 3

4 Location Overview THURMAN STREET RETAILERS FOREST PARK 1831 NW 28TH AVE WALLACE PARK NW 25TH AVE NW 23TH AVE Kidder Mathews OM 4

5 Location Overview THURMAN STREET Perhaps no other residential street in Portland holds the allure of NW Thurman Street. From repurposed turn of the century industrial buildings near the river, high end-retailers at it s mid-point, to some of Portland s most beautiful homes at its terminus at the edge of Forest Park. NW Thurman street holds a taste of Portland old and new. Fashionable since the 1880s and still filled with Victorian houses, the area is characterized as a mixed-use haven of old Portland charm and new Portland retail and dining. With its cafés, restaurants, galleries, and boutiques, it s a great place to stroll, shop, and people-watch. From NW Thurman Street, one can be in some of the highest end retailers in the country to the middle of a Forest in the Country s largest urban park within a minute walk. NW Thurman Street is located at the northern edge of the Nob Hill neighborhood. Nob Hill is a sophisticated, yet trendy, neighborhood surrounding the very popular NW 21st and Northwest 23rd Streets with Thurman Street as its northern border. Locally, the area is also often called Northwest or Trendy-first and Trendy-third. Narrow streets are lined with turn-of-the-century Victorian houses, some of which have been turned into artsy shops, trendy clothing boutiques and locallyowned book stores. Sprinkled in are a few of the more popular national chain stores. There are many beautiful and historic homes along the side streets of the neighborhood. This is a great Portland neighborhood for strolling and peoplewatching. At the center of the Nob Hill neighborhood is the Legacy Good Samaritian Hospital. The hospital is a 539-bed teaching hospital founded in It has emergency services, oncology, cardiac rehabilitation, maternity, radiolody, an intensive care unit, orthopedics, pharmacy, eye health, surgery, and transplant specialities. The emergency department alone sees an estimated 30,000 patient visits a year. The hospital is located roughly at the intersection of NW 23rd and XXXX Streets. The Portland Streetcar runs from Legacy Good Samaritan Hospital on 23rd, connecting with the Pearl District and downtown. Aptly named, Forest Park puts wilderness within minutes of downtown Portland. Located in the city s northwest corner, this 8-mile-long (13 km) conservancy covers 5,156 acres (2,086 hectares) that, in addition to providing a respite from urban life, support more than 112 bird and 62 mammal species and act as a natural air purifier. With 70 miles (113 km) of trails, Forest Park is a popular escape for runners, equestrians and hikers alike leashed dogs are even allowed to enjoy its splendor. One favorite course, the 30-mile (48 km) Wildwood Trail, spans the entire length of Forest Park, connecting it with to the Audubon Society Sanctuary, Pittock Mansion and Washington Park through the region s 40-Mile Loop system of trails. The pathway can be accessed just northwest of the Washington Park MAX station, and offers endless loop options with shorter paths, so you don t have to commit to the whole thing. The park can also be accessed from several points in the Northwest Portland neighborhood; an entrance up Northwest Thurman Street leads to Leif Erikson Drive, a favorite road for exploring the park s wooded hills. Kidder Mathews OM 5

6 Portland MSA Rankings #1 #1 #1 #2 #3 #5 #8 Fittest city in America Huffington Post America s coolest city right now International Traveller, Jan 2016 America s greenest cities Travel & Leisure, May 2015 Top 10 cycling cities Travel Channel 2016 Moving destination of United Van Lines 2017 Best places for business and careers Forbes 2016 Best cities for millennials Matador Network, May 2016 Kidder Mathews OM 6

7 Portland Apartment Market/Condo PORTLAND MARKET HIGHLIGHTS #1 <3.71% 2.7% PORTLAND S ANNUAL RENT GROWTH NATIONALLY PORTLAND MSA MULTIFAMILY VACANCY RATE 62,000 RESIDENTS ADDED OVER THE LAST 3 YEARS IN PORTLAND ULI 2017 Emerging Trends ranks Portland 3rd among 50 metro areas for real estate investment In 2016, Oregon was the #3 destination for people moving from one state to another according to a United Van Lines Study Portland ranks #4 nationally for small business activity per main street Entrepreneurship Portland MSA employment is at an all-time high, employing over 1,100,000 workers The Portland MSA has added over 60,000 jobs since 2014 Portland had the second highest rent growth in 2016, per Zillow Portland s annual job growth for 2016 was 2.9%, nearly double the national average Portland s unemployment rate stands at 4.6% Portland ranks #2 in job growth nationally, per ULI 2017 Portland MSA is the 8th strongest rental market in the nation, per Axiometrics Portland MSA multifamily vacancy is 3.71% Intel, Oregon s largest private employer with 17,000 employees, has hired as many as 8,000 construction workers for its $3 billion expansion Portland has the 8th lowest inventory of houses for sale in the nation, per Realtor.com Nike undertaking a major $275+ million expansion that will create 500 new jobs Portland State University s enrollment has increased to 29,000 students; currently under construction on $62 million School of Business Daimler Trucks has announced plans to build a $150 million headquarters on Swan Island with 400 new jobs In 2016, Portland home values grew fastest in the nation year over, per Zillow In 2016, Portland has the 3rd largest increase in median household nationally, per ULI 2017 Kidder Mathews OM 7

8 Portland Market Overview CITY OF PORTLAND Portland is considered one of the nation s most livable cities. Located on the banks of the Willamette River only 90 minutes from snow-capped peaks and the Pacific Ocean, one might not realize Portland s bustling downtown and waterfront are the heart of a metropolitan region with more than 2 million people. Twelve bridges span a wide elbow of the Willamette River, connecting the east and west sides of town. Throughout the metro area are thriving neighborhoods filled with restaurants, record shops, bars, funky clothing stores, antique malls and art galleries. Portland is known for its progressive bike-friendly attitude, lively music and restaurant scenes, food carts, farmers markets, and endless recreation possibilities. Beyond the metro area residents enjoy the Pacific Northwest s natural beauty via slopes, sails, surf and trails. 2,436,583 POPULATION #1 MOVING DESTINATION IN US ( ) $406,200 MEDIAN HOME VALUE #2 ANNUAL RENT GROWTH NATIONALLY Portland is a walkable and bikable city. Within walking distance of most parts of downtown is the campus of Portland State University, the world-class Portland Art Museum, Waterfront Park, Pioneer Courthouse Square, the Oregon Historical Society, a performing arts complex and a concert hall. For the sports-minded, Portland is home of the MLS Timbers, NBA Trail Blazers, and WHL Winterhawks. Outdoor enthusiasts love Forest Park, the largest city park in the nation, with 5,000 acres of hiking and biking trails, a zoo, public gardens and beautiful old-growth woods. The downtown core is connected by one of the world s leading public transportation systems, a combination of buses, streetcars, and light-rail trains, putting the entire metro area only a couple stops away. Kidder Mathews OM 8

9 Joe DeJager Senior Vice President, Partner Clay Newton First Vice President, Partner Kidder Mathews One SW Columbia Street, Suite 950 Portland, OR kiddermathews.com Kidder Mathews OM 9