FOREST GROVE DEVELOPMENT 5.31 ACRES IN OPPORTUNITY ZONE READY TO BUILD ON NW HWY 47 JUSTIN POOR Principal Advisor 503.218.4380 justin.poor@cinw.com OR 200705229 | WA 109251 BRAD MACOMBER Senior Advisor 503.218.4380 brad.macomber@cinw.com OR 200908061 | WA 95748 LEAD ADVISOR RICHARD RAMER A.I.A Senior Advisor 503.218.4380 richard.ramer@cinw.com OR#201235528 | CA#02053543
The information contained in this marketing brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Commercial Integrity, NW and should not be made available to any other persons or entities without written consent of Commercial Integrity, NW. The information contained herein has been prepared to provide summary, unverified financial and physical information to prospective purchasers to establish a preliminary level of interest in the Subject Property. THE INFORMATION CONTAINED HEREIN SHALL NOT BE A SUBSTITUTE FOR
A THOROUGH DUE DILIGENCE INVESTIGATION.
Commercial Integrity, NW has not made any investigation, and makes no warranty or representation with respect to the income or expense for the Subject Property, the future projected financial performance of the Subject Property, the size or square footage and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plan or intentions to continue to occupy the Subject Property. The information contained herein has been obtained from sources we believe to be reliable; however, Commercial Integrity, NW has not verified and will not verify, any of the information contained herein, nor has Commercial Integrity, NW conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential purchasers must take appropriate measures to verify all of the information set forth herein.
LEGAL DISCLAIMER
5 THE
6 SALE OFFERING SYNOPSIS 8 ASSET HIGHLIGHTS 9 FOREST GROVE ZONING 10 SITE PLAN: PROPOSED 11 SITE PLAN 13 THE NUMBERS 14 VALUATION SYNOPSIS 16 THE DETAILS 17 AERIAL MAP 18 AREA OVERVIEW: HILLSBORO-FOREST GROVE 19 ASSET SUBMARKET HILLSBORO-FOREST GROVE 20 DEMOGRAPHICS 21 TRADE AREA
SYNOPSIS
500' ROAD FRONTAGE ALONG FOREST GROVE'S URBAN
GROWTH BOUNDARY & NW HWY 47'S 11,388+ VPD
FOREST GROVE DEVELOPMENT | FOREST GROVE, OR THE SYNOPSIS DEVELOPMENT LOT | 5.31 AC
CALL FOR PRICE 6 FOREST GROVE DEVELOPMENT LOT 100 & 600 FOREST GROVE OR 97116 Price Land Acres Zoning FOREST GROVE DEVELOPMENT CALL 231,303.6 SF 5.31 AC NMU Frontage VPD Population 5-mile Radius Urban Growth Boundary 16,755+ VPD 2.47M (MSA) $1B Consumer Spending SALE OFFERING SYNOPSIS
PROPERTY PHOTOS
• 500' road frontage along HWY-47 facing 11,388+ VPD.
• Forest Grove is situated at the edge of Portland MSA's Urban Growth Boundary.
• 5.31 acres, zoned NMU, ready to build facing planned 360 unit residential development by J.T.Smith.
• This 231,303.6 SF lot is made up of 2 parcels.
NMU Zoning allows for the following uses:
The Neighborhood Mixed Use zone is established to support the development of pedestrian-friendly mixed use neighborhoods with a diversity in the mix of housing types and neighborhood-scale retail sales and service, office, civic or recreational uses. Most non-residential uses must be located within a “Village Center”. The Village Center is intended to serve as the center of the neighborhood, providing convenient access to goods and services as well as “third places” where residents can gather. The NMU Zone implements the Comprehensive Plan’s Mixed Use designation. Mixed Use Planned Development approval is required in the NMU Zone in order to ensure that the objectives of the Comprehensive Plan are addressed.
8 FOREST GROVE DEVELOPMENT
ASSET HIGHLIGHTS
Zoning Designations
Zoning_Cod
Suburban Residential (SR) 1 0 du/ac
Family (R-10) 4 35 du/ac
Family (R-7) 6.22 du/ac.
Family (R-5) 8 71 du/ac
SUBJECT PROPERTY
Multifamily Low (RML) 12 0 du/ac
Multifamily High (RMH) 20.28 du/ac.
Neighborhood Mixed Use (NMU)
HWY 47
Center Core (TCC) 40.0 du/ac. Town Center Transition (TCT) 40 0 du/ac
Commercial (CC) 30.0 du/ac.
Neighborhood Commercial (NC) Institutional (INST) Business Ind Park (BIP)
Industrial (LI)
B A PACIFIC E M A I N 4 T H C 18TH DAVID HILL 1 0 T H ADAIR 2 6 T H 15TH HWY 47 D I L L EY O R T E R PURDIN C E D A R F E R N H I L L O A K STRINGTOWN THATCHER BASELINE LONG 13TH MART VERBOORT GALES CREEK RITCHEY PLUMLEE Y E W 12TH DAVIS 2 0 T H GEIGER WILLAMINA D 24TH B I R C H 22ND 8 T H SUNSET G O L BONNIE H A W T H O R N E LAVINA 23RD F I L B E R T HIATT 19TH 2 1 S T M C K I B B I N B R O O K E HEATHER C S C H E F F L I N F I R BE LINDEN L A F O L L E T T BEECH 6 T H 33RD A N D E R S O N GOFF Q U I N C E 14TH CAMINO 37TH 7 T H WATERCREST 36TH 17TH E L M S H E E L A R QUAIL 25TH POPLAR ALPINE
HARTFORD 35TH STRASBURG M I L L S IVY 9TH HOLLADAY A S H 1 S T PLUM HILL M O U N T A I N V I E W EDGEV I EW 16TH FAWN PALMETTO LILAC S P I E S S C H A E 2ND P I O N E E R 27TH 11TH GINGER
RODLUN JASPER 27TH 2 5 T H 4 T H A S H DAVIS 20TH
17TH 19TH 26TH A 37TH 22ND BEAL E L M 16TH 17TH 23RD 2 5 T H 1 2 T H 19TH D ¹
OLDHWY47
DUDNEY
Single
Single
Residential
Residential
Single
Community
Town
Light
General Industrial
City
Urban Growth Boundary 0 0.5 1 0.25 Miles FOREST GROVE DEVELOPMENT 9 FOREST GROVE ZONING
(GI)
Boundary
FEDERAL OPPORTUNITY ZONE: Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States. Their purpose is to spur economic growth and job creation in low-income communities while providing tax benefits to investors.
OPPORTUNITY ZONE TAX ADVANTAGE: The private capital for projects or businesses in a qualified opportunity zone will arise primarily from the unrealized capital gains of U.S. taxpayers—that is, the increased value of assets (stocks, land, etc.) since they were originally purchased by the individual or corporation currently holding the asset. When an asset is sold and the gains realized, an income tax liability is normally generated.
FOREST GROVE OPPORTUNITY ZONE: In addition to deferring income taxes, by the time the investment of taxdeferred capital gains in the opportunity zone is sold or the end of 2026, whichever is earlier:
• The amount subject to taxes shrinks by 10% if the investment has been held for at least five years by 2026 (invested by 2021).
• The amount subject to taxes also shrinks to the fair market value of the investment if less than its original value. Opportunity Zone Info: ©ForestGrove-OR.gov 2023
B S T M A I N S T PACIFIC AVE A S T HWY 47 18TH AVE 17TH AVE MARTIN RD O A K S T C E D A R S T Y E W S T 26TH AVE SU NSET DR P O R T E R R D WILLAMINA AVE H A W T H O R N E S T 24TH AVE 22ND AVE 23RD AVE D O U G L A S S T 19TH AVE B I R C H S T BEAL RD 16TH AVE F I L B E R T S T M A P L E S T BONNIE LN Q U I N C E S T 21ST AVE ADAIR ST F I R R D DAVID HILL RD 17TH PL E L M S T P O P L A R S T L A U R E L S T 25TH AVE M O U N T A I N V I E W L N 22ND PL M C K I B B I N R D CAMINODR HARTFORD DR B O Y D L N SKYLARK F I R W O O D L N 19THWAY A S H S T HIGBYLN 19TH PL C O L L E G E W A Y UN VERSITY AVE R A Y M O N D S T 16TH PL 25TH PL 35TH AVE 20TH PL M A P L E P L BRYCE AVE 28TH PL 23RD PL RHO DOR A ST 21ST PL 15TH AVE C ST 29THAVE 27TH AVE K I N G W O O D S T DAV S ST FIR CT J U N I P E R S T MASONIC WAY ALPINE DR 1 S T A V E YEWCT GREEN CT 1 S T P L M O S S S T L Y N N W O O D D R CEDARCIR A S T 22ND AVE 16TH AVE M A R T I N R D 22ND PL E L M S T HWY 47 26TH AVE 23RD AVE 17TH AVE 22ND AVE 24TH AVE M A P L E S T 17TH PL 19TH AVE D 21ST AVE 22ND AVE A S H S T D O U G L A S S T 8 8
47 47 Opportun ty Zone FOREST GROVE FEDERAL O PPO RTUNITY ZONE I OZ ID #: 41067033200 Census Tract: 332 0 0 2 3 0 4 0 0 M es Legend: Forest Gr ove Urban Growth Boundary SUBJECT PROPERTY 10 FOREST GROVE DEVELOPMENT
8 8
Zone Info: © IRS.gov 2023 Subject Property
Opportunity
Opportunity Zone Tax Info: © Oregon.gov 2023
SITE PLAN: PROPOSED
BEALROADLOCALROAD
SUNSET DRIVE
O.D.O.T.STATE HIGHWAY47 PRINCIPAL ARTERIAL
O.D.O.T.STATE HIGHWAY47 PRINCIPAL ARTERIAL
MAJOR COLLECTOR C200
FOREST GROVE DEVELOPMENT 11 C C C C C C C C C C ELEC. TRANSFORMER WOOD EDGING 49.21' 68.90' 49.21' 49.21' 49.21' 49.21' 65.62' 65.62' 65.62' 82.02' 82.02' VARIES VARIES VARIES VARIES 39.37' 39.37' HOUSE 68.90' TAX LOT 100 MAP 1N330CD TAX LOT 1901 MAP 1N33000 TAX LOT 100 MAP 1N331BA TAX LOT 200 MAP 1N330CD TAX LOT 300 MAP 1N330CD TAX LOT 400 MAP 1N330CD TAX LOT 500 MAP 1N330CD TAX LOT 600 MAP 1N330CD TAX LOT 700 MAP 1N330CD TAX LOT 800 MAP 1N330CD TAX LOT 900 MAP 1N330CD TAX LOT 1902 MAP 1N33000 TAX LOT 200 MAP 1N331BA TAX LOT 300 MAP 1N331BA TAX LOT 2900 MAP 1N331BA TAX LOT 3000 MAP 1N331BA TAX LOT 3100 MAP 1N331BA TAX LOT 1700 MAP 1N331BA TAX LOT 1800 MAP 1N331BA TAX LOT 1900 MAP 1N331BA TAX LOT 2000 MAP 1N331BA TAX LOT 2100 MAP 1N331BA TAX LOT 2200 MAP 1N331BA TAX LOT 2300 MAP 1N331BA TAX LOT 2400 MAP 1N331BA TAX LOT 2500 MAP 1N331BA TAX LOT 2600 MAP 1N331BA TAX LOT 2700 MAP 1N331BA TAX LOT 2800 MAP 1N331BA TAX LOT 200 MAP 1N331AB TAX LOT 300 MAP 1N331A TAX LOT 500 MAP 1N331A BARNET STREET LOCAL ROAD SUNSET DRIVE MAJOR COLLECTOR BONNIE LANE MAJOR COLLECTOR
P:\22807-JTS-BROWN'S FARM MIXED USE\CAD\SHEETS\SITE PLAN-22807.DWG EXISTING PROPERTY LINE EXISTING ADJACENT PROPERTY LINE PROPOSED EASEMENT LINE PROPOSED SETBACK LINE LEGEND PROPOSED CURB FACE/BACK PROPOSED CONCRETE PROPOSED BUILDING LINE PROPOSED CONCRETE SCORING VISION CLEARANCE TRIANGLE 0 FT SCALE: 1" = 80' 80 160 N E W S PARKING STATISTICS PARKING TYPE STALL COUNT LENGTH (FT) WIDTH (FT) STALL ANGLE STANDARD 573 18' 9.0' 90° COMPACT 28 16' 9.0' 90° ADA ACCESSIBLE 10 18' 9.0' 90° ADA VAN ACCESSIBLE 2 18' 9.0' 90° BICYCLE PARKING TOTAL STALLS 136 STALL DIMENSIONS 6' X 2' PROPOSED GARAGE FOREST GROVE, OREGON JTSC, LLC MAY 22, 2023 LAND USE 22807LEO, KDO, SMT AJM, JJS 100, 600 3J PROJECT LAND USE DESIGNED BY CHECKED BY TAX LOT(S) REVISIONS PUBLISH DATE ISSUED FOR SHEET NUMBER PROJECT INFORMATION CIVIL ENGINEERING WATER RESOURCES COMMUNITY PLANNING 9600 SW NIMBUS AVE., SUITE 100; BEAVERTON, OR 97008 MAY 2018 89566PE ENG NEER PRELIMINARY OVERALL SITE PLAN BLDG. #1 5,225 SF BLDG. #7 EXISTING ROW CENTERLINE EXISTING RIGHT OF WAY LINE PROPOSED LOT LINE ADA PARKING SYMBOL PROPOSED LIGHTING PROPOSED BICYCLE RACKS C COMPACT PARKING SYMBOL EXISTING EDGE OF ASPHALT BLDG. #2 5,550 SF BLDG. #3 11,400 SF BLDG. #4 11,000 SF **NOTE: NORTH ARROW IS APPROX. 2° 15' 40.02" EAST OF TRUE NORTH BLDG. #5 A5 BLDG. #6 A5 BLDG. #11 A2 BLDG. #12 A4 BLDG. #13 A4 BLDG. #8 A2 BLDG. #9 A2 BLDG. #10 A2 BLDG. #14 A4 BLDG. #15 A2 BLDG. #16 A4 BLDG. #17 A2 BLDG. #18 A5 BLDG. #19 A5 Residential Development: 360 UNITS
PLAN: PROPOSED
SITE
500,'roadfrontagealongNWHWY47 500' road frontage along NW Sunset Dr 5,367+ VPD NW Sunset Dr. 11,388+VPDNWHWY 1.54 AC 3.77 AC SITE PLAN
Residential Development: 360 UNITS
5.31 AC ZONED NMU, BORDERING PLANNED 360 RESIDENTIAL UNIT DEVELOPMENT BY J.T.SMITH
1.54 AC 3.77 AC
NUMBERS
FOREST GROVE DEVELOPMENT |
FOREST GROVE, OR THE
VALUATION
SALE OFFERING:
FOREST GROVE DEVELOPMENT
ACRES: 5.31
LAND SF: 231,303.6
PRICE: CALL VPD: 16,755+
PARCELS(S): 2 ON MARKET
DESCRIPTION: DEVELOPMENT
Property Name
FOREST GROVE DEVELOPMENT
Current Market Value
CALL ADVISOR
CALL FOR PRICE
FOREST GROVE DEVELOPMENT 15
VALUATION SYNOPSIS
5.31 ACRES IN OPPORTUNITY ZONE AT SIGNALIZED INTERSECTION ON HY-47
231,303.6 SF LOT | 5.31 AC
FOREST GROVE DEVELOPMENT | FOREST GROVE, OR
DETAILS
THE
NMU ZONED DEVELOPMENT LOCATED IN OPPORTUNITY ZONE AT FOREST GROVE'S URBAN GROWTH BOUNDARY
N FOREST GROVE DEVELOPMENT 19 AERIAL MAP
ABOUT HILLSBORO, OR
Hillsboro, Oregon is the state's fifth-largest city and serves as Washington County's largest city and county seat. With a population exceeding 101,000, it is among the state's oldest cities and has experienced a growth rate of 20.8%. Hillsboro is a hub for high-tech companies, such as Intel, and boasts a state-of-the-art stadium and several parks. The city is also known for its craft breweries and hosts several unique museums and annual events, including the Washington County Fair. A new conference center is under construction, which will attract larger events and meetings to the area.
ABOUT FOREST GROVE, OR
Forest Grove is bordered by rolling hills, evergreen forests, and vineyards and is situated in central Washington County in lovely northwest Oregon. This picturesque setting offers a picturesque backdrop for a wealth of recreational options. With quick access to Interstate 5, Highways 47 and 26, and Portland's downtown, you can reach the Oregon Coast in an hour. Every 15 minutes, the Tri-Met regional public bus system travels through Forest Grove and links there with a light rail system six miles away.
Movie In The Park
Intel Campus
Image: wikimedia.org
Image: en.wikipedia.org
Airplane Home Image: wikimedia.org
AREA OVERVIEW: HILLSBORO-FOREST GROVE
FOREST GROVE DEVELOPMENT
LAND: 5.31 AC
FEDERAL OPPORTUNITY ZONE
ZONING: NMU (NEIGHBORHOOD MIXED-USE)
FRONTAGE: HWY 47 + URBAN GROWTH BOUNDARY
FOREST GROVE DEVELOPMENT 21 ASSET SUBMARKET HILLSBORO-FOREST
GROVE
FOREST GROVE ASSET
11,388+ VPD ALONG NW HWY 47
5,367+ VPD ALONG NW SUNSET DR
6,407+ VPD ALONG DAVID HILL RD
WALKSCORE: 20 (CAR-DEPENDENT)
BIKESCORE: 77 (VERY BIKEABLE)
TRANSITSCORE: 25 (SOME TRANSIT)
AIRPORT: 20 MIN DRIVE TO HIO (HILLSBORO AIRPORT) 48 MIN DRIVE TO PDX PORTLAND INTERNATIONAL AIRPORT
TOTAL POPULATION HOUSEHOLDS HH INCOME TRAFFIC TRANSPORTATION DEMOGRAPHICS STATE COUNTY MSA CITY CONSUMER SPENDING POPULATION Demographic, Traffic, Consumer Data: © AlphaMap.com 2023 | Population Data: © DataUSA.io 2023 + © Niche.com 2023 | Transportation Ratings: © WalkScore.com 2023 1 MILE 3 MILES 5 MILES 12,154 36,906 44,446 4,003 12,200 14,540 $88.2K $95.7K $98.3K $231.1M $761.1M $1B OREGON WASHINGTON COUNTY PORTLAND METRO AREA FOREST GROVE 4.18M 595,761 2.47M 24,847
DEMOGRAPHICS
22 FOREST GROVE DEVELOPMENT
5 MILE RADIUS 3 MILE RADIUS
Trade Area Demographic Data + Growth Projections: © AlphaMap.com 2023
1
RADIUS HOUSEHOLDS POPULATION HH INCOME HOUSEHOLDS POPULATION HH INCOME 12,200 36,906 $95.7K HOUSEHOLDS POPULATION HH INCOME 14,540 44,446 $98.3K 4,003 12,154 $88.2K TRADE AREA: 78.5 SQUARE MILES TRADE AREA: 28.3 SQUARE MILES TRADE AREA: 3.1 SQUARE MILES 5 YR PROJECTED POPULATION GROWTH: 4.626% 5 YR PROJECTED POPULATION GROWTH: 4.837% 5 YR PROJECTED POPULATION GROWTH: 5.027% TRADE AREA FOREST GROVE DEVELOPMENT 23
MILE
BRAD MACOMBER Senior Advisor 503.218.4380 brad.macomber@cinw.com OR 200908061 | WA 95748 JUSTIN POOR Principal Advisor 503.218.4380 justin.poor@cinw.com OR 200705229 | WA 109251 LEAD ADVISOR RICHARD RAMER A.I.A Senior Advisor 503.218.4380 richard.ramer@cinw.com OR#201235528 | CA#02053543
