The Glenden

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 TFIRE and should not be made available to any other persons or entities without written consent of Commercial Integrity, NW and TFIRE. 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 and TFIRE 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 financial condition or business prospects of any tenant, or any tenant’s plan or intentions to from sources we believe to be reliable; however, Commercial Integrity, NW and TFIRE have not verified and will not verify, any of the information contained herein, nor has Commercial Integrity, NW and TFIRE 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.

THE SYNOPSIS

ASSET SYNOPSIS

PROPERTY PHOTOS

THE DETAILS

PROPERTY HIGHLIGHTS

INVESTMENT HIGHLIGHTS

UNIT MIX & RENT ANALYSIS

UNDERWRITING

RENT COMPARABLES

SALES COMPARABLES

NORTHWEST NEIGHBORHOOD PROFILE

AMENITY MAP

AREA HIGHLIGHTS

$3,000,000

$150,000 PER UNIT

$260 PSF

THE G L EN D E N

Units Buildings

Price

Price Per Unit

Price Per SF

Cap Rate

Approx. NRA

Approx.

Avg. Unit Size

Zoning Land

Built Building Type Construction

Siding Roofing Parcel Floors

Commercial Mixed Use 2 (CM2)

12,886 SF (per Portland Maps)

1925 Walk-up

Wood Frame Stucco Pitched R18668

MULTIFAMILY ASSET WITH MEDITERRANEAN ARCHITECTURE IS AN IRREPLACABLE PIECE OF PORTLAND’S HISTORY IN THE HIGHLY SOUGHT

AFTER NOB HILL NEIGHBORHOOD OF NORTHWEST PORTLAND

PROPERT Y HI G HLIGHT S

A 20-unit 2.5 story walk-up, constructed in 1925. Built in the Mediterranean style and is listed in the Historic Resource Inventory by the City of Portland as a building of historic note.

Special features include a multi-planed roof, stepped parapet, round headed windows, balconets with wrought-iron railings and the stucco exterior finish.

Original charm abounds with lath and plaster walls, hardwood floors in the living areas and dressing rooms of above grade units, mostly tile floors in the kitchens and bathrooms paired with black and white tile countertops and shower surrounds. Separate dressing rooms, dining areas off the kitchens, built in cabinets, pedestal sinks as well as overhead fans.

The Glenden sits on a 8738 sq. ft. lot, according to public records. It has been well maintained and self-managed by the long-term owner.

Mix of studio and one bedroom apartments. Ample natural light. 10 studios with approximately 520 sq. ft., 5 studios with approximately 577 sq. ft. and 5 one bedrooms with about 692 sq. ft., above average size for their type in the Nob Hill neighborhood.

Individually metered forced air electric cadet heaters, circuit breakers. The electrical was updated more than 30 years ago.

Concrete foundation and composition roof. The exterior consists of stucco over wood frame. Original double hung windows.

Gross living area is approximately 19,329 sq. ft. with 6433 sq. ft. on each of the above grade two floors plus the partially below grade basement area. In addition to two apartments, there is a laundry room, bicycle rack, storage lockers, and additional storage space on the lower level.

MENT HI G HLI G HT S

Nearly 100 years old, well maintained with significant mechanical updating over the years. Charming historic character. Classic built-ins, period fixtures and detailing throughout

Consisting of studios and one bedroom floor plans with a current average rent of $1,255/month, making it very affordable

4.4% premiums, highest achieved $1,310 -TE RM

Opportunity to improve operations by implementing third party property management

area

4.2% historical vacancy rate based on 2023 T-12 actuals with virtually no delinquency or concessions

Median home values of $702k; median family income of $125k (NW Portland/Alphabet District submarket)

FOOTNOTE SUMMARY

1. Misc. Income; Storage; Laundry, RUBs Charges: December 2023 Year-End actuals

2. 2023/2024 Net Real Estate Taxes

3. Property Insurance: Estimate based on expense comps, current premium considered below market

4. Property Mangement Fee: 6.0% estimate for "off site fee,", subject is owner-managed, no on-site costs concluded

5. Repair/Maint: 7.0% estimate, covers labor/supplies related to electrical, plumbing, flooring, hardware, roofing, exterior etc.

6. Utilities: December 2023 Year-End actuals

7. Common Area Cleaning: December 2023 Year-End actuals

8. Turnover: $225/unit estimate, covers "make ready" expenses such as cleaning, painting, etc.

9. Landscaping: Estimate, historical costs considered above market

10. General/Admin: December 2023 actuals, covers legal, accounting, advertising, software, licenses (excludes regional operations/payroll)

11 Reserves/Replacements: $350/unit estimate

The information contained herein has been obtained from sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. Any projections, opinions, assumptions or estimates are used for example only and do not represent the current or future performance of the property. The value of this investment to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. THE

SIGNIFICANT CAPITAL EXPENDITURES HAVE BEEN MADE OVER THE YEARS TO MAINTAIN AND IMPROVE THE GLENDEN

*Update 1999

*Update ONGOING

*Update 1990

*Update ONGOING

5

Sale

Sales

Sale

The neighborhood, known as Nob Hill or the Alphabet (ABC) District, with its many examples of historic architecture is Portland’s oldest residential neighborhood. It is also the densest and is tightly packed with buildings dating from the turn of the 20th century to new construction. Craftsman style homes, old-Portland style houses, vintage apartments, condominiums and new multi-family dwellings are within easy walking distance of numerous restaurants, upscale shops and neighborhood services. It is well served by public transportation. Portland Streetcar’s first line terminates there, connecting downtown and points south to the South Waterfront. Several bus lines also serve the district.

The ABC District runs from “B” Street (Burnside) to “Z” Street (Reed St.) The naming scheme came from Capt. John Couch who platted the district in 1865. Each street on the plat was named for a letter in the alphabet. The Alphabet Historic District, a portion of the larger Alphabet District is zoned for historic preservation, extending roughly between NW 17th and 24th Avenues, and between W. Burnside and Marshall Streets.

Well known as a trendy shopping district along NW 23rd and NW 21st, Nob Hill has many unique, locally-owned businesses and is a popular tourist destination. Some of the neighborhood amenities include Couch Park and Wallace Park, a community park adjoining Chapman School with three different playgrounds, sports courts, a dog park and picnic tables.

Just a short walk of downtown businesses, restaurants and shops, the district combines the best of urban with greenspaces. At the northwest edge of Northwest Portland is Macleay Park with its network of trails through the woods and riparian areas and Forest Park. Forest Park has over 5,200 acres, making it one of the largest parks within the city limits of any city in the country. Anchored by the nearly 30-mile Wildwood Trail, Forest Park’s 80+ miles of wooded trails, fire lanes and forest roads provide unparalleled recreational opportunities and all at the city’s doorstep.