NE102ndAve NE 102ND DEVELOPMENT SITE OFFERING MEMORANDUM 23,087 Sq. Ft. Site • NE Portland, OR www.hfore.com (503)241.5541 A member of Development Site
Location 222-312 NE 102nd Avenue Portland, Oregon 97220
Sites Addresses / Tax Accounts /
Map and Tax Lots
222 NE 102nd Avenue / R319880 / 1N2E34CB09300
236 NE 102nd Avenue / R319879 / 1N2E34CB09200
252 NE 102nd Avenue / R319878 / 1N2E34CB09100
312 NE 102nd Avenue / R319877 / 1N2E34CB09000
324 NE 102nd Avenue / R319734 / 1N2E34CB08800
County Multnomah
Size Five (5) tax lots, four at 5,663 sq ft / 0.13 acres and one at 435 sq ft / 0.01 acres
Site total approximately 23,087 sq ft. / +/- 0.53 acres
Zoning CM2d
FAR 2.5:1 (4:1 with bonus provisions)
Height Limit 45' (55' with bonus provisions)
Parking Not required for projects with up to 30 units, on small sites up to 10,000 square feet, and on sites near frequent transit (to be confirmed with city and county).
Overlay Zone Design (d)
FOR
Greg Frick | greg@hfore.com | (971) 717.6332
HFO Investment Real Estate 2424 SE 11th Avenue Portland, Oregon 97214 www.hfore.com (503) 241.5541 Fax: (503) 241.5548
Brokers licensed in the States of Oregon and Washington.
CM2d Zoning: The CM2 zone is a medium-scale, commercial mixed use zone intended for sites in a variety of centers and corridors, in other mixed use areas that are well served by frequent transit, or within larger areas zoned for multi-dwelling development. Buildings in this zone are generally expected to be up to four stories, except in locations where bonuses allow up to five stories. The design overlay (d) applies design guidelines that enhance the distinctive physical, natural, historic and cultural qualities of the location while accommodating growth and change, contribute to a public realm that encourages social interaction and fosters inclusivity in people's daily experience, and promotes quality and long-term resilience in the face of changing demographics, climate and economy.
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INVESTMENT SUMMARY PRICE : $1,250,000 PER SQ. FT.: $54
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NE102ndAve NE Glisan St Development Site 3HFOINVESTMENTREALESTATE
NESandyBlvd NE Glisan St NE 122nd Ave NE 102nd Ave 82nd Ave NE 42nd Ave E Burnside St SE Division St SE Powell Blvd SE Hawthorne Blvd SE Holgate BlvdSEFosterRd NE Halsey St Rose City Golf Course Glendoveer Golf & Tennis NE Broadway St NE Fremont St NE Prescott St SE Stark St PARKROSE MADISON SOUTH MONTAVILLA MT. TABOR SE PORTLAND ALBERTA Mt Tabor Park Portland International Airport Kelly Butte Natural Park The Grotto Gateway Shopping Center Mall 205 205 84 84 DOWNTOWN PORTLAND 213 99E 26 LOCATION Development Site 4 HFO INVESTMENT REAL ESTATE
NE Glisan St NE 122nd Ave NE 102nd AveNE 99th Ave E Burnside St NE Halsey St SE Stark St Portland ReStore Habitat for Humanity The Oregon Clinic Sayler's Old Country Kitchen East Portland Comm. Center Gateway / NE 99th TC MAX Station East Portland Medical Associates205 84 213 Montavilla Park Hong Phat Food Center Gateway Green Ventura Park Gateway Discovery Park Development Site GATEWAY SHOPPING CENTER Hub Locker MALL 205 – SHOPPING CENTER MALL 205 DMV MAX Blue Line MAX Green Line LIFESTYLE CONVENIENCES AND EMPLOYERS 5HFO INVESTMENT REAL ESTATE
Hazelwood offers close proximity to the Columbia River Gorge and Mt. Hood National Forest as well as easy access to I-205, Highway 26, Portland International Airport, and the 122nd Street Rail Station. The area is only a few minutes’drive away from downtown Gresham. HAZELWOOD NEIGHBORHOOD • Gateway Discovery Park • Ventura Park • East Holladay Park • Lincoln Park • Cherr y City Park • Nor th Powellhurst Park NEARBY PARKS & ATTRACTIONS Walk Score: 81 (Very Walkable) Bike Score: 91 (Biker’s Paradise) Transit Score: 66 (Good Transit) TRANSIT: The subject property is less than a 3-minute walk from the E 102nd Avenue MAX station. Development Site 205 Place Retail Center Mall 205 205 84 Gateway Shopping CenterRocky Butte Natural Aera 6 HFO INVESTMENT REAL ESTATE
INVESTMENT OPPORTUNITY
The property sits on five adjacent tax lots (four are approximately 5,663 square feet each and one is approximately 435 square feet) and is zoned for Commercial Mixed Use 2 (CM2d) uses with a design overlay. CM2 zones are intended to accommodate four- to five-story buildings that are located in corridors that are well-served by transit or larger areas that are zoned for multi-dwelling development. The design overlay (d) promotes excellence in the built environment through design that contributes to a public realm that encourages social interaction and fosters an inclusive civic experience.
NE 102nd Ave NE Glisan St Development Site 7HFO INVESTMENT REAL ESTATE
East Portland Medical Associates 205 84 GATEWAY SHOPPING CENTER NE 102nd Ave NE Glisan St Development Site The Oregon ClinicGateway / NE 99th TC MAX Station Leodis V. McDaniel High School 8 HFO INVESTMENT REAL ESTATE
205 NE 102nd Ave NE102ndAve NE102ndAve MALL 205 – SHOPPING CENTER MALL 205 DMV | MAX Lines Burnside St Development Site 9HFOINVESTMENTREALESTATE
PORTLAND REGION
APARTMENT MARKET
The Portland Metro Area consistently ranks among the regions with nation’s lowest apartment vacancy rates. According to Multifamily NW Portland’s Spring 2022 report, metro vacancy rate was 3.6%, well below the U.S. vacancy rate of 5.6%.
SKILLED WORKFORCE & STRONG EMPLOYMENT
Portland is known for its extremely well-educated workforce and is listed among the top-20 U.S. cities with the most residents holding advanced college degrees.
DIVERSIFIED ECONOMY
Portland is home to the headquarters of Fortune 500 companies Nike and Lithia Motors.
Fortune 1000 companies headquartered here include: Columbia Sportswear, Greenbrier Cos., Standard Insurance, Schnitzer Steel Industries, and Portland General Electric.
Fortune 500 companies based outside Oregon with major operations here are Precision Castparts and Intel.
Companies that have opened major branches in Portland include:
Portland’s tech startup companies include: Viewpoint, Jama Software, Airship, Acquia, AWS Elemental, Act-On, Puppet, OpenSesame, Crowdstreet, Bright.md, and The Clymb.
10 HFO INVESTMENT REAL ESTATE
PORTLAND METRO
AREA The Portland Metro Area is one of the strongest apartment markets in the nation. The area’s diversified job market and high quality of life continue to attract new residents. In 2021, the state economist released a report estimating that Oregon’s net in-migration would average 35,000 people per year (95 per day) in 2022. Of those, 50-55 people are expected to move to the Portland metro area each day. Meanwhile, new apartment construction permit applications continue to lag behind housing demand as Portland enters into its seventh year of a self-declared housing emergency (which was just extended for another three years in March 2022). Multifamily housing supply is not expected to meet demand for the foreseeable future. Source: State of Oregon Housing and Economic Report, 2021 and HFO reports. PORTLAND MARKET SNAPSHOT 3.56%* Metro-area vacancy Top 10 Ranking for Oregon inmigration in U.S. (since 2013) **** 4-10% Projected Rent Growth (next 3 years) * $77,511** Median household income 54.5% Millennials 25-34 in Portland with a bachelor’s degree or higher 18,670*** New Portland residents (2020-2021) 38%** Metro area renteroccupied housing rate 4,966*** Portland residents per square mile * Multifamily NW Spring 2022 Apartment Report **Latest figures from the U.S. Census Bureau American Community Survey (July 2021) *** New Portland Residents (Portland State University Center for Population Research and Census, 2020-2021) ****United Van Lines annual survey, (2021 results) 11HFO INVESTMENT REAL ESTATE
HIGH-TECH & CHIP MANUFACTURING
Attracted by the Portland area’s educated workforce and relative low cost of doing business, tech companies continue opening branches in or relocating entirely to the metro area.
With nearly 21,000 employees, Intel is the area’s largest private employer. The company opened a $3 billion dollar expansion of the D1X microprocessor chip facilities at the Ronler Acres Campus in Hillsboro in April 2022. This 1.1 million-square-foot factory is part of a five-year, $6 billion expansion and is part of the company’s long-term plans for growth in Oregon.
Other notable Portland-area high-tech companies include ON Semiconductor and Tektronix.
PORTLAND REGION 12 HFO INVESTMENT REAL ESTATE
PORTLAND REGION
SPORTSWEAR
Nike has its world headquarters in Beaverton and employs 13,964 Portlandarea residents.
The city is also home to two of Nike’s competitors: the North American headquarters of Adidas (1,751 employees), and Under Armour (100 employees).
GOVERNMENT
The U.S. Federal Government is among Portland’s largest employers, with nearly 8,500 VA and Postal workers alone. The State of Oregon employes an additional 15,100 residents in government and education.
HEALTHCARE AND RESEARCH
Health Services is another major employment sector in the Portland area. The top health care employers in the area are Providence Health Systems and The Oregon Health Sciences University (18,048 employees).
MANUFACTURING
In trucking and transportation, Daimler Trucks employs around 2,159 area workers.
Other major manufacturers include Precision Castparts, which reported 2,500 local employees in 2021, according to the Portland Business Journal.
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AREA EMPLOYERS
Montana,
of Providence in
• Leads the way in government-funded healthcare
secures numerous grants for the advancement of health sciences
• Recently acquired a $1 billion gift for cancer research
• Grants from the National Institutes of Health have steadily infused the economy with jobs & income from outside the Portland MSA, increasing from around $184 million in 2011 to $281 million in 2019
in
•
11,163 area employees 13,964 area employees13,120 area employees TOP
21,000 area employees 21,000 area employees 18,048 area employees • Area’s largest employer • $3 billion campus expansion completed in 2022 • Capitol investments in Oregon surpass $18 billion • Nonprofit network of hospitals, health plans, physicians, clinics, and related services • Operates in Alaska, Washington, Oregon,
and California • Originally founded by the Sisters
Montreal, Quebec in 1843
&
• Locally owned nonprofit based in Portland, Oregon • Only health system covering the Portland/ Vancouver area south to Salem • Multiple hospital locations including a hospital dedicated exclusively to serving children • 35 medical facilities, 18 dental offices, and 1,400 in the PNW • Serves 12.4 million members nationally • Headquartered in Oakland, California • Headquarters located
Beaverton, Oregon
Recently completed a $1 billion expansion of campus headquarters 14 HFO INVESTMENT REAL ESTATE
PORTLAND METRO ECONOMIC GROWTH
The stage is set for stronger economic growth this year and next than the U.S. has experienced in decades, possibly generations. The combination of increased vaccinations, large and swift federal policy responses, and a more resilient underlying economy results in a cycle unlike anything experienced before.* A 2021 report by the State of Oregon Office of Economic Analysis states: Strong State and Regional Economic Forecast *State of Oregon Employment Department 102,200 New jobs in 2021 17% Wage increase since onset of COVID-19 pandemic (March 2022)* 318,000 New jobs expected by 2030* 205,900 or 11% New manufacturing jobs expected by 2030* 15HFO INVESTMENT REAL ESTATE
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Fehrenbacher
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stephen@hfore.com
Douglas
aaron@hfore.com
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HFO Investment Real Estate 2424 SE 11th Avenue Portland, Oregon 97214 www.hfore.com (503) 241.5541 Fax: (503) 241.5548 Brokers licensed in the States of Oregon and Washington. 23,087 SQ FT DEVELOPMENT SITE • PORTLAND, OR OFFER TERMS INVESTMENT SUMMARY Location 222-312 NE 102nd Avenue Portland, Oregon Site size +/- 23,087 sq ft / +/- 0.53 acres PRICE Price $1,250,000 Price per Sq Ft $54 EBurnsideSt |MAXLines 16 HFO INVESTMENT REAL ESTATE
NE 102nd Ave NEGlisanSt St | MAX Lines 205205 Portland Downtown Lloyd District 84 East Portland Medical Associates Development Site 17HFOINVESTMENTREALESTATE
HFO Investment Real Estate 2424 SE 11th Avenue • Portland, OR 97214 www.hfore.com • 503.241.5541 Passion • Collaboration • Specialization This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. ©2021 HFO Investment Real Estate LLC. Build your legacy is a service mark of HFO Investment Real Estate.
