Embed Size (px)
Citation preview
3588 SE DIVISION ST
Offering MemorandumPortland, OR 97202
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap andshould not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverifiedinformation to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough duediligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, thefuture projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's orasbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or anytenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to bereliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding thesematters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures toverify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo orname is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
3588 SE DIVISION STPortland, ORACT ID Y0210368
P R E S E N T E D B Y
Nathan I. Drake
AssociateMember - National Retail GroupPortland OfficeTel: (503) 200-2046Fax: (503) [email protected]: OR 201218242
Michael R. Kapnick
Senior Vice President InvestmentsDirector - National Retail GroupPortland OfficeTel: (503) 200-2034Fax: (503) [email protected]: OR 960500191, WA 6176
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Property Overview
Regional Map
Local Map
Aerial Photos
Property Photos
FINANCIAL ANALYSIS 02Rent Roll
Operating Statement
Pricing Detail
MARKET OVERVIEW 03Market Analysis
Demographic Analysis
3588 SE DIVISION ST
3588 SE DIVISION ST
5
INVESTMENT
OVERVIEW
PROPERTY OVERVIEW
3588 SE DIVISION ST
INVESTMENT HIGHLIGHTS
Marcus & Millichap has been exclusively to market for sale 3588 Southeast Division Street, a multi-tenant, retail investment property located east of the Willamette River in
Southeast Portland’s Richmond neighborhood. This single story, masonry building was built in 1919 and consists of approximately 6,088 square feet of gross building area.
The building is situated on a 0.11-acre parcel of land, which is zoned Commercial Mixed-Use 2 (CM2). The commercial storefront space, fronting Division, is leased to
Sessionable and Fumerie Perfumerie on an eight year lease. The third suite, off 36th Avenue, is leased to a recording studio on a three year lease. All tenants have modified
gross leases, three percent annual escalations and one 5-year option at market rate.
Sessionable is a taphouse in Portland, OR specializing in beers that stylistically contain lower alcohol by volume without sacrificing on body and flavor. They also offer small
plate foods as well as a selection of local liquors.
Fumerie Perfumerie is a retail fragrance boutique. It is first and foremost the premiere shopping destination for customers looking to purchase luxe and high end fragrances.
In addition to our primary function as a retail boutique, Fumerie Parfumerie also offers one-on-one, cutting edge fragrance consultations, an in-house fragrance expert
capable of assisting customers with any inquiries they may have and fragrance courses and seminars for customers who wish to educate themselves about the art of
perfumery. What truly sets Fumerie Parfumerie apart from its competitors is its owner and staff. Tracy Tsefalas has over 25 years of fragrance industry experience and knows
exactly what it takes to run a successful fragrance boutique and elevate the experience from ordinary to extraordinary.
The recording studio, formerly the Kung-Fu Bakery, is master leased and revered as one of the most prestigious recording spaces in Portland. Musicians from Pink Martini to
the Decemberists to jazz great Chuck Israels have made albums here.
PROPERTY OVERVIEW
Premier, Urban-Infill Location within Portland’s Richmond Neighborhood
Strong Retail Exposure on Southeast Division
Eight (8) Years Remaining on Storefront Commercial Leases
Three (3) Percent Annual Escalations
Walk Score: 87 - "Very Walkable"
Bike Score: 100 - "Biker's Paradise"
Off-Street Parking
No Deferred Maintenance
6
REGIONAL MAP
3588 SE DIVISION ST
7
LOCAL MAP
3588 SE DIVISION ST
8
3588 SE DIVISION ST
9
3588 SE DIVISION ST
10
3588 SE DIVISION ST
11
3588 SE DIVISION ST
12
3588 SE DIVISION ST
13
3588 SE DIVISION ST
14
3588 SE DIVISION ST
15
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
3588 SE DIVISION ST
16
TENANT SUMMARY
FINANCIAL ANALYSIS
3588 SE DIVISION ST
OPERATING STATEMENT
17
FINANCIAL ANALYSIS
3588 SE DIVISION ST
PRICING DETAIL
18
MARCUS & MILLICHAP CAPITAL CORPORATION CAPABILITIESMMCC—our fully integrated, dedicated financing arm—is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and terms.
We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac and HUD to provide our clients with the greatest range of financing options.
Our dedicated, knowledgeable experts understand the challenges of financingand work tirelessly to resolve all potential issues to the benefit of our clients.
National platform operating
within the firm’s brokerage
offices
$5.63 billion total national
volume in 2017
Access to more capital sources than any other firm in the industry
Optimum financing solutions to enhance value
Our ability to enhance buyer pool by expanding finance options
Our ability to enhance seller control
• Through buyer qualification support
• Our ability to manage buyers finance expectations
• Ability to monitor and manage buyer/lender progress, insuring timely, predictable closings
• By relying on a world class set of debt/equity sources and presenting a tightly underwritten credit file
WHY MMCC?
Closed 1,707 debt and equity
financings in 2017
ACQUISITION FINANCING
3588 SE DIVISION ST
19
3588 SE DIVISION ST
20
MARKET
OVERVIEW
MARKET OVERVIEW
PORTLAND-VANCOUVEROVERVIEW
The Portland-Vancouver metro is located near the confluence of theColumbia and Willamette rivers and stretches across the Oregonborder into Washington State. The region is composed of Multnomah,Clackamas, Columbia, Washington and Yamhill counties in Oregon,and Clark and Skamania counties in Washington. Mount Hood and theCascade Range stand to the east, and the Oregon Coast MountainRange lies to the west. The metro contains approximately 2.4 millionresidents, with more than 640,000 people residing in Portland, thearea’s most populous city.
MARKET OVERVIEW
METRO HIGHLIGHTS
HIGH POPULATION GROWTHThe Portland-Vancouver metro has recorded more than 20 years of positive net migration thanks to expanding industries.
ALTERNATIVE-ENERGY INDUSTRYAlternative-energy companies are attracted to the local educated workforce and research institutions and are moving to the region.
LOW BUSINESS COSTSThe cost of doing business is among the lowest on the West Coast, supported by no state income tax in Washington and no sales tax in Oregon.
3588 SE DIVISION ST
21
MARKET OVERVIEW
ECONOMY Lower land costs than other West Coast metros, a skilled labor pool and affordable,
abundant power attract companies to the region. The favorable tax structure, with no state income taxes in Washington and no sales tax in Oregon, also lures businesses.
The metro’s economy has shifted from timber to industries that include athletic and outdoor activities, clean tech, advanced manufacturing and software.
A diverse group of companies based in the metro include Nike, Daimler, Oregon Iron Works, Intel and IBM.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Providence Health & Services
Oregon Health and Sciences University
Portland State University
Kaiser Foundation Health Plan of the NW
Legacy Health System
Nike, Inc.
Wells Fargo
Fred Meyer Stores
U.S. Bank
Intel Corp.* Forecast
MANUFACTURING11%
GOVERNMENT
HEALTH SERVICESEDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
18%AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL ANDBUSINESS SERVICES
2%INFORMATION
15%
6%
13% 10% 6%
15%
3588 SE DIVISION ST
22
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
The metro is expected to add nearly 120,000 people over the next five years, resulting in the formation of nearly 64,000 households.
A median home price well above the U.S. level means 60 percent of households can afford to own their home, which is below the national rate of 64 percent.
Of residents age 25 and older, 35 percent hold bachelor’s degrees, and 13 percent have also obtained a graduate or professional degree.
The metro contains more than 37,000 acres of parks and provides numerous outdoor
opportunities, including activities at Mount Hood and on the Hood River. The metro lies 60
miles east of the Pacific Ocean, with 330 miles of beaches along the Oregon coast.
Professional sports teams represent basketball, soccer and hockey. Cultural activities can
be found at various local venues, including the Portland Art Museum, World Forestry
Center Discovery Museum and the Portland Children’s Museum, and plays are staged at
the Portland Center for the Performing Arts. Major colleges and universities including Lewis
and Clark, Pacific University, the University of Portland and Portland State University. The
University of Oregon and Oregon State University are nearby.
QUALITY OF LIFE
* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
3588 SE DIVISION ST
37.92017
MEDIAN AGE:
U.S. Median:
37.8
$63,000 2017 MEDIAN
HOUSEHOLD INCOME:
U.S. Median:
$56,300
2.4M2017
POPULATION:
Growth2017-2022*:
4.9%
948K2017
HOUSEHOLDS:
6.7%
Growth2017-2022*:
2017 Population by Age
0-4 YEARS
6%5-19 YEARS
19%20-24 YEARS
6%25-44 YEARS
30%45-64 YEARS
26%65+ YEARS
14%
23
Rising wages and employment growth fuel retail sales, keeping vacancy tight.Hiring in Portland has remained above the national average for eight consecutiveyears, tightening the unemployment rate more than 700 basis points and placingupward pressure on wages. This healthy economic growth has brought new residentsto the metro and boosted retail sales, averaging around 5 percent growth each yearduring this time period. Rising retail sales have driven demand for quality space fromnew retailers and as a result, metrowide vacancy has stayed tight, below 5 percent,during the past four years.
Retail development edges up in low-vacancy Portland submarkets. Relatively noavailable space is underpinning retail demand and leading to a boost in constructionthis year. Deliveries will more than double from 2017 with the Northeast andSouthwest submarkets receiving the largest supply additions. These completions willnot weigh on vacancy as the majority of space underway is pre-leased. TheNortheast submarket in particular posted below metro average vacancy during thepast 12 months, generating rent growth.
• Local and out-of-state buyers are fueling bidding for Portland’s retail assets,lifting average prices. Investors from California and Washington areparticularly active, as lower entry costs and returns of up to 150 basis pointshigher than their home markets provide attractive opportunities. Retailproperties in the Portland metro trade with first-year returns in the high-5 tolow-6 percent range on average.
• Low vacancy and strong rent growth in the Southeast submarket are drivinginvestor demand. Here, transaction velocity picked up roughly 12 percentduring the past four quarters. The majority of trades were stand-alonebuildings.
• An increase in the number of listings could affect transaction velocityparticularly as capital from other sectors may not be as plentiful. As a result,the gap between buyers and sellers’ expectations may widen as someowners list at peak pricing.
Retail 2018 OutlookWage Growth Spurs Spending, Driving Retail Space Demand in Portland
PORTLAND METRO AREA
708,000 sq. ft.
will be completed
3.2% increase in
asking rents
20 basis point
decrease in vacancy
Construction:
The average asking rent in the metro willclimb above $20 per square foot. Last year,a 7.1 percent increase was posted.
The increase in construction will not outpacenet absorption, ticking down vacancy to 3.5percent. Last year, the vacancy rate fell 40basis points.
* Cap rates trailing 12 months through 1Q18; 10-Year Treasury up to March 29, 2018Sources: CoStar Group, Inc.; Real Capital Analytics
Development picks up consi-derably fromthe 285,000 square feet completed in 2017.More than half of completions comprisemulti-tenant space.
Vacancy:
Rents:
Investment Trends
3588 SE DIVISION ST
MARKET OVERVIEW
24
25
• Hiring in Portland remains above the national average as 23,300 positions were created during the year ending in the first quarter. The pace of growth has held unemployment in the high-3 percent band, making it increasingly difficult for employers to find quality workers.
• The education and health services sector led recent hiring as 14,300 jobs were created.
EMPLOYMENT
• The pace of construction slowed from the nearly 419,000 square feet delivered the prior year. Clark County received the majority of completions during the previous 12 months.
• The largest project underway is the 129,000-square-foot addition to the Cedar Hills Crossing shopping center in North Beaverton.
CONSTRUCTION
• Roughly 834,000 square feet was absorbed during the past four quarters, reducing metrowide vacancy to 3.6 percent in March.
• In the Lloyd District, minimal completions and healthy tenant demand during the past 12 months slashed vacancy 80 basis points to 2.9 percent, one of the lowest rates among submarkets.
VACANCY
• Tightening vacancy is aiding in rent growth, with the average asking rent climbing 2.6 percent during the year to $19.24 per square foot in the first quarter. The prior yearlong period, rent jumped 6.4 percent.
• The average asking rent in single-tenant space jumped 3.1 percent during the past 12 months to $19.07 per square foot.
RENTS
PORTLAND METRO AREA
increase in the average asking rent Y-O-Y
2.6%basis point decrease in vacancy Y-O-Y60square feet
completedY-O-Y
233,000increase in total employment Y-O-Y
2.0%
* Forecast
1Q18 - 12-Month Trend
3588 SE DIVISION ST
MARKET OVERVIEW
26
Multi-Tenant Demand Heats Up, Elevating Prices in Portland
Outlook: Investor demand has picked upin Clark County, with many investorsincreasingly considering multi-tenantassets in the area. Here, first-year returnsin the mid-6 percent band can be found.
VacancyRate
Y-O-YBasisPoint
ChangeSubmarket
AskingRent
Y-O-Y%Change
Submarket Trends
Lowest Vacancy Rates 1Q18
Sales Trends
PORTLAND METRO AREA
• Multi-Tenant: Sales picked up for multi-tenant assets during the past 12 months.Increased investor demand surged prices 15 percent to $280 per square foot.
• Single-Tenant: Transaction velocity for single-tenant assets jumped 15 percent duringthis time with buyers showing increased interest in the Southwest submarket nearBeaverton.
* Trailing 12 months through 2Q17Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Columbia County 0.3% -150 $11.54 -14.2%
Yamhill County 1.9% 0 $17.06 8.8%
Westside 2.8% -30 $18.70 10.2%
Lloyd District 2.9% -80 $26.24 10.5%
Northeast 2.9% -70 $19.00 8.4%
Southeast 3.3% -70 $17.00 3.3%
Northwest 3.7% 80 $24.74 9.5%
Southwest 4.1% 0 $22.15 15.7%
Clark County 4.4% -80 $18.18 0.0%
CBD 5.1% 110 $19.79 -19.7%
I-5 Corridor 5.3% -130 $19.20 -20.6%
Overall Metro 3.6% -60 $19.24 2.6%
3588 SE DIVISION ST
* Forecast **2017-2022
MARKET OVERVIEW
PORTLAND METRO AREA
3588 SE DIVISION ST
• Fed raises benchmark interest rate, plans additional increases. The Federal Reserveincreased the federal funds rate by 25 basis points in late March, raising the overnight lendingrate to 1.5 percent. While the Fed noted the inflation outlook moderated recently, an upgradedeconomic forecast including tax cuts and a regulation rollback strengthened growthprojections through 2020. As a result, the Fed has guided toward at least two more rate hikesthis year, while setting the stage for up to four increases in 2019.
• Lending costs rise alongside Fed rate increase. As the Federal Reserve lifts interest rates,lenders will face a rising cost of capital, which may lead to higher lending rates for investors.However, greater competition for loan demand has prompted some lenders to absorb somecost increases. While higher borrowing costs may prompt buyers to seek higher cap rates, thepositive economic outlook should boost rent growth above inflation over the coming year.
• The capital markets environment remains highly competitive. While the Federal Reservehas committed to tightening policy, other major central banks have maintained easing policies.The downward pressure on rates from foreign central banks is counteracting greatereconomic growth and wider government deficits, keeping demand for fixed-incomeinvestments stable. Loan pricing resides in the mid-4 percent range with maximum leverage of70 percent. Portfolio lenders will require loan-to-value ratios closer to 65 percent with interestrates, depending on term, in the high-3 to mid-4 percent range. The passage of tax reform andrising fiscal stimulus will keep the U.S. economy growing strongly this year, while limited newconstruction and steady absorption will contain office vacancy near 14 percent.
* Through May 1stSources: CoStar Group, Inc.; Real Capital Analytics
Capital Markets
MARKET OVERVIEW
27
PROPERTY NAME
MARKETING TEAM
3588 SE DIVISION ST
DEMOGRAPHICS
Source: © 2017 Experian
Created September 2018
POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection
Total Population 34,313 220,955 511,837
2017 Estimate
Total Population 33,880 215,967 498,461
2010 Census
Total Population 30,834 197,926 456,212
2000 Census
Total Population 30,005 184,534 421,139
Current Daytime Population
2017 Estimate 37,883 350,290 640,213
HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection
Total Households 16,090 104,036 230,601
2017 Estimate
Total Households 15,794 100,452 220,769
Average (Mean) Household Size 2.12 2.06 2.18
2010 Census
Total Households 14,275 90,875 200,785
2000 Census
Total Households 13,735 83,878 182,575
Occupied Units
2022 Projection 16,090 104,036 230,601
2017 Estimate 15,854 102,648 226,551
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate
$150,000 or More 9.36% 10.68% 10.46%
$100,000 - $149,000 14.31% 13.16% 13.19%
$75,000 - $99,999 13.33% 12.82% 12.67%
$50,000 - $74,999 20.80% 18.20% 18.24%
$35,000 - $49,999 12.85% 12.15% 12.55%
Under $35,000 29.32% 32.99% 32.88%
Average Household Income $79,070 $81,471 $81,299
Median Household Income $59,050 $56,146 $55,955
Per Capita Income $37,074 $38,468 $36,448
HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure $71,356 $69,457 $69,018
Consumer Expenditure Top 10 Categories
Housing $20,735 $20,112 $19,950
Shelter $12,514 $12,115 $11,995
Transportation $11,037 $10,962 $10,942
Food $8,026 $7,724 $7,650
Personal Insurance and Pensions $6,594 $6,221 $6,130
Health Care $3,701 $3,783 $3,807
Entertainment $3,653 $3,702 $3,705
Utilities $3,390 $3,324 $3,317Household Furnishings and Equipment $2,411 $2,421 $2,425
Apparel $2,052 $1,923 $1,892
POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age
2017 Estimate Total Population 33,880 215,967 498,461
Under 20 15.06% 16.64% 19.08%
20 to 34 Years 33.11% 28.86% 26.97%
35 to 39 Years 11.79% 9.98% 9.21%
40 to 49 Years 16.48% 15.43% 14.83%
50 to 64 Years 15.36% 17.76% 17.93%
Age 65+ 8.21% 11.35% 11.97%
Median Age 35.72 37.17 37.06
Population 25+ by Education Level
2017 Estimate Population Age 25+ 26,851 166,183 371,763
Elementary (0-8) 1.60% 1.94% 2.45%
Some High School (9-11) 2.92% 4.23% 5.22%
High School Graduate (12) 9.83% 13.53% 16.31%
Some College (13-15) 19.38% 21.17% 21.95%
Associate Degree Only 6.09% 6.54% 6.65%
Bachelors Degree Only 37.72% 31.58% 28.30%
Graduate Degree 21.80% 20.17% 18.05%
28
IncomeIn 2017, the median household income for your selected geography is$59,050, compare this to the US average which is currently $56,286.The median household income for your area has changed by 47.88%since 2000. It is estimated that the median household income in yourarea will be $68,352 five years from now, which represents a changeof 15.75% from the current year.
The current year per capita income in your area is $37,074, comparethis to the US average, which is $30,982. The current year averagehousehold income in your area is $79,070, compare this to the USaverage which is $81,217.
PopulationIn 2017, the population in your selected geography is 33,880. Thepopulation has changed by 12.91% since 2000. It is estimated thatthe population in your area will be 34,313.00 five years from now,which represents a change of 1.28% from the current year. Thecurrent population is 49.01% male and 50.99% female. The medianage of the population in your area is 35.72, compare this to the USaverage which is 37.83. The population density in your area is10,754.52 people per square mile.
HouseholdsThere are currently 15,794 households in your selected geography.The number of households has changed by 14.99% since 2000. It isestimated that the number of households in your area will be 16,090five years from now, which represents a change of 1.87% from thecurrent year. The average household size in your area is 2.12 persons.
EmploymentIn 2017, there are 10,819 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that69.51% of employees are employed in white-collar occupations inthis geography, and 30.37% are employed in blue-collar occupations.In 2017, unemployment in this area is 3.46%. In 2000, the averagetime traveled to work was 27.00 minutes.
Race and EthnicityThe current year racial makeup of your selected area is as follows:85.23% White, 1.94% Black, 0.17% Native American and 6.10%Asian/Pacific Islander. Compare these to US averages which are:70.42% White, 12.85% Black, 0.19% Native American and 5.53%Asian/Pacific Islander. People of Hispanic origin are countedindependently of race.
People of Hispanic origin make up 5.20% of the current yearpopulation in your selected area. Compare this to the US average of17.88%.
PROPERTY NAME
MARKETING TEAM
3588 SE DIVISION ST
HousingThe median housing value in your area was $392,762 in 2017,compare this to the US average of $193,953. In 2000, there were6,537 owner occupied housing units in your area and there were7,198 renter occupied housing units in your area. The median rent atthe time was $563.
Source: © 2017 Experian
DEMOGRAPHICS
29
8
3588 SE DIVISION ST
DEMOGRAPHICS
30
www.MarcusMillichap.com
Nathan I. Drake
Associate
Member - National Retail GroupPortland OfficeTel: (503) 200-2046
Fax: (503) 200-2010
License: OR 201218242
Michael R. Kapnick
Senior Vice President Investments
Director - National Retail GroupPortland OfficeTel: (503) 200-2034
Fax: (503) 200-2122
Licenses: OR 960500191, WA 6176
P R E S E N T E D B Y
31
![STRICTLY OBSERVABLE LINEAR SYSETEMSmst.ufl.edu/pdf papers/Strictly observable systems.pdf · 2017. 5. 18. · strictly observable (HAMMER and . HEYMANN [1981b]). We note that a strictly](https://img.dokumen.tips/doc/110x75/614563f034130627ed50f1f3/strictly-observable-linear-papersstrictly-observable-systemspdf-2017-5-18.jpg)
