Edgewood Terrace - LoopNet...2125 S Edgewood Street * Seaside * OR * 97138 Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary

6 Unit Apartment Complex In Seaside Oregon

Edgewood Terrace

2125 S Edgewood Street * Seaside * OR * 97138

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 and

should 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, unverified

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diligence 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, the

future 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 or

asbestos, 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 any

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EDGEWOOD APARTMENTS

Seaside, OR

ACT ID ZAB0210376

2

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

201237134

4

CONTENTS:

Investment Overview 04The Property 08Market Overview 15Financial Summary 22Market Comparables 26

Exclusively listed by:

Edgewood Terrace

2125 S Edgewood Street

Seaside, OR 97138

the INVESTMENT OVERVIEW

5

6

EXECUTIVE SUMMARYEDGEWOOD TERRACE APARTMENTS

Price $725,000 6 Apartments Units

MIX: 6 -Two Bedroom / One Bath Flats

VITAL DATA

Price $725,000 CURRENT PRO FORMA

Down Payment25% /

$181,250CAP Rate 5.78% 6.88%

Loan Amount $543,750 GRM 10.41 9.15

Loan TypeProposed

New

Net Operating Income

$41,921 $49,879

Interest Rate / Amortization

3.95% / 30 Years

Net Cash Flow After Debt Service

6.05% / $10,958

10.44% / $18,916

Price/Unit $120,833Total Return

11.37% / $20,617

15.98% / $28,963

Price/SF $161.11

Number of Units 6

Rentable Square Feet

4500

Year Built 1973

Lot Size 0.16 acre(s)

7

▪ - 6.88% Pro Forma Cap Rate▪ - 12% Upside in Rents▪ - 0.2 Miles from Seaside Beach ▪ - Desirable South Seaside Neighborhood▪ - Walkable to Broadway Street▪ - Plentiful Off-Street Parking

Marcus & Millichap is pleased to exclusively represent the sale of Edgewood Terrace, acharming asset in Seaside, Oregon, located just a short stroll away from miles of sandybeach. The property is comprised of six two-bedrooms / one-bath units. The propertyfeatures open floorplans and all the units have been updated with laminate plankflooring, updated kitchen and bath countertops, and stylish interior paint thatembraces the beach vibe.

Upside can be achieved via several avenues. Rents are approximately 12% belowmarket, allowing for solid achievable rent growth. Additionally, units could benefit fromfurther updated finishes to achieve higher rents. Each unit has a large open floorplan,and the property has undergone meticulous turns. The property is zoned RM3 whichcan be used as a vacation rental, subject to city parking and other requirements. Thecommunity also features washer and dryer hookups and off-street parking as tenantamenities. The asset is within walking distance of the Seaside Golf Course, OspreyCafé, and an iconic beachfront promenade.

the PROPERTY

9

EDGEWOOD TERRACE

Edgewood Terrace is

Conveniently Located on the

HW-101 Corridor

2125 S Edgewood St

11

Edgewood Terrace Apartments

❖ All Units Have Been Lightly Renovated

❖ Updated Counter Tops in Kitchens and Bathrooms

❖ Updated Laminate Plank Flooring

❖ Open Floor Plans Throughout Property

❖ Baseboard Molding Throughout

❖ Dishwashers in Each Unit

❖ Washer & Dryer Hookups in Each Unit

❖ Off-Street Parking

12

Site Description:Number of Units 6 ApartmentsYear Built 1973Zoning R3Number of Buildings 1Number of Stories 2Rentable Square Feet 4,500Lot Size 0.16 acreParking 8 SpacesParking Ratio 1.33:1 Landscaping MatureTopography Level

Utilities:Water/Sewer Paid by OwnerElectric Paid by TenantTrash Paid by Owner

Construction:

Foundation Crawl SpaceFraming Wood

Exterior Wood

RoofPitched Composite

Shingle, 2014

Edgewood Terrace

13

About the Property Location:

Edgewood Terrace is in the desirable SouthSeaside neighborhood. The location is surroundedby single-family homes yet is highly accessible tothe greater Oregon coast. The asset is just a shortdrive away from Broadway Street, the mainthoroughfare, with countless restaurants andentertainment to enjoy:

• Cartwright Park – 1 Block Away• Seaside Golf Course– 0.1 miles• Access to HW-101 – 0.3 miles• The Beach – 0.4 miles• Broadway Promenade– 1 mile• Providence Seaside Hospital– 1.7 miles• Access to HW-26 – 8 miles• Cannon Beach – 8 miles• Downtown Portland – 70 miles

The property is close enough to Broadway street,the main thoroughfare, to enjoy biking to town,kayaking, razor clamming, kite flying, and searchingfor sand dollars seemingly to yourself. An iconicyear-round vacation destination for residents of thePortland area, Seaside has an expansive tourismindustry and need for quality housing.

Conveniently Located Within Walking Distance of Downtown Seaside

• Cartwright Park – 1 Block Away• Seaside Golf Course– 0.1 miles• Access to HW-101 – 0.3 miles• The Beach – 0.4 miles• Broadway Promenade– 1 mile• Providence Seaside Hospital– 1.7 miles• Access to HW-26 – 8 miles• Cannon Beach – 8 miles• Downtown Portland – 70 miles

Walking Distance 20-minute Radius

the MARKET OVERVIEW

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Firehouse Grill

Pizza Harbor

Tom’s Fish & Chips

Norma’s Seafood and Steak

Pig N’ Pancake

Finn’s Fish House

Times Theatre & Public House

Sea Star Gelato9

Dooger’s Seafood & Grill

All restaurants within one mile of Edgewood Terrace

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Safeway

Seaside Carousel Mall

Nike Factory Store

Seaside Aquarium

Seaside Golf Course

Bell Buoy of Seaside: Seafood Market

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Providence Medical Center

All retail within 2 miles of Edgewood Terrace

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Seaside Farmers Market

Grocery Outlet

18SeasideOR.com

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MARKETING TEAM

Source: © 2019 Experian

Income

In 2019, the median household income for your selected geography is

$52,245, compare this to the US average which is currently $62,990.

The median household income for your area has changed by 52.03%

since 2000. It is estimated that the median household income in your

area will be $62,324 five years from now, which represents a change

of 19.29% from the current year.

The current year per capita income in your area is $32,177, compare

this to the US average, which is $34,935. The current year average

household income in your area is $70,289, compare this to the US

average which is $90,941.

Population

In 2019, the population in your selected geography is 9,559. The

population has changed by 16.62% since 2000. It is estimated that

the population in your area will be 9,917.00 five years from now,

which represents a change of 3.75% from the current year. The

current population is 48.74% male and 51.26% female. The median

age of the population in your area is 43.98, compare this to the US

average which is 38.21. The population density in your area is 121.36

people per square mile.

Households

There are currently 4,359 households in your selected geography. The

number of households has changed by 20.02% since 2000. It is

estimated that the number of households in your area will be 4,546

five years from now, which represents a change of 4.29% from the

current year. The average household size in your area is 2.17 persons.

Employment

In 2019, there are 4,221 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

54.43% of employees are employed in white-collar occupations in

this geography, and 45.72% are employed in blue-collar occupations.

In 2019, unemployment in this area is 3.78%. In 2000, the average

time traveled to work was 16.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

87.44% White, 0.66% Black, 0.11% Native American and 1.67%

Asian/Pacific Islander. Compare these to US averages which are:

69.84% White, 12.88% Black, 0.20% Native American and 5.75%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 12.09% of the current year

population in your selected area. Compare this to the US average of

18.38%.

Housing

The median housing value in your area was $353,330 in 2019,

compare this to the US average of $221,068. In 2000, there were

2,041 owner occupied housing units in your area and there were

1,591 renter occupied housing units in your area. The median rent at

the time was $510.

20

DEMOGRAPHICS

9,559Total Population within Five

Mile Radius

GENDER

Average Household Income

in One Mile Radius

Median Housing Value within

One Mile Radius

4,359Total Households in One Mile Radius

10.13%Increase since 2010 within

Five Mile Radius

$67,288 $ 353,330

48.74%

51.26%

21

PROPERTY NAME

MARKETING TEAM

DEMOGRAPHICS

DEMOGRAPHICS

Source: © 2019 Experian

21

Created on October 2020

HOUSEHOLDS BY INCOME 1 Miles 5 Miles 10 Miles

▪ 2020 Estimate

$200,000 or More 3.40% 2.74% 3.27%

$150,000 - $199,000 3.29% 4.12% 5.03%

$100,000 - $149,000 10.88% 12.68% 13.23%

$75,000 - $99,999 10.27% 13.79% 15.37%

$50,000 - $74,999 14.55% 18.55% 19.26%

$35,000 - $49,999 16.31% 14.58% 14.12%

$25,000 - $34,999 12.31% 10.44% 9.34%

$15,000 - $24,999 15.21% 13.10% 11.57%

Under $15,000 13.77% 10.01% 8.82%

Average Household Income $67,288 $70,289 $76,207

Median Household Income $40,989 $52,245 $57,275

Per Capita Income $30,640 $32,177 $34,204

POPULATION PROFILE 1 Miles 5 Miles 10 Miles

▪ Population By Age

2020 Estimate Total Population 3,115 9,559 14,458

Under 20 21.62% 21.10% 20.29%

20 to 34 Years 20.54% 17.80% 16.46%

35 to 39 Years 6.76% 6.74% 6.31%

40 to 49 Years 11.02% 10.96% 10.36%

50 to 64 Years 18.93% 20.62% 21.89%

Age 65+ 21.12% 22.80% 24.69%

Median Age 40.90 43.98 46.77

▪ Population 25+ by Education Level

2020 Estimate Population Age 25+ 2,248 7,047 10,827

Elementary (0-8) 3.29% 2.28% 1.78%

Some High School (9-11) 7.68% 6.51% 6.08%

High School Graduate (12) 25.35% 26.40% 24.67%

Some College (13-15) 34.77% 33.19% 32.41%

Associate Degree Only 6.31% 7.08% 8.31%

Bachelors Degree Only 13.06% 14.23% 16.25%

Graduate Degree 9.24% 10.11% 10.28%

▪ Population by Gender

2020 Estimate Total Population 3,115 9,559 14,458

Male Population 48.66% 48.74% 48.88%

Female Population 51.34% 51.26% 51.12%

POPULATION 1 Miles 5 Miles 10 Miles

▪ 2025 Projection

Total Population 3,127 9,917 15,027

▪ 2020 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Daytime Population

2020 Estimate 3,576 10,440 14,752

HOUSEHOLDS 1 Miles 5 Miles 10 Miles

▪ 2025 Projection

Total Households 1,428 4,546 6,749

▪ 2020 Estimate


Average (Mean) Household Size 2.11 2.17 2.19

▪ 2010 Census


▪ 2000 Census


Growth 2015-2020 1.42% 4.29% 4.62%

the FINANCIAL SUMMARY

the MARKET COMPARABLES

27

The Retreat

Broadway Villas

Jackson Apartments

Sunrise Apartments

822 Necanicum Dr

RENT COMPARABLES

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10

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4

1

2

3

EDGEWOOD TERRACE

(SUBJECT)

5

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PROPERTY NAMEAVERAGE RENT - MULTIFAMILY

Avg. $1,250

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Edgewood Terrace The Retreat Broadway

Villas

Jackson

Apartments

Sunrise

Apartments

822

Necanicum

Dr

2 Bedroom

29

RENT COMPARABLES

YEAR BUILT: 1973

rentpropertyname1

rentpropertyaddress1

Unit Type Units SF Rent Rent/SF

Two Bed One Bath

6 750 $968 $1.29

Total/Avg. 6 750 $968 $1.29

EDGEWOOD TERRACE2125 S Edgewood St, Seaside, OR, 97138

YEAR BUILT: 1996

1

NOTES

The location is inferior to subject property. The Retreat features a large lot

and spaced out community of four buildings. The amenities include

balconies, washer/dryer hook up, along with a complex laundry room.

W/S/G not included in rents above and electric is paid by tenants.


Studio 1 Bath Flat 2 560-560$1,000-$1,000

$1.79

1 Bdr 1 Bath Flat 14 687-687$1,150-$1,200

$1.71

2 Bdr 1 Bath Twnhs 40 934-934$1,400-$1,500

$1.55

Total/Avg. 56 859 $1,365 $1.59

THE RETREAT2160 Lewis & Clark Road, Seaside, OR, 97138

2

YEAR BUILT: 1973

NOTES

Property located behind subject property comprised of eight buildings on

a large lot. Pet Rent: $50/a pet per month. Maximum two pets permitted;

under 25 lbs only. Off street marking - one designated parking spot +

guest parking. Amenities include laminate and tile floors throughout,

stainless steal appliances.


1 Bdr 1 Bath 5 710-710$1,000-$1,000

$1.41

2 Bdr 1 Bath Twnhs 10 903-903$1,150-$1,150

$1.27

3 Bdr 1.5 Bath Twnhs 5 1,089-1,089$1,500-$1,500

$1.38

Total/Avg. 20 901 $1,200 $1.33

BROADWAY VILLAS 1601 Broadway Street, Seaside, OR, 97138

30

RENT COMPARABLES

YEAR BUILT: 2017

3


2 Bdr 1 Bath Flat 26 964-964$1,200-$1,300

$1.30

Total/Avg. 26 964 $1,250 $1.30

NOTES

Jackson Apartments is the newest apartment building in Seaside however

location and exterior are comparable to subject property. The amenities

include balconies, washer/dryer in unit, and parking lot. Utilities are all paid

as an additional fee and are not included in rents above.

JACKSON APARTMENTS845-855 Avenue M, Seaside, OR, 97138

YEAR BUILT: 1992

4

NOTES

The property has large units comparable to subject property. More dated

exteriors and not as well kept. The amenities include; Washer/Dryer in unit,

large parking lot, and superior walk-ability.


2 Bdr 1.5 Bath Flat 12 1,000-1,000$1,200-$1,200

$1.20

Total/Avg. 12 1,000 $1,200 $1.20

SUNRISE APARTMENTS 400 Necanicum Dr, Seaside, OR, 97138

5

YEAR BUILT: 1968

NOTES

Interiors are outdated and owner suspects property is at top of market

rents. Exteriors are not as well kept as subject property. Included in rent is

W/S however there is an additional fee for garbage and electricity.


2 Bdr 1 Bath 23 790-790$1,200-$1,200

$1.52

1 Bdr 1 Bath 2

Total/Avg. 25 790 $1,200 $1.52

822 NECANICUM DR822 Necanicum Dr, Seaside, OR, 97138

201237134

Documents

Edgewood Terrace - LoopNet...2125 S Edgewood Street * Seaside * OR * 97138 Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary