TABOR WEST 38 Units Portland, Oregon - OFFERING MEMORANDUM
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OFFERING MEMORANDUM TABOR WEST 38 Units • Portland, Oregon www.hfore.com • (503) 241.5541
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Tabor West Apartments is an exceptionally well-maintained Well-maintained asset Wood-burning fireplaces
apartment community with an attractive unit mix and
outstanding location along Division Street in Portland, Oregon.
Tabor West’s unit mix offers studio, one-, two- and three- Private decks or patios Outstanding location
bedroom floor plans. Most apartments offer a private deck or
patio and a wood-burning fireplace. The apartments are centered
around an outdoor, solar-heated pool and landscaped courtyard. Outdoor, solar -heated pool Diverse unit mix
Plentiful off-street parking and storage, as well as central laundry
services, are attractive features of Tabor West..
2 HFO INVESTMENT REAL ESTATE
INVESTMENT SUMMARY ASSET SUMMARY
Property
Address
Tabor West Apartments
6410 SE Division Street
Tabor West is located along Division Street with easy access to Portland Community College’s City, State Portland, OR 97206
Southeast College campus, Warner Pacific University, and numerous local and regional retailers County Multnomah
and restaurants. One of Portland’s most famous urban parks, Mt. Tabor Park, with 191-acres of Year Built 1968
green space, walking trails, and picnic areas, is walking distance from Tabor West. Total Units 38
NR Total sq ft +/- 30,921 Sq Ft
Tabor West is managed with a portfolio of adjacent properties. Its current rents average $1,005 per Avg Unit Size +/- 814 Sq Ft
unit or $1.24 per sq ft. Acreage 1.03 Acres
Tax ID / Account # R249996
UNIT MIX SUMMARY
Unit Average Average Rent
Unit Type Count Sq Ft Total Sq Ft % of Total Unit Average Rent per Sq Ft PRICE SUMMARY
Studios 1 474 474 2.6% $735 $1.55 Price $6,555,000
1 Bedrooms 15 660 9,905 39.5% $932 $1.41 Price Per Unit $172,500
2 Bedrooms 18 890 16,014 47.4% $1,039 $1.17 Per Square Foot $212
Projected Cap Rate 5.30%
3 Bedrooms 4 1,132 4,528 10.5% $1,196 $1.06
Total / Averages 38 814 30,921 100.0% $1,005 $1.24
QUESTIONS & TOUR REQUESTS:
All inquiries, questions, or tour requests are to
be directed to HFO Investment Real Estate at
(503) 241.5541.
Please do not disturb the residents.
Greg Frick • greg@hfore.com
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.
TABOR WEST • 38 UNITS • PORTLAND, OR 3
Lloyd Districts
Mt Tabor
Divisi
on St
Tabor West
4 HFO INVESTMENT REAL ESTATE
TABOR WEST • 38 UNITS • PORTLAND, OR 5
South Waterfront Downtown Portland
MT. TABOR /
SOUTH TABOR /
FOSTER-POWELL Franklin High School
The Mount Tabor, South Tabor, and
Foster-Powell neighborhoods are
in Southeast Portland west of 82nd
Avenue. While roughly 16,000 people
live in these neighborhoods, just 23
percent of households have children.
Ninety-one percent of adults in the
area have a high school degree, while
71.6 percent have a bachelor’s degree
or higher. The median household
income in South Tabor is $69,088,
and the average commute time for
residents is 30 minutes.
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Tabor West
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6 HFO INVESTMENT REAL ESTATE
NEARBY VICINITY
NE Glisan St
E Burnside St
César Chávez Blvd
47th Ave
Hong Phat
Laurelhurst Park SE Stark St Food Center
Portland Nursery Montavilla
SE 60th Ave
SE Belmont St
Farmer’s Market Green MAX Line
Mt Tabor Park
SE 50th Ave
Pho Van
205
SE Division St
Stumptown Coffee
Roasters
Tabor West Portland Nursery
Franklin
High School Fubonn Shopping Center
SE Powell Blvd
26
SE 52nd Ave
SE
Fos
ter
R d
SE Holgate St
TABOR WEST • 38 UNITS • PORTLAND, OR 7
The Mount Tabor, South
Tabor, and Foster-Powell
neighborhoods offer residents
access to various commercial
and scenic amenities. Mount Mt Tabor
Tabor Park is located just north
of SE Division Street. The park
boasts scenic walking paths up
an extinct volcano and down to
a city reservoir. Both SE Division
Street and SE Powell Boulevard
are major commercial corridors
featuring several local
restaurants and shops.
Kellogg Middle School at 69th
and Powell was demolished
in 2008. A new $60 million
school opens in fall 2021. The
school will offer after-hours
community use of the building Division St
for gatherings and events
and also includes spaces for
community partners. Tabor West
8 HFO INVESTMENT REAL ESTATE
Residents of Tabor West are within
walking distance of Franklin High
School. The school completed a Franklin High School
3-year, $113 million modernization
and reopened in 2017. Franklin High
School has one of the largest student
bodies in the metro area of more than
1,850 students in grades 9-12 and a
student/teacher ratio of 19 to1.
Tabor West
on St
D ivisi
TABOR WEST • 38 UNITS • PORTLAND, OR 9
PORTLAND REGION
APARTMENT MARKET
The Portland Metro Area consistently ranks among the nation’s lowest for apartment
vacancy rates. According to the U.S. Census Bureau, Portland’s third quarter 2020
vacancy rate was 3.7% compared to the U.S. vacancy rate of 6.4%.
SKILLED WORKFORCE & STRONG EMPLOYMENT
Portland is known for its extremely well educated workforce, and is among the top
U.S. cities with advanced college degrees.
10 HFO INVESTMENT REAL ESTATEPORTLAND EMPLOYERS
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. and Portland General Electric.
Fortune 500 companies based outside Oregon with major
operations here are Precision Castparts and Intel.
Companies which have opened major branches in Portland include:
Portland’s tech startup companies include: Viewpoint, Jama
Software, Thetus, Urban Airship, Acquia, Elemental Technologies,
Act-On, Puppet Labs, and The Clymb.
TABOR WEST • 38 UNITS • PORTLAND, OR 11PORTLAND, OREGON
Oregon’s largest city, Portland, is near the confluence of the Willamette
and Columbia Rivers. The Portland Metro Area consists of four counties:
Multnomah, Washington, Clackamas, and Clark County, Washington.
12 HFO INVESTMENT REAL ESTATENo. 1 No. 2 No. 2
Best U.S. Destination for Fall America’s Best Cities for Foodies Fiscally Fit Cities Report
Foliage Outside of New England – Sperlings Best Places – – Sperlings Best Places –
– Forbes Magazine –
No.3 No.4 No.5 No.6
Best Cities for Outdoor Activities America’s Best Cities for a Metro Areas with Fastest Rising Best U.S. Cities for Parks
in America Healthy, Affordable Retirement Income 2020 – The Washington Post –
– Niche.com – – Sperlings Best Places – – Sperlings Best Places –
TABOR WEST • 38 UNITS • PORTLAND, OR 13OPERATIONS ANALYSIS
TABOR WEST • 38 UNITS • PORTLAND, OR
Income Scheduled Rents Market Rents
Scheduled Gross Rent $458,400 $12,063 $543,036 $14,290
Less: Vacancy/Credit Loss -$22,920 -$603 -5.0% -$27,152 -$715 -5.0%
Net Rental Income $435,480 $11,460 $515,884 $13,576
Other Income $13,180 $347 $53,256 $1,401
Includes: Laundry $0 $0 $5,928 $156
Includes: Parking & Storage $3,180 $84 $3,180 $84
Includes: Utility Billing (RUBs) $0 $0 0.0% $34,148 $899 50.0%
Includes: Miscellaneous $10,000 $263 $10,000 $263
Gross Operating Income $448,660 $11,807 $569,140 $14,977
Expenses Projected Operations Per Unit % GOI Projected Operations Per Unit % GOI
Real Estate Taxes $52,656 $1,386 11.7% $52,656 $1,386 9.3%
Insurance $9,709 $256 2.2% $9,709 $256 1.7%
Total Utilities $64,696 $1,703 14.4% $68,296 $1,797 12.0%
Fee Management $35,893 $945 8.0% $45,531 $1,198 8.0%
Landscaping/Housekeeping $2,000 $53 0.4% $2,000 $53 0.4%
Maintenance/Repairs $20,900 $550 4.7% $20,900 $550 3.7%
Turnover $7,410 $195 1.7% $7,410 $195 1.3%
Reserves $9,500 $250 2.1% $9,500 $250 1.7%
Total Expenses -$202,764 -$216,003
Expenses per Unit -$5,336 -$5,684
% of Gross Operating Income 45.2% 38.0%
Net Operating Income (NOI) $245,896 $353,137
14 HFO INVESTMENT REAL ESTATEOPERATIONS ANALYSIS
TABOR WEST • 38 UNITS • PORTLAND, OR
RENT ROLL ANALYSIS: CURRENT RENTS
Unit Type Unit Count Square Feet Lowest Achieved Highest Achieved % Diff Average Average
Rent Rent Scheduled Rent Scheduled Rent
per Sq Ft
Studio 1 474 $735 $735 0.0% $735 $1.55
1 Bedroom / 1 Bathroom 5 703 $860 $1,150 33.7% $974 $1.39
1 Bedroom / 1 Bathroom w fireplace 10 639 $770 $1,049 36.2% $912 $1.43
2 Bedroom / 1 Bathroom 2 874 $1,249 $1,299 4.0% $1,274 $1.46
2 Bedroom / 1 Bathroom w fireplace 14 888 $905 $1,285 42.0% $1,005 $1.13
2 Bedroom / 2 Bathroom w fireplace 2 915 $930 $1,145 23.1% $1,038 $1.13
3 Bedroom / 2 Bathroom w fireplace 4 1,132 $1,130 $1,350 19.5% $1,196 $1.06
Totals / Averages 38 814 $940 $1,145 22.6% $1,005 $1.24
RENT ROLL ANALYSIS: MARKET RENTS
Unit Type Unit Count Square Feet Average Average Average Market Average Market % Change
Scheduled Rent Scheduled Rent Rent Rent per Sq Ft
per Sq Ft
Studio 1 474 $735 $1.55 $735 $1.55 0.0%
1 Bedroom / 1 Bathroom 5 703 $974 $1.39 $1,150 $1.64 15.3%
1 Bedroom / 1 Bathroom w fireplace 10 639 $912 $1.43 $1,049 $1.64 13.1%
2 Bedroom / 1 Bathroom 2 874 $1,274 $1.46 $1,299 $1.49 1.9%
2 Bedroom / 1 Bathroom w fireplace 14 888 $1,005 $1.13 $1,285 $1.45 21.8%
2 Bedroom / 2 Bathroom w fireplace 2 915 $1,038 $1.13 $1,145 $1.25 9.4%
3 Bedroom / 2 Bathroom w fireplace 4 1,132 $1,196 $1.06 $1,350 $1.19 11.4%
Totals / Averages 38 814 $1,005 $1.24 $1,191 $1.46 15.6%
TABOR WEST • 38 UNITS • PORTLAND, OR 15OPERATIONS ANALYSIS
TABOR WEST • 38 UNITS • PORTLAND, OR
RENT VARIATION BY UNIT TYPE INCOME
$1,400 Tabor West Apartments’ current rents average
$1,005 per unit or $1.24 per sq ft. The current
management does not charge residents for
$1,300 utilities. The asset has extensive storage areas in
the basements of each property and some covered
parking spaces. In addition to implementing utility
$1,200 charges, there is a potential upside with third-
party management oversight.
$1,100 Market rents are projected at $1,191 per unit, or
$1.46 per square foot, based on the property’s
Scheduled Rent
rents. Utility charges are projected at $75 per
$1,000 unit per month. The property has common area
laundry and was recently converted to a card-
reader system. The laundry income is projected at
$900 $5,928.
$800 EXPENSES
Tabor West is privately managed as part of a more
extensive portfolio. Expenses are shared with
$700 other properties. Part of Tabor West’s garbage
Studio 1 Bed 2 Bed 3 Bed cost is from adjacent properties. Administrative
and Repair/Maintenance costs are estimated and
reflect independent, third-party management for
properties similar to Tabor West. Turnover assumes
at least 30% annually. Only one apartment has
Minimum Rent Average Rent Maximum Rent turned over in 2020 YTD.
16 HFO INVESTMENT REAL ESTATEOFFER TERMS
TABOR WEST • 38 UNITS • PORTLAND, OR
ASSET SUMMARY QUESTIONS & TOUR REQUESTS:
Property Tabor West All tours and inquiries regarding
Tabor West are to be directed to
Address 6410 SE Division Street
HFO Investment Real Estate at (503)
City, State Portland, OR 97206 241.5541.
Year Built 1968
Please do not disturb the residents.
Total Units 38
Greg Frick • greg@hfore.com
PRICE SUMMARY Rob Marton • rob@hfore.com
Price $6,555,000 Tyler Johnson • tyler@hfore.com
Price Per Unit $172,500 Jack Stephens • jack@hfore.com
Per Square Foot $212 Lee Fehrenbacher • lee@hfore.com
Projected Cap Rate 5.30% Todd Tully • todd@hfore.com
Adam Smith • adam@hfore.com
Peyton King • peyton@hfore.com
Steve Wendt • stephen@hfore.com
Michelle Swan • michelle@hfore.com
HFO Investment Real Estate
2424 SE 11th Avenue
Portland, Oregon 97214
www.hfore.com
(503) 241.5541 Tabor West
Fax: (503) 241.5548
Brokers licensed in the States of
Oregon and Washington.
TABOR WEST • 38 UNITS • PORTLAND, OR 17HFO Investment Real Estate
Passion • Collaboration • Specialization
2424 SE 11th Avenue • Portland, OR 97214
www.hfore.com • 503.241.5541
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. Buyer
must verify the information and bears all risk for any inaccuracies. Parties who receive this information from unauthorized
parties shall not be recognized. ©2020 HFO Investment Real Estate LLC. Build your legacy is a service mark of HFO
Investment Real Estate. Licensed in the states of Oregon and Washington.You can also read
