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PHEASANT COURT APARTMENTS7015 SE Lake Rd • Milwaukie, OR 97267
Offering Memorandum
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 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 information 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 due 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 tenant'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 be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 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 or name 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.
PHEASANT COURT APARTMENTSMilwaukie, ORACT ID Y0210294
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01 Offering Summary Property Photos Regional Map Local Map
Aerial Photo
FINANCIAL ANALYSIS 02 Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Acquisition Financing
Growth Rate Projections
Cash Flow
MARKET OVERVIEW 03 Market Analysis
Demographic Analysis
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INVESTMENT
OVERVIEW
PHEASANT COURT APARTMENTS
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EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
PCC Schlosser 2,000
Precision Castparts Corp 1,828
Safeway 857
County of Clackamas 814
Clackamas Dental Office 800
Willamett FLS Hlth Educatn Ctr 760
Providnce Wllmette FLS Med Ctr 730
Mattei Insurance Services Inc 715
Walmart 711
Small Structurals Bus Oper Div 700
Cash & Carry Smart Foodservice 650
Lewis & Clark College 645
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2016 Estimate Pop 9,113 111,414 266,913
2010 Census Pop 8,797 106,638 250,783
2016 Estimate HH 3,654 44,834 104,799
2010 Census HH 3,533 42,958 98,720
Median HH Income $63,709 $57,129 $61,732
Per Capita Income $29,571 $29,571 $33,149
Average HH Income $73,331 $73,068 $83,793
UNIT MIX
NUMBEROF UNITS UNIT TYPE APPROX.
SQUARE FEET
20 2 Bedroom/ 1 Bath 805
2 3 Bedroom/ 1 Bath 900
22 Total 17,900
VITAL DATA
Price $3,050,000 CURRENT YEAR 1
Down Payment 25% / $762,500 CAP Rate 6.73% 7.09%
Loan Amount $2,287,500 GRM 10.83 10.34
Loan Type Proposed New Net Operating Income $205,408 $216,378
Interest Rate / Amortization 4.30% / 30 Years
Net Cash Flow After Debt Service
9.12% / $69,566 5.05% / $38,536
Price/Unit $138,636 Total Return 14.14% / $107,793 10.29% / $78,440
Price/SF $170.39
Number of Units 22
Rentable Square Feet 17,900
Year Built / Remodeled 1970 / 2016
Lot Size 1.26 acre(s)
6
PHEASANT COURT APARTMENTS
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OFFERING SUMMARY
PROPERTY OVERVIEW
7
Pheasant Court Apartments is a 22-unit apartment asset located on the edge of Milwaukie, Oregon bordering Clackamas, Oregon. Constructed in 1970, the property consists of 20 two-bedroom/one-bathroom apartments that are 805 square feet and two three-bedroom/one-bathroom apartments that are 900 square feet each. 70% of the units are remodeled with some features such as new appliances, ceiling fans, laminate and carpet.
The city of Milwaukie is a suburb of Portland offering both a small town feel and close proximity to downtown Portland which is only 15 minutes away. Milwaukie is home to several of Oregon's largest and most iconic employers including, Blount International, Bob’s Red Mill, Dark Horse Comics and Precision Castparts Corporation. Shopping, grocery stores, bars and restaurants are all under a mile from the property. It is also approximately one and a half miles away from the Clackamas Mall. Mass transit including the MAX Light Rail Green and Orange Lines, as well as bus lines 152, 29 and 30 are all nearby. PROPERTY HIGHLIGHTS
• 22 Apartment Units
• Close to Shopping, Restaurants,
and Retail
• 15 Minutes From Downtown Portland
• Close to Mass Transit Via the MAX Light Rail Green and Orange Lines
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OFFERING SUMMARY
§ Lower Expense Rates Compared to the City of Portland
§ Higher Rent Proven for Recently Remodeled Units
§ Outside Portland's Restrictive Laws for Landlords
INVESTMENT HIGHLIGHTS
An investor for Pheasant Court Apartments has the opportunity to capitalize on a rapidly expanding submarket with steadily increasing rental rates. Tenants looking for larger units with more amenities are attracted to this location as it supports an urban lifestyle on a moderate income. The location is near light rail and multiple freeways which offer many options for efficient transit to work and recreational activities. It is for these reasons that vacancy will remain extremely low and that an investor will see predictable revenue increases year over year.
The City of Portland has declared a state of housing emergency and temporary measures are in place as they finalize new laws which include requiring landlords to pay moving costs for tenants they would like to evict in addition to some forms of rent control. In the near future, this temporary measure is predicted to become law, alongside a handful of additional restrictions. This has created an environment where it is very difficult to keep costs low for rehab projects and thus has handicapped investors looking for value-add projects within the city limits. An investor in Pheasant Court Apartments would be able to capitalize on the central location of this asset and also avoid this impending legislation since it is located just outside of the city of Portland. The city of Milwaukie is less expensive in terms of operating expenses when compared to Portland as well.
The current owner has successfully remodeled 15 of the units and has proven a higher rent for these upgrades. The buyer is therefore set up for a successful value-add scenario by following this model and by strategic rehab as the units turnover. There are currently 3 vacant units that should be filled at time of closing.
INVESTMENT OVERVIEW
8
KITCHEN AND LIVING ROOM INTERIORS
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INTERIORS
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INTERIORS
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Washer and dryer hook-ups
PHEASANT COURT APARTMENTS
PROPERTY SUMMARY
OFFERING SUMMARY
PROPOSED FINANCING
First Trust Deed
Loan Amount $2,287,500
Loan Type Proposed New
Interest Rate 4.30%
Amortization 30 Years
Loan Term 10 Years
Loan to Value 75%
Debt Coverage Ratio 1.51
THE OFFERING
Property Pheasant Court Apartments
Price $3,050,000
Property Address 7015 SE Lake Rd, Milwaukie, OR
Assessors Parcel Number 432981
Zoning OC, Milwaukie
SITE DESCRIPTION
Number of Units 22
Year Built/Renovated 1970 / 2016
Rentable Square Feet 17,900
Lot Size 1.26 acre(s)
Type of Ownership Fee Simple
12
AERIAL PHOTO
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AMENITIES MAP
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NEIGHBORHOOD MAP
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16
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
PHEASANT COURT APARTMENTS
RENT ROLL SUMMARY
18
FINANCIAL ANALYSIS
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RENT ROLL DETAIL
FINANCIAL ANALYSIS
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OPERATING STATEMENT
20
FINANCIAL ANALYSIS
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NOTES
21
Notes to Operating Statement
[1] All financials used are from a trailing twelve profit & loss statement unless otherwise noted[2] Real Estate Taxes: Clackamas County records for Current; a 3% percent increase is estimated from Current to Year 1[3] Repairs & Maintenance: the owner had lower repairs & maintenance in trailing twelve because he did major remodel prior. Market rates is used.[4] Turnover: the owner has been fixing up and turning over units. Market rate is used.[5] Operating Reserves: not included in the P&L so market rate is used.[6] Actual management fee was lower but market rate is used.
FINANCIAL ANALYSIS
PHEASANT COURT APARTMENTS
PRICING DETAIL
22
ACQUISITION FINANCING
PHEASANT COURT APARTMENTS
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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
$5.1 billion total national
volume in 2016
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 1,651 debt and equity
financings in 2016
FINANCIAL ANALYSIS
PHEASANT COURT APARTMENTS
GROWTH RATE PROJECTIONS
24
FINANCIAL ANALYSIS
PHEASANT COURT APARTMENTS
CASH FLOW
25
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MARKET
OVERVIEW
MARKET OVERVIEW
PORTLAND-VANCOUVEROVERVIEW
1
The Portland-Vancouver metro is located near the confluence of the Columbia and Willamette rivers and stretches across the Oregon border 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 the Cascade Range stand to the east, and the Oregon Coast Mountain Range lies to the west. The metro contains approximately 2.4 million residents, with more than 600,000 people residing in Portland, the area’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 locating within 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.
PHEASANT COURT APARTMENTS
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 2016 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
2
MANUFACTURING11%
GOVERNMENT
HEALTH SERVICESEDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
18%AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL ANDBUSINESS SERVICES
2%INFORMATION
16%
5%
14% 10% 6%
15%
PHEASANT COURT APARTMENTS
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
§ The metro is expected to add nearly 130,000 people through 2021, resulting in the formation of nearly 50,000 households.
§ A median home price well-above the U.S. level has afforded 60 percent of households to own their home, which is below the national rate of 64 percent,.
§ Of residents age 25 and older, 34 percent hold bachelor’s degrees, and 12 percent have also obtained a graduate or professional degree.
The metro contains more than 37,000 acres of parks and provides numerous opportunities
for outdoor enthusiasts, 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.
37.72016
MEDIAN AGE:
U.S. Median:
37.7
$60,9002016 MEDIAN
HOUSEHOLD INCOME:
U.S. Median:
$54,500
2.4M2016
POPULATION:
Growth2016-2021*:
5.2%
933K2016
HOUSEHOLDS:
5.7%
Growth2016-2021*:
QUALITY OF LIFE
3
2016 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
13%
* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
PHEASANT COURT APARTMENTS
MARKET OVERVIEW
PHEASANT COURT APARTMENTS
30
PORTLAND METRO AREA
Substantial Rent Growth Drives Demand In Portland’s Secondary Submarkets
High cost of homeownership fuels rental demand. Portland’s lower cost of doing business compared
with other West Coast metros and its highly skilled workforce will underpin hiring in 2017. Companies
including Nike, DiscoverOrg and Simple Financial are expanding local operations, bringing higher-paying
jobs to the metro and driving household formation. Despite rising incomes, the metro’s skyrocketing home
prices and the cost of a down payment will push many individuals to apartments. Developers have
responded, delivering thousands of new rentals. Several Class A complexes designed to target higher-
income households are slated for completion this year. While completions will moderate from the cycle high
registered last year, vacancy will inch up as new complexes begin to lease. As vacancy remains below 4
percent and demographics strengthen, apartment rents will register another year of strong growth.
Tenant demand for lower rents draws buyers to suburban properties. Tight apartment vacancy and a
healthy economy will maintain investor interest in Portland. As rents rise for an eighth consecutive year,
some tenants will seek units in secondary submarkets for affordability, fueling buyer demand in these areas.
In particular, value-add opportunities within Gresham, Salem and Vancouver, where higher rents can be
captured, will be targeted. On average, a well-located Class B/C asset in these locales will trade with yields
in the low-5 to high-6 percent range while a Class A property in central Portland can start as low as 3
percent. Metrowide, multifamily assets typically trade with cap rates in the mid-5 percent span. Additionally,
Portland’s average yield is nearly 150 basis points higher than the average in California markets, motivating
out-of-state investors to make acquisitions in the area. The competitive bidding environment may place
further downward pressure on cap rates and elevate property values this year.
*Estimate ** ForecastSources: Marcus & Millichap Research Services; BLS; CoStar Group, Inc.
MARKET OVERVIEW
PHEASANT COURT APARTMENTS
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PORTLAND METRO AREA
2017 Market Forecast
Portland climbs two rungs on its sub-4 percent vacancy and one of the
highest rates of rent growth nationwide.
This year, Portland employers will add 26,000 jobs. In 2016, roughly 28,000
positions were created, primarily in the trade, transportation and utilities
sector.
Developers are on track to complete more than 4,600 apartments in 2017.
Last year, 6,500 units were added to inventory.
The vacancy rate will tick up 20 basis points this year to 3.6 percent as
completions enter a period of lease-up. In 2016, the rate rose 30 basis
points.
The average effective rent will surge 7.1 percent in 2017 to $1,371 per
month, a decline from last year’s 10.1 percent increase.
Corporate expansions will generate new housing needs and elevate the
performance of assets near major employment hubs. Additionally, high
returns will lure California buyers to Portland.
* Estimate ** ForecastSources: Marcus & Millichap Research Services; CoStar Group, Inc.; Real Capital Analytics
NMI Rank
6, up 2 places
Employment
up 2.2%
Construction
4,600 units
Vacancy
up 20 bps
Rent
up 7.1%
Investment
PROPERTY NAME
MARKETING TEAM
PHEASANT COURT APARTMENTS
DEMOGRAPHICS
Source: © 2016 Experian
Created on June 2017
POPULATION 1 Miles 3 Miles 5 Miles§ 2021 Projection
Total Population 9,540 114,899 277,342
§ 2016 Estimate
Total Population 9,113 111,414 266,913
§ 2010 Census
Total Population 8,797 106,638 250,783
§ 2000 Census
Total Population 7,120 98,904 226,090
§ Daytime Population
2016 Estimate 8,983 110,399 239,570
HOUSEHOLDS 1 Miles 3 Miles 5 Miles§ 2021 Projection
Total Households 3,889 46,498 109,182
§ 2016 Estimate
Total Households 3,654 44,834 104,799
Average (Mean) Household Size 2.46 2.44 2.49
§ 2010 Census
Total Households 3,533 42,958 98,720
§ 2000 Census
Total Households 2,752 39,427 88,767
Growth 2015-2020 6.43% 3.71% 4.18%
HOUSING UNITS 1 Miles 3 Miles 5 Miles§ Occupied Units
2021 Projection 3,889 46,498 109,182
2016 Estimate 3,746 46,319 107,630
Owner Occupied 2,329 26,523 66,194
Renter Occupied 1,326 18,311 38,605
Vacant 91 1,485 2,831
§ Persons In Units
2016 Estimate Total Occupied Units 3,654 44,834 104,799
1 Person Units 27.23% 28.70% 27.20%
2 Person Units 35.60% 34.31% 34.41%
3 Person Units 16.39% 16.22% 16.39%
4 Person Units 11.63% 11.85% 12.87%
5 Person Units 5.64% 5.39% 5.48%
6+ Person Units 3.50% 3.54% 3.66%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles§ 2016 Estimate
$200,000 or More 2.24% 2.79% 5.08%
$150,000 - $199,000 4.06% 4.26% 5.04%
$100,000 - $149,000 16.86% 14.42% 15.47%
$75,000 - $99,999 17.49% 14.73% 14.46%
$50,000 - $74,999 19.06% 19.94% 19.64%
$35,000 - $49,999 13.67% 14.12% 13.21%
$25,000 - $34,999 7.79% 9.78% 8.94%
$15,000 - $24,999 9.64% 9.61% 8.44%
Under $15,000 9.19% 10.33% 9.73%
Average Household Income $73,331 $73,068 $83,793
Median Household Income $63,709 $57,129 $61,732
Per Capita Income $29,571 $29,571 $33,149
POPULATION PROFILE 1 Miles 3 Miles 5 Miles§ Population By Age
2016 Estimate Total Population 9,113 111,414 266,913
Under 20 23.01% 23.17% 23.92%
20 to 34 Years 18.41% 20.84% 20.28%
35 to 39 Years 5.72% 6.72% 7.29%
40 to 49 Years 12.17% 12.94% 13.89%
50 to 64 Years 21.38% 20.44% 20.36%
Age 65+ 19.31% 15.88% 14.25%
Median Age 42.33 39.45 38.97
§ Population 25+ by Education Level
2016 Estimate Population Age 25+ 6,443 78,370 186,729
Elementary (0-8) 0.64% 1.33% 1.73%
Some High School (9-11) 6.81% 6.93% 6.24%
High School Graduate (12) 29.05% 27.65% 23.16%
Some College (13-15) 30.51% 30.10% 26.32%
Associate Degree Only 9.23% 9.47% 9.02%
Bachelors Degree Only 15.42% 16.37% 21.17%
Graduate Degree 7.53% 7.49% 11.62%
§ Population by Gender
2016 Estimate Total Population 9,113 111,414 266,913
Male Population 47.89% 48.98% 48.96%
Female Population 52.11% 51.02% 51.04%
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IncomeIn 2016, the median household income for your selected geography is $63,709, compare this to the US average which is currently $54,505. The median household income for your area has changed by 25.23% since 2000. It is estimated that the median household income in your area will be $74,378 five years from now, which represents a change of 16.75% from the current year. The current year per capita income in your area is $29,571, compare this to the US average, which is $29,962. The current year average household income in your area is $73,331, compare this to the US average which is $78,425.
PopulationIn 2016, the population in your selected geography is 9,113. The population has changed by 27.99% since 2000. It is estimated that the population in your area will be 9,540.00 five years from now, which represents a change of 4.69% from the current year. The current population is 47.89% male and 52.11% female. The median age of the population in your area is 42.33, compare this to the US average which is 37.68. The population density in your area is 2,892.82 people per square mile.
HouseholdsThere are currently 3,654 households in your selected geography. The number of households has changed by 32.78% since 2000. It is estimated that the number of households in your area will be 3,889 five years from now, which represents a change of 6.43% from the current year. The average household size in your area is 2.46 persons.
EmploymentIn 2016, there are 10,584 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 62.98% of employees are employed in white-collar occupations in this geography, and 37.13% are employed in blue-collar occupations. In 2016, unemployment in this area is 5.08%. In 2000, the average time traveled to work was 24.00 minutes.
Race and EthnicityThe current year racial makeup of your selected area is as follows: 84.09% White, 1.57% Black, 0.25% Native American and 3.77% Asian/Pacific Islander. Compare these to US averages which are: 70.77% White, 12.80% Black, 0.19% Native American and 5.36% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 10.87% of the current year population in your selected area. Compare this to the US average of 17.65%.
PROPERTY NAME
MARKETING TEAM
PHEASANT COURT APARTMENTS
HousingThe median housing value in your area was $279,771 in 2016, compare this to the US average of $187,181. In 2000, there were 1,940 owner occupied housing units in your area and there were 812 renter occupied housing units in your area. The median rent at the time was $593.
Source: © 2016 Experian
DEMOGRAPHICS
33
www.MarcusMillichap.com
Michael Shall
Senior AssociateAssociate Member, National Multi Housing GroupPortland OfficeTel: (503) 200-2067
Fax: (503) 200-2010
michael.shall@marcusmillichap.com
License: OR 201102054
Bouba Traore
AssociateAssociate Member, National Multi Housing GroupPortland OfficeTel: (503) 200-2061
Fax: (503) 200-2010
boubacar.traore@marcusmillichap.com
License: OR 201215654
P R E S E N T E D B Y
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