City Center Motel, 250 First Avenue Seaside, Oregon.
 

Price: $2,500,000.

Location: 250 First Avenue, only one block to the beach and Convention Center, and two blocks to Broadway. City Center Motel occupies one square block of about 33,333 square feet of PRIME real estate in the heart of Seaside. The property fronts along First Avenue, Columbia, Second Avenue, and N. Downing.

Summary: City Center Motel is a 40 room motel plus manager’s apartment. It has an indoor pool/spa. City Center is comprised of various sections dating from the 1940’s. The structures are nicely maintained featuring clean affordable rooms. Daily vacation rentals occur from about April-October. Weekly and monthly rentals for many of the units occur from November-April. The property is zoned RR (Resort Residential) which allows for the highest density in Seaside of up to 30 units per acre, and up to four stories (45 feet).

Financials: The combination of new managers and refurbishing efforts has brought in a record income with the gross for 2007 at $356,608. Annual gross is thus estimated to be well above $350,000. Conservatively, figure about 50% expenses, or about $178,304 per year net operating income for a 7.1 CAP rate. The City Center Motel complex is the largest available parcel in Seaside this close to Broadway, the Convention Center and the beach.
 

For additional information please contact Les Bick, broker or one of the principles.

(503) 297-3910. bickwest@comcast.net
 

Price: $3,000,000.

Property: The 1.75 acre site is the largest property along the Necanicum River in Seaside. It currently has a residential rental property on it as well as a large two story storage rental building. It is located on a main north/south street, South Holladay Drive between the Shilo Hotel and the Sandpiper Condominiums. The site is only about a five minute walk to the beaches.

Zoning: The property is zoned C3 (commercial) which can accommodate several uses including hotel. The owners also have an approved Conditional Use Permit for 53 condominiums. The survey has been completed as well as the preliminary renderings and floor plans for condominiums. The same design might work for hotel.

Price: $3,000,000. This figures to about $23,809 per room if a 126 room hotel were to be developed on the site.

Renderings & Photo: To follow under separate email transmissions.

Contact: Please contact Les Bick for additional information at the above numbers.
 

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MULTI-FAMILY ML#: 8091760 Area: 143 ListPrice: $1,296,000

15710 SE STARK ST M, Portland OR 97233

• Zoning: R2
  County: Multnomah TaxID: R255691
  Elem: Middle:
  High:
  Nbhood: Ritlow Acres
  Legal: RITLOW AC; EXC PT IN ST N 310' OF W 1/2 OF LOT 3 BLO
  PTax/Yr: 16449.56
  
• GENERAL AND BUILDING INFORMATION
  Seller Disc: EXEMPT Lot Size: 20K-.99AC
  Lot Desc: BUSLINE, CORNER
  Year Built: 1970 / EXISTNG #Stories: 2 #Units: 18
  Parking: 23 / CARPORT, PAVED Roof: COMP Approx Bldg SQFT: 15752
  Bsmt/Fnd: CRAWLSP Exterior: BRICK, WOOD Security/Entry:
  Common Amenities: LAUNDRY Storage:
  DESCRIPTION OF UNITS
  # Units # Bedrms Baths Mo. Rent SQFT/Unit Features
  6 2 1 575 825 DISHWAS, RANGE, REFRIG, W/D-HUP
  8 2 1.1 650 850 DISHWAS, RANGE, REFRIG, W/D-HUP
  4 3 2 750 1000 DISHWAS, RANGE, REFRIG, W/D-HUP
  
  
  Occupancy Types: LEASED, MO-T-MO Utilities Included: GARBAGE, WATER
  
• REMARKS
  XSt/Dir: E. on Stark, corner of Stark & 157th.
  Public: 18 units garden style apartments--3 buildings.
• Over $200,000 in renovations done in last 3 years--roof, water piping, windows, insulation, appliances, carpet, linoleum, light fixtures, elect. box.
• Very well maintained. All have decks or patios. Good unit mix. On busline. No sign on property. Do not disturb tenants.
  
• UTILITIES
  Heat: WALL Water: PUBLIC
  Fuel: ELECT Sewer: PUBLIC H/Wtr: ELECT
  
• INCOME / EXPENSES & FINANCIAL INFORMATION
  Actual Gross Income: $126,658 Actual Net Income: $59,329 Actual Oper. Expenses: $67,329
  Proj. Gross Income: Proj. Net Income: Proj. Oper. Expenses:
  Cap Rate: Gross Rent Multiplier: 10.23 Investor Info: LEASES
  
  © RMLS™ 2008. ALL RIGHTS RESERVED. - INFORMATION NOT GUARANTEED AND SHOULD BE VERIFIED.
  SQUARE FOOTAGE IS APPROXIMATE & MAY INCLUDE BOTH FINISHED & UNFINISHED AREAS - CONSULT BROKER FOR INFO. SCHOOL AVAILABILITY SUBJECT TO CHANGE.