SKYVIEW on 7th
PROJECT SUMMARY
Address 701 + 777 NE 7th Avenue
Portland, OR 97232
Property Tax IDs R182216 (701 NE 7th Ave) +
R182217 (777 NE 7th Ave)
Tax Lots 1N1E35BC2200 (701 NE 7th Ave) +
1N1E35BC2100 (777 NE 7th Ave)
Site Size 20,000 SF
PROJECT NARRATIVE
The proposed development is for a 15-story multi-family apartment building located at the southwest corner of NE 7th Avenue and NE Oregon Street in the Lloyd District. Tax lot 1N1E35BC2200 is currently occupied by an office building. Tax lot 1N1E35BC2100 is vacant.
The site is located in the Central Commercial (CX) zone, with a d (design) overlay, and is within the Central City Plan District (Lloyd District design subdistrict).
The proposed building use includes 14 stories of apartment units with levels 2-6 having 17 units each, levels 7-13 having 20 units each, level 14 having 10 units, and level 15 having 5 units, for 240 total units, of which 35 are Inclusionary Housing units. The ground floor will provide resident amenities while a community room, an amenity deck and ecoroof will occupy the penthouse level.
Vehicle access to the proposed below-grade garage will be provided from NE Irving Street. There are 164 parking spaces including 6 ADA spaces.
Pedestrian entrances are provided along NE Oregon Street, NE Irving Street, and NE 7th Avenue with entrances set back and covered to provide weather protection.
The Portland Streetcar (A Loop) runs along the site’s NE Oregon Street frontage.
With the site located along the Portland Streetcar and Green Loop, careful consideration has been given to the pedestrian friendly streetscape.
The new/redeveloped impervious area behind the existing curb on NE Irving Street, NE 7th Avenue, and NE Oregon Street will trigger the Storm Water Management Manual (SWMM) requirements. The project owner elects to pursue the offsite stormwater management fee through the staff review special circumstances (SRSC) process in lieu of building public stormwater facilities.
Executive Summary: The Profitability of Multifamily Real Estate in Portland
This executive summary outlines the key factors contributing to the profitability of investing in multifamily real estate in Portland. Multifamily properties, including apartments and multi-unit buildings, offer attractive opportunities for investors seeking stable income streams and long-term capital appreciation. Portland, known for its thriving economy and strong rental market, presents a favorable environment for multifamily real estate investments.
1. Growing Population and Demand: Portland has experienced consistent population growth, driven by factors such as a robust job market, attractive lifestyle, and cultural appeal. This population influx has fueled the demand for rental properties, especially in the multifamily sector. Investing in multifamily real estate allows investors to capitalize on this increasing demand and secure a steady stream of rental income.
2. Limited Housing Supply: Portland faces a limited supply of housing, including affordable options. Multifamily properties address this shortage by providing housing solutions for a diverse range of residents, from young professionals to families and students. The scarcity of available housing options creates favorable conditions for rent growth and capital appreciation, increasing the potential profitability of multifamily real estate investments.
3. Strong Rental Market: Portland's rental market is robust, driven by factors such as a growing population, a strong job market, and an influx of students. Multifamily properties cater to this demand by offering flexible living arrangements and desirable amenities. Additionally, rental rates in Portland have exhibited consistent growth over the years, providing investors with a reliable income stream and the potential for favorable returns.
4. Favorable Regulatory Environment: Portland has implemented policies and regulations that support affordable housing initiatives and promote sustainable development. These measures create stability and predictability for multifamily real estate investors. By adhering to city regulations and contributing to the community's housing needs, investors can benefit from favorable tax incentives and a supportive environment for their ventures.
5. Proximity to Amenities and Infrastructure: Multifamily properties located in Portland benefit from the city's well-developed infrastructure, including public transportation, recreational areas, educational institutions, and cultural amenities. Proximity to these amenities enhances the desirability and market value of multifamily properties, attracting tenants and supporting long-term tenant retention.
In conclusion, investing in multifamily real estate in Portland offers strong prospects for profitability. The city's growing population, limited housing supply, strong rental market, favorable regulatory environment, and proximity to amenities make it an attractive destination for multifamily investments. However, investors should conduct thorough due diligence, assess market conditions, and work with experienced professionals to identify optimal investment opportunities and maximize their chances of success in this competitive market.
