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11241 11243 SW SPRINGWOOD DRIVE 11?41 & 11243 SW SRRlNGWOOD DRIVE I i 1 N G C H a o� �n ri i N ■ May 12, 19U6 CITY OF TIIFA RD OREGON Security Pacific; Mortgage Co 25 Years ofSeMce 9600 SW Uar- f961-1486 Portland OR 97223 Dear Sirs: The City of Tigard finds no reason that the Springwaod ',Tillage apartments are not in conformance with L0.1 local building and zoning ordinances nor any reason oily they are not suitable for occupancy. Very truly yours, i sdwa d T. Walden I'd Official. hTW/jdo I I I i 13125 SW Holl RNd.,P.O.Box 23397,Tigard,Oregon 97223 (,503)639-4171 —. ---------- - � VyaNx M a..w ti,:•ry,...;�,; g;n+v-;J; ."�Mlr•.R`+'wrt.11aT+n H,"'-a,.^._.:o ,,p ,�,y . `y}�q� CITY or 7rN2 0448 BUILDING PERMIT APPLICATION TIG ARD DATE —_-___-, 19 THE UNDERSIGNED HEREBY AFP:_IES FOR /kFFRMIT FOR THE WORK HEREIN INDICATED OWNER PHONE OR AS SHOWN AND APPROVED IN THE AI':COMPANYING.P ANS D ECIC �'f NS. -10 L OWNER Ryan Dewe. GC'rp. ADORES%''*W. jpringwcod 6 R l;�L[1NAl�iad Fermi "�_. tN_GINCER BUILDER 6111 sto gIACHITr CT _ DESIGNER STRUCTURE ONEW ❑REMODEL ❑ADDITION �❑REPAIF. ❑HrWEWAL ❑FIRE DAMAGE ❑DEMOLITION ❑ RESIDENCE COMM ❑EDUCATIONAL ❑GOV'T ❑RELIGIOUS❑PATIO ❑CAR PORT ❑GARAGE ❑STORAGE❑SLAG [:]FENCE ❑BOND ❑MOVING DCONDITIONAL USE ❑DESIGN REVIEW ❑COUNCIL.APPROVED !]SIGNS OCCUPANCY- A _LAND I IEZ LONE�•�I}t___BLDG.TYPE FIRE ZONE= PLAN CHECK BY--" HEAT—Cler. _ cona#ructim build '-+SnL nber 5 eocordink-:. to approved planson file _ OCC. LOAD .�; FLOOR LOAD _� _ HEIGHT NO.STORIES , AREA 2[][]0 VALUE' j— `1(( 2O BUILDING DEPARTMENT SLY BACKS FRONT REAR LEFT SIDE RIGHT SIDE Permit 127,(,j(;} —�— THIS PERMIT IS ISSUED SUBJECT TO CHE. REGULATIONS CONTAINED IN THE BUILDING CODE. ZONING Plan Check 10.0c. REGULATIONS AND ALL APPLICAB' E CODES AND ORDINANCES, AND IT IS HEREBY AGREED THAT THF-'- WORK HF?WORK WILL BE UTNE. IN ACCORDANCE WITH THE PIANS AND SPECIFICATIONS AND IN COMPLIANCE WITH Recording ALL APPLICABLE CODES AND ORDINANCES. THE ISSUANCE OF THIS PERMIT DOES NOT WAIVE RESTRICTIVE COVENANTS. CONTRACTOR ANS ';UB CONTRACTORS TO HAVE CURRENT CITY BUSINEf-S I%State . 1 LICENSE.. SEPARATE PERMITS REQUIRED FOq SEWER, PLUMBING AND HEATING. Total I LO -Al ByWW ._.---_----_----- .__ APPI_ICAN-1 Ok AaENT Af,proved RF,celht No ADDRESS — HpNE UATE INSP. TYPE INSPECTION REMARKS PLUMBING — DATE a001- Contractor ill',L'L� Permit No, Rough-in -Fix,ore Final HEATING Contractor Permit No. Gas or Oil Rough-in Final SEWER Final DRIVEWAY Final °,ofin Drainage (Rain Drain) Final SSidewalk Curb&Strmt Final Curb Anproach BLDG.DEPT,FINAL TEMPORARY CERTIFICATE OCCUPANCY CERTIFICATE OCCUPANCY Final Landscaping Zoning Final to 'j7!6 tit *w7-Jw7T'--wv w- WEIREEK y(. PERMIT PERMIT CHARGE none OUNER CONNECTION FEE PAID TYPE OF BUILDING DATE CONNECTED 00 SFRVICF RATE INSPECTION FEE , 7", P)A 10 BY DATE C(1 N*f H A C T 0 R SIZE OF COWECTION ASSESSMENT PAID COST APPROACH WxWFWF 3b I M COST APPROACH The Cost Approa::i assumes rhe potential purchaser as considering, building a substitute property with the same utility as the subject eroperty. This involves : estimating the value of the site by the comparative method; estimating reproduction cost new of the subject building ; estimating total accrued depreciation ; and subtracting this figure from the reproduction cost to which is added the depreciated present worth of other improvements , as well as the site improvements. To the resulting figure , land value is *hen added to arrive at the final estimate of value by the Cost Approach. Shortcomings of this method lie in the heavy dependence ou an accurate estimation of accrued depreciation , as well as relia�ice upon current , accurate market data and reproduction costs . Advantages of the Cost Approach become evident when reliable data may not be found for either the Market Approach or Income Approach. Also , this method tends to indicate the upper limit of value , although it does not necessarily always indicate the upper limit of value . &PEA Alam A. Pogel MAI REALTOR Y �W-1-WIN Cost Approach , continued 62 • SUMMARY OF COST APPROACH Sale No. Sale Price Sale Price/Unit 1 $998 , 000 $4 , 391 2 $ 123, 000 $3, 237 3 $225 ,000 $5 ,625 4 $240 , 000 $5 , 000 5 : 425, 000 $3 , 396 6 $192 , 000 $6 ,000 7 $120 , 000 $4 , 286 8 $268 , 000 $4 ,467 9 $ 85 , 000 $4 , 722 10 $415 , 9'- $4 , 300 11 $ 189 , $3, .519 j 12 $625 , _ $5 , 000 Allowing adjustments for the size , location , date of sale, it topography and shape , i*. is concluded that a land value of $6 , 000 iI per unit is justified . Therefore , we have computed the land < 1 1 value based on 40 units . This is as follows : 40 units x $6 , 000 . . . . . . . . . . . $240, 000 i ($1 .47 per square foot) I ( Indica eu Land Value) IS►:sA Alan A. Paget MAI REALTOR 6N I I E M Cost Approach ,_continuua 63 Note the Marshall/Swift date at the end of the Cost Approach section which indI_cates an approximate $38. 04 per square foot replacement cost new for imp.-ovements . Note that this cost does C not include an a-.lowance for fireplaces , porches and balconies , ar,d buiilt- in appliances . Allowing an adjustment for the fireplaces , porches and balconies , and built- in appliances and an approximate 8 percent depreciation factor , gives an indicAted depreciated replacement cost per square foot for subject of $40 per square foot . The size of the improvements is as follows : 16 units at 1 , 013. 25 s . f. . . . . . . . . . . 16, 212 r� 24 units at 1 ,002 . 00 s . f . . . . . . . . . . .24, 048 Total leasable area . . . . . . . . . . . . . . . . 40, 260 s .f. , 1 I Robinson Century Farms Tank House used as laundry facilities and pump house . . . . . . . . . . . . . . . . . . . . . . . . . 208 Total Cross Area . . . . . . . . . . . . . . . . . . . 40 , ;68 s . f . I Using the size of 40 ,468 square feet at the indicated depreciated replacement cost of $40 per square foot compL`.es as follows : 40, 468 s. f. V $40. . . . . . . . . . . . . . . . . . $1 , 618 , 720 O 8REA Alan A. Papt MAI - REALTOR Cost Approach , continued 64 Also indic , �.ed in the Marshall Swift Data is a factor that is so / close to 1 . 00 that it is felt not necessary to make that adj ustment . Using the above--indicated value for the land and the improvements gives a t-tal. value by the Cost Approach that computes as follows : Estimated depreciated replacement cost of improvements . . . . . . . . . . . . . . .$1 , 618 , 720 Indicated land value . . . . . . . . . . . . . . . 240 , 000 Total indicated value by Cost Approach. . . . . . . . . . . . . . . . . . . . . $1 , 858 , 720 This result exceeds the upper limit of value when compared to the other approaches for subject property that include the actual prices being paid in the marketplace . 1 This example gives a good indication of why the Cost Approach is not considered applicable. IT THEREFORE HAS BEEN DETE'RMIN._D TriAT THE COST APPROACH 1S 1:0T APPLICABLE. 0 8REA Alan A. IPagcl AAAI — REALT010I —�� MARKET APPROACH a� 68 i MARKET APPROACH The basic conceF-, of the Market Approach, sometimes called the Direcr Sales Comparison Approach , is to compare and analyze comparable and similar properties to the subject which have recently sold . When analyzing these sales , adjustments are made to the sales price of the comparable property for the various differences between the sale property and the subject . These adjustments would be made for such things as size , age , condi ion , datc and condition of sale , and other pertinent factors which affect value. Each of these adjusted amounts then indices es a separate value for the subject . When a number of sales have been analyzed , they can be examined for their reliability and degree of comparability in reconciling a final value estimate via this approach to value . Some of the sales data taken into consideration for purpos.•s of valuation of subject property are as follows : BREA Alan A. Paget MAI REALTOR Market Approach , continued 85 SUMMARY OF MARKET APPKOACH i Sale No. Sales Price No. Units Price/Unit 1 $1 , 175 ,000 qg $25 , 543 2 $2 , 137 , 500 78 $27 ,404 3 $1 , 200 , 000 49 $24 ,490 4 $4 , 000 , 000 127 $31 ,496 5 $2 , 150 , 000 80 $26 , 875 CONCLUSION i Taking into consideration the comparable sales and making adjustments for size , condition , location , and amenities , o value is indicated per unit for subject property of $30,000. This computes as follows : 40 units x $30 , 000. . . . . . . . . $1 , 200 , 000 SREA Alan A. Paget MAI REALTOR 1 I Market Approach , continued 86 There are 40 , 260 square feet of leasable area in subject property. At a value of $1 , 200, 000 this amounts to $29. 81 per square foot . This property lends itsrif extremely well to a condo conversion . The location , style of units , and overall I layout is desirable for marketing condominiums . The following represents sales of condominium units in the area of subject : i i BREA Alan A. Pagel MAI -- �— REALTOR I Y Market roach , con tiTr, _u 05 SIRMARY OF MARKET APPROACH Sale No . Price per S.F. 1 $49. 10 $44.67 3 $68. 18 4 $50. 90 5 $54 . 17 6 $54 .22 7 $53 . 70 8 $52 . 58 This rale study indicates that the current market for condominiums indicates a selling price at an average of $53.44 per square foot. %'hereas , the value aE a 40-unit complex is as mentioned , a $29 . 81 per unit value . This leaves a difference of I $23. 63. 'Because of the unique appeal that subject has as a potential. condominii,m complex somewhere in the near future , the market indicates that a contribution to value of $ 10 per sl, iare foot is justified for the leasable area . This computes as follows ; $10 x 40, 260 s . f . . . . . . . . . . . . $402 . 600 Rounded . . . . . . . . . . . . $400 , 000 LISREA Alar A. Paget MAI T REALTOR V Market Approach , continued 96 cO► 13ION Value indicated as a 40-unit apartment complex . . . . . . . . . . . . . . $1 , 200 , 000 Contributory value as a potential condominium conversion complex . . . . . . . . . . . . . 400, 000 Total $1 ,600, 000 Indicated Value by Market Aproach ONE MILLION SIX HUNDRED THOUSAND DOLLARS ($1 , 600, 000) i SREA Alan A. Paget MAI "^ REALTOR l�- Market Approach, continued 97 MARKET APPROACH USING GROSS RENT MULTIPLIER (GRM) Summary of Comparable Sales GRM' Sale No. GRM 1 7. 39 2 6. 51 3 6. 95 4 6. 13 5 7. 41 Taking into consideration the rental study survey that was done , it is indicated that the current rents for subject property are appropriate . These are as follows : i i SPEA Alan A. Paget MAI REALTOR M —� Market A2pr.o-ich ,, continued 98 16 univs 0 $335 x 12 months . . . . . .$ 64, 320 24 units (d $385 x 12 months . . . . . . . 110 , 880 Totdl Annual Income . . . . . . . . . . . . . . $175, 200 $175 . 200 (d 7. 0 GPM. . . . . . . . . . . . . $1 , 226 , 400 Plus the cont, .butory value for the potential for condominium conversion . . . . . . . . . . . . . . . . . . . . . . . 400, 000 $1 ,626 ,400 Rounded . . . . . . . . . .$1 ,625 ,000 VALUE BY MARKET APPROACH USING GRM ONE MILLION SIX HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($1 , 625 , 000) SREA Alan A. Pegef MAi _ _� REALTOR v INCOME APPROACH 99 THE INCOME APPROACH The net income from an income-producing property is essentially rental income , less operating expenses of the real estate . Net income is figured on an annual basis . By capitalizing it over the appropriate investment or capital recapture period , the appraiser estimates the amount that a prudent purchaser/ investor would pay today for the flow of annual net income that he may reasonably be expected to receive from it , plus the present worth ,f any capital value expected to remain at the end of the inxestment or capital recapture ps:iod . All estimates or projections of income and expenses are based or, average and typical market experiences , standardized and stab lized in terms of typical management . The existing rental and expense statement are tested against the market . The capitalization rate may be an overall rate which represents the interest rate plus the capital recapture rate . The rate is typically arrived at through the market or by the use of the Ellwood or Mortgage Equity analysis . l REA Alan A. Paget MAI _ REALTOR SUMW RY OF IRCUKE APPIMCH U N I T A N A L Y S I S IBR/l BA 2BR i Miscellaneous and No No. Units Age Size - Rent - Rent/SF Size - Rent - Rent/SF Garage/Ca U orfs 1 100 1977 620 $290- $0.48 838 $315-330 $0.38 3BR/IBA $305 1 ,043 $325- $0.32 $350 14 Garages/$35/mo. 2 120 1977 592- $250 $0.42 776 $285 $0.37 3BR/IBA_ 646 943 $320 $0.34 3 211 1977-80 592- $260 $0.42 790 $300 $0.38 3BR/IBA 652 970 $345 $0.36 3BR/l BA Office 970 $320 $0.33 2BU/1-1 /2BA Office 1, 181 $352 $0.3'j 50 Garages/$40/mo. 4 213 1973-74 529 $260 $0.50 750 $335 $0.45 Bachelor 620 $290 $0.47 832 $345 $0.41 386 $260 $0.67 3BA/1-1/2BA 1,035 $375 $0.36 3BR/2BA 1,089 $395 $0.67 �.. 9 Gar3ges/$30/mo. 0 Income Approach , continued — 105 Based on a comparison to the rent data included in the survey in this report and other Information that is available , it is indicated that the following current rents are appropriate for subject property: No. Unit Type Rental/mo. Size 16 2BD $335 1 , 013. 25 s .f. 24 2BD $385 1 ,002. 00 s . x. Total Rentable Area . . . . . . . . . . . . . . . . . . 4O , 260 s . 1r . Studies of vacancy and credit data that are availa;-le and which have been compared to subject property indicate that vacancies , credit losses , and expenses would typically run in the range of 45 percent . Using $175, 200 as a gross rental as indicated in Market Approach , this would compute as follows : $17` , 200 @ 55°x. . . . . . . . . . . . $ 96 , 360 (Estimated Net Operating Income) SREA Abri A. Prpet MAI ��_ REALTOR ------- ------- -- - - FWWWR 1111F11 111! Income ApT-roach , continued 106 Overall Capitalization Rate : This appraiser has reviewed capitalization rate studies and has discussed the overall capitalization rates with developers , brokers , mortgage companies , and appraisers . In addition , we have referred to the data as indicated in the improved sales . It is our consensus that for property such as subject an overall capitalization rate of 3.0 is ,justified . This would compute as follows : $96 , 360 . . . . . . . . . . . . . . . . . . . . .$1 , 204 , 500 8.0 Contributory value as potential condominium conversion . . . . . . . . . . . . . . . . . . . . 400 , 000 Total . . . . . . . . . . . . . . . . . . . . . . . . . $1 , 604 , x()0 Rounded . . . . . . . . .$1 , 600 , 000 ONE MILLION SIX HUNDRED THOUSAND DOLLARS ($1 ,600 , 000) $REA Alan A. Puget MAI REALTOR 107 FINAL ANALYSIS AND CONCLUSION COST APPROACH. . . . . . . . . . . . . .NOT APPLICABLE MARKET APPROACH. . . . . . . . . . . . $1 , 600 , 000 MARKET APPROACH BY GRM. . . . . $ 1 ,625 , 000 INCOME APPROACH. . . . . . . . . . . . $1 , 60c"000 It is felt that since the Cost Approach is considered not applicable and the Market Approach and the Income Approach both indicate a value of $1 ,600,000, that these are the best indications of value for subject property. The Market Approach by GRM is considered to be less reliable. It is our final conclusion that the indicated value for s, bject property with the potential of condominium conversions as of ,lune 26, 1984, is $ 1 , 600 , 000. ONE MILLION SIX " JNDRED THOUSAND DOLLARS ($1 ,600, 000) SREA Alan A. i sSel MAI REALTOR IW ►s ■r a Effffiffff MEN 111 CERTIFICATION I hereby certity that I have no financial interest , present or contemplated , in the subject property , and '. neither the employment to prepare thQ report nor the compensation is contingent upon the value reported . I certify that this report has been mace in conformity with recognized standards and rules of professional ethics ; that I have considered the factors affecting value ; and that according Lo my knowledge and belief, all stal-ements and information in this report are true and correct , subject to the underlying assumptions and contingent conditions . ak, a. . ALAN A. PAGET, SR�, MAI 8REA Alan A. Paget MAI - REALTOR 112 QUALIFICATIONS OF APPRAISER ADVANCED EDUCA'.: N Graduate - University of Oregon , School of Business Administration - 1948 EXPERIENCE Real Estate Salesman - 1949 Title Examiner - 1950 - Title & Trust Company, Portland , Oregon Residential real estate appraiser for three years with the Paget Securities Company Staff appraiser for three yearn with the Federal Housing Administration , Portland , Oregon Independent fee appraiser since 1957 MEMBERSHIPS Realtor and licensed Oregon real estate '-)roker since 1953 SRA - designation - 1961 MAI - designation - 1963 President - Oregon Chapter , American Institute of Real Estate Appraisers - 1969 SREA - designat=.on - 1970 1 -' -sensed Broker - State of Washington. - 1972 _" LFe. Alan A. Paget MAI w— REALTOR � 23 NEIGHBORHOOD ANALYSIS Subject property is located in the northwesterly portion of the City of Tigard . It is on the south side of S.W. Scholls Ferry Road and west of S.W. Springwood Drive. S.W. Scholls Ferry Road is one of the primary carriers that intersects with Highway 217 , which allows excellent access to the Interstate 5 freeway system. This area has a variety of multi-family residential complexes and also the nearby Robinson Crossing local shopping center. Koll Business Center is locaLed to the east of subject and provides many job opportunities for residents of this area. Also close by are the shopping =seas for the City of Tigard , for progress , and the large regional shopping center , Washington Squa• - with numerous retail sales facilities . 8REA Alan A. Paget MAI �T REALTOR 16 AREA ANALYSIS Subject property is located in Tigard , Oregon , which is a portion of the Portland Metropolitan Statistical Area that comprises the counties of Multnomah, '-Jashingtor) , Clackamas , and Yamhill . Also included in this statistical area is Clark County , Washington , which includes Vancouver , Washington , located just across the Columbia Rive- from Portland , Oregon . In the 1980 census , the Portland Metropolitan Area was identified as the tenth largest metropolitan area in the eleven western states . The Portland area is known as the Western Gateway to the spectacular Columbia Gorge , serving as the major access to the Columbia River Basin and Eastern Oregon . Subject property is in the southwestern area of the Portland- Vancouver Metropolitan Statisticai Area . T'ie 1983 estimated population for this combined community was 1 , 314 , 701. . The largest portion of that is located in the City of Portland with an estimated figure of approximately 365 , 000. Currently, the estimated population of Washington County includes more than 245 ,000 people , while the population of the City of Tualatin is currently estimated at more than 9 , 750 residents. SREA Alan A. Paget MAI _ __ -- - - REALTOR Area Analysis , cont nued 18 the Portland International Airport served nearly 4,000 ,000 passengers and 1,-ndled approximately 52 , 0000 tons of cargo. Portland is served by thirteen scheduled air carriers , including eleven commercial and two commuter airlines. Direct service is provided to rnore than ninety-five cities . In addition , there are three general aviation airports located in outlying areas , including Troutdale , Vancouver , and Hill -boyo , which is the county spat for 'acshington County. These airports handle more than one-half million annual sake offs and landings of corporate and small private aircraft . Portland is served by three i continental railroads , Burlington Northern , outhern Pacific , and Union Pacific . The Greater Portland Area is also at the intersection of the tnLin north/south coastal interstate system I- 5 , which runs from Canada through Oregon and California and the 1-84 principal route east . Washington Coiinty is Oregon' s champion of economic growth and the I undisputed standard barer for luring "high tern" manufacturers. The county has averaged population increases of 100 percent in each of the p:;st three de2ades , and in the early 198Us when the state was registering a decrease in population , Washington County continued to grow. Early in 1983 , the Metropolitan Service District reported that two-thirds of all of the vacant land in Portland ' s Urban Growth Boundary lay witcin Washington County. SREA Alan A. PaGet MAI _ ---- REALTOR Area Analysis , continued 19 The City of Beaverton , closest neighbor to Portland , is the county' s largest city and the site of its initial ;sigh-tech explosion . With plenty of vacant land around it , Beavertcn became the path of least resistance for Portland ' s urban expansion. This brought improved '.,ighways , and Beaverton became the cross roads for the Sunset Highway and Highway 217 , which is a north/south link between the Sunset Highway and Interstate 5. The state' s largest manufacturing employer , Tektronix , is based in Beaverton . More than 11 ,000 persons are employed in the company' s Washirgton County plants . Tektronix is but one ^f a number of the high-tech industries that have found t'iis community to be a desirable location for their facilities . Retail trade, second in employment categories within this area , provides work for nearly 20, 000 persons in Washington County. The greatest concentation of retail outlets in the area is clong Highway 217 �t and in Beaverton . Washington Square , which is a super regional shopping center located between Beaverton-Tigard that opened in 1974 , was the first regional shopping center in the nation to have six lcrge department stores . Within Washington Square' s 1 . 2 million square fee, , ti,ere are 115 stores and parking for 6 , 200 automobiles . BREA Alan A. Rapet CJI AI REALTOR Area Analysis continued 20 Another local company that has become a word leder is Nike , a manufacturer of athletic shoes anu sportswear . It is the fifth lar&est employer in the county with more than 1 , 000 employees . The company' s home base is in Beaverton , and it operates plants also in Europe tnd Asia . Floating Point Systems , with 1 , 300 employees , is the fourth largest employer in the area. The other major communities within 5rashington County include Hillsboro , which is the county seat of government in 14ashington County , Forest Grove , Tigard , a d Tualatin . The Greater Metropolitan Portland Area is a major trade finance and service center with over 11 ,000 firms engaged in services for the area ' s expanding economy. This community is the state' s leading financial center , and it is served by 36 commercial banks with over 278 banking offices. The area is served by several daily and wec'�ly newsf,apeYs . The major daily serving the region is The -Oregonian with a weekly circulation of over 308 , 000 and a Sunday circulation of approximately 403 , 000. ThQ Daily Journal of Commerce is a business-oriented weekday publication with readership of approximately 25 , 000. There are five VHF television stations , SREA Alan A. Paget AAAI r 24 SITE PLAN $?�,M4 AGN ' )~ • qu D 33X i F I � c • 40C o �t x 3 L.O.. SM • K M ia� "''0 3100 j..3000 2900 crJ as e6 �%� 1 �� • w e t at t r• y 1 a • ~ �;+ of t• � s• b I • TO rb LOOP lia cot, n I TF 25 SITE ANALYSIS Subject property is a parcel containing 3. 75 acres located at the southwesterly portion of the intersection of S.W. Sc'iolls Ferry Road and Springwood Drilr�. The parcel is irr _arly-shaped with the northerly boundary on S.W. Scholls Fer Road and the easterly boundary being formed by S.W. Springwood Drive . Roth of these roads are paved roads . Access to the site .is via a driveway off of S.W. Springwood Drive. The topography of the site is basically flat with some sloping to the southerly direction . £REA Alan A. Pagel MAI — ;c!ITOR i SxW i WTommawx 26 SITE LAYOUT CS P,003 656.93E 5 7 MOTO% Ai iruT" sop" I,� i,�]•_ SO USC a GS BRASS 2�'� ��• s '01001 a� t _�•s�2 X62 65 Q 1 to C I 7319 I Ic � � s I�oo3 ? cr o Ti�fl� 89 i M a� t0 f[ � all z 200 300 a 8 r e 2 Y. K r. v SM r� TIAL Pr io 3100 3000 p= 2` bUiIDING R� ; Y n Q AT C 1 ,'e1 s �s� z t i6,i 62 * w !1966 "• 4p,� .-�\� �� LOOP v" 27 DESCRIPTION OF IMPROVLWENTS Su)ject complex includes eight buildings that were constructed in 1975- 1976. These contain a total of 40 units witn a total combined size of 40, 260 square feet , plus the laundry and pump house facilities that are located in the Robinson Century Farm Tank House on the westerly edge of the property. The breakdown of the unit size is as follows : Building No. Units F't 1 4 4, 008 2 4 4.008 3 4 4,008 4 3 3,006 5 2 2 , 004 6 4 4, 008 7 10 10 , 116 8 9 9, 102 40 40 , 260 (Total Rentable Area) L SREA Alan A. Paget MAI REALTOR _-�- i Uescript; on of improvemenLs , continued 28 Buildings No . 1 through No . 6 are all one-story buildings . Building No . 7 has two units that are one-story units , and four upper floor and four lower floor units located in the two-story portion of the building. Building No . 10 has one , cr.e-story unit and four upper-floor and four lower-floor units in the two-story portion of the building. The rentable area gives us an average unit size of 1 , 006 square feet . There are 16 , 2-bedroom , 1 -bath units with 1 , 013. 25 s . f. zach. . . . , . . . . . . . . . . . . . . . . . . . . . . 16 , 212 s .f. There are 24, 2-bedroom , 2-bath u,iits with 1 , 002 s . f. each. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 , 048 s . f. Total Rentable Area. . . . . . . . . . . . . . . . . . . . . . . . . . 40, 260 s .f. In addition , the Robinson Century Farm Tank House that is used as the laundry frcility and pump house for the swimming pool. c-)ntains 208 square feet . The buildings in this complex are of wood-frame construction . Each unit has wall-to-wall carpeting , Hotpoint built-ins , including a dishwasher , refrigerator , drop-in :ange and oven , and In-Sink-Erator disposal . Each has an Appolo hood and fan . Heating is provided by an electric baseboard system . Each unit. SREA Alan A. Paget MA! ____—.------------- �_�._�__ — REALTOR Description of improvements , continued 29 hes a bath with tub and shower combination . In addition , there are twenty-four of the units that .gave a second bathroom with shower facility. The bathrooms have tan and heat lamp combinations in the ceilin'-s . Each apartment is provided with a washer/dryer hookup that is located in a hall closet. There is linoleum installed in the bathrooms and the kitchen. areas . The units have sliding metal-framed windows with screens . Each unit has a patio or deck with a small storage area with outside entrance . The units have wallboard construction with textured ceilings . Nineteen of the units have fireplaces . The two-story buildings have interior halls with the entrances to the apartments in the two-story portions of the buildirigs off of the main halls. These interior halls have linoleum at the entrance and `he balance is carpeted . These units also have a Rittenhouse door intercom system. The exterior of these units is wood-frame construction with shake roof. There are galvanized iron gutters and downspouts . There are preformed concrete steps and wrot•,ght iron railings . An uiderground sprinkler system is installed as a pa►t of the la*idscaping , which includes ivy and a variety of evergreen low growing shrubs and numerous grassy areas . Extruded curbing is SAEA Alan A. Paget MAI ---- REALTOR Description of impiovements , continued 30 installed throughout the off-street parking , which is available by each of the units . There are play areas available for children residing in the complex . These play areas are located in public lands that are w;est of and adjoining subject property. ' Ameniti ?s include a kidney-shaped heated swimming pool with a shallow end of three feet and the deepest portion of the pool being eight feet . The pump house for the swimming pool is located in the Robinson Century Farm Tank House that is also referred to as the Windmill Building . This is considered a historical building by the City of Tigard . The subject property is located on land that was a part of the Ro'jinson Century Farr- There is fencing surrounding the swimming pool . The pool is available for the use of tenants and guests. Exterior lighting is provided throughout the complex . IL 8REA Alan A. Paget MAI REALTOR WE WIN xi 31 BUILDING DIAGRAMS ) ,• ,. 1L I i ply 1s LS IV 11 B U I L D I N G ; I r l r"__— I jo f , �r iv IQ Is i 0 U I L D I N 0 02 t 32 BUILDING DIAGRAMS 1 AS all i5 1 _ 1ti I IL t s[ 4002 ►q � �1 �i BUILDING fs 6 '6 u 6 3000' �z 15 IS BUILDI NO • 4 t 33 BUILDING DIAGRAMS 1 qb s �S d s , s Z004 u BUILDING t 5 s 7S 15 Ib t � S N �s eUIL. DING � e v w1 pis w 34 BUILDING DIAGRAMS b1 °N E STIR Y 15 � I 1 I � 51 'TWO � STOR`l � �r 1 I a -wo SYoay 1 I 1 �s ' I$ ONC ,7�� 12 c �Oay J�, 1lb It(o I16 13 15 B U I L D ING 0 7 I r ss 11 ONE 104 I s• 1 1 I T44 0 SIT op, y I r-Al - I ss I 10UII. DING + a APPRAISAL REPORT OF SPRINGidOOD VILLAGE APARTMENTS 11097 S . P . SPHINGWOOU DRIVE TIGARD . OREGON FOR BUTTERFIELD CAPITAL CORPORATION MUTTON CENTRE 200 EAST b"ARIPPOINTE DRIVE SANT/', ANA , CALIFORNIA 9 ` 707 ATTENTION : DAVID W . ENDRESEN DIRECTOR OF ACOVIASITIONS BY ALAN A . PAGET , SREA , MAI AS OF JUNE 26 1984 SAFA Alan A. Paget MAI ____ REALTOR �- �� LJ4.J U U LJ U W U L. L. 1 U �. PHCTOGRAPHS t . SREA Alan A. Pxg�ot MAI REALTOR v '��,��. :'.�'• �,r-- 'STOP .�'� i , . • �� ', ',� i :111. '��, {��C� r �; .Yc, ,, �;.n 'w. .- _ ✓ of f � - • REALTOR •,�.,;..: ,ice..�- __ rh �=�•. >. -rte` a" '� + �' - ��:_.. Mrr/.�1�-t♦ MfMi..Y. �n+ -� �fir._ - 1 :�•'1;. ��` ��••Car. _. �.� i `�« � � 1 •_ F r ' I 1 ;r k - "f . _ ..l• F.._.wt._. _, .� ��«-�-• 'ate ..-- -�,' u ulj- A L L 1 PHOTOGRAPHS ' f f•• —„ems—+•-_.�_ .- k... � � �: Y: IDENTIFICATION OF SUBJECT � • H:fY \rY •it NN: Y �•� 5 C"ovt 52 - 42 20C ' 3�C 6 �.C �r • �I�j� �� 4 ry tl • .� ► y 260C Arr -. i s. r (� f•.i`3100 I VY)r 290C {.• " Q ,i \n '' L, 1. 4 I- 8• 1•� ,-ZRoti1 LOOP 9 IMPORTANT DATA AND CONCLUSIONS LOCATION: 11097 S.W. Springwood Drive, Tigard , Oregon . LEGAL DESCRIPTION : Tax Lot 3200 , Section 34AB, T1S , R1W, Washington County, Oregon . LAND SIZE: 3. 75 acres . IMPROVEMENTS : This complex has eight buildings containing rental units. Six of these buildings are one-story, and two of the buildings are combination one-story and two-story. In addition , there is a historical building identified ar the Robinson Century Farm Tank House that is used for the laundry facilities and the pump hoLse for the swimming pool . There is a total of 40, 260 square feet in the rentable area of this complex . There are 19 , two-bedroom , two-bathroom , fireplace units , 5, two-bedroom , two-, bathroom units , and 16 , two-bedroom , one- bathroom units .for a combined total of 40 -4partments 1.ge of the com ?lex is 1975-1976. The buildings are wood-frame contruction with electric baseboard heating. Amenities include the hEated swimming pool and the laundry facilities. Off-street parking is provided . UTILITIES: All available and connected to site . VALUE ESTIMATES : Cost Approach. . . . . . . . . . . . Not A}:plicable Markel, Approach. . . . . . . . . . $1 , 600, 000 Market approach by GRM. . . $1 , 625 ,000 income Approach. . . . . . . . . . $1 , 600, 000 FINAL FAIR MARKET VALUE ESTIMATE : $1 ,600, 000 DATE OF VALUATION : June 26 , 1984 BREA Alan A. Pager 111AI —� REALTOR IlTw-1w-1�r1 0 -- 1U WASHINGTON COUNTY ASSESSOR'S TRUE CASH VALUE 1985-1985 TAX YEAT, Land . . . . . . . . . . . . . . . . . . . . . . . . . . $ 196, 000 improvements . . . . . . . . . . . . . . . . . . . 1 , 047 , 300 Total Assessed True Cas`i Value $1 , 243, 300 =r.�sc�zss¢ I i SREA Alan A. Paget MAI f REALTOR W-W-L'o-WiLl ffffWff MEN dIN 14 REGIONAL ANALYSIS Subject property is locate, within the city limits of Tigard , Oregon , which is in the northwest portion of the state . This community is a part of the Greater Metropolitan Portland Area and includes an area that is the combination of Washington County , Clackamas County, and Multnomah CounLy. This is known as the Tri-County A.-ea . The states of Oregon and Washington a: e referred to as the Paci.f4c- Northwest area and provide the opportunity for a widely diversified terrain , with many recreational opportunities. The Pacific Ocean to the wt-sc offers activities , while Mt. Hood provides skiing and other winter sports activities. The more desert-like area in Eastern Oregon offers a different scenic view and widely varying activities , The State of Oregon , tenth largest state in land area , was ranked thirtieth in population in the 1980 census. The Greater Metropolitan Portland Area is the largest population center and business community within the state . SREA Alan A. Paget MAI REALTOR T 15 AREA MAP \tib j a '04ATEL IL 'v..cown. � .•• _ _ ' 1 � \\SIF ,+tr.M�" �� •. ! ... NA NNTON �•.� •"`�\ ' • Are•.•.• � ,.r• C%Q I`NI L •�+......_ 0.0 y�I• w 1 r r. A Imp .'`• AKIII TIOAND j� � 11yyep TUAL.ATIN 1=wr .....r �, yJ i-` w�i• \SIN memo CITY ` ft" 1 Area Analysis , _continued 17 The climate in this area is generally mild . The area receives approximately 88 percent of its annual 37. 6 inches of precipitation between October and May. The average winter temperature is 38. 1 degrees , and the average summer temperature is 67. 1 degrees . The Portland area has developed as a processing and distribution point for the wealth of Pacific Northwest resources. The area' s natural characteristics are enhanced by a superior transportation network. The Port Df Portland is an inland , deep water- seaport. Ships calling in the Portland harbor serve every major international trade seaport in the world . The Port of Portland , a municipal corporation , owns five .marine terminals , four dry docks , including the largest flo:.ting dry dock on the West Coast , and industrial property adjacent to the harbor . The harbor facilities are well served by the area' s super; ur rail and highway transportation network. In addition , Portland serves as the hub of more than 450 miles of inland barge traffic on the Columbia , Lower Sna!:c , and Willamette rivers . Portland International Airport is located approximately eleven miles easterly from the city center and is therefore on the opposite side of Downtown Portland from subject property. The airport was completely remodeled and expanded in 1977. In 1982 , SREA Alan A. Paget MAI _ REACTOR )� Area Analysis , continued 21 I and cable television is available in most parts of the area. There is a wide variety of radio programming available from 27 FM and All radio stations . ' I i r II I SREA Alan A. "eget MAI REALTOR 22 NEIGHBO RH ® pp AP r� —res. � •Ul! ��,1 �/ ms's; �•• � •�!"�n��`. 11 11 �\l^.•-�jrT � • 1 I �� °" .'�' �I "v��•il� • �I�� !� � i'~ �� I• i�� Lam,,. v 1 VE-7 .....,. •o� . � ,. I JLrrr � ' h, ' Iko i jrLrTF; '-\-;,'�r� .�r7,��9 may/ (1_ N `•`;��.��b,n �' �• "� ��S• ` IM