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3340 SE Morrison St. - Portland, OR 97214
PROPERTY Stats
85
Multifamily Units
27,326
Total Multifamily SF
PROPERTY OVERVIEW
Belmont Dairy Apartments & Lofts is an 85-unit mixed-income housing community located in Portland, OR along with 5 commercial spaces. The property is in a very desirable location that is both very walkable and has strong transit service. Per Redfin, the property has a 95 Walk Score and a 100 Bike Score, resulting in being considered both a “Walker’s paradise”, as well as a “Biker’s paradise”. Portland is also home to several institutions of higher education that are easily accessible from the property.
The retail component of the property is anchored by H Mart Asian Grocery, which as a base lease term running through December 2032. The popular store occupies over 21,000 SF and currently account for just over 71% of the total base rental income for the retail portion of the project.
The multifamily portion of the property was placed in service in 1997 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires at least 76% of the units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by the Oregon Housing and Community Services. The remaining units are unrestricted.
Belmont Dairy Apartments & Lofts offers studio and one bedroom apartment homes featuring walk-in closets, hardwood flooring, and washer/dryer hookups. Community amenities include a beautifully landscaped courtyard, community room, covered parking, and an on-site laundry facility.
With the LIHTC Restrictions set to expire at the end of 2026, there is tremendous upside potential through a conversion to market or an opportunity to preserve the affordability component with a very attractive subordinate loan
In a desirable location boasting a median household income of over $86,000 within one mile of the property, a 95 Walk Score, and a 100 Bike Score, it’s conveniently situated near Portland’s highly regarded public schools, colleges, and universities
The property includes five commercial spaces headlined by H Mart Asian Grocery, a strong national retail anchor which has a fully guaranteed lease through the end of 2032
Terrific rental upside on the affordable units with the OHCS approved rents at a 22% discount to the maximum allowable rents
Excellent-performing asset with a vacancy rate of under 3% over the trailing-12 months
18 of the multifamily units at the property are currently unrestricted with attractive loft-style units and potential rental upside through a unit upgrade program
INVESTMENT HIGHLIGHTS
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
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BRANDON GRISHAM
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Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
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Jordan Skyles
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
Colliers- Senior Associate- Retail
503.499.0089
robbie.macnichol@colliers.com
Robbie MacNichol
601 Union St.
Suite 3909
Seattle, WA 98101
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MORTGAGE BANKING
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
5
Commercial UNITS
73,135
5
27,326
Total Commercial SF
73,135
Total Commercial SF
Total Multifamily SF
