821-829 NW 16th Ave., Portland Oregon
This 4-story historic property was built in 1905, originally with a bath house on the first floor, four apartment units on the 2nd and 3rd floors, and the 4th floor used as attic storage. Renovations in the 1980’s commercialized the 2nd story into an office and beauty salon, combined the top two floors into a single apartment and added a three story atrium. The property was then acquired by a single owner in 1987 who lived at the property where she also operated her business until the recent sale. 821-829 NW 16th Ave was brought to market with $95,000 in deferred maintenance and a city code violation lien of $64,000. The premises was occupied as a mixed use property for 34 years under an office occupancy permit. The seller needed to generate enough income from the sale of the property to pay off two loans and the lien and still afford to move. SVN|Bluestone advisor Kevin Wingate-Pearse used the interest the property produced to gradually lower the offering price to 2014 market rates, and successfully negotiated with both banks to reduce the amount for their notes. By working with the seller to get the city code violation signed off, they negotiated with the city to reduce their lien. With the finished value more in line with market values, the final asking price brought offers from owners eager to assume the repairs and adjustments. The 7,446 square foot property sold on May 1, 2015 for $734,500. The seller could now afford to move.