WATER & VINE STUDENT HOUSING

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Ophelia Washington
5 years ago
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1 Presented by Long Realty Company

2 Property Details 22 BEDROOM STUDENT HOUSING PROPERTY ( 100% PRE LEASED THROUGH JULY 2018) CONSISTING OF 4-4 bedroom 2 bath 1,650 Sq Ft and a 6 bedroom 4 bath house. Tile in living room and kitchens Each unit has a sun deck and wood burning fireplaces Off street and Street parking available, next to each unit.six bedroom 4 bath residential home built in 2010 with 2,531 sq ft., Stainless Steel refrigerator, stove, microwave, and dishwasher. Granite countertops in kitchen and bathrooms. Custom cabinets, ceiling fans in bedrooms. Tiled roof, enclosed back yard, wall around property, asphalt paved parking spaces, newer air conditioner, wrought iron window and door grills. Small second floor deck and first floor patio. SEPARATLY METERED FOR ALL UTILITIES INCLUDING SEWER AND WATER. MULTIPLE TAX CODES FOR EASY FINANCING. Price: $1,329,154 STUDENT RENTAL JUST NORTH OF UNIVERSITY BUILT IN 1998 SEPARATLY METERED FOR ALL UTILITIES INCLUDING SEWER AND WATER PRE LEASED THROUGH JULY 2018 Price: $1,329,154 No. Units: 22 Building Size: 9,131 SF Price/Unit: $60, Property Type: Multifamily Property Sub-type: Garden/Low-Rise Property Use Type: Investment Commission Split: 3% Cap Rate: 6.52% Occupancy: 100% View the full listing here:

3 Financials, Debt and Unit Mix Financial Summary AnalysisType Actual Scheduled Gross Income $124,200 Effective Gross Income $117,990 Operating Expenses $31,362 Net Operating Income $86,628 Unit/Room Mix Information Description No. Units Avg. Mo. Rent Sq. Ft. 4 BEDROOM 2 4 $1,738 1,650 BATH 6 BEDROOM 4 BATH 1 $3,400 2,531 Debt & Equity Information Debt Type Existing Loan Amount $0

4 Tony Reed Long Realty Commercial Co., A Berkshire Hathaway Affiliate E WATER STREET and 2365 N VINE AVE Type # of Units # Beds Sq. Ft. Total S.F E WATER ST AND 2365 N VINE AVE APARTMENTS Pro Forma Tucson, AZ Rent per S.F. Total Monthly Rent Annual Income Rent 4 BD/ 2 BA ,650 6,600 $1.05 $1,738 $83,400 6 BD/4 BA 1 6 2,531 2,531 $1.34 $3,400 $40,800 Total/Avg ,131 $1.13 $124,200 Actual Income Statement RENTAL INCOME 2017/2018 Gross Market Rent Vacancy Loss $124,200 ($6,210) 5.0% Gross Rent Bad Debt/ Concessions Net Rental Income $117,990 $0 $117,990 Other Income (Laundry, Pet & Misc.) TOTAL INCOME $0 $117,990 OPERATING EXPENSES General & Admin Leasing and Marketing Repairs & Maintenance $327 $65 $368 $74 $9,310 $1,862 Contract Services / Landscaping $0 $0 Utilities $0 $0 Property Taxes Property Insurance Management Fee TOTAL VARIABLE $10,005 $2,001 $9,462 $1,892 $2,046 $409 $8, % Reserves $1,000 $200 TOTAL EXPENSES $31,362 $6,272 NET OPERATING INCOME $86,628 $17,326 Market Valuation Actual Income and Expense Value $1,329,154 Per Bed $60,416 Per Square Foot $ CAP RATE Mktg ProForma 6.52%

5 TWO U OF A AREA DUPLEXES E. Water Street 4 Bedroom 2 Bath Each Unit Built August 1998 Leased through July 2017 All units have already been rented for next school year August 2017 thru July Three of the homes for $1,700/Month and one home for $1,800/Month from August 1, 2016 through July Income 80, , Expenses Taxes 5, , Insurance 1, , Maintenance 1, , Supplies Repairs 5, , Total Expenses 14, , Available Cash Flow 66, , Please Note: Some repair cost are recovered from tenant security deposits Expenses are net. Features 3 walled yards Window security grills Sundeck on each unit Lot of parking-5 spaces per unit. Free street parking available One new air conditioner in 2013 Total vacancy has been only 1 unit for 1 semester. No other days in 16 years. Tenants pay all utilities All electric rental homes Washer/Dryers/Refrigerators/stove/dishwasher in every unit. $444, Each Please call Ryne Studwell/Tony Reed-Long Realty Company /

6 E. Water Street 6 Months Ending June 30, 2017 Income and Expense Rents (100%) $81,600 Property Tax (Half Year) $5,580 Insurance (Half Year) $1,666 Advertising (Estimated) $444 Cleaning Yard-work $1,120 Repairs $710 Supplies $50 Total Expense $9,570 Cash Flow $72,030 Management was by Owner Capital Improvement-Rusted Iron Fencing $1,400.

7 2365 N. Vine Ave. Description The property at 2365 North Vine was constructed in 2010 to be completed for the beginning of the school year August 1. It is designed as an upscale university rental for up to six students. It is currently rented to five and in the past has been rented to five or six students with the rents split evenly between them. There are three bedrooms and two bathrooms on each floor and on the top floor one bedroom is a true master with an in-suite bath and a private balcony plus a slightly larger room size than the other bedrooms, which are all approximately equal in size and have large closets. There is a downstairs great room, which is very functional for parties and is frequently used for group viewing of sporting events. There is a four car asphalt parking lot with room for at least four more cars on the property. The design was modeled after a 1930 s era Phoenix home and has a red concrete tiled roof and stucco exterior. Financial The neighborhood north of the University of Arizona campus is considered the most desirable and sought after area by students, because of proximity to campus and the fraternity and sorority houses. Because of friction between students and older residents of the neighborhood a City Ordinance was enacted about four years ago limiting future homes in the residential zoned area to no more than four unrelated people. This house and others were given grandfathered rights to continue to house six people. The shortage of such grandfathered homes has made six to ten bedroom homes among the quickest to rent for the following school year and they often are rented as many as six months prior to the start of the school year. This year the house was rented December 10, 2015 for August 1,, All other years it was rented in January and the one exception being it was rented in February because a prior group had been unable to perform timely. Part of this demand is price with this homes monthly per student rates competitive with shared dorm rooms and well below newer towers adjacent to campus. Rents for this home have been as follows. There has never been a months vacancy $3,300/Month 2011 $3,350/Month $3,400/Month Expenses Expenses for the home consist primarily of property taxes, insurance, appliance repair, yard cleaning, and paint touch-up. The tenants pay for all utilities and their rent is on a twelve month basis even if, as in the case with graduating students, they vacate early. The amount of routine maintenance is somewhat subjective based on owners philosophy but most repairs are covered by the large ($3,600) security deposit. The exterior of the house was repainted in July 2016.

8 2015 Expenses Property taxes $4,052 Insurance $408 Repairs $3,980* Cleaning/Maintenance $3,560* Advertising $45 * $3,150 Reimbursed by tenants security deposit (combined for both items). Alternative Use The home is designed to be suitable as an owner-occupied residence. It has primarily owner occupied homes in its vicinity, is priced per square foot competitively with owner occupied homes in the neighborhood, and is newer than almost all those comparables with modern design and conveniences and yet architecturally compatible. The University of Arizona hospital approximately six blocks south has recently been partnered with Banner Health who are constructing a $400,000,000 nine story 670,000 square foot addition to the hospital to be completed in the Spring of This will result in hundreds of new medical jobs within walking distance.

9 Current Rent: $3,400/Month Security Deposit: $3, North Vine Avenue 6 Bedroom 4 Bath Rented Home Built August ,531 Square Feet Leased through July 2017 Tiled Roof Enclosed Back Yard-Iron Fencing Wall Around Property Landscaping On Drip Irrigation Wrought Iron Window & Door Grills Air Conditioning Ceiling Fans Washer/Dryer in House Stainless Steel Refrigerator, Stove, Dishwasher Granite Countertops Custom Cabinets Small Second Floor Deck Has First Floor Patio Tenants Pay Utilities Asphalt Paved Parking Spaces

10 Location Location Description JUST NORTH OF THE UNIVERSITY NEAR MOUNTAIN AND WATER STREET, VINE AND GRANT

11 VINE STREET PROPERTY

24 Broker Profile Anthony Reed As an associate broker with over 40 years of experience as a property professional, specializing in investment and income properties, I understand the intricacies of the Real Estate process. I know the Tucson area and the investment and income opportunities available here. areed@longrealty.com (520) License: BR Current Occupation: Website: ASSOCIATE BROKER Long Realty Company 900 E. River Road Tucson, AZ 85718

Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716

Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716 Presidio Rd Property Features Sale Price $900,000 Price per Bed $56,250 Number of Bedrooms 16 Rentable Square Feet 6,398 CAP Rate 6.72% Property Highlights is a luxury student housing development consisting