Vista Village Apartments

Transcription

1 Vista Village Apartments Property Report 1125 N 7th St Sierra Vista, AZ 85635

2 Vista Village Apartments CONTENTS 01 Executive Summary Executive Summary 3 Unit Mix Summary 4 Location Summary 5 04 Sale Comps Sale Comparables Summary 19 Sale Comparables Charts 21 Sale Comparables Map Property Description Aerial Map 6 Parcel Map 7 Property Features 8 Common Amenities 9 Unit Amenities 10 Property Images Demographics Demographics 23 Demographic Charts Rent Comps Rent Comparables Summary 13 Rent Comparables Map 18 Sourced By Justin Fuller VP of Dispositions x123 justin@summer-gate.com We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

3 Vista Village Apartments Executive Summary 03 OFFERING SUMMARY ADDRESS 1125 N 7th St Sierra Vista AZ COUNTY MARKET Cochise GBA 94,000 LAND SF 386,813 NUMBER OF UNITS 94 YEAR BUILT 1973 YEAR RENOVATED 2007 FINANCIAL SUMMARY OFFERING PRICE $0 OCCUPANCY % NOI (CURRENT) $457,163 Other Market Areas DEMOGRAPHICS 1 MILE 3 MILE 5 MILE 2017 Population 8,592 30,349 48, Median HH Income $48,314 $50,910 $56, Average HH Income $57,315 $66,267 $73,897 N 7th St / E Tacoma St median real estate price is $163,575, which is less expensive than 67.7% of Arizona neighborhoods and 67.7% of all U.S. neighborhoods. The average rental price in N 7th St / E Tacoma St is currently $1,248, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 54.9% of Arizona neighborhoods. N 7th St / E Tacoma St is a suburban neighborhood (based on population density) located in Sierra Vista, Arizona. N 7th St / E Tacoma St real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/highrise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the N 7th St / E Tacoma St neighborhood are established but not old, having been built between 1970 and A number of residences were also built between 2000 and the present. N 7th St / E Tacoma St has a 13.7% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 71.0% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.

4 Vista Village Apartments Unit Mix Summary 04 Unit Mix # Units Square Feet Current Rent Rent PSF Monthly Income 1 bd / 1 ba $776 $1.03 $15,520 2 bd / 1 ba $924 $0.97 $41,580 3 bd / 1 ba 29 1,050 $928 $0.88 $26,912 Totals/Averages $894 $0.96 $84,012

5 Vista Village Apartments Location Summary 05 When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis. Notable & Unique: Occupations The N 7th St / E Tacoma St neighborhood has a greater proportion of government workers living in it than 98.2% of the neighborhoods in America, according to NeighborhoodScout's exclusive analysis. This is a unique feature of this neighborhood, and one that shapes its character. Furthermore, the N 7th St / E Tacoma St neighborhood stands out nationally for having a greater proportion of its residents active in the military than 98.1% of other U.S. neighborhoods. If you come here, you will notice military people active in their jobs, going to and from work, and in plain clothes out and about the neighborhood. Regional Map In addition, from major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the N 7th St / E Tacoma St neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 96.8% of all American neighborhoods. Locator Map Notable & Unique: Diversity Significantly, 2.2% of its residents five years old and above primarily speak German/Yiddish at home. While this may seem like a small percentage, it is higher than 97.5% of the neighborhoods in America.

6 Vista Village Apartments Aerial Map 06

7 Vista Village Apartments Parcel Map 07

8 Vista Village Apartments Property Features 08 Site Description NUMBER OF UNITS 94 GBA 94,000 LAND SF 386,813 LAND ACRES 8.88 YEAR BUILT 1973 YEAR RENOVATED 2007 # OF PARCELS 1 BUILDING CLASS C NUMBER OF STORIES 2 NUMBER OF BUILDINGS 5 POOL / JACUZZI Pool CONSTRUCTION FRAMING ROOF Wood Frame Flat

9 Vista Village Apartments Common Area Amenities Common Amenities Pool Pet Friendly Mountain Views Large Courtyards Basketball Court Laundry Center Mature Landscaping 24hr Camera Surveillance Playground

10 Vista Village Apartments Unit Amenities Unit Amenities Newly Renovated Stainless Steel Appliances Upgrade Lighting Fixtures Microwave Fenced Backyards* *In Select Units Laminate Wood Flooring Paid Utilities Dishwasher Gas Range Private Balcony*

11 Vista Village Apartments Property Images 11

12 Vista Village Apartments Property Images 12

13 Vista Village Apartments Rent Comparables Summary 13 1 Unit Mix and Rent Schedule Unit Mix # of Units Square Feet Asking Rent Rent per SF 2 bd + 1 ba 49 1,001 $895 $ bd + 1 ba 27 1,200 $995 $0.82 Total/Avg 76 1,101 $945 $0.86 Unit Mix Breakdown Casa Antigua 2299 Oakmont Dr, Sierra Vista, AZ Property Summary UNITS 76 YEAR BUILT 2007 OCCUPANCY % CONCESSIONS 0.3 Comparables Rent Analysis 2 bd / 1 ba $726 - $924 3 bd / 1 ba $760 - $1,003 Notes Vista Village

14 Vista Village Apartments Rent Comparables Summary 14 2 Unit Mix and Rent Schedule Unit Mix # of Units Square Feet Asking Rent Rent per SF 1 bd + 1 ba $743 $ bd + 1 ba $830 $ bd + 1 ba 37 1,137 $1,003 $0.88 Total/Avg $859 $0.97 Unit Mix Breakdown Port Royale 1201 Colombo Ave, Sierra Vista, AZ Property Summary UNITS 253 YEAR BUILT 2003 OCCUPANCY % CONCESSIONS 0.8 Notes Vista Village Comparables Rent Analysis 1 bd / 1 ba $630 - $776 2 bd / 1 ba $726 - $924 3 bd / 1 ba $760 - $1,003

15 Vista Village Apartments Rent Comparables Summary 15 3 Unit Mix and Rent Schedule Unit Mix # of Units Square Feet Asking Rent Rent per SF 3 bd + 1 ba 80 1,232 $760 $0.61 Total/Avg 80 1,232 $760 $0.61 Unit Mix Breakdown Suncrest 105 N Toscanini Ave, Sierra Vista, AZ Property Summary UNITS 80 YEAR BUILT 1999 OCCUPANCY % CONCESSIONS 0.6 Comparables Rent Analysis 3 bd / 1 ba $760 - $1,003 Notes Vista Village

16 Vista Village Apartments Rent Comparables Summary 16 4 Unit Mix and Rent Schedule Unit Mix # of Units Square Feet Asking Rent Rent per SF 1 bd + 1 ba $630 $ bd + 1 ba $726 $ bd + 1 ba 36 1,031 $890 $0.86 Total/Avg $749 $0.96 Unit Mix Breakdown Montego Bay 409 S Lenzner Ave, Sierra Vista, AZ Property Summary UNITS 192 YEAR BUILT 1997 OCCUPANCY % CONCESSIONS 0.5 Notes Vista Village Comparables Rent Analysis 1 bd / 1 ba $630 - $776 2 bd / 1 ba $726 - $924 3 bd / 1 ba $760 - $1,003

17 Vista Village Apartments Rent Comparables Summary 17 S Unit Mix and Rent Schedule Unit Mix # of Units Square Feet Rent Summary Rent per SF 1 bd / 1 ba $776 $ bd / 1 ba $924 $ bd / 1 ba 29 1,050 $928 $0.88 Totals/Averages $894 $0.96 Unit Mix Breakdown Vista Village Apartments 1125 N 7th St, Sierra Vista, AZ Property Summary UNITS 94 YEAR BUILT 1973 OCCUPANCY % Amenities Pool Laundry Center Pet Friendly Mature Landscaping Mountain Views 24hr Camera Surveillance Large Courtyards Playground Basketball Court Newly Renovated Paid Utilities Laminate Wood Flooring Upgrade Lighting Fixtures Stainless Steel Appliances Dishwasher Microwave Gas Range Fenced Backyards* Private Balcony* *In Select Units Comparables Rent Analysis 1 bd / 1 ba $630 - $776 2 bd / 1 ba $726 - $924 3 bd / 1 ba $760 - $1,003

18 Vista Village Apartments Rent Comparables Map 18 # Property Name Address City S Vista Village Apartments 1125 N 7th St Sierra Vista 1 Montego Bay 409 S Lenzner Ave Sierra Vista 2 Suncrest 105 N Toscanini Ave Sierra Vista 3 Port Royale 1201 Colombo Ave Sierra Vista 4 Casa Antigua 2299 Oakmont Dr Sierra Vista

19 Vista Village Apartments Sale Comparables Summary 19 1 TOTAL UNITS 128 Cap Rate Range 7.25 % % YEAR BUILT 1984 SALE PRICE $4,300,000 PRICE/UNIT $33,594 PRICE/SF $73.19 CAP RATE 7.25 % Price/Unit Range $33,594 - $34,333 DOM Range Highland Woods Apartment Homes 555 N 7th St, Sierra Vista, AZ Notes Vista Village 2 TOTAL UNITS 60 Cap Rate Range 7.25 % % YEAR BUILT 2006 SALE PRICE $2,060,000 PRICE/UNIT $34,333 PRICE/SF $40.71 Price/Unit Range $33,594 - $34,333 CAP RATE % DOM Range Sierra Antigua Apartments 800 N Lenzner Ave, Sierra Vista, AZ CLOSING DATE 5/8/2017 Notes Vista Village

20 Vista Village Apartments Sale Comparables Summary 20 S TOTAL UNITS 94 Cap Rate Range YEAR BUILT 1973 OCCUPANCY % Price/Unit Range Vista Village Apartments 1125 N 7th St, Sierra Vista, AZ 85635

21 Vista Village Apartments Sale Comparables Charts 21

22 Vista Village Apartments Sale Comparables Map 22 # Property Name Address City S Vista Village Apartments 1125 N 7th St Sierra Vista 1 Sierra Antigua Apartments 800 N Lenzner Ave Sierra Vista 2 Highland Woods Apartment Homes 555 N 7th St Sierra Vista

23 Vista Village Apartments Demographics 23 POPULATION 1 MILE 3 MILE 5 MILE HOUSEHOLDS 1 MILE 3 MILE 5 MILE 2000 Population 7,712 25,566 40, Population 8,412 29,565 48, Population 8,592 30,349 48, Population 8,468 29,952 47, African American 717 2,791 4, American Indian Asian 326 1,215 2, Hispanic 2,514 8,036 11, White 6,152 21,507 35, Other Race 662 2,315 3, Multiracial 570 1,938 2, : Population: Growth Rate % % % 2017 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE less than $15, ,620 2,079 $15,000-$24, ,170 1,588 $25,000-$34, ,284 1, Total Housing 3,602 11,939 17, Total Households 3,568 12,099 18, Total Households 3,675 12,468 19, Total Households 3,633 12,301 18, Average Household Size Owner Occupied Housing 1,688 5,672 8, Renter Occupied Housing 1,563 4,978 6, Owner Occupied Housing 1,783 6,340 10, Renter Occupied Housing 1,892 6,128 8, Vacant Housing 392 1,764 2, Total Housing 4,067 14,232 21, Owner Occupied Housing 1,825 6,464 10, Renter Occupied Housing 1,809 5,837 7, Vacant Housing 536 2,290 3, Total Housing 4,169 14,591 22, : Households: Growth Rate % % % $35,000-$49, ,026 2,769 $50,000-$74, ,421 3,753 $75,000-$99, ,635 2,833 $100,000-$149, ,469 2,741 $150,000-$199, $200,000 or greater Median HH Income $48,314 $50,910 $56,938 Average HH Income $57,315 $66,267 $73,897 Source: esri

24 Vista Village Apartments Demographic Charts Household Income 1 Mile Radius 3 Mile Radius 5 Mile Radius 2017 Population by Race 1 Mile Radius 3 Mile Radius 5 Mile Radius

25 Vista Village Apartments Demographic Charts Household Occupancy - 1 Mile Radius 2017 Household Income Average and Median Average Income Median Income

26 Vista Village Apartments Sourced By Justin Fuller VP of Dispositions x123 powered by CREOP