EXECUTIVE SUMMARY PROPERTY OVERVIEW Taylor Street Real Estate Advisors is pleased to announce the opportunity to acquire, a Mid-Century Modern apartment community located in the prestigious neighborhood of Uptown Central Phoenix, the epicenter and top destination for millennials and young professionals in the Phoenix metro area. PROPERTY SUMMARY Sale Price: Market Number Of Units: 20 Pro - Forma NOI: $204,575 Lot Size: 0.93 Acres Building Size: 22,146 SF Year Built: 1959 Zoning: R-4 Apartments is a 20-unit garden style apartment complex developed in 1959 and features upscale hard wood flooring along the second story and polished concrete on the first floor, large vintage bay windows overlooking a mature landscaped courtyard and pool area. The subject property offers four distinct well designed floor plans that include one-, two-, and three-bedroom apartment homes averaging over 1,000 square feet, larger than the average square feet of newly constructed apartments in the area. Interior finishes include vintage tiled tubs and bathroom vanities, electric or gas stoves, dishwashers, garbage disposals, and oversized windows. Select units also feature vaulted ceilings, patios, breakfast nook areas, along with a second entry into the kitchen. Community amenities consist of a courtyard pool, sitting areas throughout the courtyard, mature landscaping and shade trees, covered parking and additional storage units attached to two onsite laundry facilities. The property is individually metered for electricity, contains individual hot water heaters and is block constructed with a pitch roof that was recoated in 2015. has become a go to apartment community for the millennial tenant base and young professional seeking an urban living experience. The property is just West of Central Avenue, North of Camelback Road, sits on 0.93 acres along Medlock drive, a street ending in in a cul-de-sac. Located in the North Central Phoenix neighborhood residents at enjoy living within walking distance from numerous upscale, trendy and urban dining and entertainment venues including the prolific restaurant group, Upwards Projects concepts of Windsor, Federal Pizza, Churn and Joyride Taco all located off Central avenue just east of the property. Residents are also within walking distance of the recently renovated Uptown Plaza, an A.J s Fine Food s anchored retail destination and the 7th Avenue / Camelback Light Rail Park and Ride, the metro areas train system providing immediate access into downtown Phoenix, Tempe and the East Valley. The future owner of could further enhance the asset through the adding of dishwashers, in suite washer and dryers and lease out the 20 onsite storage units and implement a utility reimbursement program to create an even stronger in place income. 1
MULTIFAMILY PROPERTY FOR SALE ADDITIONAL PHOTOS 2 Brian Tranetzki Principal Eric Thomas Investment Advisor Jordan Franklin Investment Advisor 602.603.9755 // btranetzki@taylorst.com 602.603.9753 // ethomas@taylorstadvisors.com 602.603.9754 // jfranklin@taylorstadvisors.com
UNIT MIX SUMMARY UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MARKET RENT 1 Bed 1 Bath 4 20.0 800 $1,000 $1.25 $1,000 2 Bed 1.5 Bath 4 20.0 1,068 $1,125 $1.05 $1,125 2 Bed 2 Bath 8 40.0 1,093 $1,150 $1.05 $1,150 3 Bed 2 Bath 4 20.0 1,345 $1,400 $1.04 $1,400 Totals / Averages 20 100% 21,596 $23,300 $1.08 $23,300 3
INCOME & EXPENSES INCOME SUMMARY PER UNIT Gross Potential Rent $279,600 $13,980.00 Vacancy Loss -$13,980 -$699.00 Pet Rent Income $3,000 $150.00 Laundry Income $9,084 $454.20 GROSS INCOME $277,704 $13,885.20 EXPENSE SUMMARY PER UNIT General & Administrative $3,000 $150.00 Marketing & Promotion $1,500 $75.00 Repairs & Maintenance $10,000 $500.00 Turnover $3,000 $150.00 Contract Services $5,000 $250.00 Utilities $20,618 $1,030.90 Management Fee $11,108 $555.40 Real Estate Taxes $10,903 $545.15 Insurance $4,000 $200.00 Reserves & Replacements $4,000 $200.00 GROSS EXPENSES $73,129 $3,656.45 NET OPERATING INCOME $204,575 $10,228.75 4
LOCATION MAPS 5