Buena Vida Apartments

Transcription

1 2417 W. Campbell Ave. Investment Property Offering A 24 Unit Apartment Complex Located in Phoenix, Arizona Seller Financing Available Bill Hahn Senior Vice President Direct Mobile bill.hahn@colliers.com Jeffrey Sherman Senior Associate Direct Mobile jeffrey.sherman@colliers.com Trevor Koskovich Senior Associate Direct Mobile trevor.koskovich@colliers.com

2 Table of Contents I Executive Summary 1 II Property Photos 3 III Location Maps Aerial Far 4 Aerial Close 5 Parcel Map 6 IV Financial Summary 7 V Comparables Rent 9 Sales 11 VII Appendix Legal Disclaimer

3 Campus Buena Vida Lofts W. East Campbell Lemon Avenue Street Phoenix, Tempe, AZ Executive Summary Location Phoenix, Arizona List Price $599,000 Price Per Unit $24,958 Price Per Square Foot $38.40 Total Units 24 Building Square Footage 15,600 Number of Buildings 2 Land Acres 0.56 Seller Financing 25% down payment, 7.5% interest only Cross Street Market Sub Market Black Canyon Hwy. & Campbell Ave. Phoenix I-17 Corridor Year Built 1983 Building Class Location Class HVAC B C Individual Tax Parcel Number Foundation Type Concrete Slab Number of Stories 3 EXECUTIVE SUMMARY COLLIERS INTERNATIONAL 1

4 AREA DESCRIPTION Buena Vida is located at 2417 W. Campbell Avenue, in Phoenix, Arizona. It is situated on Campbell Avenue just east of the Interstate-17 access road, one block south of Camelback Road. This frontage places residents within very close proximity to the metro Phoenix freeway system. Interstate-10 is located three miles south of Buena Vida, and SR-51 is located four miles east of the property. These freeways give residents easy access to Downtown Phoenix and all points in the metropolitan area. Closeby employment opportunities are concentrated along the highly desirable Camelback Corridor, and the Central Corridor, home to the largest employment centers in Arizona, located four miles to the east of Buena Vida. The prestigious Biltmore area, with its prominent retail and entertainment destinations, is located five miles to the east of the property. A variety of schools are within walking distance of Buena Vida, providing residents with children easy access to public education. Parks, churches, and public facilities are located within a mile of the property. Grand Canyon University, with an enrollment (oncampus and online) of approximately 20,000 students, is approximately two miles to the northwest of Buena Vida. PROPERTY DESCRIPTION Executive Summary Buena Vida is a three-story apartment community built in The community consists entirely of two-bedroom / one bathroom units of approximately 650 square feet each. All units are rented unfurnished. The property is built of frame and stucco construction. The property is individually metered for electricity, and master-metered for water and gas. Outdoor amenities include a new on-site laundry facility, on-site manager, front security doors and ample parking spaces for residents. Buena Vida has recently undergone recent renovations making it very appealing compared to surrounding apartments. Renovations include: new appliances, kitchen counter tops, cabinets and bathroom vanities, tile/carpet, exterior/interior paint, refinished parking lot, and refurbished air-condition units. The two buildings of Buena Vida are constructed on a parcel of approximately 0.56 acres, with a total of 15,600 rentable square feet. EXECUTIVE SUMMARY COLLIERS INTERNATIONAL 2

5 Property Photos PROPERTY PHOTOS COLLIERS INTERNATIONAL 3

6 Aerial - Far Buena Vida LOCATION MAPS COLLIERS INTERNATIONAL 4

7 Aerial - Close Buena Vida LOCATION MAPS COLLIERS INTERNATIONAL 5

8 Parcel Map Buena Vida LOCATION MAPS COLLIERS INTERNATIONAL 6

9 Projected Financial Summary Note: Rents and physical vacancy is as quoted by the on-site manager. Economic vacancy and expenses are estimated, except for property taxes, which are quoted from Maricopa County Treasurers Office. Year Built 1983 Total Units Total Square Feet 24 15,600 Units Type Sq. Ft. Actual Rent Estimated Current 24 2BD/1BA 650 $525 $ 12,600 Monthly Scheduled Gross Rent $ 12,600 Annual Scheduled Gross Rent $ 151,200 Physical Vacancy (3 Units) 15.0% $ (22,680) Total Vacancy 15.0% $ (22,680) Net Rental Income $ 128,520 Other Income *Estimated at $10/month/occupied unit $ 2,448 Gross Operating Income $ 130,968 OPERATING EXPENSES Property Taxes *Actual 2009 Taxes $ 12,438 Insurance *Estimated At $150/unit $ 3,600 Maintenance *Estimated At $300/unit $ 7,200 Repairs *Estimated At $300/unit $ 7,200 Electricity *Estimated At $150/unit $ 3,600 Gas *Estimated At $25/unit $ 600 Sewer and Water *Estimated At $200/unit $ 4,800 Trash *Estimated At $100/unit $ 2,400 Payroll *Estimated At $400/unit $ 9,600 Management Fee *Estimated To be 5% of Collected Rent $ 6,426 Administrative Expenses *Estimated At $115/unit $ 2,760 Capital Reserve *Estimated At $250/unit $ 6,000 Total Operating Expenses $ 66,624 Operating Cost Per Unit $ 2,776 Operating Cost Per Sq Ft $ 4.27 Net Operating Income $ 64,344 FINANCIAL SUMMARY COLLIERS INTERNATIONAL 7

10 Rent Comparables Adjusted Monthly Rent NOTE: Adjusted Monthly Rent is the effective rent received by the property owner after adjusting for any rental concessions, on an assumed one-year lease. By way of example, if the quoted market rent is $600 per month, and one month free with a twelve-month lease, the Adjusted Monthly Rent is $550 ( ($600 X 11) / 12) Property Location Year Built % Vacant Unit Mix Total Units S.F. Monthly Rent Monthly Rent / S.F. Adjusted Rent Adjusted Rent / S.F. Photo Lincoln Village % 1 Bed, 1 Bath $399 $0.69 $366 $ W. Campbell Ave. Concessions: $1 2 Bed, 1 Bath $550 $0.67 $504 $ move-in 2 Bed, 2 Bath $499 $0.61 $458 $0.56 Totals/Averages $460 $0.65 $422 $0.60 Vista Del Prado % 2529 W. Campbell Ave. Concessions: $225 2 Bed, 1 Bath $475 $0.55 $454 $ move-in Totals/Averages $475 $0.55 $454 $0.53 Willow Springs % 1 Bed, 1 Bath $419 $0.93 $384 $ N. 27th Ave. Concessions: One 1 Bed, 1 Bath $439 $0.76 $402 $ month free 2 Bed, 1 Bath $599 $0.77 $549 $ Bed, 2 Bath $649 $0.75 $595 $0.69 Totals/Averages $520 $0.79 $477 $0.72 Canyon Woods % 1 Bed, 1 Bath $395 $0.82 $362 $ W. Glenrosa Ave. Concessions: One 1 Bed, 1 Bath $425 $0.74 $390 $ month free 1 Bed, 1 Bath $440 $0.71 $403 $ Bed, 1 Bath $550 $0.71 $504 $ Bed, 2 Bath $572 $0.67 $524 $0.62 Totals/Averages $464 $0.72 $425 $0.66 Averages % COMPARABLES COLLIERS INTERNATIONAL 8

11 Subject Property Comparison Note - Adjusted Monthly Rent is the effective rent received by the property owner after adjusting for any rental concessions, on an assumed one-year lease. By way of example, if the quoted market rent is $600 per month, and one month is free with a twelve-month lease, the Adjusted Monthly Rent is $550 ( ($600 X 11) / 12 ). Unit Mix Total Units S.F. Monthly Rent Monthly Rent / S.F. Adjusted Monthly Rent Adjusted Rent / S.F. 2 Bed, 1 Bath $ 525 $ 0.81 $ 525 $ 0.81 Totals/Averages $ 525 $ 0.81 $ 525 $ 0.81 Comparables Property Summary Unit Mix Total Units S.F. Monthly Rent Monthly Rent / S.F. Adjusted Monthly Rent Adjusted Rent / S.F. 1 Bed, 1 Bath $ 425 $ 0.77 $ 390 $ Bed, 1 Bath $ 808 $ 1.00 $ 550 $ Bed, 2 Bath $ 850 $ 1.00 $ 602 $ 0.71 Totals/Averages $ 694 $ 0.92 $ 514 $ 0.70 MARKET SYNOPSIS COLLIERS INTERNATIONAL 9

12 Black Canyon F Central Ave Buena Vida Rent Comparable Map Phoenix Junior College hany Home Rd Grand Ave Grand Can yon College 19th Ave 7th Ave 27th Ave Phoe C 1. Subject Property Buena Vida 2417 W. Campbell Ave. Phoenix Community College G Osborn Rd Encanto Blvd 2 Lincoln Village 2211 W. Campbell Ave. 3 Vista Del Prado 2529 W. Campbell Ave. 4 Willow Springs 4227 N. 27th Ave. 5 Canyon Woods 2524 W. Glenrosa Ave. COMPARABLES COLLIERS INTERNATIONAL 10

13 Sales Comparables Property Location Year Built # Units Unit Mix Sales Price Price/ Unit Price/SF Close of Escrow Property Photograph Remers BD/2BA $ 270,000 $33,750 $ /11/ N. 36th Street 1 3BD/2BA PHOTO NOT AVAILABLE Garden Cove BD/1BA $ 1,500,000 $34,091 $ /15/ W. Desert Cove Ave. 43 2BD/1BA E. Roosevelt St Studios $ 470,000 $33,571 $ /7/ Anthony Arms BD/1BA $ 210,000 $26,250 $ /17/ N. 51st St Hazelwood BD/1BA $ 525,000 $35,000 $ /19/ W. Hazelwood St. 2 2BD/1BA Hatcher Square BD/1BA $ 550,000 $25,000 $ /1/ N. 11th Ave AVERAGES $ 587,500 $ 31,277 $ COMPARABLES COLLIERS INTERNATIONAL 11

14 Black Canyon Frwy Central Ave 7th St 16th St 20th St 32nd St Tatum Blvd Buena Vida Sales Comparables Map on 27th Ave 1 19th Ave oenix Community College IX 1 Grand Ave State Capitol 7th Ave 1. Subject Property Buena Vida 2417 W. Campbell Ave. 3 7 Dunlap Ave Phoenix Junior College 6 Osborn Rd Encanto Blvd Phoenix Junior College 8 10 Piestewa Frwy Van Buren St America West Arena 4 24th St 24th 51 4 Southwestern College 1 2 Arizona Biltmo re Country Club Camelback Rd Indian School Rd 2 Washington St Thomas Rd 44th St Stonecreek GC Hohoka Exw She Doubletree Ran Lincoln Dr Mcdonald Dr 5 52nd St Para Val Oak St 2 Remers 3429 N. 36th Street 3 Garden Cove 1626 W. Desert Cove Ave. 6 Hazelwood 645 W. Hazelwood St. 7 Hatcher Square 9430 N. 11th Ave E. Roosevelt St. 5 Anthony Arms 1615 N. 51st St. COMPARABLES COLLIERS INTERNATIONAL 13

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