Charter Palms Apartments $3,200,000

Transcription

1 FOR SALE Charter Palms Apartments $3,200, N 44TH STREET PHOENIX, AZ PRESENTED BY: David L. Cravath : office : cell david@phxone.net

2 CHARTER PALMS APARTMENTS 74 UNITS PHOENIX, AZ TABLE OF CONTENTS Cover Page 1 Table Of Contents 2 Executive Summary 3 Property Description 4 Charter_Palms_Pro_Forma.pdf 5 Location Maps 6 Aerial Map 7 Charter_Palms_Parcel_Map.pdf 8 Charter_Palms_Overhead.pdf 9 Charter_Overhead_Photo.pdf 10 All materials and information received or derived from PHOENIX ONE Commercial Brokerage its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither PHOENIX ONE Commercial Brokerage its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. PHOENIX ONE Commercial Brokerage will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. PHOENIX ONE Commercial Brokerage makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. PHOENIX ONE Commercial Brokerage does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by PHOENIX ONE Commercial Brokerage in compliance with all applicable fair housing and equal opportunity laws. FOR MORE INFORMATION CONTACT: DAVID L. CRAVATH Partner david@phxone.net (P) (C) We obtained the 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 otther 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 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 CHARTER PALMS APARTMENTS 74 UNITS PHOENIX, AZ EXECUTIVE SUMMARY OFFERING SUMMARY Sale Price: $3,200,000 Number Of Units: 74 Cap Rate: 7.0% NOI: $223,680 Lot Size: 3.99 Acres PROPERTY OVERVIEW Charter Palms Apartments presents a multitude of opportunities given the dynamic location on 44th Street, just south of McDowell, 1,150 feet from the 202 On and Off Ramps and only 1.2 Miles north of Phoenix Sky Harbor Airport. With nearly 875 Feet of Frontage on 44th Street and 3.99 Acres, the property presents many re-development options. The existing 74 Units are in the process of being partially re-habilitated. The Average Square feet of the units is 816 and the property is Master Metered for utilities. PROPERTY HIGHLIGHTS Nearly 875 Feet of 44th Street Frontage Building Size: 60,402 SF 3.99 Acres of Land Year Built: 1974 Zoning: R-3 R-3 Zoning Near Hotels and New Retail 74 Units Cross Streets: North 44th Street & Belleview Street FOR MORE INFORMATION CONTACT: DAVID L. CRAVATH Partner david@phxone.net (P) (C) We obtained the 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 otther 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 current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction

4 CHARTER PALMS APARTMENTS 74 UNITS PHOENIX, AZ PROPERTY DESCRIPTION PROPERTY OVERVIEW Charter Palms Apartments presents a multitude of opportunities given the dynamic location on 44th Street, just south of McDowell, 1,150 feet from the 202 On and Off Ramps and only 1.2 Miles north of Phoenix Sky Harbor Airport. With nearly 875 Feet of Frontage on 44th Street and 3.99 Acres, the property presents many re-development options. The existing 74 Units are in the process of being partially re-habilitated. The Average Square feet of the units is 816 and the property is Master Metered for utilities. LOCATION OVERVIEW Charter Palms Apartments is located directly on 44th Street just south of the McDowell 44th Street Intersection. The south boundary of the property is Belleview Street and 44th Street. The south boundary is approximately 1,150 feet north of the 202 with both and East and West Ramp. The Phoenix Sky Harbor Airport is approximately 1.2 miles from this location. In addition the property is surrounded by new Retail Development as well as numerous hotels. DISTRESSED / FORECLOSURE The current owner has made agreements with the current Lender and there will be a Trustee's sale taking place. Any interested parties are hereby advised of this pending action. In addition, the current management company has just taken over the property and is in the process of fixing down units, repairing roofs and making an assessment of the condition of the building. MASTER METERED UTILITIES The heating and cooling is provided by a Master Metered Chiller/ Boiler unit. The condition of this system is not known as this time, but it appears as if there are some potential issues. FOR MORE INFORMATION CONTACT: DAVID L. CRAVATH Partner david@phxone.net (P) (C) We obtained the 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 otther 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 current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction

5 ProForma Name of Property # UNITS CITY, STATE PROFORMA PROPERTY SUMMARY INVESTMENT SUMMARY Units Built Metering Average SF 74 Price $3,200, Price / Unit $43,243 Mater Meter Price / SF $ Pro Forma Cap Rate 7.0% PRO FORMA INCOME & EXPENSES UNIT MIX & RENT SCHEDULE UNITS TYPE SIZE RENT / SF TOTAL SF MARKET RENT MONTHLY MKT. RENT ANNUAL MKT. RENT 10 1 Bed 1 Bath 693 $0.86 6,930 $595 $5,950 $71, Bed 1 Bath 814 $ ,072 $750 $36,000 $432, Bed 1 Bath 900 $ ,400 $855 $13,680 $164, $ ,002 $733 $55,630 $667,560 INCOME UNIT ANNUAL Projected Rent Other Income GROSS RENTAL INCOME $9,021 $667,560 $243 $18,000 $685,560 Physical Vacancy 8.0% $1,143 $54,845 Concessions 3.0% $428 $20,567 Bad Debt 2.0% $286 $13,711 TOTAL NON-PERFORMANCE LOSS 13.0% $1,857 $89,123 GROSS OPERATING INCOME $8,060 $596,437 EXPENSE Payroll 10.9% $878 $65,000 Repair and Maintenance 4.4% $351 $26,000 Contract Services 3.0% $243 $18,000 Utilities 31.9% $2,568 $190,000 Marketing 1.2% $95 $7,000 Management Fees 3.0% $242 $17, Property Taxes 3.7% $295 $21,864 Insurance 1.4% $115 $8,500 OPERATING EXPENSES 59.4% $4,787 $354,257 Reserves 3.10% $250 $18,500 PROJECTED TOTAL OPERATING EXPENSES 62.50% $5,037 $372,757 PROJECTED NET OPERATING INCOME $4,660 $223,680

6 CHARTER PALMS APARTMENTS 74 UNITS PHOENIX, AZ LOCATION MAPS FOR MORE INFORMATION CONTACT: DAVID L. CRAVATH Partner (P) (C) We obtained the 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 otther 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 current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction

7 Charter Palms Apartments CHARTER PALMS APARTMENTS 74 UNITS PHOENIX, AZ AERIAL MAP FOR MORE INFORMATION CONTACT: DAVID L. CRAVATH Partner (P) (C) We obtained the 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 otther 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 current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction W W W. P H X O N E. N E T

8 Charter Palms Apartments is apparoximately 3.99 Acres comprised of 173,587 square feet of lot size. It is parcel number C. Zoning is R-3. All the information provided regarding this property should be independantly verified by any interested parties and all interested parties should not rely on this information but rather are recomended to independantly veryify all facts regarding the operation, zoning, condition, etc. regarding Charter Palms Apartments. Presently the property is in forclosure and/or default.

9 Charter Plams Apartments 3.99 Acres R-3 Zoning All information shoudl be independantly verifed by any interested parties.

10 3.99 Acres, R-3 Zoning