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3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
FOR MORE INFORMATION, PLEASE CONTACT:
Todd Brauntbraun@leearizona.comD 602.474.9550C 602.710.3300
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 2
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
TABLE OF CONTENTS
Property Information Offering Summary ................................................................................................................................................................................... 4
Property Overview .................................................................................................................................................................................. 5
Community Amenities ............................................................................................................................................................................ 6
Unit Amenities ......................................................................................................................................................................................... 7
Location Neighborhood Amenities ...................................................................................................................................................................... 9
Aerial Overview ....................................................................................................................................................................................... 11
Financial Analysis Proforma ................................................................................................................................................................................................... 13
Sales Comparables Sales Comparables ................................................................................................................................................................................. 15
Rent Comparables .................................................................................................................................................................................. 16
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 3
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
PROPERTY INFORMATION
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 4
Lee & Associates is pleased to present the opportunity to acquire the 675 South apartments. The 12 unit complex is comprised of all 2 bedroom condos. 675 South is a mix of three and five story buildings built with block, concrete, and steel. OFFERING TERMS: Cash / New Debt PRICE: $4,650,000 PROPERTY TOURS: By appointment only.
OFFERING SUMMARY
PROPERTY INFORMATION
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 5
Units: 12 Year Built: 2009 Construction Type: Block, Concrete & Steel Style: Three & Five Story Urban Contemporary Average Unit Size: +/- 1,578 Sqft.
PROPERTY OVERVIEW
PROPERTY INFORMATION
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 6
• Excellent location in highly desirable
area
• Built in 2009
• Private two car garage parking
• Gated common area and hallways
• Walking distance to iconic dining,
shopping and entertainment
• Elevator served
• Pet run
• BBQ area
• Condominium mapped
COMMUNITY AMENITIES
PROPERTY INFORMATION
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 7
• Spacious units with well conceived floor plans
• Concrete floors
• Caesarstone countertops
• Full-size pantry*
• Modern black appliance package
• Cable television and high-speed internet access
• Ultra contemporary, industrial style units
• 10 foot exposed ceilings
• Living room garage doors w/ electric opener
• Scenic views
• Euro style cabinets
• Washer/dryer in each unit
• Private balconies
• Private two car garages
• Bamboo staircase
• Frosted glass entry doors
• Lighted and secured hallways
UNIT AMENITIES
PROPERTY INFORMATION
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 8
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
LOCATION
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 9
UN
IVER
SITY
DR
.
UN
IVER
SITY
DR
.
ROOSEVELT ST.
ROOSEVELT ST.
MILL AVE.MILL AVE.
+/- 75,000 STUDENTSs
MIXED USE
SUN DEVILSUN DEVILSTADIUMSTADIUM
LOCATION
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 10
WILSO
N ST.
WILSO
N ST.
ROO
SEV
ELT
ST.
ROO
SEV
ELT
ST.
MILL AVE.MILL AVE.
CAMELBACK MOUNTAIN CAMELBACK MOUNTAIN
PAPAGO PARK PAPAGO PARK
202
LOCATION
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 11
McC
linto
ck D
r.M
cClin
tock
Dr.
Rur
al R
d.
Rur
al R
d.
University Dr.University Dr.
Rio Salado PkwyRio Salado Pkwy
Pri
est
Dr.
Pri
est
Dr.
Broadway Rd. Broadway Rd.
Mill
Ave
. Dis
tric
tM
ill A
ve. D
istr
ict
675 S. ROOSEVELT
Mill
Ave
.M
ill A
ve.
202
202
143
CURRY RD.CURRY RD.
Apache Blvd.Apache Blvd.
LIGHT RAIL
LIGHT RAILLIGHT RAILLIGHT RAIL
MIXED USE
TEMPETEMPEBEACHBEACHPARKPARK
675 South is located in the vibrant city of Tempe and benefits from proximity to Arizona State University, with an enrollment in excess of 75,000+/- students, and the Tempe Town Lake business corridor, with 40,000 nearby employees.
Residents at 675 South are a short walk away from the Mill Avenue District, which offers vibrant dining, nightlife, shopping, and culture entertainment.
Tempe enjoys and maintains one of the most thriving economic environments in the country with top research firms, Fortune 500 companies, Technology startups, all of which are supported by one of the largest and most innovative universities in the country.
AERIAL OVERVIEW
LOCATION
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 12
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
FINANCIAL ANALYSIS
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 13
PROFORMA
667755 SS.. RROOOOSSEEVVEELLTTTTeemmppee,, AArriizzoonnaa 8855228811
TTyyppee ## ooff UUnniittss SSqq.. FFtt.. ± TToottaall SSqq.. FFtt.. ± CCuurrrreenntt RReenntt PPrrooffoorrmmaa RReenntt
2 Bedroom 2.5 Bath 2 1,642 3,284 $2,050 $2,400
2 Bedroom 3 Bath 5 1,565 7,825 $2,000 $2,300
2 Bedroom 2.5 Bath 5 1,565 7,825 $1,950 $2,200
TToottaall//AAvvgg.. 1122 11,,557788 1188,,993344 $$22,,000000 $$22,,330000
$331,200
(13,248)
$317,952
Other Income $2,400TTOOTTAALL IINNCCOOMMEE $$332200,,335522
$2,040
$7,200
$10,900
$5,000
$42,924
$3,470
$9,141
$2,400TTOOTTAALL EEXXPPEENNSSEESS $$8833,,007755
($6,923/Unit)
NNEETT OOPPEERRAATTIINNGG IINNCCOOMMEE $$223377,,227777
Management Fee
Property Insurance
Reserves/Capital
Utilities
Payroll
OOPPEERRAATTIINNGG EEXXPPEENNSSEESS
Property Taxes*
Repairs & Maintenance
SSCCHHEEDDUULLEEDD RREENNTTAALL IINNCCOOMMEE
Gross Market Rent
Vacancy Loss
NET RENTAL INCOME
Administrative
PROFORMA NOTESCurrent rental rates average approx. $2,000 per Month, while maintaining 100% occupancy. Submarket rental comparables support a significantly higher potential rate structure, which would exceed an average rental rate of $2,300 per Month.
* There are preliminary indications of a substantial property tax reduction through appeal after a removal of the condominium plat.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
FINANCIALANALYSIS
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 14
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
SALES/RENT COMPARABLES
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 15
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
SALES/RENTCOMPARABLES
SALES COMPARABLES
PPRROOPPEERRTTYY AADDDDRREESSSS ## OOFF UUNNIITTSS YYRR BBUUIILLTT SSAALLEE DDAATTEE PPRRIICCEE PPRRIICCEE// UUNNIITT
1301 W. 4th Street Tempe, AZ 85281
15 2018 06/30/20 $7,000,000 $466,667
Lyra 2950 N. 38th Street Phoenix, AZ 85018
18 2020 06/16/20 $8,106,000 $450,333
West Sixth Tempe 115 W. 6th Street Tempe, AZ 85281
375 2011 02/26/20 $123,000,000 $328,000
Dolce Villagio Townhomes 202 S. Hardy Drive Tempe, AZ 85281
37 2007 02/11/20 $11,500,000 $310,811
The Newport 1106 E. Weber Drive Tempe, AZ 85281
38 2018 12/13/19 $7,450,000 $438,235
The Aeries 3214 N. 70th Street Scottsdale, AZ 85251
16 2019 11/08/19 $7,800,000 $487,500
7 on Fifth 1214 W. 5th Street Tempe, AZ 85281
7 2018 03/05/19 $3,073,500 $439,071
959 S. Ash Avenue Tempe, AZ 85281
7 2013 08/31/18 $2,750,000 $392,857
1000 on 5th 1000 W. 5th Street Tempe, AZ 85281
19 2016 06/30/17 $6,600,000 $347,368
Farmer Avenue Lofts 352 – 398 S. Farmer Avenue Tempe, AZ 85281
18 2008 12/30/15 $9,180,000 $510,000
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 16
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
SALES/RENTCOMPARABLES
RENT COMPARABLES
PPRROOPPEERRTTYY AADDDDRREESSSS UUNNIITT TTYYPPEE SSIIZZEE ((SSFF)) AASSKKIINNGG RREENNTT
Skywater at Town Lake 601 W. Rio Salado Pkwy. Tempe, AZ
2BD/1.75BA 1,342 $1,820
West 6th 115 W. 6th Street Tempe, AZ
2BD/2.5BA 1,912 $2,211
Vela 555 N. College Avenue Tempe, AZ
2BD/1.75BA 1,143 $2,089
The Hyve 1260 E. University Drive Tempe, AZ
2BD/2BA 1,284 $1,933
Salt 260 E. Rio Salado Pkwy. Tempe, AZ
2BD/1.75BA 1,276 $2,663
Lakeside Drive 500 W. 1st Street Tempe, AZ
2BD/1.75BA 1,340 $2,306
Farmer Avenue Lofts 352 S. Farmer Tempe, AZ
3BD/2.5BA 2,400 $3,500
Roosevelt Luxury Townhomes 233 S. Roosevelt Tempe, AZ
2BD/2.5BA 1,493 $2,650
3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 17
AVAILABLE FOR SALE675 SOUTH
675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA
Todd BraunPrincipal602.474.9550tbraun@leearizona.comwww.braunapartmentgroup.com
3200 E. Camelback Road, Suite 100Phoenix, AZ 85018
602.956.7777www.leearizona.com