13913-14005 N Palm St
El Mirage, AZ 85335
14 (2 Bd/1Bth) & 1 ( 1 Bd/1 Bth) Units
Palm Street 15 Unit
Offered by:
Lloyd Kaipainen, CCIM
Associate Broker
S.J. Fowler Commercial 2200 E Camelback #110 Phoenix AZ
85016
Licensed Realtor Since 1983
www.phxazapts.com 602-999-2772
Page 2
This offering of 14 (2 Bd/1 Bath) & 1 (1 Bd/1Bath) units is located in the city of El Mirage, AZ! The property is fully occupied with the exception of 1 unit which is currently being utilized as an office/storage for the property. The current owner plans to return it to a rented unit. Easy Desert Landscape makes upkeep a breeze! Plenty of parking for all units!! Located in the West Valley between Surprise and Sun City, just off US 60 and the 101. Residents enjoy a plethora of employment, shopping, and entertainment venues such as the Peoria Sports and Entertainment Complex. Venues include the Spring Training Baseball programs, as well as opportunities for live theater at the AZ Broadway Theatre and movie nights at either Harkins or AMC theaters nearby. Easy access to Grand Ave (US-60), AZ-101, and AZ-303 provides other opportunities for residents valley wide including, but not limited to, the University of Phoenix Cardinals Stadium, Tanger Outlet Mall, and Westgate Entertainment Venue. With the ready freeway access, limits are few for your happy residents!!
13913-14005 N Palm St
El Mirage, AZ 85335
Property Overview
Palm Street 15 Unit
Page 3
$1,175,000/$78,333.33 per unit
⁕ 14 Two Bedroom / One Bathroom Units & 1 One Bedroom / One Bathroom Unit ⁕ Extra unit currently used as Office/storage will be converted back to a rental unit. ⁕ Ample Parking – Surface off-street ⁕ Three Single-level buildings ⁕ Total Lot Size 25,200 SF per assessor (3 parcels/8,400 SF ea) ⁕ Original construction of buildings was in 1959 & 1973 and totally renovated in 2014-2015 ⁕ All units recently updated/refurbished 4-5 years ago. All units have ceramic tile floors. ⁕ Construction: Frame/Stucco. 2 buildings have newer steel roofs. ⁕ All units have 2 wall A/C’s and evaporative cooling systems.
Parcel #s: 501-27-075 501-27-076 501-27-077 Census Tract: 060902 Property Class: City Zoning: MU Flood Zone: X Property Taxes 2019: $2,320 2018: $2,292 2017: $2,155
13913-14005 N Palm St
El Mirage, AZ 85335
Property Facts
Palm Street 15 Unit
Page 4
Price: $1.175M Price/Unit: $78,333.33 CAPs: 4.93% (Actual); 6.75% (Proforma) Current Occupancy: 93.33%
g
Unit Mix Information
Unit Type Actual Market
Unit 1 2 Bd/1 Bath $600 $695
Unit 2 1 Bd/1 Bath $500 $600
Unit 3 2 Bd/1 Bath $600 $695
Unit 4 2 Bd/1 Bath $600 $695
Unit 5 2 Bd/1 Bath $600 $695
Unit 6 2 Bd/1 Bath $600 $695
Unit 7 2 Bd/1 Bath $580 $695
Unit 8 2 Bd/1 Bath Office-storage $695
Unit 9 2 Bd/1 Bath $580 $695
Unit 10 2 Bd/1 Bath $580 $695
Unit 11 2 Bd/1 Bath $600 $695
Unit 12 2 Bd/1 Bath $600 $695
Unit 13 2 Bd/1 Bath $600 $695
Unit 14 2 Bd/1 Bath $650 $695
Unit 15 2 Bd/1 Bath $600 $695
Expenses
Expense Current % of
Income Proforma % of
Income
Maintenance (Est @ $500/Unit) $7,500 8% $7,500 6%
Insurance (Provided by owner): $7,013.26 7% $7,013.26 6%
*Property Taxes (Actual 2019) $2,320 3% $2,320 2%
Management (Est @ 8%) $7,560 8% $9,420.96 8%
Electric (Provided by owner) $480 1% $480 0%
Water (Provided by owner) $9,860 2% $1,800 2% Trash (Provided by owner) $1,000 10% $9,860 8% Total Expense $36,533.26 39% $38,394.22 33%
Effective Gross Income $94,506 $117,762
Net Operating Income $57,972.74 $79,367.78
13913-14005 N Palm St
El Mirage, AZ 85335
Financials
Palm Street 15 Unit
Page 5
SUBJECT PROPERTY 13913-14005 N Palm St, El Mirage. AZ 85335 Unit Mix: Fourteen 2 Bed/1 Bath; One 1 Bed/1 Bath Current Rents: $500 - $650
13205 North A St, El Mirage, AZ 85335 Unit Mix: Sixteen 2 Bed/1.5 Bath Current Rents: $725 - $850
15427 N Jerry St, Surprise, AZ 85378 Unit Mix: Thirty-Four 2 Bed/1.5 Bath Current Rents: $750-$925
12731 W Amy Dr, Surprise, AZ 85768 Unit Mix: Four 2 Bed/1 Bath Current Rents: $950
12813-12815 N 113th Ave, Youngtown, AZ 85363 Unit Mix: Eight 2 Bed/1 Bath Current Rents: starting at $795
13913-14005 N Palm St
El Mirage, AZ 85335
Rental Comparables
Palm Street 15 Unit
Rental Comparables
Page 6
SUBJECT PROPERTY 13915 – 14005 N Palm St El Mirage, AZ 85335 Unit Mix: Fourteen 2 Bed/1 Bath; One 1 Bed/1 Bath Sale Price: $1,175,000/$119.80 SF/$78,333.33 per Unit
12731 W Amy Dr, Surprise, AZ 85768 Unit Mix: Four 2 Bed/1 Bath Sale Price: $285,000/$95 SF/$71,250 per unit Sale Date: 01/04/2019
15427 N Jerry St, Surprise, AZ 85378 Unit Mix: Thirty-Four 2 Bed/1.5 Bath Sale Price: $2,640,000/$84.40 SF/$77,647 per unit Sale Date: 09/30/2018
12813-12815 N 113th Ave, Youngtown, AZ 85363 Unit Mix: Eight 2 Bed/1 Bath Sale Price: $600,000/$83.33 SF/$75,000 per unit Sale Date: 04/02/2018
3
4
5
13913-14005 N Palm St
El Mirage, AZ 85335
Sales Comparables
Palm Street 15 Unit
Sales Comparables
Page 7
13913-14005 N Palm St
El Mirage, AZ 85335
Maps – El Mirage City Civic Svcs
Palm Street 15 unit
Page 8
13913-14005 N Palm St
El Mirage, AZ 85335
Location/Maps
Palm Street 15 Unit
The city of El Mirage is in the Western part of the valley and is a part of the Surprise Region; and as such, is served by the Surprise Regional Chamber of Commerce which also serves such communities as Sun City, Sun City West, Surprise, and Youngtown. The location of this property is well-suited for investors with an eye toward the future, and a vision for success!! It is away from the congested Central Phoenix Area, yet it still provides access to the needs and desires of virtually any prospective tenant with all the freeway availability!!
Page 9
13913-14005 N Palm St
El Mirage, AZ 85335
Aerial Map
Palm Street 15 Unit
Page 10
.
13913-14005 N Palm St
El Mirage, AZ 85335
Photos
Palm Street 15 Unit
