SCOTTSDALE
FOUNTAINHILLS
PARADISE VALLEY
PHOENIXSKY HARBOR
AIRPORT
PHOENIX
TOLLESON GOODYEAR
AVONDALE
SURPRISE
GLENDALE
SUNCITY
GILBERT
QUEENCREEK
CHANDLER
TEMPE
PEORIA
MESA
MULTI-FAMILY INVESTMENT OPPORTUNITY3101 North 32nd Street • Phoenix, Arizona • 76 Units
Av a i l a b l e Fo r P u r c h a s e
David Fogler, +1 602 224 4443, [email protected] | Steven Nicoluzakis, +1 602 224 4429, [email protected]
2300 West Pecos Road • Chandler, Arizona • 163 Units
THE OFFERINGNUMBER OF UNITS ................ 163 Units
YEAR BUILT ............................... 2014
AVERAGE UNIT SIZE .............. 860 Square Feet
PRICE ............................................ Market
TERMS .........................................All Cash
INVESTMENT FEATURES
CLASS “A” MULTI-FAMILY INVESTMENT OPPORTUNITY
“BEST IN CLASS” MULTI-FAMILY PROPERTY
3101 North 32nd Street • Phoenix, Arizona • 76 Units
THE OFFERINGNUMBER OF UNITS ..........76 Units
YEAR BUILT .................... 1969/2016
AVERAGE UNIT SIZE* .....±573 Square Feet
PRICE .......................................Market
TERMS ...................................All Cash
INVESTMENT FEATURES• New resort-style swimming pool and spa
• New pool cabanas
• New state-of-the-art fitness center
• New event and business center
• New barbecue patio
• New fire pit area
• New WiFi cafe/bar with free internet
• Newly remodeled two-story clubhouse
• Laundry facilities on site
• Gated community
• Covered parking
• Putting green
• Pet park
INTERIORS
• Completely new interiors
• New cabinets
• Stainless appliances
• Wood plan-style flooring
• Quartz countertops
• Smooth-finish walls
• Private patios
MULTI-FAMILY INVESTMENT OPPORTUNITY
Cushman & Wakefield is pleased to offer Arcadia Gardens, a 76-unit, five-building, two-story former hotel that has been readapted to an apartment community. It is located on the northeast corner of 32nd Street and Earll Drive in Phoenix, Arizona, in an area known as Arcadia Lite. This outstanding location is minutes away from major valley freeways, entertainment, shopping, dining, local schools and employment centers. Arcadia Gardens features a new resort-style swimming pool, outdoor fire pit, barbecue area, state-of-the-art fitness center, two-story clubhouse, event and business center, WiFi cafe/bar, pet park, putting green, gated entry, covered parking and modern laundry facilities. Unit interiors have been fully remodeled and include such amenities as stainless appliances, quartz countertops, wood plank-style flooring, new cabinets and modern lighting.
“Value-Add Opportunity in a Highly Desirable Location” MULTI-FAMILY PROPERTY
*Unit size is approximate
PROFORMA BASED ON CURRENT IN PLACE RENTAL RATES
FINANCIAL SUMMARY
PROFORMA BASED ON CURRENT IN PLACE RENTAL RATES
FINANCIAL SUMMARY
This information contained within this brochure has been obtained from sources other than Cushman & Wakefield. Cushman & Wakefield has not verified such information and makes no guarantee, warranty or representation about such information. It is your responsibility to independently confirm its accuracy and completeness. Any dimensions, specifications, floor plans and information may not be accurate and should be verified by you prior to the lease or purchase of the property. The value of this transaction to you depends on economic and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisor should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Unit Type % No. NRSF Rent Per SFS1 Studio 39% 30 413* $725 $1.76
A1 1 Bedroom / 1 Bath 42% 32 571* $900 $1.58
B1 2 Bedroom / 1 Bath 18% 14 918* $1,100 $1.20
100% 76 573* $868 $1.52
PROFORMA INCOMEScheduled Gross Potential Rental Income - Monthly $65,950
Scheduled Gross Potential Rental Income - Annual $791,400
Vacancy 6.00% ($47,484)
Other Loss 3.08% ($24,402)
Net Rental Income $719,515
Total Other Income $1,000/unit $76,000
Effective Gross Income Annual $795,515
PROFORMA EXPENSES PER UNIT ANNUALAdministrative $150 $11,400
Advertising $150 $11,400
Maintenance $500 $38,000
Salaries $1,250 $95,000
Utilities $600 $45,600
Subtotal Controllable Expenses $,2,650 $201,400Management Fee 3.00% $314 $23,865
Property Insurance $150 $11,400
Real Estate Taxes 2016 $781 $59,326
Replacement Reserve $250 $19,000
Total Expenses $4,145 $314,992
NET OPERATING INCOME $480,523
*Unit size is approximate
2555 E Camelback Rd Ste 400 | Phoenix, Arizona 85016
p +1 602 954 9000 | f +1 602 468 8588 cushmanwakefield.com
David FoglerExecutive Managing Directorp +1 602 224 [email protected]
Steven NicoluzakisExecutive Managing Directorp +1 602 224 [email protected]
SCOTTSDALE
FOUNTAINHILLS
PARADISE VALLEY
PHOENIXSKY HARBOR
AIRPORT
PHOENIX
TOLLESONGOODYEAR
AVONDALE
SURPRISE
GLENDALE
SUNCITY
GILBERT
QUEENCREEK
CHANDLER
TEMPE
PEORIA
MESA
CEN
TRA
L AV
E
MCDOWE L L R D
THOM AS RD
IN DIA N SCHO OL R D
CA ME L BACK RD
BE THA N Y H OME RD
56TH
ST
48TH
ST
44TH
ST
40TH
ST
32ND
ST
16TH
ST
24TH
ST
7TH
ST
7TH AVE
19TH
AVE
27TH
AVE
CHR IS-TOW N GOL F CO URSE
CAMEL BAC K COLONN ADE
PHOEN IXCOUN T RY
CLUBPHOEN IX COLLEGE
VET ERANS MEMOR IAL COLI SEUM
AR I ZON A COUN T RY CLU B
AR I ZON A BI LT MORE GOL F CO URSE
PARADI SE VALLEY COUN TR Y CLUB
MO UNTAIN SHADOW S GOL F CO URSE
ECHO CA NYON PA R K
PA PA GO PA R K
MA DIS ON PA R K
WA S HI NG TON PA R K
LIG
HT
RA
IL
CHR ISTOW N SPECT RUM MALL
PHOE NI X MO UNTAI N S PR E SE RV E
