3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com
AVAILABLE FOR SALE
GILBERT 4101 N. OAK STREET, GILBERT AZ 85382
Todd [email protected] 602.474.9550
Nick [email protected] 602.474.9500
FOR MORE INFORMATION, PLEASE CONTACT:
$480,000Price
4Units
1982Year Built
100%Occupancy
549 SFAvg. Unit Size
Single-StoryConstruction Type
Lee & Associates Arizona 2
TABLE OF CONTENTS
PROPERTY INFORMATION
Offering Summary .........................................................................................................................4
Property Overview .........................................................................................................................5
Property Characteristics .............................................................................................................6
LOCATION
Aerial Overview ...............................................................................................................................8
FINANCIAL ANALYSIS
Proforma ..........................................................................................................................................11
Operational Upside ...................................................................................................................12
SALE/RENT COMPARABLES
Sale Comparables ......................................................................................................................14
WHY GILBERT
Gilbert Overview .........................................................................................................................16
Todd [email protected] 602.474.9550
Nick [email protected] 602.474.9500
PRESENTED BY:
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.
LEE & ASSOCIATES ARIZONA3200 East Camelback Road, Suite 100 Phoenix, Arizona 85018
P 602-956-7777
W www.leearizona.com
PROPERTY INFORMATION
Lee & Associates Arizona 4
BRAUN APARTMENT GROUP
Gilbert 4 | Gilbert, Arizona
N OAK ST
W B
RU
CE
AV
E
N
Gilbert 4Lee & Associates is pleased to present the opportunity to acquire Gilbert 4 Apartments. The 4-unit complex is comprised of 2 one bedroom/one bath units and 2 two bedroom/one bath units. The property is single-story, block construction and possesses a number of value-add opportunities. PRICE: $480,000 PROPERTY TOURS: By appointment only.
OFFERING SUMMARY
PROPERTY INFORMATION
Lee & Associates Arizona 5
BRAUN APARTMENT GROUP
Gilbert 4 | Gilbert, Arizona
Units: 4
Year Built: 1982
Construction Type: Block
Style: Single-Story, Garden Style
Roofs: Pitched Shingle
Metering: Individually metered for utilities (electric) with a dedicated air conditioning unit for each apartment.
Location: Strong georgraphic location very near Downtown Gilbert and located within the Gilbert Heritage District Redevelopment Area and the Lacy Tract neighborhood.
Occupancy: 100%
PROPERTY OVERVIEW
PROPERTY INFORMATION
Lee & Associates Arizona 6
BRAUN APARTMENT GROUP
Gilbert 4 | Gilbert, Arizona
• Individually metered for electricity
• Charming pedestrian neighborhood
• Single-story buildings
• Hard surface flooring
• Security screen doors
• Individual front yard sitting area
• Block construction to control potential noise issues
• Ample parking
• Xeriscape
• Private block fenced backyard patio
PROPERTY CHARACTERISTICS
PROPERTY INFORMATION
LOCATION
N OAK ST W BRUCE AVE
Gilbert Rd
Gilbert 4101 N Oak St
4 Units
Gilbert Community
& Senior Center
District Lofts
Lee & Associates Arizona 8
BRAUN APARTMENT GROUP
Gilbert 4 | Gilbert, Arizona
ELLIOT RD.
GIL
BER
T R
D.
VAUGHN AVE.
PAGE AVE.
CULLUMBER AVE.
PARK AVE.
BRUCE AVE.
NO
RT
H
DISTRICTLOFTS
GILBERTCHAMBER OFCOMMERCE
FUTURE RETAILDEVELOPMENT
GILBERTCOMMUNITY
CENTER
GILBERTCOMMUNITY
CHURCH
PAGE PARK
GILBERT HERITAGE DISTRICT
PAGE COMMONS
The Gilbert 4 is located in one of the most vibrant and dynamic areas in all of Arizona. The Town of Gilbert is an upscale community with approximately 240,000 residents. Strong job and population growth continue to fuel rising home prices and personal income levels. The Gilbert 4 is more specifically located in the Downtown Gilbert Heritage District, which is the hub of Gilbert’s nightlife with shops, restaurants, bars and cultural activities that rival any submarket in the Southwestern United States.
The immediate neighborhood is within the historic Lacy Tract, which is a charming, pedestrian and quaint residential area. The Gilbert 4 is directly across the street from the Town of Gilbert Community Center and Senior Center.
AERIAL OVERVIEW
LOCATION
Lee & Associates Arizona 9
BRAUN APARTMENT GROUP
Gilbert 4 | Gilbert, Arizona
LOCATION
W BRUCE AVE
N OAK ST
N OAK ST
W WASHINGTON ST
W BRUCE AVE
W ELLIOT RD
GILBERT ELEMENTARYSCHOOL
GILBERT RD
BOYS & GIRLSCLUB OFGILBERT
GILBERT HISTORICALMUSEUM
Gilbert Community
& Senior Center
Town of GilbertFuture Retail Site
FINANCIAL ANALYSIS
Lee & Associates Arizona 11
BRAUN APARTMENT GROUP
Gilbert 4 | Gilbert, Arizona
# of Units Approx Size Avg. Current Rent Submarket Rent
Post Renovation
Rent 2 500 488$ 730$ 875$ 2 600 615$ 850$ 995$ 4 550 552$ 790$ 935$
26,472$ 37,920$ 44,880$
Gross Scheduled RentRUBSExpenses
Income SummaryGPRI/Economic Rent 26,472$ 6,618$ 37,920$ 9,480$ 44,880$ 11,220$ Less: Vacancy Loss (794)$ (199)$ 3% (1,896)$ (474)$ 5% (2,244)$ (561)$ 5%Less: Loss to Lease/ Bad Debt (529)$ (132)$ 2% (379)$ (95)$ 1% (449)$ (112)$ 1% Net Rental Income 25,148$ 6,287$ 5% 35,645$ 8,911$ 6% 42,187$ 10,547$ 6%RUBS -$ -$ 1,680$ 420$ 2,640$ 660$
Total Other Income -$ -$ 1,680$ 420$ 2,640$ 660$ Effective Gross Income (EGI) 25,148$ 6,287$ 37,325$ 9,331$ 44,827$ 11,207$
Expense SummaryTotal Expenses 9,000$ 2,250$ 36% 9,000$ 2,250$ 24% 9,000$ 2,250$ 20%
Net Operating Income 16,148$ 4,037$ 64% 28,325$ 7,081$ 76% 35,827$ 8,957$ 80%
Total/Avg:
Approximated$0/mo/avg.
Reported Rents
Gross Annual Total
Unit Type
1Bed/1Bath2Bed/1Bath
Estimated
Post Renovation Rent
Estimated Estimated
Avg. Current Rent Submarket Rent
Approximated
Post Renovation Rent $35/mo/avg.
Submarket Rent $55/mo/avg.
Approximated
PROFORMA
Information contained herein has been obtained from the owner of the property or from other sources that we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
FINANCIAL ANALYSIS
Lee & Associates Arizona 12
BRAUN APARTMENT GROUP
Gilbert 4 | Gilbert, Arizona
The Gilbert 4 is a single-story, block construction
building with pitched roofs. The property presents
an investor the opportunity to acquire a complex
with a very strong value-add upside.
The property’s rental rates are significantly below
market and allows a new owner the opportunity to
implement a tenant utility bill back (RUBS) and a
modest rental rate increase to submarket levels.
The location of Gilbert 4 is the most compelling
aspect of this offering.
FINANCIAL ANALYSIS
OPERATIONAL UPSIDE
SALE COMPARABLES
Lee & Associates Arizona 14
BRAUN APARTMENT GROUP
Gilbert 4 | Gilbert, Arizona
SALE/RENT COMPARABLES
SALE COMPARABLES
36 E. Vaughn AvenueGilbert, AZ, 85234
• Units: 4
• Year Built: 2005
• Sale Date: 03/07/2017
• Price: $505,000
• Price/Unit: $126,250
205 N. Elm StreetGilbert, AZ, 85234
• Units: 12
• Year Built: 1963
• Sale Date: 08/31/2018
• Price: $1,500,000
• Price/Unit: $125,000
301 W. Ray RoadChandler, AZ, 85225
• Units: 16
• Year Built: 1982
• Sale Date: 09/28/2018
• Price: $2,400,000
• Price/Unit: $150,000
WHY GILBERT
Lee & Associates Arizona 16
BRAUN APARTMENT GROUP
Gilbert 4 | Gilbert, Arizona
Information courtesy of the Gilbert Economic Development | gilbertedi.com
WHY GILBERT
Surprise
El Mirage
Glendale
Peoria
TollesonGoodyear
Avondale
Phoenix
Scottsdale
GILBERT
Mesa
Tempe
Chandler Queen Creek
Apache Junction
Paradise Valley
FountainHills
LitchfieldPark
Sky HarborInternational
Airport
Gila River Indian Community
Grand Ave.
ASU Polytechnic
ASU85
87
87
87
60
6060
89
101
101
101
202 202
202
143
51
10 10
17
17
N
202
PHX-MesaGateway Airport
88
25MINUTESaverage commute time
2 AIRPORTSserving international markets
34M CONSUMERSwithin a half-day truck haul
RAIL ACCESSUnion Pacific rail line
PUBLIC TRANSITbus lines link to Valley rail lines
33.6MEDIAN AGE
AZ: 37.3 | U.S. 38.3
43.7%*BACHELOR’S DEGREE
OR HIGHERAZ: 29.5% | U.S. 31.8%
*25 AND OLDER
$88,685MEDIAN
HOUSEHOLDINCOME
AZ: $54,974 | U.S. $58,100
72.6SQUARE MILES
LARGER THAN: WASHINGTON D.C.,BOSTON, MIAMI, & MINNEAPOLIS
+247,600GILBERT
POPULATION
$315,000MEDIAN HOME
SALE PRICE
3.9 MILLIONSQUARE-FEET
UNDER DEVELOPMENT
CONNECTIVITY #1MOST PROSPEROUSCITY IN THE U.S.Economic Innovation Group
#1 BEST PHOENIXSUBURBThrillist
#5 BEST CITY TO FINDA JOB IN THE U.S.WalletHub
AAA CURRENTBONDRATING
135 milesOF BIKE, EQUESTRIAL,
AND HIKING TRAILS
Top 5 FoodNEIGHBORHOOD IN
PHOENIX
Best PlaceTO RAISE A FAMILY IN AZ
PRESENTED BY:
LEE & ASSOCIATES ARIZONA3200 East Camelback Road, Suite 100 Phoenix, Arizona 85018
P 602-956-7777
W www.leearizona.com
Todd [email protected] 602.474.9550
Nick [email protected] 602.474.9500