Melrose Place - LoopNet...2398 E. Camelback Road Suite 950 Phoenix, Arizona 85016 Tel: 602-252-4232...

25-UNIT SINGLE STORY COMMUNITY501 N. 64TH PLACE | MESA, AZ | 85205

MMelrose Place

MELROSE PLACE APARTMENTS | PAGE 2

PROPERTY VISITATIONProspective purchasers will have the opportunity to visit the property via pre-scheduled property tours. These tours will include access to a representative sampling of units and access to maintenance and other similar facilities. In order to accommodate the property’s ongoing operations, property visitation will require advance notice and scheduling.

OFFER SUBMISSIONOffers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of Purchasers’ offers including, but not limited to (1) asset pricing, (2) due diligence and closing time frame, (3) earnest money deposit, and (4) qualifications to close. The purchase terms shall require all cash to be paid at closing. Offers should be delivered to the attention of Ryan Ash and Mike Woodrick using the email or fax number information listed below.

CONTACT INFORMATIONRyan AshSenior Managing DirectorTel: [email protected]

Mike WoodrickDirectorTel: [email protected]

ARA - Phoenix2398 E. Camelback RoadSuite 950Phoenix, Arizona 85016Tel: 602-252-4232Fax: 602-952-3801www.ARAnewmark.com

OFFER SOLICITATION PROCESS


04 EXECUTIVE SUMMARY

07 PROPERTY OVERVIEW

17 VALUATION SUMMARY

21 COMPARABLE SALES

28 APPENDIX

29 CONTACT

TABLE OF CONTENTS


EXECUTIVE SUMMARYMMelrose Place

THE OPPORTUNITY

ARA is pleased to announce the availability of Melrose Place Apartments, a 25 unit pride of ownership community located in a solid B class neighborhood in Northeast Mesa. There are very few apartment communities in the Northeast Mesa submarket under 100 units. Within a 5 mile radius of the community are several major employers which include Boeing, Falcon Field, Mesa Community College and 7 golf courses, headlined by two of the highest rated courses in the state with Longbow Golf Club and Las Sendas Golf Club.

Melrose Place Apartments is a single story community constructed in 1982 of wood frame construction with a stucco exterior, pitched asphalt shingle roofs, and is individually metered for electricity. The community consists of 5 five-plex detached buildings on their own separate parcel. Each five-plex offers 4 two bedroom one bath units and 1 one bedroom one bath unit which equates to 20 two bedroom units and 5 one bedroom units for the community. All of the units offer residents covered parking, 10 of the units offer residents fireplaces and 15 of the units have private patios with front and back entrances. All units have modern kitchens with electric appliances including dishwashers, individual patios with storage units that include washer and dryer hook-ups, individual water heaters, and individual roof mounted HVAC’s. The property features low maintenance desert landscaping with a few trees and bushes throughout the community grounds. Ownership has upgraded a majority of the units with new vinyl plank flooring, new appliances, painted cabinets, resurfaced countertops, interior paint and are achieving rent increases on those upgraded units with no resistance. Currently, the property is 100% occupied and achieving $750 plus a $25 RUB charge for the 1 bedrooms and $850 plus a $25 RUB charge for the 2 bedrooms on new leases. A new owner will have the opportunity to continue to implement a higher unit upgrade to achieve even higher rents that are warranted due to the high demand rental submarket.

Melrose Place Apartments offers an investor the rare opportunity to purchase a single story pride of ownership community that is majority 2 bedroom units with private patios, and located in the strong Northeast Mesa rental market with tremendous upside in rents.

DO NOT STOP BY THE PROPERTY. PLEASE CONTACT THE LISTING AGENTS TO SCHEDULE ALL PROPERTY TOURS.

INVESTMENT HIGHLIGHTS• Pride of Ownership Single Story

Community

• Solid B Class Location in Northeast Mesa

• Majority 2 Bedroom Units with Private Patios

• All Units have Individual Washer & Dryer Hook-Ups

• 1982 Constructed, Pitched Roofs, Covered Parking

• Low Maintenance Desert Landscaping, No Pool

• 100% Occupied, Additional Upside in Rents

• New Rents for 1 Bedrooms at $750 +$25 RUB & 2 Bedrooms at $850 +$25 RUB

• New Financing Available at 4%

• Surrounded by Top Golf Courses; Longbow & Las Sendas

• Near Major Employers; Boeing, Falcon Field, Mesa Community College

TERMS OF THE OFFERING

TOTAL UNITS 25

YEAR BUILT 1982

PRICE $2,245,000

PRICE / UNIT $89,800

PRICE / SF $128.29

RENTABLE SF 17,500

AVERAGE SF PER UNIT 700

AVERAGE RENT PER UNIT $830

AVERAGE RENT PER SF $1.19


PROPERTY OVERVIEWMMelrose Place


Melrose Place Apartments

ADDRESS: 501 N. 64th PlaceMesa, AZ 85205

COUNTY: Maricopa

YEAR BUILT: 1982

NUMBER OF UNITS: 25

NUMBER OF BUILDINGS: 5

STORIES: 1

RENTABLE AREA: 17,500

AVERAGE UNIT SIZE: 700

LAND AREA: 1.27 acres

MECHANICAL SYSTEMS / METERING

ELECTRICITY: Individually metered, resident paid

WATER/SEWER: Owner paid

TRASH DISPOSAL: Owner paid

CONSTRUCTION FEATURES

• Wood Frame Construction with Stucco Exterior• Pitched Roofs

AMENITIES

COVERED PARKING

WASHER & DRYER HOOK-UPS

PRIVATE PATIOS

FIREPLACES

INDIVIDUAL STORAGE

UNIT TYPE NO. OF UNITS SQUARE FEET

PROFORMA MARKET RENT/MONTH

PROFORMA MARKET RENT/SQUARE FOOT

1 BED / 1 BATH 5 500 $750 $1.50

2 BED / 1 BATH 20 750 $850 $1.13

TOTAL / AVG. 25 710 $830 $1.19

PROPERTY DETAILS


CHRISTOWNMANOR M

Melrose Place

CHRISTOWN MANOR APARTMENTS | PAGE 11

© 2008, ALL RIGHTS RESERVED. Reprinted with permission.

© 2008, ALL RIGHTS RESERVED. Reprinted with permission.

Waterm

an Wash

Salt

Gila River

New

Salt R

iver Riv

er

Verde River

Cav

e

Agua

Fria

New

River

Rive

r

Creek

Bartlett Lake

Camp

Creek

Has

saya

mpa

R

iver

SEV

EN

SPRIN

G

B

ART

LETT

DAM

FLEMIN

G SP

RIN

GS

CAHAVA R

ANCH RD.

HONDA BOW RD.

T RD.

MIL

LER

RD

.

S R

D.

HUNT HWY.

RD.

RD.

LAK

E P

LEA

SAN

T

CLOUD RD.BELTLINE RD.

347

OCOTILLO RD.

PIMA RD.

GERMANN RD.

RAIN

BOW

PECOS RD.

ST. JOH

NS RD.

VAL

VIS

TA D

R.

GR

EEN

FIEL

D R

D.

ELLS

WO

RTH

RD

.

PECOS RD. IRO

NW

OO

D D

R.

DESERT FOOTHILLS PKW

Y.

ESTRELLA DR.

To Gold Canyon

BASELINE RD.

ES

TREL

LA

PKW

Y.

RA

INBO

W

RD

.

AIR

PORT

R

D.

DO

BSO

N

R

D.

CO

UN

TRY

LOST DUTCHMAN BLVD.

IDA

HO

RD

.

IRO

NW

OO

D D

R.

MER

IDIA

N R

D.

SIG

NA

L B

UT

TE

RD

.

McDOWELL RD.

101

PER

RYV

ILLE

RD

.

75T

H A

VE.

67T

H A

VE.

59T

H

AV

E.

51ST

AV

E.

43R

D A

VE.

16T

H S

T.

7TH

32N

D S

T.

56T

H

ST.

40T

H S

T.

LINCOLN DR.

64T

H S

T.

PIM

A

RD

.

ALM

A

SCH

OO

L R

D.

CLU

B D

R.

BU

SH H

WY.

HWY.

BUSH

BEELINE

HW

Y. McDONALD RD.

24T

H

ST

.

27T

H

AV

E.

19T

H

AV

E.

AV

E.

LIT

CH

FIEL

D R

D.

PEORIA RD.

EL M

IRA

GE

R

D.

PA

LISA

DES

B

LVD.

SUNRIDGEDR.

104T

H

ST.

McDOWELL MOUNTAIN RANCH RD.

WADDELL RD.

SUN VALLEY

REE

MS RD.

7TH

A

VE.

56T

H

ST.

32N

D S

T.

64T

H

RD

.

BELL RD.

PINNACLE PEAK RD.

TAT

UM

BLV

D.

RD.

PIMA FWY.

RD.

27T

H

A

VE.

AV

E.

91ST

AV

E.

83R

D

AV

E.

107T

H A

VE.RD

.

DEER VALLEY195T

H

AV

E.

HAPPY VALLEY RD.

CIT

RUS

RD

.

SCO

TT

SDA

LE R

D.

PIM

A

RD

.

M

ILLE

R

RD

. M

cD

OWELL

MOU

NTA

IN

P

ARK RD.

FO

UNTAI N

H

ILLS

BL

VD.

M

cDO

WEL

L

M

OU

NTA

I N

RD

.

128T

H S

T.

JOMAX RD.

Burlington Northern Santa Fe RR

DYNAMITE BLVD.

JOMAX RD.

PATTON RD. DA

CE

LN

.

CRO

ZIE

R R

D.

WHITE WING RD.

163R

D A

VE.

171S

T A

VE.

155T

H A

VE.

56T

H

S

T.

LONE MOUNTAIN RD.

118T

H S

T.

136T

H S

T.

LONE MOUNTAIN RD.

144T

H S

T.

152N

D S

T.

168T

H S

T. 176T

H S

T.

160T

H S

T.

CAVE CREEK RD.

32N

D

ST.

7TH

S

T.

24T

H S

T.

16T

H

ST.CLOUD RD.

33R

D

AV

E.

HWY.

RD

.87

TH A

VE.

N

EW R

IVER

RD.

CAREFREE HWY.

MORRISTOWN – NEW RIVER

187T

H A

VE.

DOVE VALLEY RD.

74

BEARDSLEY RD.

PINNACLE PEAK RD.

JOMAX RD.

DEER VALLEY

JOY RANCH RD.

DESERT HILLS DR.

BEARDSLEY RD.

DEER VALLEY DR.

DYNAMITE BLVD.

DIXILETA DR.

DOVE VALLEY RD.

STAGECOACH PASS

74

HAY

DEN

RD

.

THOMPSON PEAK PKWY.

DES

ERT

MTN. PKW

Y.

87

VIA LINDA

124T

H S

T.

108T

H S

T.

96T

H

ST.

92N

D S

T.

94

TH

ST

.

MOUNTAIN VIEW RD.

CACTUS RD.

THUNDERBIRD RD.

112T

H S

T.

120T

H S

T.

40T

H S

T.

CR

EEK

GREENWAY

PKWY.

CAV

ECACTUS RD.

PEORIA AVE.

GREENWAY RD.

THUNDERBIRD RD.

BELL RD.

UNION HILLS DR.

101

AG

UA

F

RIA

FW

Y.

99T

H

DEL

WE B

B BL

VD

.

115T

H

AV

E.

REE

MS

RD

.

111T

H

AV

E.

PKWY.

203R

D

AV

E.

CACTUS RD.

GREENWAY RD.

ES

TR

EL

LA

FW

Y.

CIT

RU

S

RD

.

GLENDALE AVE.

BETHANY HOME RD.

SAR

IVA

L A

VE.

ALS

UP

A

VE.

107T

H A

VE.

DY

SART

RD

. GRAN

D AVE.

CAMELBACK RD.

INDIAN SCHOOL RD.

BETHANY HOME RD.

GLENDALE AVE.

DUNLAP AVE.

NORTHERN AVE.

60

51

McDONALD DR.

44T

H S

T.

HAY

DEN

RD

.

INDIAN SCHOOL RD.

CHAPARRAL RD.

VIA DE VENTURA

101

DOUBLETREE RANCH RD.

SHEA BLVD.

VIA LINDA 12

8TH

S

T.

TOM

AH

AW

K R

D.C

RIS

MO

N R

D.

APACHE TR.

HA

WES

RD

.

SOSS

MA

N R

D.

REC

KER

RD

.

76T

H

ST.

BROADWAY RD.

UNIVERSITY DR.CEN

TER

ST.

STA

PLEY

DR

.

MES

A D

R.

BROWN RD.

McKELLIPS RD.

101

APACHE BLVD.

10WASHINGTON ST.

BROADWAY

LOWER

BUCKEYE

99T

H A

VE.

91ST

AV

E.

83R

D A

VE.

BUCKEYE RD.

THOMAS RD.

AV

ON

DA

LE

BLV

D.

107T

H A

VE.

EL M

IRA

GE

RD

.

BULL

AR

D

AV

E.

BROADWAY RD.

LOWER BUCKEYE RD.

YUMA RD.

VAN BUREN ST.

PAPAGO FWY.

JAC

KRA

BBIT

TR.

TU

TH

ILL

RD

.

WA

TSO

N

RD

.

APA

CH

E R

D.

Union Pacific RR

NARRAMORE RD.

RAY RD.

TU

TH

ILL

RD

.

BELOAT RD.

COUNTY RT. 85

SOUTHERN AVE.

INDIAN SPRINGS RD.

SOUTHERN AVE.

DOBBINS RD.

ELLIOT RD.

BASELINE RD. 60

RAY RD.

WARNER RD.

101RU

RA

L R

D.

56T

H S

T.

KY

REN

E R

D.

McC

LIN

TOC

K D

R.

PR

ICE

FW

Y.

ELLIOT RD.

GUADALUPE RD.

Union Pacific RR

SOUTHERN AVE.

POW

ER R

D.

REC

KER

RD

.

SUPERSTITION FWY.

MAIN ST.

QUEEN CREEK RD.

RITTENHOUSE RD.

PECOS RD.CO

OPE

R R

D.

GIL

BER

T R

D.

HIG

LEY

RD

.

OCOTILLO RD.

GERMANN RD.

QUEEN CREEK RD.

48T

H S

T.

10

RIGGS RD.

CHANDLER HEIGHTS RD.

HA

WES

RD

.

GA

NT

ZEL

R

D.

WILLIAMS FIELD RD.

VA

LLEY

R

D.ELLIOT RD.

MIL

L A

VE.

PRIE

ST D

R.

DEA

N R

D.

Tempe Town Lake

GO

LDFI

ELD

RD

.

88THOMAS RD.

48

TH

ST.

BU

LLA

RD

AV

E.

OLIVE AVE.

CO

TTO

N

LN

.

HAPPY VALLEY RD.

LEGEND TRA

IL

P

KW

Y.

RIO VERDE DR.

Sc

at

ter W

ash

303

MO

UN

TAIN

VIE

W R

D.

7TH

AV

E.

Skunk

Creek

136T

H

ST.

River

202

10 202

FRANK LLOYD WRIGH

T BLVD.

P

IEST

EW

A

FW

Y.

MT N. VIEW BLVD.

SU

NR

ISE

BLVD.

STARDUST BLVD.

Saguaro Lake

CEN

TR

AL

AV

E.

RD

.K

ENW

ORT

HY

COMBS RD. Queen Creek

SCH

NEP

F R

D.

SOSS

MA

N R

D.

AR

IZO

NA

A

VE.

153 143

R. H. JOHNSON BLVD.

MEE

KER BLVD.

7TH

ST

.

35T

H

AV

E.

202

17

BL

AC

K C

AN

YO

N F

WY.

HO

HO

KAM

E

XPW

Y.

LI

ND

SAY

RD

.

McQ

UEE

N R

D.

SANTAN FWY.

SAGUARO

BLV

D.

202

RED

M

OUNTAIN FWY.

WESTARDR.

ToMaricopa

MA

RICO

PA FW

Y.

RA

NC

H HOU

SE P

KW

Y.

SEVILLE BLVD.

MA

RIC

OPA

R

D.

MO

UN

TAIN

R

D.

SANTANVILLAGE

PKWY.

Agu

a F

ria

Riv

er

U

SERY

PA

SS R

D.

CHARLES BLVD.

PEBBLEC

REEK PK

WY.

VIRGINIA AVE.

WIGWAM BLVD.INDIAN SCHOOL RD.

McDOWELL RD. C

LUBH

OUSE D

R.

TU

TH

ILL

RD

.

PAT TILLMA

N BLVD.

CROZIER RD.

BO

B

ST

UM

P

M

EM

ORIAL PKWY.

HAPPY VALLEY RD.

ALM

A S

CH

OO

L

PKW

Y.

INDIAN BEND RD.

McCORMICK PKWY.

P

IMA

F

WY.

BEARDSLEY PKWY.

CANYON SPRINGS BLVD.

DESERT OAKS BLVD.

F

T.

M

cDO

WEL

L R

D.

R

D.

INV

ERG

OR

DO

N

MAYO BLVD.

VERRADO WAY

DEER VALLEY DR.

41000 N

42600 N

2510

0 W

CHANDLER MUNICIPAL AIRPORT

CHANDLER BLVD.

ESTRELLA

MOUNTAIN

REGIONAL

PARK

GILA

RIVER

INDIAN

COMMUNITY

PHOENIX

SOUTH MOUNTAIN

PARK

PHOENIX- MESA GATEWAY AIRPORT

LOST DUTCHMAN STATE PARK

PROSPECTORPARK

EQU

ESTR

IAN

PAR

K

FALCON FIELD MUNICIPAL AIRPORT

RED MTN. DISTRICT PARK

RIO SALADO PARK

PHOENIX ZOO

SKY HARBORINT'L AIRPORT PHOENIX-

GOODYEAR AIRPORT

ENCANTO PARK

CAMELBACK MOUNTAIN- ECHO CANYON REC. AREA

SALT RIVER PIMA-MARICOPA INDIAN COMMUNITY

PHOENIX MOUNTAINS PARK

& RECREATION AREAGLENDALE MUNICIPAL AIRPORT

GLENDALEARENA

LUKEAIR

FORCE BASE

WHITE TANK

MOUNTAIN

REGIONAL

PARK

THUNDERBIRD PASEO

NORTH MOUNTAIN PRESERVE

SHADOWMOUNTAIN PRESERVE

LOOKOUT MOUNTAIN PRESERVE SCOTTSDALE

MUNICIPAL AIRPORT

FORT

McDOWELL

YAVAPAI

NATION

REACH 11

RECREATION

AREA

DEER VALLEY AIRPORTADOBE DAM

RECREATION AREA

THUNDERBIRD PARK

McDOWELL

MOUNTAIN

REGIONAL

PARK

TONTO

NATIONAL

FOREST

SKYRANCHAIRPORT

BLACK MTN. SUMMIT

PRESERVE

CAVE CREEKRECREATION AREA

BEN AVERY SHOOTING FACILITY

USERY MOUNTAIN PARK

PAPAGO PARK

GO LDEN EAGLE BLVD

.

RIO SALADO HABITAT RESTORATION AREA

ARIZONASTATE

UNIVERSITY

CarefreeCave

Creek

SunCityEl

Mirage

Surprise

Sun City West Fort

McDowell

Fountain HillsParadise

Valley

Glendale

Youngtown

Litchfield Park Scottsdale

PHOENIXTollesonGoodyear

Buckeye

AvondaleMesa

Guadalupe

ApacheJunction

Gilbert

Ahwatukee

Chandler

SunLakes

Queen Creek

Tempe

Peoria

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

ToAnthem

to Wickenburg

( 8 7 7 ) C A L L - P H X118 OFFICIAL VISITORS GUIDE V I S I T P H O E N I X . C O M OFFICIAL VISITORS GUIDE 119

LOCATION MAP

MMelrose Place

MESA COMMUNITY COLLEGE - RED MOUNTAIN CAMPUSThe Red Mountain campus occupies 100 acres of beautiful Sonoran Desert in northeast Mesa. Opened in 2001, this comprehensive campus offers an intimate college environment with advanced classrooms, wireless technology, and outdoor teaching spaces. Course offerings at Red Mountain focus on university transfer programs.

Over 23,500 students currently enrolled can choose from a wide range of program options suited to their learning needs; prepare to transfer to a university, start a career, upgrade skills needed for the workplace, or pursue personal interests. MCC offers over 150 Associate of Applied Science degrees and Certificates of Completion, designed for students to improve career options or enter the job market. MCC offers a total collegiate experience that enhances academic programs and promotes student development. Extracurricular and cocurricular programs include student clubs and organizations, service-learning opportunities, international activities including study abroad, fine and performing arts, speakers and forums, and a full array of intercollegiate athletics.

FALCON FIELD AIRPORTFalcon Field is a general aviation airport owned and operated by the City of Mesa and is located just minutes from hotels & luxury resorts, major league spring training baseball, outdoor recreation, entertainment, shopping, and other metro area cities. Falcon Field also serves as a reliever to Phoenix Sky Harbor International and Phoenix-Mesa Gateway airports. The airport amenities include:

• More than 700 based aircraft• Two runways• Three national car rental firms located on-airport• More than 80 on-airport businesses provide aviation services - fueling, maintenance

and repairs, inspections, avionics, aircraft painting and aircraft interiors - to support aircraft operations, manufacturing, or research & development activities

• Aircraft charters, recreational, sight-seeing and photography flights, and flight instruction are offered by multiple on-airport businesses

OUTDOOR RECREATIONRed Mountain ParkThis large park is over 1,000 acres providing families with all sorts of outdoor activities including playgrounds, a lake that is stocked with fish, walking trails, lighted basketball courts, soccer fields, baseball fields and reservable ramadas.

Usery Mountain Regional ParkThe Usery Mountain Regional Park is 3,648 acres set at the western end of the Goldfield Mountains, adjacent to the Tonto National Forest. Along the most popular feature of the park, the Wind Cave Trail, water seeps from the roof of the alcove to support hanging gardens of Rock Daisy.

Lost Dutchman State ParkJust minutes from Mesa is the Lost Dutchman State Park, named after the fabled lost gold mine, offering a variety of hiking trails, nature trails, picnic facilities and 134 campsites. You can also take a drive on the famous Apache Trail that was once a stagecoach trail through the Supersition Mountains.

GOLF COURSESSeveral beautiful and challenging golf courses are just steps away. Enjoy breathtaking views and near perfect weather golfing, enjoying the many fantastic restaurants, or sign up for lessons at the world-famous John Jacobs Golf School. Nearby courses include:

• Painted Mountain Golf Resort• Alta Mesa Golf Club• Longbow Golf Club• Las Sendas Golf Club• Red Mountain Ranch Country Club• Apache Wells Golf Course• Viewpoint Golf Resort

BOEINGBoeing is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. A top U.S. exporter, the company supports airlines and U.S. and allied government customers in 150 countries. Boeing products and tailored services include commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training. Boeing employs more than 165,000 people across the United States and in more than 65 countries. This represents one of the most diverse, talented and innovative workforces anywhere.


VALUATION SUMMARYMMelrose Place


EXECUTIVE SUMMARYFinancial Analysis Executive SummaryMelrose PlaceMesa, Arizona

Number of Units 25 Per Unit DollarsYear Built 1982 Effective Gross Income $9,947 $248,675List Price $2,245,000 Less: Operating Expenses 3,182 79,561Price per Unit $89,800 Less: Capital Reserves 250 6,250Price per Square Foot $128.29 Net Operating Income 6,515 162,864Rentable Square Feet 17,500 Debt Service 90,031Average Square Feet per Unit 700 Net Cash Flow (10.81%) 72,833Average Rent per Unit $830Average Rent per SF $1.19

Down Payment $673,500 Proforma Cap Rate 7.25%Proposed New Loan $1,571,500 Proforma Cash on Cash Return 10.81%Loan-to-Value 70%Interest Rate 4.00%Loan Term 5 YearsAmortization 30 Years

Disclaimer

This information has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified itand make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy andcompleteness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current orfuture performance of the property. The value of this transaction to you depends on tax and other factors which should beevaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation ofthe property to determine to your satisfaction the suitability of the property for your needs.

PROPERTY OVERVIEW Proforma

Financing TermsFinancial Return


MARKET UNDERWRITING ANALYSIS

Market Underwriting AnalysisMelrose PlaceMesa, Arizona

INCOME AssumptionsGross Scheduled Rent $249,000Gross Potential Income $249,000

Less: Vacancy (5.0%) (12,450)Total Rental Income 95.00% $236,550

Plus: Utility Income $279 $7,125Plus: Other Income 200 5,000

Effective Gross Income $248,675

EXPENSES per unit

Repairs & Maintenance $500 $12,500Payroll 500 12,500Administrative/Advertising 200 5,000Metro Fire 227 5,697Utilities 900 22,500Total Variable Expenses $2,328 $58,197Taxes 276 6,902Insurance 200 5,000Management Fee 4.00% 9,462Total Operating Expenses $3,182 $79,561Plus: Capital Reserves 250 6,250Total Expenses $3,432 $85,811

NET OPERATING INCOME $162,864

Debt ServiceNew Financing - $1,571,500 (70% LTV)Debt Service (4% P & I)Cash Flow After Debt Service (10.81%) 72,833

$90,031

Proforma


UNIT MIX AND CURRENT MARKET RENTS

Unit Mix and Current Market RentsMelrose PlaceMesa, Arizona

Proforma ProformaProforma Monthly Annual

Unit No. of % Unit Proforma Rent Rent Rent TotalDescription Units Type Sq. Ft. Rents /Sq. Ft. Total Total Sq. Ft.

1 Bdrm / 1 Bath 5 20.0% 500 $750 $1.50 $3,750 $45,000 2,500

2 Bdrm / 1 Bath 20 80.0% 750 $850 $1.13 $17,000 $204,000 15,000

Total / Avg. 25 100.0% 700 $830 $1.19 $20,750 $249,000 17,500


COMPARABLE SALESMMelrose Place

2

3

1

1548 W University Dr1 Sold: $2,600,000 ($100,000/Unit)Tempe 20,393 SF Multi-Family/Apartments

1825 E Don Carlos Ave2 Sold: $1,302,000 ($93,000/Unit)Tempe 7,880 SF Multi-Family/Apartments

2850 E Baseline Rd3 Sold: $2,800,000 ($87,500/Unit)Mesa 31,648 SF Multi-Family/Apartments

316-320 S Hardy4-1 Multi-Property Sale: $1,200,000 ($100,000/Unit)Tempe 8,724 SF Multi-Family/Apartments

330 S Hardy Dr4-2 Multi-Property Sale: $1,200,000 ($100,000/Unit)Tempe 8,724 SF Multi-Family/Apartments

350 W 13th Pl5 Sold: $6,025,000 ($88,603/Unit)Mesa 55,964 SF Multi-Family/Apartments

1925 E Hayden Ln6 Sold: $2,800,000 ($93,333/Unit)Tempe 22,548 SF Multi-Family/Apartments

933-945 S Farmer Ave7 Sold: $925,000 ($92,500/Unit)Tempe 9,449 SF Multi-Family/Apartments

425 E Brown Rd8 Sold: $2,675,000 ($89,167/Unit)Mesa 25,290 SF Multi-Family/Apartments

Address City Property Info Sale Info

Copyrighted report licensed to ARA, A Newmark Company - 7983. 7/20/2017

Page 28

1548 W University Dr1 Sold: $2,600,000 ($100,000/Unit)Tempe 20,393 SF Multi-Family/Apartments

1825 E Don Carlos Ave2 Sold: $1,302,000 ($93,000/Unit)Tempe 7,880 SF Multi-Family/Apartments

2850 E Baseline Rd3 Sold: $2,800,000 ($87,500/Unit)Mesa 31,648 SF Multi-Family/Apartments

316-320 S Hardy4-1 Multi-Property Sale: $1,200,000 ($100,000/Unit)Tempe 8,724 SF Multi-Family/Apartments

330 S Hardy Dr4-2 Multi-Property Sale: $1,200,000 ($100,000/Unit)Tempe 8,724 SF Multi-Family/Apartments

350 W 13th Pl5 Sold: $6,025,000 ($88,603/Unit)Mesa 55,964 SF Multi-Family/Apartments

1925 E Hayden Ln6 Sold: $2,800,000 ($93,333/Unit)Tempe 22,548 SF Multi-Family/Apartments

933-945 S Farmer Ave7 Sold: $925,000 ($92,500/Unit)Tempe 9,449 SF Multi-Family/Apartments

425 E Brown Rd8 Sold: $2,675,000 ($89,167/Unit)Mesa 25,290 SF Multi-Family/Apartments

Address City Property Info Sale Info

Copyrighted report licensed to ARA, A Newmark Company - 7983. 7/20/2017

Page 28

14

21

ARBOR

APARTMENT NAME CITY UNITS PRICE $/UNIT $/SQ. FT. YOC SALE DATE

S Melrose Place Mesa 25 $2,245,000 $89,800 $128.29 1982 TBD

1 Arbor Tempe 26 $2,600,000 $100,000 $127.49 1964 6/16/2017

2 Don Carlos Tempe 14 $1,302,000 $93,000 $165.23 1979 3/23/2017

3 Lindsay Villas Mesa 32 $2,800,000 $87,500 $88.47 1986 2/28/2017

4 Hardy Drive Tempe 12 $1,200,000 $100,000 $137.55 1982 1/26/2017

5 Country Club Greens Mesa 68 $6,025,000 $88,603 $107.66 1985 10/31/2016

6 Hayden Terrace Tempe 30 $2,800,000 $93,333 $124.18 1984 10/3/2016

7 Farmer Tempe 10 $925,000 $92,500 $97.89 1960 9/20/2016

8 Mountain View Condos Mesa 30 $2,675,000 $89,167 $105.77 1973 8/10/2016

Averages 28 $2,540,875 $91,563 $111.75 1977

DON CARLOS

2

3

1 43

LINDSAY VILLAS HARDY DRIVE

5

COMPARABLE SALES

1 65

COUNTRY CLUB GREENS HAYDEN TERRACE

6

7 85

FARMER MOUNTIAN VIEW CONDOS

7

8


M E L R O S E P L A C E A P A R T M E N T S5 0 1 N . 6 4 T H P L A C E , M E S A 8 5 2 0 5lamar

4227 w. lamar road85019

Unit Type SF # of UnitsNo. of Units: 25 Price: 2,245,000$ 1 Bedroom / 1 Bath 500 5Year Built: 1982 Price Per Unit: 89,800$ 2 Bedroom / 1 Bath 750 20NRA: 17,500 Price Per SF: 128.29$ Totals 25

Sale Date: TBD

Property Information Sale Information

A R B O R A P A R T M E N T S1 5 4 8 W . U N I V E R S I T Y D R I V E , T E M P E 8 5 2 8 1

arbor 1548 w. university drivetempe 85281

Unit Type SF # of UnitsNo. of Units: 26 Price: 2,600,000$ Studio 400 1Year Built: 1964 Price Per Unit: 100,000$ 1 Bedroom / 1 Bath 400 3NRA: 20,393 Price Per SF: 127.49$ 2 Bedroom / 1 Bath 625 22

Sale Date: 6/16/2017 Totals 26


1

S


D O N C A R L O S A P A R T M E N T S1 8 2 5 E . D O N C A R L O S , T E M P E 8 5 2 8 1

don carlos1825 e. don carlostempe 85281


Sale Date: 3/23/2017


L I N D S A Y V I L L A S A P A R T M E N T S2 8 5 0 E . B A S E L I N E R O A D , M E S A 8 5 2 0 4lindsay villas

2850 e. baseline roadmesa 85204

Unit Type SF # of UnitsNo. of Units: 32 Price: 2,800,000$ 2 Bedroom / 2 Bath 989 32Year Built: 1986 Price Per Unit: 87,500$ Totals 32NRA: 31,648 Price Per SF: 88.47$



3

2


H A R D Y D R I V E A P A R T M E N T S3 1 6 - 3 2 0 S . H A R D Y D R I V E , T E M P E 8 5 2 8 1Hardy Drive

316-320 S. hardy drivetempe




C O U N T R Y C L U B G R E E N S A P A R T M E N T S3 5 0 W . 1 3 T H P L A C E , M E S A 8 5 2 0 1country club greens

350 w. 13th placemesa 85201


Sale Date: 10/31/2016


5

4


H A Y D E N T E R R A C E A P A R T M E N T S1 9 2 5 E . H A Y D E N L A N E , T E M P E 8 5 2 8 1

hayden terrace1925 e. hayden lane

85281

Unit Type SF # of UnitsNo. of Units: 30 Price: 2,800,000$ 2 Bedroom / 1 Bath 700 30Year Built: 1984 Price Per Unit: 93,333$ Totals 30NRA: 22,548 Price Per SF: 124.18$



F A R M E R A P A R T M E N T S9 3 3 - 9 4 5 S . F A R M E R A V E N U E , T E M P E 8 5 2 8 1farmer

933-945 s. farmer avenuetempe 85281

Unit Type SF # of UnitsNo. of Units: 10 Price: 925,000$ 1 Bedroom / 1 Bath 500 6Year Built: 1960 Price Per Unit: 92,500$ 2 Bedroom / 1 Bath 772 4NRA: 9,449 Price Per SF: 97.89$ Totals 10



7

6


M O U N T A I N V I E W C O N D O S4 2 5 E . B R O W N R O A D , M E S A 8 5 2 0 3mountain view condos

425 e. brown roadmesa 85203




8

DisclosureApartment Realty Advisors of Arizona, LLLP, a licensed Arizona Broker, (collectively, the “Agent”) has prepared this material for limited use in the acquisition of certain Property or Properties, specifically, Melrose Place Apartments in Mesa, Arizona.

The Offering Memorandum is not intended to provide a completely accurate summary of the Properties or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective purchasers may need or desire. All financial projections are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and the Agent, and therefore may be subject to variation. The Offering Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the Offering Memorandum. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers.

Neither the Owner nor the Agent nor any of their respective officers, agents or principals has made or will make any representations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any of the Contents (defined below), and no legal commitment or obligation shall arise by reason of the Offering Memorandum or the Contents. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

The Owner and Agent expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice. The Owner shall have no legal

commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property or Properties unless and until such offer for the Property or Properties is approved by the Owner, and any conditions to the Owner obligations thereunder have been satisfied or waived.

This Offering Memorandum and the Contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the “Contents”), are of a confidential nature and are not to be made available to persons not receiving copies directly from the Agent. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the Contents to any other entity (except for outside advisors retained by you if necessary, in your opinion, for your determination of whether or not to make a proposal) without the prior written authorization of the Owner or Agent, and that you will not use the Offering Memorandum or any of the Contents in any fashion or manner detrimental to the interest of the Owner or Agent.

If you have no interest in acquiring either of the Properties at this time, kindly return the Offering Memorandum forthwith.

APPENDIX


ARA Phoenix2398 E. Camelback RoadSuite 950Phoenix, AZ 85016T 602-252-4232 [email protected]

Ryan AshSenior Managing DirectorT 602-852-3784C [email protected]

Mike WoodrickDirectorT 602-852-3789C [email protected]

RELATIONSHIPS THAT DELIVER RESULTS.

www.aranewmark.com

© ARA. All Rights Reserved

MMelrose Place

Date post:	21-Feb-2021
Category:	Documents
Upload:	others
View:	4 times
Download:	0 times

Melrose Place - LoopNet...2398 E. Camelback Road Suite 950 Phoenix, Arizona 85016 Tel: 602-252-4232...

Documents