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Montecito Manor 553 W Esperanza Ave Ajo, AZ 84321 OFFERING MEMORANDUM | 10 UNITS - ALL 2BED, 1BATH
Montecito Manor
553 W Esperanza AveAjo, AZ 84321
OFFERING MEMORANDUM | 10 UNITS - ALL 2BED, 1BATH
Montecito ManorCONTENTS
Exclusively Marketed by:
Laura GoodRealtor: Commercial / Multi-Family SpecialistLic: SA639563000(480) [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.
01 Executive Summary Investment Summary 3 Unit Mix Summary 4 Location Summary 5
02 Property Description Property Features 6 Aerial Map 7 Parcel Map 8
03 Rent Roll Rent Roll 9
04 Demographics Demographics 12 Demographic Charts 13
Montecito Manor Investment Summary | 03
OFFERING SUMMARYADDRESS 553 W Esperanza Ave
Ajo AZ 84321COUNTY PimaMARKET PhoenixBUILDING SF 5,434 SFLAND SF 71,188NUMBER OF UNITS 10YEAR BUILT 1944YEAR RENOVATED 2019APN 40155472EOWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARYOFFERING PRICE $629,000PRICE PSF $115.75PRICE PER UNIT $62,900OCCUPANCY 100.00 %
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2018 Population 2,443 3,032 3,2352018 Median HH Income $36,331 $36,749 $36,9992018 Average HH Income $45,384 $45,473 $45,494
All Units are 2 Bed, 1 Bath
On-Site Laundry Facility
Updated Exterior Stucco
Recently Remodeled
New Drywall
Ceramic tile throughout
Remodeled Kitchen and Baths
Montecito Manor Apartments is a 10 Unit Apartment Complex directlyadjacent to the New Border patrol Housing and close to the Curley Schooland a short distance to The Plaza. This property consists of 2 buildings,All units are 2Bd/1Ba w/a living room and eat-in kitchen throughout. 7units are furnished and 3 are un-furnished. Furnished units have furniture,dishes, sheets, curtains, stove, & refrigerator. The unfurnished units havecurtains, stove and refrigerator. There is an on-site laundry room. Theparcel is huge at 1.634 Acres. Plenty of room to add more units. Theseapartments have been remodeled with drywall, ceramic tile floorsthroughout.
Montecito Manor Unit Mix Summary | 04
Actual MarketUnit Mix # Units Square Feet Current Rent Rent PSF Monthly Income Market Rent Market Rent PSF Market Income
2 bd + 1 ba 10 543 $715 $1.32 $7,150 $816 $1.50 $8,160
Totals/Averages 10 543 $715 $1.32 $7,150 $816 $1.50 $8,160
Montecito Manor Location Summary | 05
• ABOUT AJO AND SURROUNDING AREAAjo is a small town deep in the Sonoran Desert, 43 miles north ofthe Mexican border. Residents and visitors alike enjoy low humidity,year round blue skies and pure air.
Ajo is a town of about 4000 people in southwestern Arizona. Oncea copper mining community, Ajo became something of a retirementcommunity in the 1980s after Phelps Dodge stopped miningoperations. A recent influx of Border Patrol agents and a contingentof young people have kept the town a mix of all ages.
Though sometimes called a "sleepy mining town", Ajo has neverbeen ordinary. Even the name Ajo is different, and a bit of amystery. Depending on whom you listen to, Ajo (pronounced AH-ho) comes from either a Tohono O'odham word for paint or theSpanish word for garlic.
Ajo's climate makes it an ideal cold season retreat. Januarytemperatures average 64°. July temperatures average 103°. Yearlyrainfall of 8.95" keeps the desert plants and wildlife abundant.Rarely is humidity over 56% and averages 37%.
Spectacular sunsets silhouetting the mountains and can be seenyear-round.
For a small town, there is a lot to do, with activities ranging fromsoftball leagues to a theatre group and from church groups to golfclubs. There are many opportunities for volunteers who like to staybusy.
Regional Map
Locator Map
Montecito Manor Property Features | 06
PROPERTY FEATURESNUMBER OF UNITS 10BUILDING SF 5,434LAND SF 71,188LAND ACRES 1.634YEAR BUILT 1944YEAR RENOVATED 2019# OF PARCELS 1ZONING TYPE Rental ResidentialBUILDING CLASS CTOPOGRAPHY FlatLOCATION CLASS CNUMBER OF STORIES 1NUMBER OF BUILDINGS 2LOT DIMENSION 528.58 x 494.50 x 98.46 x 185.06NUMBER OF PARKING SPACES 10LAUNDRY ROOM SF 234
UTILITIESWATER LandlordTRASH LandlordGAS LandlordELECTRIC Landlord
CONSTRUCTIONFOUNDATION ConcreteFRAMING BlockEXTERIOR StuccoPARKING SURFACE AsphaltROOF Comp Shingle
Montecito Manor Aerial Map | 07
Montecito Manor Parcel Map | 08
Financial Summary$629,000.00
Montecito Manor - 10 Units
Montecito Manor Apartments553 W Esperanza Ave
Ajo AZ 85321
Report Prepared By
S.J. Fowler Real Estate6360 E. Brown Rd., #103Mesa, AZ 85205
Laura Good, Investment SpecialistCell: 480-406-1984
Montecito Manor Rent Roll | 09
Annual Report, Year 1553 W Esperanza Ave, Ajo AZMontecito Manor Apartments
Amenities and FeaturesMontecito Manor Apartments is a 10 Unit ApartmentComplex directly adjacent to the New Border patrolHousing and close to the Curley School and a shortdistance to The Plaza. 2 buildings. All units are 2Bedrooms, 1 Bathroom.
Physical DataNumber of Units 10Number Occupied 10Price Per Unit $62,900.00Price Per Sq Ft $115.84Rentable Sq Ft 5430Year Built 1944Land Area 71,188Buildings 2Parking Spaces 10Roof Comp ShingleZoning Rent Res.
Proposed Financing, Cash PurchasePurchase Price $629,000.00Cash Purchase $629,000.00
Initial Investment 100% DownDown Payment $629,000.00= Initial Investment $629,000.00
IncomeGross Scheduled Income $85,800.00- Vacancy @ 5.0% $4,290.00= Effective Rental Income $81,510.00= Annual Gross Operating Income $81,510.00
ExpensesTaxes $1,730.00+ Insurance $4,400.00+ Property Management @ 10.0% $8,151.00+ Water, Sewer, Electric $8,498.00+ Trash $2,280.00= Annual Operating Expenses $25,059.00
Net Operating IncomeAnnual Gross Operating Income $81,510.00- Annual Operating Expenses $25,059.00= Annual Net Operating Income $56,451.00
Cash FlowNet Operating Income $56,451.00= Annual Cash Flow Before Tax $56,451.00
Financial IndicatorsCap Rate 8.97%Gross Rent Multiplier 7.33Cash on Cash 8.97%Default Ratio (Break Even) 30.74
Prepared ByLaura Good, Investment Specialist, Cell: 480-406-1984, www.LauraGoodAZ.com, [email protected]. Fowler Real Estate, 6360 E. Brown Rd., #103, Mesa, AZ 85205
This report has been prepared based on information furnished by sources deemed reliable, however no representation or warranty, eitherexpress or implied, is made to its accuracy.
Montecito Manor Rent Roll | 10
Rent Roll at Month 1553 W Esperanza Ave, Ajo AZMontecito Manor Apartments
Rent Roll Summary (Actual)Possible Rent $7,150.00- Vacancy Rent $4,290.00= Occupied Rent $81,510.00
Total Units 10Vacant 5.0%Occupied 95.0%
Row Unit # Unit Type # of Units Beds Baths Sq Ft Rent/Unit Rent/SqFt1 #1 Furnished 1 2 1.00 543 $700.00 $1.292 #2 Furnished 1 2 1.00 543 $750.00 $1.383 #3 Furnished 1 2 1.00 543 $750.00 $1.384 #4 Un-Furnished 1 2 1.00 543 $650.00 $1.205 #5 Furnished 1 2 1.00 543 $750.00 $1.386 #6 Furnished 1 2 1.00 543 $750.00 $1.387 #7 Furnished 1 2 1.00 543 $750.00 $1.388 #8 Un-Furnished 1 2 1.00 543 $650.00 $1.209 #9 Furnished 1 2 1.00 543 $750.00 $1.38
10 #10 Un-Furnished 1 2 1.00 543 $650.00 $1.20
Prepared ByLaura Good, Investment Specialist, Cell: 480-406-1984, www.LauraGoodAZ.com, [email protected]. Fowler Real Estate, 6360 E. Brown Rd., #103, Mesa, AZ 85205
This report has been prepared based on information furnished by sources deemed reliable, however no representation or warranty, eitherexpress or implied, is made to its accuracy.
Montecito Manor Rent Roll | 11
Montecito Manor Demographics | 12
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 2,858 3,488 3,685
2010 Population 2,523 3,109 3,304
2018 Population 2,443 3,032 3,235
2023 Population 2,440 3,038 3,248
2018 African American 22 27 30
2018 American Indian 264 321 338
2018 Asian 29 35 37
2018 Hispanic 1,074 1,308 1,381
2018 White 1,755 2,193 2,350
2018 Other Race 256 313 332
2018 Multiracial 115 139 145
2018-2023: Population: Growth Rate -0.10 % 0.20 % 0.40 %
2018 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 246 302 321
$15,000-$24,999 167 210 227
$25,000-$34,999 113 135 140
$35,000-$49,999 209 267 289
$50,000-$74,999 184 240 264
$75,000-$99,999 102 123 130
$100,000-$149,999 60 75 81
$150,000-$199,999 19 24 26
$200,000 or greater 5 6 6
Median HH Income $36,331 $36,749 $36,999
Average HH Income $45,384 $45,473 $45,494
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 1,895 2,294 2,416
2010 Total Households 1,139 1,416 1,512
2018 Total Households 1,104 1,384 1,484
2023 Total Households 1,104 1,388 1,491
2018 Average Household Size 2.21 2.18 2.17
2000 Owner Occupied Housing 981 1,202 1,274
2000 Renter Occupied Housing 288 351 371
2018 Owner Occupied Housing 741 932 1,002
2018 Renter Occupied Housing 364 452 482
2018 Vacant Housing 577 695 725
2018 Total Housing 1,681 2,079 2,209
2023 Owner Occupied Housing 770 974 1,051
2023 Renter Occupied Housing 334 413 440
2023 Vacant Housing 591 714 747
2023 Total Housing 1,695 2,102 2,238
2018-2023: Households: Growth Rate 0.00 % 0.30 % 0.45 %
Source: esri
Montecito Manor Demographic Charts | 13
1 Mile Radius 3 Mile Radius 5 Mile Radius
2018 Household Income
1 Mile Radius 3 Mile Radius 5 Mile Radius
2018 Population by Race
Montecito Manor Demographic Charts | 14
2018 Household Occupancy - 1 Mile Radius
Average Income Median Income
2018 Household Income Average and Median
Montecito Manor
CONFIDENTIALITY and DISCLAIMERThe information contained in the following offering memorandum is proprietary andstrictly confidential. It is intended to be reviewed only by the party receiving it fromSJ Fowler Real Estate and it should not be made available to any other person orentity without the written consent of SJ Fowler Real Estate.
By taking possession of and reviewing the information contained herein the recipientagrees to hold and treat all such information in the strictest confidence. Therecipient further agrees that recipient will not photocopy or duplicate any part of theoffering memorandum. If you have no interest in the subject property, pleasepromptly return this offering memorandum to SJ Fowler Real Estate. This offeringmemorandum has been prepared to provide summary, unverified financial andphysical information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligenceinvestigation. SJ Fowler Real Estate has not made any investigation, and makes nowarranty or representation with respect to the income or expenses for the subjectproperty, the future projected financial performance of the property, the size andsquare footage of the property and improvements, the presence or absence ofcontaminating substances, PCBs or asbestos, the compliance with local, state andfederal regulations, the physical condition of the improvements thereon, or financialcondition or business prospects of any tenant, or any tenant’s plans or intentions tocontinue its occupancy of the subject property.
The information contained in this offering memorandum has been obtained fromsources we believe reliable; however, SJ Fowler Real Estate has not verified, andwill not verify, any of the information contained herein, nor has SJ Fowler RealEstate conducted any investigation regarding these matters and makes no warrantyor representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verifyall of the information set forth herein. Prospective buyers shall be responsible fortheir costs and expenses of investigating the subject property.
Exclusively Marketed by:
Laura GoodRealtor: Commercial / Multi-Family SpecialistLic: SA639563000(480) [email protected]
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