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VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY. 16801...

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VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY 16801 North 49th Street Scottsdale, Arizona 164 Units Available For Purchase David Fogler, +1 602 224 4443, [email protected] | Steven Nicoluzakis, +1 602 224 4429, [email protected]
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Page 1: VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY. 16801 North 49th Street • Scottsdale, Arizona • 164 Units Available For Purchase. David

VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY

16801 North 49th Street • Scottsdale, Arizona • 164 Units

Available For Purchase

David Fogler, +1 602 224 4443, [email protected] | Steven Nicoluzakis, +1 602 224 4429, [email protected]

Page 2: VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY. 16801 North 49th Street • Scottsdale, Arizona • 164 Units Available For Purchase. David

NUMBER OF UNITS ..........163 Units

YEAR BUILT ..........................2014

AVERAGE UNIT SIZE .......860 Square Feet

PRICE .......................................Market

TERMS ...................................All Cash

16801 North 49th Street • Scottsdale, Arizona • 164 Units

THE OFFERINGNUMBER OF UNITS ..........164 Units

YEAR BUILT ..........................1984

AVERAGE UNIT SIZE .......±814 Square Feet

PRICE .......................................Market

TERMS ...................................All Cash

INVESTMENT FEATURES• Brand new state-of-the-art fitness center

• Two swimming pools (one an Olympic style

lap pool)

• Poolside clubhouse

• Outdoor barbecue grills

• Covered parking

• Gated access

• Fire pit by main pool

• Free WiFi

INTERIORS

• 9-foot or vaulted ceilings

• All-electric kitchens

• Refrigerators, diswashers and microwaves

• Carpeting

• Mini-blinds

• Extra storage

• Washer/dryers in units

• Patios/balconies

• Wood-style flooring in upgraded units

• Pantries*

• Walk-in closets*

*In Select Units

VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY

Cushman  &  Wakefield is pleased to offer TATUM PLACE, a 164-unit Class “B” apartment community located east of the southeast corner of Tatum Boulevard and Bell Road on 49th Street in Northeast Phoenix, Arizona. This location offers residents easy access to the State Route 51 and Loop 101 freeways, providing immediate access to employment and “world-class” entertainment, shopping and dining venues in Scottsdale and Northeast Phoenix. Approximately 25% of the unit interiors have been recently upgraded while most of the property exterior and common areas have been upgraded. However, there is still significant opportunity to add value by completing interior renovations to the remaining “untouched” units while at the same time adding finishing touches to the already renovated units that will allow for even further growth in the market rental rates.

“Highly Desirable Location With Value-Add Potential” THE PROPERTY

Page 3: VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY. 16801 North 49th Street • Scottsdale, Arizona • 164 Units Available For Purchase. David

PROFORMA BASED ON CURRENT AVERAGE MARKET RENTAL RATESFINANCIAL SUMMARY

UNIT MIXUnit Type % No. NRSF Rent Per SF

A1 - Classic 1 Bedroom / 1 Bath 20% 32 681 $915 $1.34

A1R1 - Level 1 Premium 1 Bedroom / 1 Bath 12% 19 681 $1,015 $1.49

A1R2 - Level 2 Premium 1 Bedroom / 1 Bath 5% 9 681 $1,090 $1.60

B1 - Classic 2 Bedroom / 2 Bath 5% 8 858 $995 $1.16

B1R1 - Level 1 Premium 2 Bedroom / 2 Bath 8% 13 858 $1,095 $1.28

B1R2 - Level 2 Premium 2 Bedroom / 2 Bath 12% 19 858 $1,170 $1.36

B2 - Classic 2 Bedroom / 2 Bath 24% 40 912 $1,045 $1.15

B2R1 - Level 1 Premium 2 Bedroom / 2 Bath 7% 11 912 $1,145 $1.26

B2R2 - Level 2 - Premium 2 Bedroom / 2 Bath 8% 13 912 $1,220 $1.34

Totals / Averages 100% 164 814 $1,055 $1.30

PROFORMA INCOMEScheduled Gross Potential Rental Income - Monthly $171,324 Scheduled Gross Potential Rental Income - Annual $2,055,893Vacancy 5.00% ($102,795)Other Loss 2.25% ($46,257)Net Rental Income $1,906,841Total Other Income $1,495/unit $245,180Effective Gross Income Annual $2,152,021

PROFORMA EXPENSES PER UNIT ANNUALAdministrative $250 $41,000Advertising $215 $35,260Maintenance $625 $102,500Salaries $1,400 $229,600Utilities $1,215 $199,260Subtotal Controllable Expenses $3,705 $607,620Management Fee 3.00% $394 $64,561Property Insurance $150 $24,600Real Estate Taxes 2018 $765 $125,384Replacement Reserve $250 $41,000Total Expenses $5,263 $863,165

NET OPERATING INCOME $1,288,856

Page 4: VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY. 16801 North 49th Street • Scottsdale, Arizona • 164 Units Available For Purchase. David

2555 E Camelback Rd Ste 400 | Phoenix, Arizona 85016

p +1 602 954 9000 | f +1 602 468 8588 cushmanwakefield.com

David Fogler+1 602 224 [email protected]

Steven Nicoluzakis+1 602 224 [email protected]

SCOTTSDALE

FOUNTAINHILLS

PARADISE VALLEY

PHOENIXSKY HARBOR

AIRPORT

PHOENIX

TOLLESONGOODYEAR

AVONDALE

SURPRISE

GLENDALE

SUNCITY

GILBERT

QUEENCREEK

CHANDLER

TEMPE

PEORIA

MESA

48TH STREET

TATUM BLVDBELL RD

CAVE BUTTES RECREATION AREA

SUMCO

DEER VALLEY MUNICIPAL AIRPORT

PARADISE VALLEY COMMUNITY

COLLEGEPARADISE

VALLEY PARK

SUPERCENTER

MAYO CLINIC

DESERT RIDGEABRAZO HOSPITAL SCOTTSDALE

CAMPUS

AMERICAN EXPRESS

©2018 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future property performance.


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