AVAILABLE FOR SALE GILBERT 4 - pdf.leeazmail.compdf.leeazmail.com/pdfs/Braun/Gilbert4_OM.pdfTempe Chandler Queen Creek Apache Junction Paradise Valley Fountain Hills Litchfield Park

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



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



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





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





• 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


LOCATION

N OAK ST W BRUCE AVE

Gilbert Rd

Gilbert 4101 N Oak St

4 Units

Gilbert Community

& Senior Center

District Lofts




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




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




# 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




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




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


• Sale Date: 08/31/2018

• Price: $1,500,000


301 W. Ray RoadChandler, AZ, 85225

• Units: 16


• Sale Date: 09/28/2018

• Price: $2,400,000


WHY GILBERT




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



Documents

AVAILABLE FOR SALE GILBERT 4 - pdf.leeazmail.compdf.leeazmail.com/pdfs/Braun/Gilbert4_OM.pdfTempe Chandler Queen Creek Apache Junction Paradise Valley Fountain Hills Litchfield Park