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FOR SALE Presidio House Apartments · PDF file Zach Stone, Assistant Multifamily & Investment Sales +1 520 546 2730 [email protected] ... Tucson, AZ 85716 FOR SALE ... • Stainless

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  • Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716

    FOR SALE

    Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question. 2/19/2019

    Property Highlights

    • Presidio House Apartments is a luxury student housing

    development consisting of 16 total bedrooms across three

    2-story individual houses.

    • The property has a 5 bedroom-2.5 bath 2,390 SF house, a

    6 bedroom-3 bath 2,271 SF house and a 5 bedroom-2

    bath 1,737 SF house.

    • Ideal student housing opportunity, just minutes from U of A

    campus

    • Tenants responsible for all utilities except internet

    Property Features

    Sale Price $900,000 $850,000

    Price per Bed $53,125

    Number of Bedrooms 16

    Rentable Square Feet 6,398

    CAP Rate 7.53%

    Allan Mendelsberg, Principal

    Multifamily & Investment Sales

    +1 520 546 2721

    [email protected]

    Logan Nagel, Assistant

    Multifamily & Investment Sales

    +1 520 546 2740

    [email protected]

    PICOR Commercial Real Estate Services

    5151 E. Broadway Blvd, Suite 115

    Tucson, Arizona 85711 phone: +1 520 748 7100

    picor.com

    Zach Stone, Assistant

    Multifamily & Investment Sales

    +1 520 546 2730

    [email protected]

  • Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716

    FOR SALE

    Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question. 2/19/2019

    Location Overview

    Presidio House Apartments is located along Presidio Road, between Tucson Blvd and Country Club Road. It is near

    various retail and service opportunities including Campbell Plaza just two blocks to the west. The plaza includes

    Albertson’s, Ace Hardware, Ross, Five Guys Burgers, Panda Express, Rubio’s, Jamba Juice, Old Chicago Pizza,

    Sauce, and more. Presidio House is also just 1.3 miles from the attractive Grant & Tucson intersection, which offers

    a variety of destinations such as Culinary Dropout, Orangetheory Fitness, and the newly announced Snooze Eatery.

    At 3.2 miles from the University of Arizona, Presidio House boasts easy access to world-class higher education and

    cultural opportunities, making it the perfect location for students looking to enjoy luxury off-campus housing. It is

    conveniently located along the University bus route and is also situated near bike lanes going directly to campus.

    Additionally, the property is just a few blocks from La Madera Park, giving access to outdoor basketball courts, on-

    site exercise equipment and an expansive picnic area.

    MULTI-FAMILY

    Presidio

  • Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716

    FOR SALE

    Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question. 2/19/2019

    SUBJECT

    Downtown

    Tucson

    MULTI-FAMILY

  • Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716

    FOR SALE

    Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question. 2/19/2019

    Pro Forma

    Income Statement

    Marketing

    Proforma

    Proforma

    Per Unit

    Proforma

    PSF

    ‘17-’18

    School Year

    Aug.-Dec.

    Annualized

    RENTAL INCOME

    Gross Market Rent $97,680 $32,560 $15.27

    Vacancy Loss -$4,884 -5.0% -$0.76

    Gross Rent $92,796 $30,932 $14.50

    Concessions & Bad Debt -$928 -1.00% -$0.15

    Net Rental Income $91,868 $30,623 $14.36 $88,335 $91,836 Other Income (Fees,

    various reimbursements, etc) $4,000 $1,333 $0.63 $15,716 $3,985

    TOTAL INCOME $95,868 $31,956 $14.98 $104,051 $95,822

    OPERATING EXPENSES

    Marketing $2,000 $667 $0.94 $4,232 $2,406

    General & Admin $1,000 $333 $0.16 $626 $0 Repairs, Maintenance &

    Supplies $2,800 $933 $0.44 $6,115 $2,403

    Contract Services $1,900 $633 $0.30 $1,861 $1,508 Utilities (All utilities billed

    back to residents; owner

    pays internet) $2,600 $867 $0.41 $16,660 $2,556

    Turnover $2,000 $667 $0.31 $1,734 $2,005

    TOTAL VARIABLE $12,300 $4,100 $1.92 $31,227 $10,877

    Property Taxes $9,832 $3,277 $1.54 $9,916 $9,832

    Property Insurance $2,000 $667 $0.31 $1,598 $1,756

    Management Fee $6,711 7% $1.05 $0 $6,708

    Reserves $1,000 $333 $0.16 $0 $900

    TOTAL EXPENSES $31,843 $10,614 $4.98 $42,741 $30,073

    NET OPERATING INCOME $64,025 $21,342 $10.01 $61,310 $65,748

    STABILIZED MARKET

    VALUATION

    Value $850,000

    Per Unit $283,333

    Per Bed $53,125

    Per Sq. Ft. $132.85

    Cap Rate

    ‘17-’18 School Yr 7.21%

    Aug.-Dec. Annualized 7.74%

    Mktg Proforma 7.53%

    Type # of Units Sq. Ft. Total S.F.

    Rent

    per S.F.

    Total

    Monthly

    Rent Stabilized Rent

    5 BD / 2 BA 1 1737 1,737 $1.45 $2,515 $2,515

    5 BD/ 2.5 BA 1 2390 2,390 $1.06 $2,530 $2,530

    6 BD / 3 BA 1 2271 2,271 $1.36 $3,095 $3,095

    Total/Avg. 3 2,133 6,398 $1.27 $8,140 $2,713

    MULTI-FAMILY

  • Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716

    FOR SALE

    Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question. 2/19/2019

    Floor Plan – 5-BD/2BA 1,737 SF MULTI-FAMILY

    First Floor

    Second Floor

  • Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716

    FOR SALE

    Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question. 2/19/2019

    Floor Plan – 5-BD/2.5BA 2,390 SF MULTI-FAMILY

    First Floor Second Floor

  • Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716

    FOR SALE

    Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question. 2/19/2019

    Floor Plan – 6-BD/3BA 2,271 SF MULTI-FAMILY

    Second Floor

    First Floor

  • Presidio House Apartments 2912 & 2916 E. Presidio, Tucson, AZ 85716

    FOR SALE

    Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright