INCOME & EXPENSES · 308 E VOGEL AVENUE, PHOENIX, AZ EXECUTIVE SUMMARY OFFERING SUMMARY Offering Price: $549,000 Number Of Units: 6 Cap Rate: 6.23% NOI: $34,219 Lot Size: 0.39 Acres

ARVLE KNIGHT, CCIM Associate Broker

SCOTT TREVEY, CCIM Senior [email protected] (P) 602.445.4114 (C) 480.205.0862

[email protected] (P) 602.885.8000 (C) 602.885.8000

The information contained herein is from sources believed to be reliable. While we do not doubt itsaccuracy, we have not verified it and make no guarantee, warranty or representation about it. ThePurchaser is advised to independently verify the accuracy and completeness of the information in orderto determine the suitability of the property for the Purchaser’s needs.

KLCommercialGroup.com

PROPERTY HIGHLIGHTS

• 1 block from Honor Health John C Lincoln Hospital

• Copper Fresh Water lines installed

• 6 individually condo-mapped units

• New electrical service panels

• Interior upgrades include dishwashers

• Back doors and back yards

• Semi-private shared courtyard

• Lit covered parking

Vogel Condos308 E VOGEL AVENUE, PHOENIX, AZ

EXECUTIVE SUMMARY

OFFERING SUMMARY

Offering Price: $549,000

Number Of Units: 6

Cap Rate: 6.23%

NOI: $34,219

Lot Size: 0.39 Acres

Building Size: 4,480 SF

Year Built: 1981

Renovated: 2018

Zoning: M-M, R-3

308 E Vogel Avenue, Phoenix, AZ, 85020

UNITS: 6

LOT SIZE: 0.39 AC

BUILDING SIZE: 4,480 SF

PARCEL: 159-45-112, 159-45-113, 159-45-114,159-45-115, 159-45-116, 159-45-117

COOLING/HEATING: Heat Pumps

PARKING: Covered 1 space per unit

ROOF: Pitched Composition

CONSTRUCTION: Block / concrete

BUILT: 1981

UTILITIES: Indiv metered (tenant pays all)

ZONING: M-M, R-3

LAUNDRY: none

Directions: Central Avenue to Vogel Avenue, East toproperty on north side of the street

SITE INFORMATION

PROPERTY DESCRIPTION

The Vogel Condos consist of six (6) individually condo-mapped units on theirown tax parcels. Built in 1956 and 1981, these units have been renovated in2017 and 2018. Significant capital upgrades have been completed at theproperty including roof replacement, the installation of freshwater copperwater lines, and the installation of upgraded electrical service panels. Withwell-lit covered parking, back entry doors and back yards, these VogelCondos offer attractive amenities the larger rental properties do not. And ascondominiums these units are individually metered not only for electric butalso for water, sewer and trash. Owner has no utilities bills to pay.

Central to the highly sought after and very desirable North Central corridor,the Vogel Condos offer proximity to shopping, eateries, nightlife andemployment. The property is one block north of Banner John C. LincolnHospital.

$549,000 Offering Price$164,700 Down Payment

$384,300 Proposed Loan (5.25%)

Projected Cash Flow$43,567 NOI

- $27,635 Loan Payments$15,932 Annual Cash Flow

Return on Investment$15,932 / $164,700 9.67% (Cash on Cash)

INCOME & EXPENSESCURRENT PROFORMA

Units Mix Size (sf) Rent Rent/sf Total Rent Total

5 2 br / 1 ba 771 $640 $0.83 $3,200 $795 $3,9751 1 br / 1 ba 624 $650 $1.04 $650 $695 $695

6 4,479 3,850 4,670

Current Rents Market RentsGross Monthly Income $3,850 $4,670Gross Rents $46,200 $56,040

Sub-mrkt Vacancy -$2,310 -$2,802Gross Operating Income $43,890 $53,238

Less Estimated Expenses -$9,671 -$9,671Net Operating Income $34,219 $43,567

Estimated Annual ExpensesRepair & Maint $3,000 $3,000Insurance $1,780 $1,780Property Taxes $1,891 $1,891Replacement $3,000 $3,000Utilities $0 $0

TOTAL $9,671 $9,671

Per Unit / SF $1,611 / $2.16 $1,611 / $2.16

FINANCING AND INVESTMENT RETURN

Current Rents Proforma RentsOffering Price $549,000 $549,000Price / Unit $91,500 $91,500Price / sf $122.54 $122.54Cap Rate 6.2% 7.94%GRM 11.9 9.8

SALE INFORMATION


INVESTMENT SUMMARY











UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

CURRENTRENT

CURRENTRENT (PER SF)

MARKETRENT

MARKETRENT/SF

1 2 1 784 $700 $0.89 $795 $1.01

2 1 1 624 $650 $1.04 $695 $1.11

3 2 1 720 $700 $0.97 $795 $1.10

4 2 1 784 $600 $0.77 $795 $1.01

5 2 1 784 $600 $0.77 $795 $1.01

6 2 1 784 $600 $0.77 $795 $1.01

Totals/Averages 4,480 $3,850 $0.86 $4,670 $1.04


RENT ROLL







ADDITIONAL PHOTOS







ADDITIONAL PHOTOS






PROPERTY HIGHLIGHTS

• 1 block from Honor Health John C Lincoln Hospital

• Copper Fresh Water lines installed

• 6 individually condo-mapped units

• New electrical service panels

• Interior upgrades include dishwashers

• Back doors and back yards

• Semi-private shared courtyard

• Lit covered parking

• Tenants pay 100% of all Utilities

• Very low operating expenses

• Condo-mapped, but no HOA, CC&Rs

• Strong upside in rents


COMPLETE HIGHLIGHTS







LOCATION MAPS






* Demographic data derived from 2010 US Census

POPULATION 1 MILE 3 MILES 5 MILESTOTAL POPULATION 15,060 109,032 340,735MEDIAN AGE 39.0 38.0 36.7MEDIAN AGE (MALE) 38.2 37.3 36.0MEDIAN AGE (FEMALE) 40.1 38.7 37.7

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTOTAL HOUSEHOLDS 6,237 45,249 141,078# OF PERSONS PER HH 2.4 2.4 2.4AVERAGE HH INCOME $53,688 $71,019 $67,429AVERAGE HOUSE VALUE $232,515 $360,246 $311,250


DEMOGRAPHICS MAP

Documents

INCOME & EXPENSES · 308 E VOGEL AVENUE, PHOENIX, AZ EXECUTIVE SUMMARY OFFERING SUMMARY Offering Price: $549,000 Number Of Units: 6 Cap Rate: 6.23% NOI: $34,219 Lot Size: 0.39 Acres