Jentilly Place Apartments DESCRIPTION Tempe’s central location makes it a great place to do busi-ness. With more than 200 commercial, retail, industrial, and office parks, many near

Investment Property Offering

An 8 Unit Apartment Complex Located in Tempe, Arizona

Jentilly PlaceApartments

1416 South Jentilly Lane Tempe, AZ

Bill Hahn Senior Vice President 602 222 5105 – Direct 602 418 9578– [email protected]

Jeffrey Sherman Senior Associate 602 222 5109 – Direct602 694 1127 – [email protected]

Trevor Koskovich Senior Associate602 222 5145 – Direct480 227 7420 - [email protected]

www.colliers.com/phoenix

Table of Contents I Executive Summary 1

II Financial Summary 4

III Comparables Rent 5 IV Property Photos 8

V Location Maps Aerial Far 9 Aerial Close 10 Parcel Map 11 VI Appendix Legal Disclaimer

Location 1416 South Jentilly Lane Tempe, Arizona 85281

List Price $519,000

Price Per Unit $64,875

Price Per Square Foot $87.67

Total Units 8

Building Square Footage 5,920

Number of Buildings 2

Land Acres 0.33

Executive Summary

EXECUTIVE SUMMARY | COLLIERS INTERNATIONAL | 1

Cross Street Rural & Spence Avenue Market Phoenix

Sub Market Tempe

Year Built 1985

Building Class B

Location Class B

HVAC Individual

Tax Parcel Number 133-10-038 A, -038B Foundation Type Concrete Slab

Number of Stories 2




Executive Summary

AREA DESCRIPTION

Jentilly Place Apartmnets is located at 1416 S. Jentilyl Lane. The property is situated one block south of Apache Boulevard, a major thoroughfare running through Tempe, Arizona. The immediate neighborhood can be described as student housing and working-class that support nearby area features such as Arizona State Univeristy and regional malls, such as, Tempe Market Place and Mesa Riverview. Jentilly Place is also convenient to public transportation, with bus service provided along Apache and METRO light rail that runs along Terrace Road.

Jentilly Place is located within walking distance to Arizona State University (student population of 50,000+) and one mile away from Tempe High School. A Safeway-anchored neighborhood shopping center is located less than one-half mile south at the corner of Rural and Broadway Road. Loop 101 is located less than two miles from the subject property giving residents easy access to all other connecting freeways.

PROPERTY DESCRIPTION

Jentilly Place is a two-story apartment community built in 1985, comprising eight rental units. The unit mix is 100% two-bedroom / one-bathroom units. Construction is of frame and stucco, with pitched composite shingle roofs. Heating and cooling is provided by individual ground-mounted air conditioning units. The property is individually-metered for electricity, and the costs associated with usage inside the dwelling units is the responsibility of the tenant. The cost of water, sewer charges, and trash collection is the responsibility of the landlord.

Common features include on-site laundry. Unit amenities include 2010 interior renovations, such as tile floors, new appliances, electric stove tops, cabinetry, countertops, lighting, vanities, window coverings, and walk-in closets.

The two buildings of Jentilly Place are constructed on two rectangular sites comprising approximately 0.33 acres with 18 parking spaces.



CITY DESCRIPTION

Tempe’s central location makes it a great place to do busi-ness. With more than 200 commercial, retail, industrial, and office parks, many near freeways and bus routes, or the airport, employees and customers can reach any business quickly. Tempe is growing skyward with significant space in new high rise, mixed use projects. Many new busi-nesses have moved to Tempe with an eye toward the new demographic that is offered. Tempe businesses can access six freeways, an international airport just five minutes from downtown, and a variety of alternative transportation methods. Tempe provides quick, convenient and environ-mentally conscientious transportation.

TRANSPORTATION

The Phoenix Sky Harbor International Airport is now the twentieth busiest in the world with over 1,300 commercial flights per day. The Airport is serviced by 23 airlines with non-stop flights to 198 cities including various cities in Canada, Mexico, and Europe. Within the Phoenix Met-ropolitan Area, the newly built lightrail station connects cities of Phoenix, Tempe and Mesa. “METRO Light Rail will be recognized as a trusted and respected community partner and visionary leader that provides a pre-mier regional rail transit system with a commitment to excellence and safety, which provides value, en-hances quality of life, and is a point of pride for the Phoenix community. “The METRO light rail system will use state-of-the art light rail vehicles with a modern, streamlined design that offer a number of amenities for passenger comfort, convenience and safety.

ECONOMY AND EMPLOY-MENT

Diversification and growth are two words immediately associated with Tempe’s economy. Tempe’s knowl-edge-based environment attracts

a variety of industries that require creative class workers, as well as companies that serve typical residential needs. Tempe’s business targets include the companies that will generate the new products and ideas of tomorrow as well as those that keep us healthy and satisfied today. Compa-nies such as Chase, Wells Fargo, KPMG, Smith Barney, Google, Edward Jones, and US Airways all have major headquarters in the Tempe area.

LIFESTYLE AND RECREATION

Tempe, located in the center of the Phoenix metropolitan area, boasts about 330 days of sunshine a year. To take advantage of the great weather, the city created a pedestri-an-friendly downtown and amenities for copious outdoor activities. Visit the many parks or enjoy sports such as golfing, rowing, kayaking, or biking on 150 miles of bike trails. Experience a variety of American and ethnic res-taurants or the city’s first-class special events. Professional sports include the NBA Phoenix Suns, the NFL Arizona Cardinals, the NHL Phoenix Coyotes, the MLB Arizona Diamondbacks.



City Description


Current Financial Summary

FINANCIAL SUMMARY | COLLIERS INTERNATIONAL | 4

Year Built 1985

Total Units Total Square Feet8 5,920

Units Type Sq. Ft. Actual RentEstimated Current

8 2BD/1BA 740 $695 5,560$

Monthly Scheduled Gross Rent 5,560$

Annual Scheduled Gross Rent 66,720$ Physical Vacancy (2 Units) 25.0% ($16,680)Economic Vacancy* 5.0% ($3,336)*credit loss, turnover, etc.

Total Vacancy 30.0% ($20,016)Net Rental Income 46,704$

Gross Operating Income 46,704$

OPERATING EXPENSESProperty Taxes *Actual 2009 Taxes 4,998$ Insurance *Estimated At $150/unit 1,200$ Maintenance *Estimated At $300/unit 2,400$ Repairs *Estimated At $300/unit 2,400$ Electricity *Estimated At $150/unit 1,200$ Gas *Estimated At $25/unit 200$ Sewer and Water *Estimated At $200/unit 1,600$ Trash *Estimated At $100/unit 800$ Payroll *Estimated At $400/unit 3,200$ Management Fee *Estimated To be 5% of Collected Rent 2,335$ Administrative Expenses *Estimated At $115/unit 920$ Capital Reserve *Estimated At $250/unit 2,000$ Total Operating Expenses 23,253$

Operating Cost Per Unit 2,907$ Operating Cost Per Sq Ft 3.93$

Net Operating Income $23,451



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Riggs Rd

Germann Rd

Pima Rd

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Thomas Rd

Indian Bend Rd

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27th

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35th

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Mission Rd

Pecos Rd

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75th

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67th

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83rd

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Lower Buckeye Rd

107t

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Southern Ave

Indian Springs Rd

Southern Ave

Citru

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Broadway Rd

Airp

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Beloat Rd

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27th

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43rd

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16th

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Desert Hills Dr

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Cloud RdCloudRd

64th

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Happy Valley Rd Alm

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Rd

Jomax Rd

116t

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118t

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64th

St

Deer Valley Rd

McDowell Rd

Dean

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Lower Buckeye Rd

Elliot Rd

RainbowValley Rd

Tuth

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Narramore Rd

Ray Rd

155t

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171s

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Williams Field Rd

163r

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203r

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Queen Creek Rd

Ocotillo Rd

Sand

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Riggs Rd

Hunt Hwy

Tuth

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Ocotillo Rd

Skyline Dr

Thom

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Phillips Rd

Indian Route 60

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211t

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Dove Valley Rd

219t

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Patton Rd

195t

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Jomax Rd

Happy Valley Rd

Deer Valley Rd

136t

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Lone Mountain Rd

144t

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160t

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168t

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174t

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152n

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128t

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Bulla

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Wickenburg Hwy

Grand Ave

Grand Ave

Buckeye Rd

Main St

Black Canyon Hwy

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Blac

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Frw

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Pies

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HohokamExwy

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Mar

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Superstition Frwy

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Jack

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Patterson Rd

EaglesNest CC

Palm ValleyGolf Club

WildlifeWorld Zoo

WigwamCC

Club WestGolf Club

FoothillsGolf Club

Harrahs/Gila R iverCasinos

Arizona Biltmo reCountry Club

San Ma rcosCC

Mccormick RanchGolf Club

Happy TrailsGolf Resort

ArrowheadRanch CC

LegendGolf Resort

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Tatum RanchGolf Club

Gainey RanchGolf Club

TournamentPlayers Club

GrayhawkGolf Club

Fountain HillsGolf Club

Troon NorthGolf Club

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Tonto VerdeGolf Club

Gold Can yonGolf Club

Deer ValleyGC

StardustGC

Briar woodCC

Echo MesaGC

Hillc restGC

GrandviewGC

The VistasGC

WestbrookVillage GC

Willowbrook andWillowcreek GC Union Hills

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Co yoteLa kes GC

PebblebrookGC

RiverviewGC

PalmbrookCC

PeoriaStadium

La ke East/West GC

Phoenix CommunityCollege

Grand Can yonCollege

Phoenix JuniorCollege

Phoenix JuniorCollege

Mesa CommunityCollege

Arizona StateUniversity

ScottsdaleCommunityCollege

Glendale CommunityCollege

SouthwesternCollege

Phoenix-Deer ValleyMunicipal Airport

ScottsdaleAirport

FalconField

Phoenix Sky HarborInt'l Airport

Phx -MesaGateway

ChandlerMunicipal

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CaveCreek

DesertHills

Anthem

Ca refree

Peoria

PHOENIX

Surprise

Glendale

Sun CityWest

SunCity Fountain

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Youngtown

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MesaGoodyear

Goodyear

Est rellaMountain

Ranch

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Buc keye

Tolleson

Tempe

GilbertChandler

Komatke

SantaCruz

Cashion

QueenCreek

ApacheJunction

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COMPARABLES | COLLIERS INTERNATIONAL | 6

Rent Comparable Map

21

435

1. Subject PropertyJentilly Place Apartments1416 S. Jentilly Lane | Tempe, AZ

2Raintree Villas1424 S. Jentilly Lane | Tempe, AZ

3Rancho Las Palmas1249 E. Spence Avenue | Tempe, AZ

4Apache Terrace1123 E. Apache Blvd.| Tempe, AZ

5Sonoran Ridge1205 E. Apache Blvd. | Tempe, AZ



MARKET SYNOPSIS | COLLIERS INTERNATIONAL | 7

Subject Property Comparison

Unit Mix Total Units S.F. Monthly Rent

MonthlyRent / S.F.

AdjustedMonthly

Rent

Adjusted Rent / S.F.

2 Bed, 1 Bath 8 740 695$ 0.94$ 695$ 0.94$ Totals/Averages 8 740 695$ 0.94$ 695$ 0.94$

Comparables Property SummaryUnit Mix Total Units S.F. Monthly

RentMonthly

Rent / S.F.AdjustedMonthly

Rent

Adjusted Rent / S.F.

Studio 2 450 600$ 1.33$ 592$ 1.32$ 1 Bed, 1 Bath 110 672 536$ 0.80$ 497$ 0.74$ 2 Bed, 2 Bath 180 854 756$ 0.89$ 718$ 0.84$ Totals/Averages 292 659 631$ 1.01$ 602$ 0.97$

NOTE:“Adjusted Monthly Rent” is the effective rent received by the property owner after adjusting for any rental concessions, on an assumed one-year lease. By way of example, if the quoted market rent is $600 per month, and one month free with a twelve-month lease, the Adjusted Monthly Rent is $550 ( ($600 X 11) / 12)



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Property Photos



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LOCATION MAPS | COLLIERS INTERNATIONAL | 11

Parcel Map

Parcel Number: 133-10-038A, -038B



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Jentilly Place Apartments DESCRIPTION Tempe’s central location makes it a great place to do busi-ness. With more than 200 commercial, retail, industrial, and office parks, many near