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ABIMultifamily.com/portfolio/wildflowerFor more information please visit:WILDFLOWER APARTMENTSWILDFLOWER APARTMENTS
2850 NORTH ALVERNON WAY, TUCSON, AZ 857122850 NORTH ALVERNON WAY, TUCSON, AZ 85712
28 Total Units Built in 1977
Unit Mix: 20 One-Bedroom/One-Bath Units, 8 Two-Bedroom/One-Bath Units
Individually Metered for Electricity
Value-Add Opportunity, Below Market Rents
Renovated Units & Great Property Condition
Swimming Pool & On-Site Laundry Facility
All Cash/New loan
Offering Price: $2,200,000 28 Unit Multifamily Community in Tucson, AZ
ABIMultifamily.com Tucson Office: 1650 North Kolb Road, Suite 230, Tucson, AZ 85715 Tel: 520.265.1945
PROPERTY OVERVIEW
Price $2,200,000
Per Unit $78,571
Per SF $132.21
# of Units 28
Avg SF/Unit 594 SFBuilt 1977
MARKET PRO FORMA
Unit Type Count % Total Size (SF) Rent Rent/SF
1 Bed / 1 Bath 20 71.4 560 $610 $1.09
2 Bed / 1 Bath 8 28.6 680 $780 $1.15
Totals / Averages 28 100% 594 $658 $1.11
INCOME & EXPENSESIncome Total Per Unit
Gross Scheduled Income $221,303 $7,904
Less: Loss to Lease (6.8%) ($15,071) ($538)
Gross Potential Rent: $206,232 $7,365
Less: Vacancy (5.0%) ($10,312) ($368)
Net Rental Revenue $195,921 $6,997
Less: Concessions/Bad Debt/Other (1.0%) ($2,062) $(74)
Add: Other Income ($1,176) $(42)
Add: Utility Reimbursement $8,424 $301
Effective Gross Income $201,105 $7,182
Expenses
Payroll $0 $0
Utilities $20,173 $720
Repairs & Maintenance / Contract Services $15,400 $550
Marketing $2,100 $75
General & Administrative $3,500 $125
Turnover $4,900 $175
Management Fee (5.0%) $10,055 $359
Real Estate Taxes $12,897 $461
Insurance $5,600 $200
Replacement Reserves $8,400 $300
Total Operating Expenses $83,025 $2,965
Net Operating Income $118,080 $4,217
All information provided in reference to the property has been collected from sources deemed reliable. However, no representations or warranties are made as to the accuracy ofsaid information. In addition, no warranty or representation is extended to errors, omissions, change of price or other conditions. Any projections, estimates, opinions, financial orother assumptions are provided for example purposes and do not represent current or future performance of the property. Please consult with your legal, financial and taxprofessionals to make any determinations regarding whether the property is suitable for your needs and purposes.
OFFERING PRICE: $2,200,000
TOTAL UNITS: 28
YEAR BUILT: 1977
Wildflower Apartments is a 28-unit apartment complex located incentral Tucson, AZ. Situated near the intersection of Fort Lowell Roadand Alvernon Way, residents enjoy direct access to all areas of Tucsonby way of these major arterials. The El Con Center open-air mall, manydining options including Sam Fox’s The Yard dining and entertainmentcomplex, and several major employers are in close proximity. Theseaspects make Wildflower Apartments a highly desirable community forits residents.
Built in 1977, Wildflower Apartments consists of Three (3) two-storyrental buildings constructed of wood frame and stucco with flat roofs.The property features 20 one-bedroom/one-bath units and 8two-bedroom/one-bath unit types. Each unit is individually metered forelectricity. Unit interiors feature: Air conditioning / heating, largebedrooms and all electric kitchens equipped with range/oven,dishwasher, garbage disposal and refrigerator. Four of the units havebeen updated with new faux wood laminate, granite countertops,updated light fixtures, and faux wood blinds. There are several otherunits with new flooring and select upgrades. The rents are belowmarket and currently there is a flat $25 fee for water. Communityamenities include a swimming pool, laundry facility and ample parking.The Wildflower Apartments is in great condition inside and out.
WILDFLOWER APARTMENTS2850 NORTH ALVERNON WAY, TUCSON, AZ 85712
PRIMARY LISTING RYAN KIPPESCONTACT: Vice President
Phoenix Sacramento San Diego TucsonABI MULTIFAMILY OFFICES:
For more information please visit:ABIMultifamily.com/portfolio/wildflower
WILDFLOWER APARTMENTS
