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Westwind Studios – 11 Units2216 N. 16th St. Phoenix, AZ 85006
PRICE:
NUMBER OF UNITS:
$1,025,000
11
UNIT PRICE: $93,181
CAP RATE: 5.8% / 7.4%
o ART DISTRICT - 100% OCCUPIED
o STUDIOS, 1 BED & 2 BED UNITS
o MASTER METERED
o DOWNTOWN PHOENIX - ZONED C-2
o SUPER LOW TAXES
o NEW ROOFS 2014 & 2016
o ADD BACK YARDS FOR RENT INCREASE
CHRIS BADE
602.820.8318
PROPERTY DESCRIPTION PARCEL UTILITIES
NUMBER OF UNITS 11 NUMBER OF PARCELS 1 HVAC Mini Split Heat Pumps
YEAR BUILT 1946 TAX NUMBER PARCELS 117-18-011 ELECTRICITY Master Metered
NET RENTABLE SF 3,794 ZONING C-2 WATER/SEWER Master Metered
NUMBER OF BUILDINGS 1 2016 ASSESSED PROPERTY TAX $1,660 GAS Master Metered
NUMBER OF STORIES 1
PARCEL SIZE .28 Acres
PARKING 12 Uncovered
LAUNDRY NA
CONSTRUCTION Masonry
ROOFS Built Up
PROPERTY SUMMARY
FINANCIAL SUMMARY
Units Type Actual Rents Proforma Rents
4 Studio $479 $775
5 Studio (renovated) $740 $775
1 1 Bed/1 Bath (renovated) $800 $850
1 2 Bed/1 Bath (renovated) $858 $900
11 3794 Sq. Ft. $7,274 $8,725
Income
Gross Scheduled Rent $87,288 $104,700
Less: Vacancy 5.00% -$4,364 -$5,235
Other Income T-12 Actuals $656 $676
Total Income $82,924 $99,465
Expenses
Electricity T-12 Actual $7,764 $7,997
Water/Sewer T-12 Actual $1,507 $1,552
Gas T-12 Actual $1,247 $1,284
Trash T-12 Actual $1,246 $1,283
Repairs & Supplies T-12 Actual $1,791 $1,845
Pest T-12 Actual $206 $212
Admin T-12 Actual $397 $409
Mgmt Fee 5.00% $4,146 $4,973
Real Estate Taxes 2017 Actual $1,709 $1,760
Insurance T-12 Actual $2,728 $2,810
Total Expenses $22,741 $24,126
NOI $60,183 $75,339
Purchase Price $1,025,000 $1,025,000
Cap Rate 5.87% 7.35%
AREAINFORMATION
Desirable Multifamily CommunityWestwind Studios is a single story community featuring
quaint and efficient units in a desirable location. In a
neighborhood as desirable as Central Phoenix, Westwind
allows for individuals to reside on their own without paying
the premiums of the new apartments being developed,
which can be in excess of $1,300 for some 1 bedroom
apartments in the area.
Access to Major Transportation
and Employment CentersConnectivity to the entire Phoenix Metro is enhanced by the
community’s location adjacent to both the I-10 and SR 51,
metropolitan Phoenix’s major north/south and east/west
transportation corridors. In addition to the numerous
employers bordering the two freeways adjacent to Westwind
Studios. The Central Avenue Corridor, roughly bounded by
Camelback Road to its north and McDowell Road to its
south, is one of Phoenix’s most vital and heavily trafficked
stretches of roadway. It is also one of the region’s largest
centers of employment, with nearly 60,000 people being
employed within a three-mile radius of this swath of Central
Avenue.
Proximity to Lifestyle CorridorsDowntown Phoenix, Uptown Phoenix, Roosevelt Row,
and the Central Ave Corridor all have their own distinct
features that turn South Central Phoenix into the most
eclectic, vibrant, and up and coming neighborhoods in the
entire Phoenix Metro. In the past few years over $4
billion has been invested into office space, retail,
restaurants, educational facilities, convention space, and
hotel rooms. We are in a new era of growth in our urban
center.
Capitalize on Strong Phoenix
FundamentalsMetro Phoenix is projected to lead the country in
employment growth through 2017 and population growth
is accelerating to 100,000 new residents per year, far
surpassing comparable western markets. Phoenix
remains the most affordable major city in the western
United States and extremely strong demand for
multifamily housing is reinforced by net absorption far
exceeding new supply in each of the last six years.
AREAINFORMATION
Submarket Overview
Westwind Studios is located in the Central
Phoenix submarket within the City of
Phoenix. The City of Phoenix is the capital
of Arizona and has a population of over 1.5
million residents making it the 6th largest
city in the United States. Westwind Studios
is located along the edge of the Coronado
historical district, the largest of 35 historic
districts in Phoenix. Immediately North of
the community and situated on the west
side of 16th St, Barrio Cafe is a nationally
renowned restaurant from Chef Silvana
Salcido Esparza. In 2010, Chef Esparza
established Calle 16, a not-for-profit
organization of citizens and artists who
joined Chef Silvana. Their first endeavor
was a mural project aimed at elevating
popular perceptions of Mexican American
Culture. Today there are several dozens of
Murals along 16th St and it’s alleys. Barrio
Café and Chef Silvana Salcido Esparza
continue to bring artists and community
leaders together.
Employment Corridors
Banner University Medical CenterThe campus is located half a mile southwest of Westwind Studios. Banner
Health is one of the largest employers in the country and is headquartered in
Phoenix. Banner Health currently has 337 projects planned, worth approximately
$1.5 billion, with $1.2 billion of those projects in Arizona. Among the
developments is a new $400 million, 16 story, patient tower with 312 private
rooms and an emergency room on its Banner University Medical Center
Campus. In late 2015 construction on the $160 million emergency department
began and opened in 2017, with the new operating rooms opening in 2018.
Phoenix Children’s HospitalThis campus is also located next door to Westwind Studios, approximately
3/4 of a mile to the northeast. In late 2015, the Phoenix, Children’s Hospital
broke ground on a $60 million expansion that will include a $40 million Level
1 pediatric trauma center, as well as an expanded emergency department, 75
private exam rooms, and nine trauma bays. The expansion will accommodate
100,000 patients annually and double the size of the current facility to 42,302
square feet. The 433-bed hospital is projected to create 100 new jobs.
Construction was completed in early 2018.
Central Avenue CorridorEncompassing 6,000,000 square feet of office space the Central Avenue Corridor
is home to more than 60,000 jobs. Roughly bounded by Camelback Road to its
north and McDowell Road to its south, is one of Phoenix’s most vital and heavily
trafficked stretches of roadway. It is also one of the region’s largest centers of
employment, with nearly 60,000 people being employed within a three-mile radius of
this swath of Central Avenue. Major employers here include major banks and
financial institutions, hi-tech companies, and several significant law firms and
government agencies.
Contact UsFor more information, please contact:
BADE|InvestmentsChris J. Bade
(602) 820-8318
DISCLAIMER: All property information, either written or verbal,
is provided without representation or warranty as to
completeness, veracity, accuracy, condition of the property,
regulatory compliance, feasibility, or projected financial
performance of the property. All data and assumptions
regarding financial performance, including that provided for
financial modeling purposes, may differ from actual data. You
are strongly urged to verify all information and to obtain third
party professional counsel regarding all matters (ie.
inspection, tax, title, legal, engineering, architectural,
governmental, etc.)
