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

Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716

FOR SALE

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


+1 520 546 2740

[email protected]

PICOR Commercial Real Estate Services

5151 E. Broadway Blvd, Suite 115

Tucson, Arizona 85711phone: +1 520 748 7100

picor.com

Zach Stone, Assistant


+1 520 546 2730

[email protected]


FOR SALE


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


FOR SALE


SUBJECT

Downtown

Tucson

MULTI-FAMILY


FOR SALE


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 $91,836Other 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 $0Repairs, Maintenance &

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

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


FOR SALE


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

First Floor

Second Floor


FOR SALE


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

First Floor Second Floor


FOR SALE


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

Second Floor

First Floor


FOR SALE


FeaturesMULTI-FAMILY

Property Features

• 2 or 3 Full Baths w/Double Vanity Sinks

• Furnished Common Areas, Including Patio Furniture

• 2 Levels

• Alarm System

• Architectural Polished Concrete Floor

• Balconies

• Built-In Niches

• High-Speed Internet Provided

• Dishwasher

• Frost-free Refrigerator with Icemaker

• Full Size Washer/Dryer

• Garbage Disposal

• High Ceilings w/ ceiling fans

• Individual Home

• Large Spacious Floorplan

• Lighted Parking

• Microwave

• Mirrored Closet Doors

• Natural Stone Tile/Carpet

• No Security Deposit (O.A.C.)

• Pets Welcome

• Private, Fenced Yard

• Professionally Maintained Landscaping

• Prompt Maintenance

• Recessed Lighting

• Skylights

• Stainless Stove w/ Self Cleaning Oven

• Storage Closet Under Stairs

• Upper Deck

• Wall of windows in living/dining area

• Zoned Heating & A/C


FOR SALE


Property PhotosMULTI-FAMILY


FOR SALE

Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & 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.

Presidio House Apartments 2912 & 2916 E. Presidio

Price $850,000


Price per SF $132.85

Bedrooms 16

Size (SF) 6,398

Year Built 2011

Sale Date TBDS

3rd Avenue

Apartments

1055-1065 N.

3rd Avenue

Price $868,000



Bedrooms 10

Size (SF) 3,474

Year Built 2009

Sale Date July 1, 2017

1

10th Street

Apartments

1304 E. 10th

Street

Price $825,000



Bedrooms 9

Size (SF) 2,864

Year Built 2007

Sale Date June 15, 2017

Water Street

Homes

2550 E. Water

Street

Price $3,300,000



Bedrooms 44

Size (SF) 15,534

Year Built 2014

Sale Date Sep.18, 2017

2

Allan Mendelsberg, Principal


+1 520 546 2721

[email protected]

PICOR Commercial Real Estate Services

5151 E. Broadway Blvd, Suite 115

Tucson, Arizona 85711phone: +1 520 748 7100

picor.com

Logan Nagel, Assistant


+1 520 546 2740

[email protected]

3