Pima Street Apartments5739-5755 E Pima Street

Tucson, AZ 85712

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.

Property Highlights

• Well maintained community featuring all 2-bedroom

units with average size of 798 SF

• Backyard space and washer/dryer hookups for each

unit

• Some units feature updated kitchens and showers

• Individually metered for electricity

• Seller Financing Available

Allan Mendelsberg, Principal

Multifamily & Investment Sales

+1 520 546 2721

amendelsberg@picor.com

Logan Nagel, Assistant

Multifamily & Investment Sales

+1 520 546 2740

lnagel@picor.com

PICOR Commercial Real Estate Services

5151 E. Broadway Blvd, Suite 115

Tucson, Arizona 85711phone: +1 520 748 7100

picor.com

Property Features

Sale Price $720,000

Price Per Unit $60,000

Number of Units 12

Rentable Square Feet 9,570

Land 0.97 Acres

Cap Rate 6.77%

MULTI-FAMILY

Pima Street Apartments5739-5755 E Pima Street

Tucson, AZ 85712

FOR SALE

MULTI-FAMILY

Property Description

Pima Street Apartments is a well-maintained property

featuring large 2-bedroom units. The property was

constructed in 1977 and several of the units feature

updated kitchens and showers. The floorplans contain a

mix of walk-in closets, vaulted ceilings and fireplaces.

Each unit includes washer and dryer hook-ups and

backyard space. The complex is individually metered for

electricity.

Allan Mendelsberg, Principal

Multifamily & Investment Sales

+1 520 546 2721

amendelsberg@picor.com

Logan Nagel, Assistant

Multifamily & Investment Sales

+1 520 546 2740

lnagel@picor.com

PICOR Commercial Real Estate Services5151 E. Broadway Blvd, Suite 115

Tucson, Arizona 85711

phone: +1 520 748 7100

picor.com

Pima Street Apartments5739-5755 E Pima Street

Tucson, AZ 85712

FOR SALE

Pima Street Apartments5739-5755 E Pima Street

Tucson, AZ 85712

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.

Location Overview

Pima Street Apartments is located near the busy intersection of Pima Street and Craycroft Road in northeastern

Tucson. The numerous shopping, grocery and restaurant opportunities within a 1.5-mile radius include Target,

Albertson’s, Costco, Trader Joe’s, Zinburger Wine & Burger Bar, Mama’s Hawaiian Barbeque, and McDonald’s.

Other area draws are also within close proximity of the property, with Tucson Medical Center 1.2 miles to the

northwest and Park Place Mall 2.4 miles south.

A number of schools are located near the property, such as La Paloma Academy Central Campus, Almita

Montessori School, The Gregory School, and Dodge Traditional Magnet School. Fort Lowell Park, with a pool,

tennis courts, sports fields and open space as well as a museum, is 1.5 miles north. The Rillito River Park’s world-

class biking, walking, and running opportunities, as well as Whole Foods, Harvest Restaurant, and BASIS Tucson

North school, are all accessible about 2.4 miles to the north. All in all, Pima Street Apartments’ excellent location

near a range of employment drivers and opportunities make it an ideal investment in Tucson.

MULTI-FAMILY

Pima Street Apartments5739-5755 E Pima Street

Tucson, AZ 85712

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.

MULTI-FAMILYProForma

INCOME STATEMENTMARKETING

PROFORMA

PROFORMA

PER UNIT

PROFORMA

PSF2017 ACTUALS

RENTAL INCOME

Gross Market Rent $88,560 $7,380 $9.25

Vacancy Loss -$3,542 4.0% ($0.37)

Gross Rent $85,018 $7,085 $8.88 $79,081

Concessions & Bad Debt -$1,275 1.50% ($0.13) $0

Net Rental Income $83,742 $6,979 $8.75 $79,081

Other Income $2,000 $167 $0.21 $0

TOTAL INCOME $85,742 $7,145 $8.96 $79,081

OPERATING EXPENSES

General & Admin $300 $25 $0.03 $450

Repairs/Maintenance/Supplies $7,000 $583 $0.73 $10,300

Contract Services $1,500 $125 $0.16 $0

Utilities $5,500 $458 $0.57 $5,405

TOTAL VARIABLE $14,300 $1,192 $1.49 $16,155

Property Taxes $8,209 $684 $0.86 $8,498

Property Insurance $5,517 $460 $0.58 $5,517

Management Fee $6,002 7.0% $0.63 $0

Reserves $3,000 $250 $0.31 $0

TOTAL EXPENSES $37,028 $3,086 $3.87 $30,170

NET OPERATING INCOME $48,714 $4,060 $5.09 $48,911

STABILIZED MARKET

VALUATION

Value $720,000

Per Unit $60,000

Per Square Foot $75.24

Cap Rate

2017 Actuals 6.79%

Marketing Pro

Forma 6.77%

TYPE # OF UNITS SQ. FT. TOTAL S.F. RENT PER S.F.TOTAL MONTHLY

RENT

STABILIZED

RENT

2 BD / 1 BA 1 740 740 $0.75 $555 $555

2 BD / 1 BA 1 740 740 $0.76 $565 $565

2 BD / 1 BA 1 740 740 $0.78 $580 $580

2 BD / 1 BA 2 740 1,480 $0.80 $1,190 $595

2 BD / 1 BA 1 740 740 $0.84 $625 $625

2 BD / 1 BA 5 855 4,275 $0.75 $3,200 $640

2 BD / 1 BA 1 855 855 $0.78 $665 $665

Total/Avg. 12 798 9,570 $0.77 $7,380 $615

Pima Street Apartments5739-5755 E Pima Street

Tucson, AZ 85712

FOR SALE

PHOTO PROPERTY NAME ADDRESSUNIT TYPE/NO

OF UNITS SF RENT RENT/SF OCCUPANCY

Pima Street

Apartments

3739-3755 E

Pima St. Tucson

AZ, 85712

2 BD/1 BA

12 Units 798 $613 $0.77 100%

Desert Palms

3125 N Alvernon

Way, Tucson AZ,

85712

2 BD/ 1 BA

16 Units754 $650 $0.86 94%

Desert Sage

3950 E.

Blacklidge Dr,

Tucson AZ,

85712

2 BD/ 1 BA

16 Units754 $675 $0.90 88%

Mountain Terrace

4809 E. Pima St.,

Tucson AZ,

85712

2 BD/ 1 BA

24 Units683 $750 $1.10 100%

Desert Terrace

1620-1622 N

Beverly Ave,

Tucson AZ,

85712

2 BD/ 1 BA

24 Units815 $627 $0.77 84%

Bellevue Street

Apartments

5330 E Bellevue

St, Tucson AZ,

85712

2 BD/1 BA

11 Units900 $758 $0.85 91%

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