PROPERTY OVERVIEW - LoopNet · 2019. 1. 18. · Single-Story, Red Brick Constructed Community,...
Transcript of PROPERTY OVERVIEW - LoopNet · 2019. 1. 18. · Single-Story, Red Brick Constructed Community,...
ABIMultifamily.com/portfolio/brick-on-rooseveltFor more information please visit:THE BRICK ON ROOSEVELTTHE BRICK ON ROOSEVELT
1322 WEST ROOSEVELT STREET, PHOENIX, AZ 850071322 WEST ROOSEVELT STREET, PHOENIX, AZ 85007
9-Unit, Garden-Style Community, Built in 1950
Located in Vibrant Downtown Phoenix: Arizona’s #1 Business & Entertainment District
Walking Distance to ASU & U of A Downtown Campuses
Enclosed Courtyard to Give Tenants a Private Oasis
Single-Story, Red Brick Constructed Community, Individually Metered For Electricity
Situated Within The Roosevelt Row Historic District
Offering Price: $939,000 9-Unit Multifamily Community in Phoenix, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
PROPERTY OVERVIEW
Price $939,000
Per Unit $104,333
# of Units 9
Avg SF/Unit 550 SF
Built 1950
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MARKET PRO FORMA
Unit Type Count % Total Size (SF) Rent Rent/SF
1 Bed / 1 Bath 9 100.0 550 $775 $1.41
Totals / Averages 9 100% 550 $775 $1.41
INCOME & EXPENSESIncome Total Per Unit
Gross Scheduled Income $83,700 $9,300
Less: Vacancy / Concessions / Bad Debt / Other (6.5%) ($5,441) ($605)
Net Rental Revenue $78,260 $8,696
Add: Other Income $900 $100
Effective Gross Income $79,160 $8,796
Expenses
Administration $1,125 $125
Management Fees (7.0%) $5,541 $616
Marketing $675 $75
Contract Services $1,575 $175
Repairs & Maintenance $2,151 $239
Turnover $1,575 $175
Utilities $4,779 $531
Insurance $1,800 $200
Real Estate Taxes $3,428 $381
Replacement Reserves $2,700 $300
Total Operating Expenses $25,349 $2,817
Net Operating Income $53,810 $5,979
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: $939,000
TOTAL UNITS: 9
YEAR BUILT: 1950
The Brick on Roosevelt is a 9-unit, value-add multifamily investmentopportunity located in the heart of Downtown Phoenix. This property islocated within the 100+ year-old Roosevelt Row Historic District, one ofthe most popular districts in not only metro Phoenix, but the U.S. Theseapartments are just minutes from some of the Valley’s most coveted artmuseums, restaurants and ASU & U of A’s Downtown campuses. TheBrick has the ability to be repositioned into a highly desired Air B&Bvacation rental.
The Brick on Roosevelt features a unit mix of all one-bedroom /one-bathroom apartments, each measuring 550 square feet. Thisproperty provides privacy in an enclosed courtyard for tenants to usefor relaxation. The Brick stays true to its name with classic red brickconstruction while providing potential to add value through interior andexterior renovations. Ample parking in the back of the apartmentsprovides easy access for tenants. This property is individually meteredfor electricity and gas. One of the nine units is renovated. In addition,the property has one vacant unit available for walk-through.
THE BRICK ON ROOSEVELT1322 WEST ROOSEVELT STREET, PHOENIX, AZ 85007
DALLIN HAMMOND MITCHELL DRAKEAssociate Associate602.714.1794 [email protected] [email protected]
John Kobierowski Alon Shnitzer Rue Bax Doug Lazovick Eddie Chang
Chuck LaBenz Brad Pickering Nathan Bruer Patrick Burch John Klocek Royce Munroe Ryan Smith
ABI MULTIFAMILY PHOENIX:
For more information please visit:ABIMultifamily.com/portfolio/brick-on-roosevelt
THE BRICK ON ROOSEVELT