Sago Gardens Apartments Investment Property Offering
15
Investment Property Offering A 33 Unit Bank Owned Apartment Complex Located in Tempe, Arizona Sago Gardens Apartments 1015 South Stanley Place Tempe,, AZ Bill Hahn Senior Vice President 602 222 5105 – Direct 602 418 9578– Mobile [email protected] Jeffrey Sherman Senior Associate 602 222 5109 – Direct 602 694 1127 – Mobile [email protected] Trevor Koskovich Senior Associate 602 222 5145 – Direct 480 227 7420 - Mobile [email protected]
Transcript of Sago Gardens Apartments Investment Property Offering
Investment Property Offering
A 33 Unit Bank Owned Apartment Complex Located in Tempe, Arizona
Sago Gardens Apartments
1015 South Stanley Place Tempe,, AZ
Bill Hahn Senior Vice President 602 222 5105 – Direct 602 418 9578– [email protected]
Jeffrey Sherman Senior Associate 602 222 5109 – Direct602 694 1127 – [email protected]
Trevor Koskovich Senior Associate602 222 5145 – Direct480 227 7420 - [email protected]
www.colliers.com/phoenix
Table of Contents I Executive Summary 1
II Property Photos 3
III Location Maps Aerial Far 4 Aerial Close 5 Parcel Map 6 IV Financial Summary 7
V Comparables Rent 8 Sales 11 VII Appendix Legal Disclaimer
Location 1015 S. Stanley Place Tempe, Arizona 85281
List Price $1,390,000
Price Per Unit $42,121
Price Per Square Foot $52.65
Total Units 33
Building Square Footage 26,400
Number of Buildings 4
Land Acres 1.04
Listing Status Bank Owned
Executive Summary
EXECUTIVE SUMMARY | COLLIERS INTERNATIONAL | 1
Cross Street Stanley Pl. & Lemon St. Market Phoenix
Sub Market Tempe
Year Built 1963
Building Class C
Location Class B+
HVAC Master
Tax Parcel Number 132-73-071B
Foundation Type Concrete Slab
Number of Stories 2
Campus LoftsApartments
1116 East Lemon Street Tempe, AZ
Sago Gardens Apartments
1015 South Stanley Place Tempe, AZ
EXECUTIVE SUMMARY | COLLIERS INTERNATIONAL | 2
Executive Summary
AREA DESCRIPTION
Sago Gardens Apartments is located at 1015 S. Stanley Place in Tempe Arizona. This property is just blocks from Arizona State University and ight off of the light rail transit system. Sago Gardens is located east of rural road between University & Apache Boulevard’s. The property is just under 2 miles to the south of the 202 freeway and less than 2 miles north of the US 60 freeway giving tenants access to the greater Phoenix MSA.
The area immediately surrounding Sago Garden contains a variety of multifamily and university oriented commercial developments. The location of Sago Gardens Apartments is incredibly unique and presents a high barrier to entry opportunity for a multifamily investor.
PROPERTY DESCRIPTION
Sago Gardens Apartments is a two story community built in 1963, comprising 33 rental units all of which are large 2 bedroom/ one bathroom townhouse style units. All units are rented unfurnished. Construction is of block with flat roofs.
Outdoor amenities include swimming pool, ample exterior lighting, a coin operated washer and dryer facility, and grassy common areas. The property is master metered for gas, water, and electricity. Sago Gardens also contains 40 open parking spaces and ample parking in the front of the complex.
Sago Gardens is constructed on a rectangular site of approximately 1.04 acres at a density of 31.73 units per acre.
Sago Gardens Apartments
1015 South Stanley Place Tempe, AZ
PROPERTY PHOTOS | COLLIERS INTERNATIONAL | 3
Property Photos
Sago Gardens Apartments
1015 South Stanley Place Tempe, AZ
Aer
ial -
Far
LOC
ATIO
N M
APS
| C
OLL
IERS
INTE
RNAT
ION
AL
| 4
Sago
Gar
dens
A
part
men
ts10
15 S
outh
Sta
nley
Pla
ce T
empe
, AZ
LOC
ATIO
N M
APS
| C
OLL
IERS
INTE
RNAT
ION
AL
| 5
Aer
ial -
Clo
seSa
go G
arde
ns
Apa
rtm
ents
1015
Sou
th S
tanl
ey P
lace
Tem
pe, A
Z
LOCATION MAPS | COLLIERS INTERNATIONAL | 6
Parcel Map
Sago Gardens Apartments
1015 South Stanley Place Tempe, AZ
Projected Financial Summary18 Month Time Frame
FINANCIAL SUMMARY | COLLIERS INTERNATIONAL | 7
Year Built 1963
Total Units Total Square Feet33 26,400
Units Type Sq. Ft. Market RentEstimated Current
15 2BD/1BA - Townhomes 850 $800 12,000$ 18 2BD/1BA - Flats 650 $700 12,600$
Monthly Scheduled Gross Rent 24,600$
Annual Scheduled Gross Rent Current 295,200$ Physical Vacancy (4 units) 12.0% (35,424)$ Economic Vacancy* 8.0% (23,616)$ *credit loss, turnover, etc.
Total Vacancy 20.0% (59,040)$ Net Rental Income 236,160$ Other Income
Laundry 2,693$ Total Other Income 2,693$ Gross Operating Income 238,853$
OPERATING EXPENSESProperty Taxes *Actual 2009 Taxes 22,806$ Insurance *Estimated At $175/unit 5,775$ Maintenance *Estimated At $350/unit 11,550$ Repairs *Estimated At $400/unit 13,200$ Electricity *Estimated At $1100/unit 36,300$ Gas *Estimated At $65/unit 2,145$ Sewer and Water *Estimated At $350/unit 11,550$ Trash *Estimated At $100/unit 3,300$ On-Site management *Estimated At $545/Unit 18,000$ Management Fee *Estimated To be 5% of Collected Rent 11,808$ Administrative Expenses *Estimated At $120/unit 3,960$ Capital Reserve *Estimated At $200/unit 6,600$ Total Operating Expenses 146,994$
Operating Cost Per Unit 4,454$ Operating Cost Per Sq Ft 5.57$
Net Operating Income 91,859$
Note: All income and expense items listed below are estimates only
Sago Gardens Apartments
1015 South Stanley Place Tempe, AZ
CO
MPA
RA
BLES
| C
OLL
IERS
INTE
RNAT
ION
AL
| 8
Rent
Com
para
bles
Adj
uste
d M
onth
ly R
ent
Prop
erty
Loc
atio
nYe
arB
uilt
% V
acan
tU
nit M
ixTo
tal U
nits
S.F.
Mon
thly
Ren
tM
onth
lyR
ent /
S.F
.A
djus
ted
Ren
tA
djus
ted
Ren
t / S
.F.
Phot
o
Cam
pus
Wal
k19
6819
%1
Bed
, 1 B
ath
2475
0$6
50$0
.87
$596
$0.7
911
37 E
. Ora
nge
St.
Con
cess
ions
: 1 m
onth
2 B
ed, 2
Bat
h38
940
$750
$0.8
0$6
88$0
.73
Tem
pe, A
Z 85
281
free
Tota
ls/A
vera
ges
6286
6$7
11$0
.83
$652
$0.7
6
Uni
vers
ity V
illag
e19
6240
%1
Bed
, 1 B
ath
2665
0$7
25$1
.12
$683
$1.0
593
6 S
. Ter
race
Blv
dC
once
ssio
ns: $
500
2 B
ed, 1
Bat
h55
720
$735
$1.0
2$6
93$0
.96
Tem
pe, A
Z 85
281
off w
ith s
igni
ng o
f 12
3 B
ed, 2
Bat
h20
850
$999
$1.1
8$9
57$1
.13
mon
th le
ase
Tota
ls/A
vera
ges
101
728
$785
$1.1
1$7
43$1
.05
Fies
ta P
ark
1966
40%
1224
E. L
emon
St.
Con
cess
ions
: $19
92
Bed
, 1 B
ath
6593
0$6
79$0
.73
$639
$0.6
9Te
mpe
, AZ
8528
1m
ove-
in
Tota
ls/A
vera
ges
6593
0$6
79$0
.73
$639
$0.6
9
La C
rese
nta
Gar
den
& P
ark
1966
20%
2 B
ed, 1
Bat
h80
824
$549
$0.6
7$5
12$0
.62
1025
E. O
rang
e S
t. C
once
ssio
ns: 1
mon
th2
Bed
, 2 B
ath
124
925
$599
$0.6
5$5
57$0
.60
T em
pe, A
Z 85
281
free
rent
fors
tudi
os&
3 B
ed, 2
Bat
h12
1,02
5$7
99$0
.78
$741
$0.7
2Te
mpe
,AZ
8528
1fre
ere
ntfo
rstu
dios
&3
Bed
,2B
ath
121,
025
$799
$0.7
8$7
41$0
.72
two
bedr
oom
s, $
1000
Tota
ls/A
vera
ges
216
893
$592
$0.7
0$5
51$0
.65
off o
ne b
edro
om.
Ave
rage
s19
6630
%
The
info
rmat
ion
liste
d ab
ove
has
been
obt
aine
d fro
m s
ourc
es w
e be
lieve
to b
e re
liabl
e, h
owev
er, w
e ac
cept
no
resp
onsi
bilit
y fo
r its
cor
rect
ness
.
NO
TE
:“A
djus
ted
Mon
thly
Ren
t” is
the
eff
ecti
ve r
ent
rece
ived
by
the
prop
erty
ow
ner
afte
r ad
just
ing
for
any
rent
al
conc
essi
ons,
on
an a
ssum
ed o
ne-y
ear
leas
e. B
y w
ay o
f ex
ampl
e, if
the
quo
ted
mar
ket
rent
is $
600
per
mon
th, a
nd o
ne
mon
th f
ree
wit
h a
twel
ve-m
onth
leas
e, t
he A
djus
ted
Mon
thly
Ren
t is
$55
0 (
($60
0 X
11)
/ 12
)
Sago
Gar
dens
A
part
men
ts10
15 S
outh
Sta
nley
Pla
ce T
empe
, AZ
Moon ValleyCountry Club
North/SouthGC
Quail RunGC Scottsdale Country Club
Sun CityCC
CountryMeadows GC
StateCapitol
AmericaWest Arena
Tempe DiabloStadium
Salt R iver Pima-MaricopaIndian Rese rvation
Fort McD owellMohave-Apache
Indian Rese rvation
Gila R iverIndian Rese rvation
Lost DutchmanState Park
Est rella MountainRegional Park
Phoenix South Mountain Park
TontoNat'l
Forest
McD owellMountain
Park
ThunderbirdPark
White TankMountain
Regional Park
LakePleasant
BartlettReservoir
Agua
Fria
River
Verde Rive
r
New
Rive
r
LakeBonita
Trilby WashDetention Basin
SaquaroLake
Salt River
Salt River
CanyonLake
Gila River
CanyonLake
Cave
Cre
ek
Gila River
Verde River
Verde River
Syca
more
Cre
ek
Alder Creek
Skun
k Cree
k
Cave Creek
Syca
more Cr
eek
Queen Creek
Beeli
ne H
wy
Beeli
ne H
wy
New R
iver R
d
7th
St7t
h St
7th
St7t
h St
Irvine Rd
7th
Ave
7th
Ave
7th
Ave
Cave
Cre
ek R
d
Scot
tsda
le R
dSc
otts
dale
Rd
Pim
a Rd
56th
St
Carefree Hwy
Dove Valley Rd
Lone Mtn Rd
Morristown Hwy
Carefree Hwy
Scot
tsda
le R
d
Lake
Plea
sant
Rd
Cave
Cre
ek R
d
Tatu
m B
lvdTa
tum
Blvd
Dynamite Blvd
Dixileta Dr
Lone Mountain Rd
Happy Valley Rd
51st
Ave
51st
Ave
51st
Ave
19th
Ave
67th
Ave
67th
Ave
67th
Ave
35th
Ave
83rd
Ave
83rd
Ave
Pinnacle Peak Rd Pinnacle Peak Rd
Jomax Rd
Pinnacle Peak Rd
Pinnacle Peak Rd
59th
Ave
40th
St
Deer Valley Rd
Canal
Rd
Deer Valley Rd75
thAv
e75
thAv
e
Johnson Blvd
El M
irage
Rd
Beardsley RdBeardsley RdBeardsley Rd
43rd
Ave
32nd
St
32nd
St
99th
Ave
91st
Ave
91st
Ave
107t
hAv
e10
7th
Ave
Union Hills DrUnion Hills Dr
El M
irage
Rd
Bell RdBell RdBell Rd
64th
St
64th
St
64th
St
56th
St
Dysa
rt Rd
Surp
rise
Ave
Hayd
en R
d
Bush Hwy
Greenway RdGreenway
RdGreenway Rd
Bear
dsle
y Ca
nal R
d
Fountain
Hills Blvd
59th
Ave
Palisades
Blvd
Thunderbird RdThunderbird Rd Thunderbird Rd
111t
hAv
e
Sweetwater Ave
24th
St
24th
St
Cactus RdCactus Rd 66th StCactus Rd
108t
h St
96th
St PalominoBlvd Kingstree
BlvdShea BlvdPeoria Ave
44th
St
Via Linda
Mountain View Rd
104t
h St
Doubletree Ranch RdDunlap AveOlive Ave
Cent
ralA
ve
27th
Ave
Via DeVentura
Beeline Hwy
Northern Ave
16th
St
Litc
hfie
ld R
d
Glendale Ave
Lincoln Dr
63rd
Ave
105t
hAv
e
Inve
rgor
don
Rd
Mcdonald DrBethany Home Rd20
th S
t
Bush Hwy
Camelback RdCamelback Rd
Pim
a Rd
Pim
a Fr
wy
Pima Frwy
Indian School Rd
Papago Frwy
Indian School RdIndian School Rd
Osborn Rd
Reck
er R
d
Thomas Rd
Powe
r Rd
Thomas Rd
115t
hAv
e
Grand Ave
Encanto Blvd Oak St
52nd
St
Reem
s Rd
195t
hAv
e
Tuth
ill Rd
Mcdowell Rd Mcdowell RdMcdowell Rd
ValV
ista
Dr
Higl
ey R
d
Colle
geAv
e
Mckellips Rd
Red Mountain Frwy
Maricopa Frwy
Santan Frwy
Mckellips RdVan Buren St
Mcc
linto
ck D
r
Buckeye Rd
99th
Ave
Stap
ley
Dr
Washington St
7th
Ave
7th
Ave
19th
Ave
Cent
ral A
ve
7th
St
24th St
24th
St
59th
Ave
User
y Pas
s Rd
91st
Ave
51st
Ave
35th
Ave
Curry Rd
Jack
rabb
it Trl
Sky Harbor Blvd Brown RdBrown RdYuma Rd
Cotto
n Ln
Western AveM
illAv
e
Prie
st D
r
Rura
l Rd
Mcc
linto
ck D
r
Estre
lla P
kwy
Estre
lla P
kwy
University Dr University Dr
Dobs
on R
dDo
bson
Rd
Hard
y Dr
40th
St
40th
St
52nd
St Main StMain StMain St Apache TrlApache Blvd
Lind
say
Rd
Alm
a Sc
hool
Rd
Alm
a Sc
hool
Rd
Mes
a Dr
Powe
r Rd
Coun
try C
lub
Dr
Gilb
ert R
d Gre
enfie
ld R
d
Crism
on R
d
48th
St
48th
St
Broadway Rd Broadway RdBroadway Rd Broadway Ave
32nd
St
32nd
St
Soss
aman
Rd Pueblo Rd
Southern AveSouthern AveSouthern Ave
Baseline Rd Baseline RdBaseline Rd Baseline Rd
Mcq
ueen
Rd
20th
St
Guadalupe Rd Guadalupe RdDobbins Rd
44th
St
Price
Frw
y
Elliot Rd Elliot Rd
Coop
er R
d
Warner Rd
Ellsw
orth
Rd
Ray Rd
Rura
l Rd
Ray Rd
Williams Field RdChandler BlvdChandlerBlvd Ar
izona
Ave
Dese
rt Fo
othil
lsPk
wy
Liberty LnPecos Rd
Pecos Rd
Mar
icopa
Rd
Higl
ey R
dBeltline Road
Queen Creek RdQueen Creek Rd
Gilb
ert R
dG
ilber
t Rd
Mer
idia
n Rd
Alm
a Sc
hool
Rd
Riggs Rd
Price
Rd
Dobs
on R
d
Hunt HwyHunt Hwy
Apache
Trl
Mckellips Blvd
Corte
z RdIro
nwoo
d Dr
Mer
idia
n Rd
Idah
o Rd
Lost Dutchman Blvd
Superstition Blvd
Holm
es R
d
Mou
ntai
nVi
ew R
dOld West Hwy
Gol
dfie
ld R
d
Tom
ahaw
k Rd
Southern Ave
Moe
ur R
d
Mou
ntai
n Rd
Vine
yard
Rd
Vine
yard
Rd
Indian Rt 3Combs Rd
Schn
epf R
d
Hunt Hwy
Queen Creek Rd
Qua
il Run
Ln
128th
Ave
Stardust Blvd
DelW
ebb Bl
vd Greenway Pkwy
Cave Creek Rd
Frank Lloyd Wright Blvd
SaguaroBlvd
WarnerEl
liot L
oop
Jomax Rd
Citru
s Rd
Waddell Rd
Glendale Ave
Camelback Rd
Perry
ville
Rd Thomas Rd Thomas Rd
Sunr
ise B
lvd
Union Hills DrUnion Hills Dr
Greenway Rd
Cotto
n Ln
Sariv
alAv
e
Reem
s Rd
Bulla
rdAv
e
Litc
hfie
ld R
d
Cactus Rd
Peoria Ave
Lind
say
Rd
Reck
er R
dRe
cker
Rd
Soss
aman
Rd
Hawe
s Rd
Crimson Rd
Coop
er R
d
ValV
ista
Dr
Rittenhouse Rd
Gre
enfie
ld R
d
Pecos Rd
Mcq
ueen
Rd
Germann Rd
Queen Creek Rd
Crism
on R
d
Reeb
s Rd
Ocotillo Rd
Chandler Heights Rd
Riggs Rd
Germann Rd
Pima Rd
Kenw
orth
y Rd
Ocotillo Rd
Mes
a Rd
Coun
try C
lub
Dr
Indian School Rd
Thomas Rd
Indian Bend Rd
CanalBank Rd
Hawe
s Rd
Germann Rd
Prie
st D
r
Kyre
ne R
d
75thAve
27th
Ave
35th
Ave
Dobbins Rd
Elliot Rd
75th
Ave
Elliot Rd 59th
Ave
Carver Rd
Estrella Dr
Saint Johns
Mission Rd
Pecos Rd
43rd
Ave
75th
Ave
67th
Ave
83rd
Ave
Lower Buckeye Rd
107t
hAv
eLower Buckeye Rd
123r
dAv
e Broadway Rd
Southern Ave
Indian Springs Rd
Southern Ave
Citru
s Rd
Broadway Rd
Airp
ort R
d
Beloat Rd
93rd
Ave
27th
Ave
43rd
Ave
Pyra
mid
Pea
k Pk
wy
33rd
Ave
16th
St
Desert Hills Dr
17th
Ave Joy Ranch Rd
Cloud RdCloudRd
64th
St
Happy Valley Rd Alm
aSc
hool
Rd
Jomax Rd
116t
h St
118t
h St
64th
St
Deer Valley Rd
McDowell Rd
Dean
Rd
Lower Buckeye Rd
Elliot Rd
RainbowValley Rd
Tuth
ill Rd
Narramore Rd
Ray Rd
155t
hAv
e
171s
tAve
Williams Field Rd
163r
dAv
e
203r
dAv
e
Queen Creek Rd
Ocotillo Rd
Sand
ia R
d Buenos Aires Rd
Riggs Rd
Hunt Hwy
Tuth
ill Rd
Ocotillo Rd
Skyline Dr
Thom
pson
Rd
Phillips Rd
Indian Route 60
187t
hAv
e
211t
hAv
e
Dove Valley Rd
219t
hAv
e
Sariv
alAv
e16
3rd
Ave
Mou
nbat
ten
Rd
Dixileta DrBradley Rd
203r
dAv
e
Croz
ier S
t
Patton Rd
195t
hAv
e
Jomax Rd
Happy Valley Rd
Deer Valley Rd
136t
h St
Lone Mountain Rd
144t
h St
160t
h St
168t
h St
174t
h St
152n
d St
128t
h St
Bulla
rdAv
e
Wickenburg Hwy
Grand Ave
Grand Ave
Buckeye Rd
Main St
Black Canyon Hwy
Agua
Fria
Frw
y
Blac
k Ca
nyon
Frw
y
Pies
tewa
Frw
y
HohokamExwy
Red Mountain Frwy
48th
St
Pearl Harbor Memorial Hwy
Mar
icopa
Frw
y
Superstition Frwy
S Ra
inbo
w Rd
Jack
rabb
it Trl
Bulla
rdAv
e
Patterson Rd
EaglesNest CC
Palm ValleyGolf Club
WildlifeWorld Zoo
WigwamCC
Club WestGolf Club
FoothillsGolf Club
Harrahs/Gila R iverCasinos
Arizona Biltmo reCountry Club
San Ma rcosCC
Mccormick RanchGolf Club
Happy TrailsGolf Resort
ArrowheadRanch CC
LegendGolf Resort
PointeGolf Club Stonecreek
GC
The 500Club
Tatum RanchGolf Club
Gainey RanchGolf Club
TournamentPlayers Club
GrayhawkGolf Club
Fountain HillsGolf Club
Troon NorthGolf Club
BouldersClub
Tonto VerdeGolf Club
Gold Can yonGolf Club
Deer ValleyGC
StardustGC
Briar woodCC
Echo MesaGC
Hillc restGC
GrandviewGC
The VistasGC
WestbrookVillage GC
Willowbrook andWillowcreek GC Union Hills
CC
Co yoteLa kes GC
PebblebrookGC
RiverviewGC
PalmbrookCC
PeoriaStadium
La ke East/West GC
Phoenix CommunityCollege
Grand Can yonCollege
Phoenix JuniorCollege
Phoenix JuniorCollege
Mesa CommunityCollege
Arizona StateUniversity
ScottsdaleCommunityCollege
Glendale CommunityCollege
SouthwesternCollege
Phoenix-Deer ValleyMunicipal Airport
ScottsdaleAirport
FalconField
Phoenix Sky HarborInt'l Airport
Phx -MesaGateway
ChandlerMunicipal
Airport
MARICOPAPINAL
Scottsdale
CaveCreek
DesertHills
Anthem
Ca refree
Peoria
PHOENIX
Surprise
Glendale
Sun CityWest
SunCity Fountain
Hills
ElMirage
Youngtown
ParadiseValleyLu ke
AFB
Litch fieldPark
MesaGoodyear
Goodyear
Est rellaMountain
Ranch
Avondale
Buc keye
Tolleson
Tempe
GilbertChandler
Komatke
SantaCruz
Cashion
QueenCreek
ApacheJunction
60
60
85
74
74
74
87
88
153 143
101
303
303
101
51
87
101
101
87
236
347
587
60
60
17
17
10
10
17
10
202
202
COMPARABLES | COLLIERS INTERNATIONAL | 9
Rent Comparable Map
1. Subject PropertySago Gardens1015 South Stanley Place | Tempe, AZ
2Campus Walk1137 E. Orange St. | Tempe, AZ
3University Village936 S. Terrace Blvd | Tempe, AZ
4Fiesta Park1224 E. Lemon St. | Tempe, AZ
5La Cresenta Garden & Park1025 E. Orange St. | Tempe, AZ
21
43
5
Sago Gardens Apartments
1015 South Stanley Place Tempe, AZ
MARKET SYNOPSIS | COLLIERS INTERNATIONAL | 10
Subject Property Comparison
Note - “Adjusted Monthly Rent” is the effective rent received by the property owner after adjusting for any rental concessions, on an assumed one-year lease. By way of example, if the quoted marketrent is $600 per month, and one month is free with a twelve-month lease, the Adjusted Monthly Rent is $550 ( ($600 X 11) / 12 ).
Unit Mix Total Units S.F. Monthly Rent
MonthlyRent / S.F.
AdjustedMonthly
Rent
Adjusted Rent / S.F.
2 Bed, 1 Bath 33 800 750$ 0.94$ 750$ 0.94$ Totals/Averages 33 800 750$ 0.94$ 750$ 0.94$
Comparables Property SummaryUnit Mix Total Units S.F. Monthly
RentMonthly
Rent / S.F.AdjustedMonthly
Rent
Adjusted Rent / S.F.
1 Bed, 1 Bath 50 698 689$ 0.99$ 641$ 0.92$ 2 Bed, 1 Bath 200 830 642$ 0.77$ 603$ 0.73$ 2 Bed, 2 Bath 162 929 634$ 0.68$ 588$ 0.63$ 3 Bed, 2 Bath 32 916 924$ 1.01$ 876$ 0.96$ Totals/Averages 444 843 722$ 0.86$ 677$ 0.81$
Sago Gardens Apartments
1015 South Stanley Place Tempe, AZ
COMPARABLES | COLLIERS INTERNATIONAL | 11
Sales Comparables
PropertyLocation
YearBuilt
#Units Unit Mix
SalesPrice
Price/Unit Price/SF
Close of Escrow
PropertyPhotograph
Majestic Palms 1957 20 19 1BD/1BA 1,250,000$ $62,500 $92.42 3/10/2009333 W. Medlock Dr. 1 3BD/2BAPhoenix, AZ 85013
3234 N. 38th St. 1962 14 13 2BD/1BA 805,000$ $57,500 $56.46 8/21/2009Phoenix, AZ 85018 1 2BD/1BA
The Reach 1987 56 52 2BD/1BA 3,005,000$ $53,661 $71.86 6/2/20091855 E. Don Carlos Ave. 4 3BD/2BATempe, AZ 85281
Tempe Manor 1960 20 20 1BD/1BA 750,000$ $37,500 $77.96 8/28/20091403 E. 8th St.Tempe, AZ 85281
Peppertree Apartments 1963 24 2 1BD/1BA 1,010,000$ $42,083 $52.60 2/20/20093105-3127 E. Fairmount Ave. 20 2BD/1BAPhoenix AZ 85016 2 3BD/1BAPhoenix, AZ 85016 2 3BD/1BA
Casa Bonita Apartments 1980 8 2 1BD/1BA 374,000$ $46,750 $59.63 3/10/20093205 E. Earll Dr. 6 2BD/1BAPhoenix, AZ 85018
Los Arcos 1968 8 8 Studio 350,000$ $43,750 $62.34 3/16/20097221 E. Belleview St.Scottsdale, AZ 85257
Hilton Apartments 1954 24 20 Studio 970,000$ $40,417 $98.89 4/30/2009825 N. 2nd Ave. 4 1BD/1BAPhoenix, AZ 85003
AVERAGES 1966 22 1,064,250$ $48,020 $71.52
Sago Gardens Apartments
1015 South Stanley Place Tempe, AZ
COMPARABLES | COLLIERS INTERNATIONAL | 13
Sales Comparables Map
1. Subject Property Sago Gardens 1015 South Stanley Place | Tempe, AZ
2 Majestic Palms 333 W. Medlock Dr. | Phoenix, AZ
3 3234 N. 38th St. | Phoenix, AZ
4 The Reach 1855 E. Don Carlos Ave. | Tempe, AZ
5 Tempe Manor 1403 E. 8th St. | Phoenix, AZ
6 Peppertree Apartments 3105-3127 E. Fairmount Ave. | Phoenix, AZ
7 Casa Bonita Apartments 3205 E. Earll Dr. | Phoenix, AZ
8 Los Arcos 7221 E. Belleview St. | Scottsdale, AZ
9 Hilton Apartments 825 N. 2nd Ave. | Phoenix, AZ
21
4
Moon ValleyCountry Club
North/SouthGC
Quail RunGC Scottsdale Country Club
Sun CityCC
CountryMeadows GC
StateCapitol
AmericaWest Arena
Tempe DiabloStadium
Salt R iver Pima-MaricopaIndian Rese rvation
Fort McD owellMohave-Apache
Indian Rese rvation
Gila R iverIndian Rese rvation
Lost DutchmanState Park
Est rella MountainRegional Park
Phoenix South Mountain Park
TontoNat'l
Forest
McD owellMountain
Park
ThunderbirdPark
White TankMountain
Regional Park
LakePleasant
BartlettReservoir
Agua
Fria R
iver
Verde Rive
r
New
River
LakeBonita
Trilby WashDetention Basin
SaquaroLake
Salt River
Salt River
CanyonLake
Gila River
CanyonLake
Cave
Cre
ek
Gila River
Verde River
Verde River
Syca
more
Cre
ek
Alder Creek
Skun
k Cree
k
Cave Creek
Syca
more Cr
eek
Queen Creek
Beeli
ne H
wy
Beeli
ne H
wy
New R
iver R
d
7th
St7t
h St
7th
St7t
h St
Irvine Rd
7thA
ve7t
h Ave
7th A
ve
Cave
Cre
ek R
d
Scot
tsdale
Rd
Scot
tsdale
Rd
Pim
a Rd
56th
St
Carefree Hwy
Dove Valley Rd
Lone Mtn Rd
Morristown Hwy
Carefree Hwy
Scot
tsdale
Rd
Lake
Plea
sant
Rd
Cave
Cree
k Rd
Tatu
m B
lvdTa
tum
Blvd
Dynamite Blvd
Dixileta Dr
Lone Mountain Rd
Happy Valley Rd
51st
Ave
51st
Ave
51st
Ave
19th
Ave
67th
Ave
67th
Ave
67th
Ave
35th
Ave
83rd
Ave
83rd
Ave
Pinnacle Peak Rd Pinnacle Peak Rd
Jomax Rd
Pinnacle Peak Rd
Pinnacle Peak Rd
59th
Ave
40th
St
Deer Valley Rd
Canal
Rd
Deer Valley Rd
75th
Ave
75th
Ave
Johnson Blvd
El M
irage
Rd
Beardsley RdBeardsley RdBeardsley Rd
43rd
Ave
32nd
St
32nd
St
99th
Ave
91st
Ave
91st
Ave
107t
hAve
107t
h Ave
Union Hills DrUnion Hills Dr
El M
irage
Rd
Bell RdBell RdBell Rd
64th
St
64th
St
64th
St
56th
St
Dysa
rt Rd
Surp
riseA
ve
Hayd
en R
d
Bush Hwy
Greenway RdGreenway
RdGreenway Rd
Bear
dsley
Can
al Rd
Fountain
Hills Blvd
59th
Ave
Palisades
Blvd
Thunderbird RdThunderbird Rd Thunderbird Rd
111t
hAve
Sweetwater Ave
24th
St
24th
St
Cactus RdCactus Rd 66th StCactus Rd
108t
h St
96th
St PalominoBlvd Kingstree
BlvdShea BlvdPeoria Ave
44th
St
Via Linda
Mountain View Rd
104t
h St
Doubletree Ranch RdDunlap AveOlive Ave
Cent
ralA
ve
27th
Ave
Via DeVentura
Beeline Hwy
Northern Ave
16th
St
Litch
field
Rd
Glendale Ave
Lincoln Dr
63rd
Ave
105t
h Ave
Inve
rgor
don
Rd
Mcdonald DrBethany Home Rd
20th
St
Bush Hwy
Camelback RdCamelback Rd
Pim
a Rd
Pim
a Fr
wy
Pima Frwy
Indian School Rd
Papago Frwy
Indian School RdIndian School Rd
Osborn Rd
Reck
er R
d
Thomas Rd
Powe
r Rd
Thomas Rd
115t
hAve
Grand Ave
Encanto Blvd Oak St
52nd
St
Reem
s Rd
195t
h Ave
Tuth
ill Rd
Mcdowell Rd Mcdowell RdMcdowell Rd
ValV
ista
Dr
Higle
y Rd
Colle
geAv
e
Mckellips Rd
Red Mountain Frwy
Maricopa Frwy
Santan Frwy
Mckellips RdVan Buren St
Mcc
linto
ck D
r
Buckeye Rd
99th
Ave
Stap
ley D
r
Washington St
7thA
ve7t
hAve
19th
Ave
Cent
ral A
ve
7th
St
24th St
24th
St
59th
Ave
User
y Pas
s Rd
91st
Ave
51st
Ave
35th
Ave
Curry Rd
Jack
rabb
it Trl
Sky Harbor Blvd Brown RdBrown RdYuma Rd
Cotto
n Ln
Western Ave
Mill
Ave
Pries
t Dr
Rura
l Rd
Mcc
linto
ck D
r
Estre
lla P
kwy
Estre
lla P
kwy
University Dr University Dr
Dobs
on R
dDo
bson
Rd
Hard
y Dr
40th
St
40th
St
52nd
St Main StMain StMain St Apache TrlApache Blvd
Linds
ay R
d
Alm
a Sc
hool
RdAl
ma
Scho
ol Rd
Mes
a Dr
Powe
r Rd
Coun
try C
lub D
r
Gilbe
rt Rd
Gree
nfiel
d Rd
Crism
on R
d
48th
St
48th
St
Broadway Rd Broadway RdBroadway Rd Broadway Ave
32nd
St
32nd
St
Soss
aman
Rd Pueblo Rd
Southern AveSouthern AveSouthern Ave
Baseline Rd Baseline RdBaseline Rd Baseline Rd
Mcq
ueen
Rd
20th
St
Guadalupe Rd Guadalupe RdDobbins Rd
44th
St
Price
Frw
y
Elliot Rd Elliot Rd
Coop
er R
d
Warner Rd
Ellsw
orth
Rd
Ray Rd
Rura
l Rd
Ray Rd
Williams Field RdChandler BlvdChandlerBlvd Ar
izona
Ave
Dese
rt Fo
othil
lsPk
wy
Liberty LnPecos Rd
Pecos Rd
Mar
icopa
Rd
Higle
y Rd
Beltline Road
Queen Creek RdQueen Creek Rd
Gilbe
rt Rd
Gilbe
rt Rd
Mer
idian
Rd
Alm
a Sc
hool
Rd
Riggs Rd
Price
Rd
Dobs
on R
d
Hunt HwyHunt Hwy
Apache
Trl
Mckellips Blvd
Corte
z Rd
Ironw
ood
Dr
Mer
idian
Rd
Idah
o Rd
Lost Dutchman Blvd
Superstition Blvd
Holm
es R
d
Mou
ntain
View
RdOld West Hwy
Goldf
ield
Rd
Tom
ahaw
k Rd
Southern Ave
Moe
ur R
d
Mou
ntain
Rd
Vine
yard
Rd
Vine
yard
Rd
Indian Rt 3
Combs Rd
Schn
epf R
d
Hunt Hwy
Queen Creek Rd
Quail
Run
Ln
128th
Ave
Stardust Blvd
DelW
ebb Bl
vd Greenway Pkwy
Cave Creek Rd
Frank Lloyd Wright Blvd
SaguaroBlvd
WarnerEl
liot L
oop
Jomax Rd
Citru
s Rd
Waddell Rd
Glendale Ave
Camelback Rd
Perry
ville
Rd Thomas Rd Thomas Rd
Sunri
se B
lvd
Union Hills DrUnion Hills Dr
Greenway Rd
Cotto
n Ln
Sariv
alAv
e
Reem
s Rd
Bulla
rdAv
e
Litch
field
Rd
Cactus Rd
Peoria Ave
Linds
ay R
d
Reck
er R
dRe
cker
Rd
Soss
aman
Rd
Hawe
s Rd
Crimson Rd
Coop
er R
d
ValV
ista
Dr
Rittenhouse Rd
Gree
nfiel
d Rd Pecos Rd
Mcq
ueen
Rd
Germann Rd
Queen Creek Rd
Crism
on R
d
Reeb
s Rd
Ocotillo Rd
Chandler Heights Rd
Riggs Rd
Germann Rd
Pima Rd
Kenw
orth
y Rd
Ocotillo Rd
Mes
a Rd
Coun
try C
lub D
r
Indian School Rd
Thomas Rd
Indian Bend Rd
CanalBank Rd
Hawe
s Rd
Germann Rd
Pries
t Dr
Kyre
ne R
d
75thAve
27th
Ave
35th
Ave
Dobbins Rd
Elliot Rd
75th
Ave
Elliot Rd 59th
Ave
Carver Rd
Estrella Dr
Saint Johns
Mission Rd
Pecos Rd
43rd
Ave
75th
Ave
67th
Ave
83rd
Ave
Lower Buckeye Rd
107t
hAve
Lower Buckeye Rd
123r
dAve
Broadway Rd
Southern Ave
Indian Springs Rd
Southern Ave
Citru
s Rd
Broadway Rd
Airp
ort R
d
Beloat Rd
93rd
Ave
27th
Ave
43rd
Ave
Pyra
mid
Peak
Pkw
y
33rd
Ave
16th
St
Desert Hills Dr
17th
Ave Joy Ranch Rd
Cloud RdCloudRd
64th
St
Happy Valley Rd Alm
aSc
hool
Rd
Jomax Rd
116t
h St
118t
h St
64th
St
Deer Valley Rd
McDowell Rd
Dean
Rd
Lower Buckeye Rd
Elliot Rd
RainbowValley Rd
Tuth
ill Rd
Narramore Rd
Ray Rd
155t
hAve
171s
tAve
Williams Field Rd
163r
dAve
203r
d Ave
Queen Creek Rd
Ocotillo Rd
Sand
ia Rd
Buenos Aires Rd
Riggs Rd
Hunt Hwy
Tuth
ill Rd
Ocotillo Rd
Skyline Dr
Thom
pson
Rd
Phillips Rd
Indian Route 60
187t
hAve
211t
h Ave
Dove Valley Rd
219t
hAve
Sariv
alAv
e16
3rdA
ve
Mou
nbat
ten
Rd
Dixileta DrBradley Rd
203r
dAve
Croz
ier S
t
Patton Rd
195t
hAve
Jomax Rd
Happy Valley Rd
Deer Valley Rd
136t
h St
Lone Mountain Rd
144t
h St
160t
h St
168t
h St
174t
h St
152n
d St
128t
h St
Bulla
rdAv
e
Wickenburg Hwy
Grand Ave
Grand Ave
Buckeye Rd
Main St
Black Canyon Hwy
Agua
Fria
Frw
y
Blac
k Can
yon
Frwy
Pies
tewa
Frw
y
HohokamExwy
Red Mountain Frwy48
th S
t
Pearl Harbor Memorial Hwy
Mar
icopa
Frw
y
Superstition Frwy
S Ra
inbow
Rd
Jack
rabb
it Trl
Bulla
rdAv
e
Patterson Rd
EaglesNest CC
Palm ValleyGolf Club
WildlifeWorld Zoo
WigwamCC
Club WestGolf Club
FoothillsGolf Club
Harrahs/Gila R iverCasinos
Arizona Biltmo reCountry Club
San Ma rcosCC
Mccormick RanchGolf Club
Happy TrailsGolf Resort
ArrowheadRanch CC
LegendGolf Resort
PointeGolf Club Stonecreek
GC
The 500Club
Tatum RanchGolf Club
Gainey RanchGolf Club
TournamentPlayers Club
GrayhawkGolf Club
Fountain HillsGolf Club
Troon NorthGolf Club
BouldersClub
Tonto VerdeGolf Club
Gold Can yonGolf Club
Deer ValleyGC
StardustGC
Briar woodCC
Echo MesaGC
Hillc restGC
GrandviewGC
The VistasGC
WestbrookVillage GC
Willowbrook andWillowcreek GC Union Hills
CC
Co yoteLa kes GC
PebblebrookGC
RiverviewGC
PalmbrookCC
PeoriaStadium
La ke East/West GC
Phoenix CommunityCollege
Grand Can yonCollege
Phoenix JuniorCollege
Phoenix JuniorCollege
Mesa CommunityCollege
Arizona StateUniversity
ScottsdaleCommunityCollege
Glendale CommunityCollege
SouthwesternCollege
Phoenix-Deer ValleyMunicipal Airport
ScottsdaleAirport
FalconField
Phoenix Sky HarborInt'l Airport
Phx -MesaGateway
ChandlerMunicipal
Airport
MARICOPAPINAL
Scottsdale
CaveCreek
DesertHills
Anthem
Ca refree
Peoria
PHOENIX
Surprise
Glendale
Sun CityWest
SunCity Fountain
Hills
ElMirage
Youngtown
ParadiseValleyLu ke
AFB
Litch fieldPark
MesaGoodyear
Goodyear
Est rellaMountain
Ranch
Avondale
Buc keye
Tolleson
Tempe
GilbertChandler
Komatke
SantaCruz
Cashion
QueenCreek
ApacheJunction
60
60
85
74
74
74
87
88
153 143
101
303
303
101
51
87
101
101
87
236
347
587
60
60
17
17
10
10
17
10
202
202
2
6
451
37
Sago Gardens Apartments
1015 South Stanley Place Tempe, AZ
89
Colliers International Legal Disclaimer
This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2009. All rights reserved.
