University Court OFFERING MEMORANDUM 1223 W. … and Phoenix Sky Harbor International Airport, the...
Transcript of University Court OFFERING MEMORANDUM 1223 W. … and Phoenix Sky Harbor International Airport, the...
DALLAN RANDALLD 480 634 2320M 480 262 [email protected]
KIMBERLY A. ROLLINSD 480 634 2319M 602 750 [email protected]
ROLLINS & RANDALL MULTI-FAMILY GROUP
University Court1223 W. University Drive | Tempe, AZ 85281
Sale Price: $750,000$150,000/Unit
OFFERING MEMORANDUM
University Court1223 W. University Drive | Tempe, AZ 85281 Offering Memorandum
Executive Summary Project Summary……….…………………………………………………….4 Project Description……….…………………………………………………. 5 Property Features…………………………………………….......................5 Exterior Photos………………………………………………………………...6 Interior Photos………………………………………………………………...7 Location Maps Site Map……………………………………………………………........…....9 Amenities Map……………………………………………………………...10
Financial Overview Rent Roll and Pro Forma…………………………………………………...12 Market Overview Rent Comparables Overview…………………………………………….14 Rent Comparables Map………………………………………………..... 15 Sale Comparables Overview…………………………………………….16 Sale Comparables Map…………………………………………………. .17 Demographics………...............…………………………………………...18
CPI Overview Confidentiality&DisclaimerStatement…..…………………………….19
Table of Contents
COMMERCIAL PROPERTIES INC P. 21223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
University CourtOffering Memorandum> Executive Summary
COMMERCIAL PROPERTIES INC P. 4
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
Address 1223 W. University DriveTempe, AZ 85281
Total Units 5
Total Rentable SF 2,849
Lot SF 7,579
Offering Multi-Family Residential
Sale Price $750,000
Price / Unit $150,000
Price / SF $263.25
CAP Rate 5.68%
Year Built 1962
Tax Parcel Number 124-74-004
Zoning R-3, City of Tempe
Project Summary
COMMERCIAL PROPERTIES INC P. 5
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
PROJECT DESCRIPTION
Commercial Properties Inc, is proud to offer for sale the University Court Apartments, located at 1223 W. University Drive in Tempe, Arizona. Built in 1962, the property consists of 5 units with immediate access to University Drive, a major east-west thoroughfare running through Tempe and into the east valley. Situated less than a half mile south of the 202 Freeway and less than one mile east of the I-10 Highway and Phoenix Sky Harbor International Airport, the property offers ease of access to Metro Phoenix. University Court Apartments is just minutes from Arizona State University and the iconic Mill Avenue which offers a large variety of shopping and dining options, as well as AMC Theatres. The property is extremely well situated for destinations including Scottsdale, Biltmore Fashion Park, Talking Stick Resort Arena, and our growing downtown Phoenix urban redevelopment. Located in the Tempe Elementary School District, families residing at University Court are within walking distance to Gililland Middle School, one mile north of Holdeman Elementary School and two miles northwest of Tempe High School. Less than two miles northeast is Tempe Town Lake, Arizona’s second-most visited public attraction, which provides walking/jogging paths, boating activities and hosts more than 40 special events annually.
PROPERTY FEATURES
University Court is single-story and comprised of block construction with well-keptdesertlandscaping.Fourofthefiveunitshavebeenrenovatedwith updated interiors sporting granite countertops, faux wood laminate flooring,ceilingfansandamplestorage.Eachunithasitsownindividualwasher/dryer hookup, private backyard space and private parking in the back.
COMMERCIAL PROPERTIES INC P. 6
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
Exterior Photos
COMMERCIAL PROPERTIES INC P. 7
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
Interior Photos
University CourtOffering Memorandum> Location Maps
COMMERCIAL PROPERTIES INC P. 9
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
Site Map
PARKING
COVERED PATIO
ÇN
COMMERCIAL PROPERTIES INC P. 10
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
Amenities Map
University Dr
Priest Dr
52nd
St TEMPE
SCOTTSDALE
PHOENIX
Washington St
Broadway Rd
48th StSite
SiteH
ardy Dr
Mill Ave
TEMPE CENTER FOR THE ARTS
44th St
PHOENIX ZOO
Apache Blvd
Southern Ave
Rural Rd
McClintock D
r
GILILLAND MIDDLE SCHOOL
ÇN
University CourtOffering Memorandum> Financial Overview
COMMERCIAL PROPERTIES INC P. 12
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
RentRoll&ProForma
INCOME Total Per UnitAnnual Scheduled Market Rent $59,940 $11,988Vacancy Loss 5% (2,997.00)$ (599.40)$ Utility Reimbursement -- --Other Income -- --
Effective Gross Income $56,943 $11,388.60EXPENSES
Property Taxes $2,594 $518.80Insurance $550 $110Management Fee 7% $4,196 $839Pest Control $320 $64Landscaping $1,230 $246Utilities $3,200 $640Maintenance & Repairs $2,250 $450
Total Operating Expenses 29% $14,340 $2,867.96
Net Operating Income $42,603 $8,520.64
Purchase Price $750,000
PROFORMA CAP RATE 5.68%
Unit Type Sq. Ft.+/- Market Rent Current Rent Market
Rent/sqft
Unit 1 1 Bedroom 1 Bath Washer Dryer 505 $965 $899 $1.91
Unit 2 2 Bedroom 1 Bath Washer Dryer 667 $1,050 $1,049 $1.57
Unit 3 1 Bedroom 1 Bath Washer Dryer 505 $965 $899 $1.91
Unit 4 2 Bedroom 1 Bath Washer Dryer 667 $1,050 $999 $1.57
Unit 5 1 Bedroom 1 Bath Washer Dryer 505 $965 $895 $1.91
Total 2849 $4,995.00 $4,741.00 $1.83
ANNUALIZED $59,940 $56,892
University CourtOffering Memorandum> Market Overview
COMMERCIAL PROPERTIES INC P. 14
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
Rent Comparables Overview
PROPERTY YEAR BUILT UNIT TYPE AVG UNIT SQFT AVG RENT/UNIT AVG RENT/SQFT
UNIVERSITY COURT1223 W UNIVERSITY DRTempe, AZ 85281
1962 1/1 AND 2/1 596 999$ 1.68$
GRANDES CORTEZ1150 W. University Dr Tempe, AZ 85281
1980 1/1 480 987$ 2.06$
SALADO SPRINGS242 S. Beck AveTempe, AZ 85281
1986 1/1 615 1,210$ 1.97$
TIDES AT 5TH805 W Brown StTempe, AZ 85281
1967 1/1 470 1,020$ 2.17$
JENTILLY1039 E Spence AveTempe, AZ 85281
1964 1/1 AND 2/1 740 1,388$ 1.88$
1231 N OleanderTempe, AZ 85281
1958 2/1 780 1,195$ 1.53$
1022 S Dorsey LnTempe, AZ 85281
1961 2/1 750 1,195$ 1.59$
Average 1969 639 1,166$ 1.87$
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COMMERCIAL PROPERTIES INC P. 15
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
University Court1223 W. University Dr. | Tempe, AZ
Grandes Cortez1150 W. University Dr. | Tempe, AZ
Salado Springs242 S. Beck Ave. | Tempe, AZ
Tides at 5th805 W. Brown St. | Tempe, AZ
Jentilly1039 E. Spence Ave. | Tempe, AZ
1231 N. Oleander St1231 N. Oleander St. | Tempe, AZ
1022 S. Dorsey Ln.1022 S. Dorsey Ln. | Tempe, AZ
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Rent Comparables Map
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McC
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Priest Dr
Rural R
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COMMERCIAL PROPERTIES INC P. 16
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
Sale Comparables Overview
PROPERTY YEAR BUILT # OF UNITS UNIT TYPEAVG UNIT
SQFTSALE PRICE $/UNIT $/SQFT CAP RATE SALE DATE NOTES
UNIVERSITY COURT1223 W UNIVERSITY DRTempe, AZ 85281
1961 54‐2/11‐1/1
620 750,000$ 150,000$ 241.94$ 5.75%
JENTILLY1039 E Spence AveTempe, AZ 85281
1964/2018 42‐ 2/12‐1/1
740 715,000$ 178,750$ 241.55$ 7.50% 7/25/2019Units were rented for $1275 and $1500
Williams Heritage611‐& 601 S Hardy DrTempe, AZ 85281
1979/2019 6 6‐1/1 680 940,000$ 156,667$ 230.39$ 6.19% 6/27/2019Luxury Finishes, Interior Laundry, Private Patios
1978 E Don Carlos AveTempe, AZ 85281
1974 4 4‐2/1 698 607,000$ 151,750$ 217.56$ ‐ 4/30/2019
1231 N OleanderTempe, AZ 85281
1958 51‐1/14‐2/1
667 855,000$ 171,000$ 256.29$ 6.44% 1/10/2020Luxury Finishes, Fully Renovated, No Laundry
Tempe Cottages2301‐2309 S College AveTempe, AZ 85282
1963 18 18‐1/1 613 3,110,000$ 172,778$ 281.86$ ‐ 3/13/2019Luxury Finishes, Fully
Renovated
1022 S Dorsey LnTempe, AZ 85281
1961 4 4‐2/1 750 665,000$ 166,250$ 221.67$ ‐ 11/13/2019
1217 S Farmer AveTempe, AZ 85281
1965 74‐0/11‐1/12‐2/1
429 1,135,000$ 162,143$ 377.96$ 5.78% 5/6/2019
Average 1637 7 654$ 1,146,714$ 165,620$ 261$ 3.70%
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COMMERCIAL PROPERTIES INC P. 17
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
Sale Comparables Map
University Court1223 W. University Dr. | Tempe, AZ
Jentilly1039 E. Spence Ave. | Tempe, AZ
Williams Heritage611 & 601 S. Hardy Dr. | Tempe, AZ
1978 E. Don Carlos Ave.1978 E. Don Carlos Ave. | Tempe, AZ
1231 N. Oleander St1231 N. Oleander St. | Tempe, AZ
Tempe Cottages2301-2309 S. College Ave. | Tempe, AZ
1022 S. Dorsey Ln.1022 S. Dorsey Ln. | Tempe, AZ
1217 S. Farmer Ave.1217 S. Farmer Ave. | Tempe, AZ
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McC
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Priest Dr
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COMMERCIAL PROPERTIES INC P. 18
University Court1223 W. University Drive | Tempe, AZ 85281
1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320
Demographics - 5 Mile Radius
Ring of 5 miles
DEMOGRAPHIC SUMMARY1223 W University Dr, Tempe, Arizona, 85281
INCOME
$49,430Median Household
Income
$26,978Per Capita Income
$21,510Median Net Worth
BUSINESS
14,949Total Businesses
345,321Total Employees
KEY FACTS
339,445Population
30.1
Median Age
136,204Households
$41,781Median Disposable Income
Age Pyramid
20%1001020%
The largest group:
2018 Male PopulationAge 20-24 (Esri)
The smallest group:
2018 Male PopulationAge 80-84 (Esri)
Dots show comparison to
Maricopa County
EDUCATION
14%
No High School
Diploma 20%High School
Graduate
31%Some College 35%
Bachelor's/Grad/Prof Degree
EMPLOYMENT
64%White Collar
15%Blue Collar
20%Services
5.5%
Unemployment Rate
Key Facts
Ring of 5 miles
DEMOGRAPHIC SUMMARY1223 W University Dr, Tempe, Arizona, 85281
INCOME
$49,430Median Household
Income
$26,978Per Capita Income
$21,510Median Net Worth
BUSINESS
14,949Total Businesses
345,321Total Employees
KEY FACTS
339,445Population
30.1
Median Age
136,204Households
$41,781Median Disposable Income
Age Pyramid
20%1001020%
The largest group:
2018 Male PopulationAge 20-24 (Esri)
The smallest group:
2018 Male PopulationAge 80-84 (Esri)
Dots show comparison to
Maricopa County
EDUCATION
14%
No High School
Diploma 20%High School
Graduate
31%Some College 35%
Bachelor's/Grad/Prof Degree
EMPLOYMENT
64%White Collar
15%Blue Collar
20%Services
5.5%
Unemployment Rate
Employment
Ring of 5 miles
DEMOGRAPHIC SUMMARY1223 W University Dr, Tempe, Arizona, 85281
INCOME
$49,430Median Household
Income
$26,978Per Capita Income
$21,510Median Net Worth
BUSINESS
14,949Total Businesses
345,321Total Employees
KEY FACTS
339,445Population
30.1
Median Age
136,204Households
$41,781Median Disposable Income
Age Pyramid
20%1001020%
The largest group:
2018 Male PopulationAge 20-24 (Esri)
The smallest group:
2018 Male PopulationAge 80-84 (Esri)
Dots show comparison to
Maricopa County
EDUCATION
14%
No High School
Diploma 20%High School
Graduate
31%Some College 35%
Bachelor's/Grad/Prof Degree
EMPLOYMENT
64%White Collar
15%Blue Collar
20%Services
5.5%
Unemployment Rate
Ring of 5 miles
DEMOGRAPHIC SUMMARY1223 W University Dr, Tempe, Arizona, 85281
INCOME
$49,430Median Household
Income
$26,978Per Capita Income
$21,510Median Net Worth
BUSINESS
14,949Total Businesses
345,321Total Employees
KEY FACTS
339,445Population
30.1
Median Age
136,204Households
$41,781Median Disposable Income
Age Pyramid
20%1001020%
The largest group:
2018 Male PopulationAge 20-24 (Esri)
The smallest group:
2018 Male PopulationAge 80-84 (Esri)
Dots show comparison to
Maricopa County
EDUCATION
14%
No High School
Diploma 20%High School
Graduate
31%Some College 35%
Bachelor's/Grad/Prof Degree
EMPLOYMENT
64%White Collar
15%Blue Collar
20%Services
5.5%
Unemployment Rate
Income
Education
Ring of 5 miles
DEMOGRAPHIC SUMMARY1223 W University Dr, Tempe, Arizona, 85281
INCOME
$49,430Median Household
Income
$26,978Per Capita Income
$21,510Median Net Worth
BUSINESS
14,949Total Businesses
345,321Total Employees
KEY FACTS
339,445Population
30.1
Median Age
136,204Households
$41,781Median Disposable Income
Age Pyramid
20%1001020%
The largest group:
2018 Male PopulationAge 20-24 (Esri)
The smallest group:
2018 Male PopulationAge 80-84 (Esri)
Dots show comparison to
Maricopa County
EDUCATION
14%
No High School
Diploma 20%High School
Graduate
31%Some College 35%
Bachelor's/Grad/Prof Degree
EMPLOYMENT
64%White Collar
15%Blue Collar
20%Services
5.5%
Unemployment Rate
DATA SOURCE: ESRI
Business
Ring of 5 miles
DEMOGRAPHIC SUMMARY1223 W University Dr, Tempe, Arizona, 85281
INCOME
$49,430Median Household
Income
$26,978Per Capita Income
$21,510Median Net Worth
BUSINESS
14,949Total Businesses
345,321Total Employees
KEY FACTS
339,445Population
30.1
Median Age
136,204Households
$41,781Median Disposable Income
Age Pyramid
20%1001020%
The largest group:
2018 Male PopulationAge 20-24 (Esri)
The smallest group:
2018 Male PopulationAge 80-84 (Esri)
Dots show comparison to
Maricopa County
EDUCATION
14%
No High School
Diploma 20%High School
Graduate
31%Some College 35%
Bachelor's/Grad/Prof Degree
EMPLOYMENT
64%White Collar
15%Blue Collar
20%Services
5.5%
Unemployment Rate
Ring of 5 miles
DEMOGRAPHIC SUMMARY1223 W University Dr, Tempe, Arizona, 85281
INCOME
$49,430Median Household
Income
$26,978Per Capita Income
$21,510Median Net Worth
BUSINESS
14,949Total Businesses
345,321Total Employees
KEY FACTS
339,445Population
30.1
Median Age
136,204Households
$41,781Median Disposable Income
Age Pyramid
20%1001020%
The largest group:
2018 Male PopulationAge 20-24 (Esri)
The smallest group:
2018 Male PopulationAge 80-84 (Esri)
Dots show comparison to
Maricopa County
EDUCATION
14%
No High School
Diploma 20%High School
Graduate
31%Some College 35%
Bachelor's/Grad/Prof Degree
EMPLOYMENT
64%White Collar
15%Blue Collar
20%Services
5.5%
Unemployment Rate
The information contained herein has been obtained from various sources. We have no reason to doubt its accuracy; however, J & J Commercial Properties, Inc. has not verified such information and makes no guarantee, warranty or representation about such information. The prospective buyer or lessee should independently verify all dimensions, specifications, floor plans, and all information prior to the lease or purchase of the property. All offerings are subject to price change, prior sale, lease, or withdrawal from the market without prior notice. Effective: 02 06 20
DALLAN RANDALLD 480 634 2320M 480 262 [email protected]
KIMBERLY A. ROLLINSD 480 634 2319M 602 750 [email protected]
ROLLINS & RANDALL MULTI-FAMILY GROUP