VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY
16801 North 49th Street • Scottsdale, Arizona • 164 Units
Available For Purchase
David Fogler, +1 602 224 4443, [email protected] | Steven Nicoluzakis, +1 602 224 4429, [email protected]
NUMBER OF UNITS ..........163 Units
YEAR BUILT ..........................2014
AVERAGE UNIT SIZE .......860 Square Feet
PRICE .......................................Market
TERMS ...................................All Cash
16801 North 49th Street • Scottsdale, Arizona • 164 Units
THE OFFERINGNUMBER OF UNITS ..........164 Units
YEAR BUILT ..........................1984
AVERAGE UNIT SIZE .......±814 Square Feet
PRICE .......................................Market
TERMS ...................................All Cash
INVESTMENT FEATURES• Brand new state-of-the-art fitness center
• Two swimming pools (one an Olympic style
lap pool)
• Poolside clubhouse
• Outdoor barbecue grills
• Covered parking
• Gated access
• Fire pit by main pool
• Free WiFi
INTERIORS
• 9-foot or vaulted ceilings
• All-electric kitchens
• Refrigerators, diswashers and microwaves
• Carpeting
• Mini-blinds
• Extra storage
• Washer/dryers in units
• Patios/balconies
• Wood-style flooring in upgraded units
• Pantries*
• Walk-in closets*
*In Select Units
VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY
Cushman & Wakefield is pleased to offer TATUM PLACE, a 164-unit Class “B” apartment community located east of the southeast corner of Tatum Boulevard and Bell Road on 49th Street in Northeast Phoenix, Arizona. This location offers residents easy access to the State Route 51 and Loop 101 freeways, providing immediate access to employment and “world-class” entertainment, shopping and dining venues in Scottsdale and Northeast Phoenix. Approximately 25% of the unit interiors have been recently upgraded while most of the property exterior and common areas have been upgraded. However, there is still significant opportunity to add value by completing interior renovations to the remaining “untouched” units while at the same time adding finishing touches to the already renovated units that will allow for even further growth in the market rental rates.
“Highly Desirable Location With Value-Add Potential” THE PROPERTY
PROFORMA BASED ON CURRENT AVERAGE MARKET RENTAL RATESFINANCIAL SUMMARY
UNIT MIXUnit Type % No. NRSF Rent Per SF
A1 - Classic 1 Bedroom / 1 Bath 20% 32 681 $915 $1.34
A1R1 - Level 1 Premium 1 Bedroom / 1 Bath 12% 19 681 $1,015 $1.49
A1R2 - Level 2 Premium 1 Bedroom / 1 Bath 5% 9 681 $1,090 $1.60
B1 - Classic 2 Bedroom / 2 Bath 5% 8 858 $995 $1.16
B1R1 - Level 1 Premium 2 Bedroom / 2 Bath 8% 13 858 $1,095 $1.28
B1R2 - Level 2 Premium 2 Bedroom / 2 Bath 12% 19 858 $1,170 $1.36
B2 - Classic 2 Bedroom / 2 Bath 24% 40 912 $1,045 $1.15
B2R1 - Level 1 Premium 2 Bedroom / 2 Bath 7% 11 912 $1,145 $1.26
B2R2 - Level 2 - Premium 2 Bedroom / 2 Bath 8% 13 912 $1,220 $1.34
Totals / Averages 100% 164 814 $1,055 $1.30
PROFORMA INCOMEScheduled Gross Potential Rental Income - Monthly $171,324 Scheduled Gross Potential Rental Income - Annual $2,055,893Vacancy 5.00% ($102,795)Other Loss 2.25% ($46,257)Net Rental Income $1,906,841Total Other Income $1,495/unit $245,180Effective Gross Income Annual $2,152,021
PROFORMA EXPENSES PER UNIT ANNUALAdministrative $250 $41,000Advertising $215 $35,260Maintenance $625 $102,500Salaries $1,400 $229,600Utilities $1,215 $199,260Subtotal Controllable Expenses $3,705 $607,620Management Fee 3.00% $394 $64,561Property Insurance $150 $24,600Real Estate Taxes 2018 $765 $125,384Replacement Reserve $250 $41,000Total Expenses $5,263 $863,165
NET OPERATING INCOME $1,288,856
2555 E Camelback Rd Ste 400 | Phoenix, Arizona 85016
p +1 602 954 9000 | f +1 602 468 8588 cushmanwakefield.com
David Fogler+1 602 224 [email protected]
Steven Nicoluzakis+1 602 224 [email protected]
SCOTTSDALE
FOUNTAINHILLS
PARADISE VALLEY
PHOENIXSKY HARBOR
AIRPORT
PHOENIX
TOLLESONGOODYEAR
AVONDALE
SURPRISE
GLENDALE
SUNCITY
GILBERT
QUEENCREEK
CHANDLER
TEMPE
PEORIA
MESA
48TH STREET
TATUM BLVDBELL RD
CAVE BUTTES RECREATION AREA
SUMCO
DEER VALLEY MUNICIPAL AIRPORT
PARADISE VALLEY COMMUNITY
COLLEGEPARADISE
VALLEY PARK
SUPERCENTER
MAYO CLINIC
DESERT RIDGEABRAZO HOSPITAL SCOTTSDALE
CAMPUS
AMERICAN EXPRESS
©2018 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as 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). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future property performance.
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