flyer - master 5 · 2018. 6. 1. · modern renovations include shaker cabinets & granite...
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ABIMultifamily.com/portfolio/La-PatioFor more information please visit:LA PATIO APARTMENTSLA PATIO APARTMENTS
3109 NORTH 36TH STREET, PHOENIX, AZ 850183109 NORTH 36TH STREET, PHOENIX, AZ 85018
Modern Renovations Include Shaker Cabinets & Granite Countertops
Three Large Ground-Level Storage Rooms
Minutes From Phoenix Sky Harbor International Airport
Close to Camelback Corridor, Restaurants & Freeways
Offering Price: $2,675,000 16-Unit Multifamily Community in Phoenix, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
PROPERTY OVERVIEW
Price $2,675,000Per Unit $167,188
Per SF $187.32Pro Forma CAP 6.17%
# of Units 16Avg SF/Unit 893 SF
Built 1986Renovated 2016/17
16 Units, Built in 1986 with Pitched Concrete Tile Roofs
Individually Metered for Electricity & Hot Water
Majority Two-Bedroom / Two-Bathroom Unit Types
Tenants Enjoy Tuck-Under & Covered Parking
Units Include Washer / Dryer, Fireplace, Patio(s), Dual-Pane Windows
MARKET PRO FORMA
Unit Type Count % Total Size (SF) Rent Rent/SF
1 Bed / 1 Bath 5 31.3 700 $995 $1.42
2 Bed / 2 Bath 11 68.8 980 $1,250 $1.28
Totals / Averages 16 100% 893 $1,170 $1.31
INCOME & EXPENSESIncome Total Per Unit
Gross Scheduled Income $224,700 $14,044
Less: Loss to Lease (1.0%) ($2,247) ($140)
Gross Potential Rent: $222,453 $13,903
Less: Vacancy / Bad Debt / Other (5.0%) ($11,123) ($695)
Net Rental Revenue $211,331 $13,208
Add: Other Income / RUBS $11,600 $725
Effective Gross Income $222,930 $13,933
Expenses
Administration $9,008 $563
Management Fees (6.0%) $13,376 $836
Contract Services $2,400 $150
Repairs & Maintenance $4,400 $275
Turnover $1,600 $100
Utilities $10,640 $665
Insurance $3,200 $200
Real Estate Taxes $9,155 $572
Replacement Reserves $4,000 $250
Total Operating Expenses $57,779 $3,611
Net Operating Income $165,152 $10,322
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: $2,675,000
TOTAL UNITS: 16
YEAR BUILT: 1986 | RENOVATED 2016/17
La Patio is a 16-unit, garden-style apartment community located in the vibrantArcadia neighborhood of Phoenix. This well-located property has receivedextensive renovations.
La Patio is a 1986 wood frame and stucco constructed single-buildingcommunity with pitched concrete tile roofs. The unit mix consists of 5one-bedroom / one-bathroom units and 11 two-bedroom / two-bathroom units.Interior renovations include granite countertops, newer cabinets andappliances, and wood-like flooring. Every unit enjoys air conditioning / heating,walk-in closets, a fireplace, interior washer / dryer, energy-efficient dual-panewindows, and at least one patio. Kitchens are equipped with a dishwasher,garbage disposal, range / oven, refrigerator, microwave, and breakfast bar.
La Patio is individually metered for electricity and hot water. The communityboasts a pebble-sheen swimming pool, gazebo, and community BBQ. Recentcapital expenditures include new roofs, soffits, gutters, paint, stairways, poolsurface, pool equipment, resealed pavement, new water heaters and airconditioning units. There are three large storage rooms on the ground level aswell as greenfield space. The property enjoys both tuck-under and coveredparking. This community is quiet and cozy with modern appeal and is wellpositioned for future rent growth due to its thriving high-demand area near theCamelback Corridor, Scottsdale, Tempe, and Phoenix Sky Harbor InternationalAirport.
LA PATIO APARTMENTS3109 NORTH 36TH STREET, PHOENIX, AZ 85018
PRIMARY LISTING ROYCE MUNROECONTACT: Vice President
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/La-Patio
LA PATIO APARTMENTS