for sale jacinto street apartments - loopnet · picor commercial real estate services 1100 n....
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FOR SALE
Jacinto Street Apartments 225 E. Jacinto Street Tucson, AZ 85705
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
15 Bedroom Student Housing Development
Sale Price: $770,000
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For more information, please contact:
Allan Mendelsberg, Principal Multifamily and Investment Sales +1 520 546 2721 [email protected]
Daniel Leibsohn Multifamily and Investment Sales +1 520 546 2740 [email protected]
PICOR Commercial Real Estate Services
1100 N. Wilmot Road, Suite 200
Tucson, Arizona 85712
phone: +1 520 748 7100
picor.com
Property Highlights
Number of Beds 15
Beds per House 5
Sale Price $770,000
Cap Rate 7.19%
Year Built 2008
Occupancy 100%
Rentable SF 5,211
Parcel Size 0.27 Acres
Property Features
• The Jacinto Houses located at 225 E. Jacinto Street are a 2008 luxury development of three 2-story, 5 bedroom-2 bath individual houses.
• This spacious floor plan is designed with students in mind. Three bedrooms and one bath are located upstairs and two bedrooms and one bath are located downstairs.
• The 6th Avenue bike boulevard is just around the corner.
• Large private fenced yards with covered patios.
• All beds are pre-leased through 2017-2018 school year.
MULTI-FAMILY OFFERING
FOR SALE
Jacinto Street Apartments 225 E. Jacinto Street Tucson, AZ 85705
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
MULTI-FAMILY OFFERING Floor Plan – 1,737 SF 1st Floor
2nd Floor First Floor
Second Floor
FOR SALE
Jacinto Street Apartments 225 E. Jacinto Street Tucson, AZ 85705
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
MULTI-FAMILY OFFERING Features
Property Features
• 2 Full Baths w/Double Vanity Sinks
• 2 Levels
• Alarm System
• Architectural Polished Concrete Floor
• Balcony
• Built In Desks
• Built-In Niches
• Cox Advanced TV + HBO, On Demand & ROKU
• Dishwasher
• Frost-free Refrigerator with Icemaker
• Full Size Washer/Dryer
• Garbage Disposal
• High Ceilings w/ ceiling fans
• Individual Home
• Internet
• Large Spacious Floorplan
• Lighted Parking
• Microwave
• Mirrored Closet Doors
• Natural Stone Tile/Carpet
• No Security Deposit (O.A.C.)
• Pets Welcome
• Private, Fenced Yard
• Professionally Maintained Landscaping
• Prompt Maintenance
• Recessed Lighting
• Skylights
• Stainless Stove w/ Self Cleaning Oven
• Storage Closet Under Stairs
• Upper Deck
• Wall of windows in living/dining area
• Zoned Heating & A/C
1st Floor
2nd Floor
FOR SALE
Jacinto Street Apartments 225 E. Jacinto Street Tucson, AZ 85705
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
MULTI-FAMILY OFFERING Property Photos
FOR SALE
Jacinto Street Apartments 225 E. Jacinto Street Tucson, AZ 85705
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
SUBJECT
Downtown
Tucson
MULTI-FAMILY OFFERING
FOR SALE
Jacinto Street Apartments 225 E. Jacinto Street Tucson, AZ 85705
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made 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). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
MULTI-FAMILY OFFERING
TYPE # OF BEDS SQ. FT. TOTAL S.F. RENT
PER S.F.
MONTHLY RENT
2016/17 SCHOOL YR
MONTHLY RENT
2017/18 SCHOOL YR
5 BD/ 2 BA 1 1,737 1,737 $1.23 $2,190 $2,140
5 BD/ 2 BA 1 1,737 1,737 $1.18 $1,950 $2,050
5 BD/ 2 BA 1 1,737 1,737 $1.32 $2,190 $2,285
Total/Avg. 15 5,211 $1.23 $6,330 $6,475
INCOME STATEMENT MARKETING
PROFORMA
PROFORMA
PER HOUSE
PROFORMA
PSF
2016/17
SCHOOL YR
ANNUALIZED
RENTAL INCOME
Gross Potential Rents $77,700 $25,900 $14.91 $73,760
Vacancy ($3,108) -4.0% ($0.60)
Gross Rent $74,592 $24,864 $14.31
Other Income $1,200 $0.23 $1,828
Utility Reimbursement $8,300 $10,113
Net Rental Income $84,092 $85,702
TOTAL INCOME $84,092 $28.63
OPERATING EXPENSES
Marketing & Promotion $800 $267 $0.15 $794
Repairs & Maintenance $5,000 $1667 $0.96 $6,970
General and Admin $700 $233 $0.13 $735
Utilities $8,640 $2880 $1.66 $10,684
Turnover $1,890 $630 $0.36 $2,075
TOTAL VARIABLE $17,030 $5,677 $3.27 $21,258
Property Taxes $4,106 $1,369 $0.79 $4,106
Property Insurance $1,701 $567 $0.33 $1,701
Management Fee $5,886 7.0% $3.39 $708
TOTAL EXPENSES $28,723 $7.77 $27,773
NET OPERATING INCOME $55,369 $57,929
STABILIZED MARKET
VALUATION
Value $770,000
Price Per Bed $51,333
Per Sq. Ft. $147.76
Cap Rate
Mktg Proforma 7.19%
Stabilized 2017 Proforma