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Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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. 2/19/2019
Property Highlights
• Presidio House Apartments is a luxury student housing
development consisting of 16 total bedrooms across three
2-story individual houses.
• The property has a 5 bedroom-2.5 bath 2,390 SF house, a
6 bedroom-3 bath 2,271 SF house and a 5 bedroom-2
bath 1,737 SF house.
• Ideal student housing opportunity, just minutes from U of A
campus
• Tenants responsible for all utilities except internet
Property Features
Sale Price $900,000 $850,000
Price per Bed $53,125
Number of Bedrooms 16
Rentable Square Feet 6,398
CAP Rate 7.53%
Allan Mendelsberg, Principal
Multifamily & Investment Sales
+1 520 546 2721
Logan Nagel, Assistant
Multifamily & Investment Sales
+1 520 546 2740
PICOR Commercial Real Estate Services
5151 E. Broadway Blvd, Suite 115
Tucson, Arizona 85711phone: +1 520 748 7100
picor.com
Zach Stone, Assistant
Multifamily & Investment Sales
+1 520 546 2730
Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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. 2/19/2019
Location Overview
Presidio House Apartments is located along Presidio Road, between Tucson Blvd and Country Club Road. It is near
various retail and service opportunities including Campbell Plaza just two blocks to the west. The plaza includes
Albertson’s, Ace Hardware, Ross, Five Guys Burgers, Panda Express, Rubio’s, Jamba Juice, Old Chicago Pizza,
Sauce, and more. Presidio House is also just 1.3 miles from the attractive Grant & Tucson intersection, which offers
a variety of destinations such as Culinary Dropout, Orangetheory Fitness, and the newly announced Snooze Eatery.
At 3.2 miles from the University of Arizona, Presidio House boasts easy access to world-class higher education and
cultural opportunities, making it the perfect location for students looking to enjoy luxury off-campus housing. It is
conveniently located along the University bus route and is also situated near bike lanes going directly to campus.
Additionally, the property is just a few blocks from La Madera Park, giving access to outdoor basketball courts, on-
site exercise equipment and an expansive picnic area.
MULTI-FAMILY
Presidio
Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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. 2/19/2019
SUBJECT
Downtown
Tucson
MULTI-FAMILY
Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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. 2/19/2019
Pro Forma
Income Statement
Marketing
Proforma
Proforma
Per Unit
Proforma
PSF
‘17-’18
School Year
Aug.-Dec.
Annualized
RENTAL INCOME
Gross Market Rent $97,680 $32,560 $15.27
Vacancy Loss -$4,884 -5.0% -$0.76
Gross Rent $92,796 $30,932 $14.50
Concessions & Bad Debt -$928 -1.00% -$0.15
Net Rental Income $91,868 $30,623 $14.36 $88,335 $91,836Other Income (Fees,
various reimbursements, etc) $4,000 $1,333 $0.63 $15,716 $3,985
TOTAL INCOME $95,868 $31,956 $14.98 $104,051 $95,822
OPERATING EXPENSES
Marketing $2,000 $667 $0.94 $4,232 $2,406
General & Admin $1,000 $333 $0.16 $626 $0Repairs, Maintenance &
Supplies $2,800 $933 $0.44 $6,115 $2,403
Contract Services $1,900 $633 $0.30 $1,861 $1,508Utilities (All utilities billed
back to residents; owner
pays internet) $2,600 $867 $0.41 $16,660 $2,556
Turnover $2,000 $667 $0.31 $1,734 $2,005
TOTAL VARIABLE $12,300 $4,100 $1.92 $31,227 $10,877
Property Taxes $9,832 $3,277 $1.54 $9,916 $9,832
Property Insurance $2,000 $667 $0.31 $1,598 $1,756
Management Fee $6,711 7% $1.05 $0 $6,708
Reserves $1,000 $333 $0.16 $0 $900
TOTAL EXPENSES $31,843 $10,614 $4.98 $42,741 $30,073
NET OPERATING INCOME $64,025 $21,342 $10.01 $61,310 $65,748
STABILIZED MARKET
VALUATION
Value $850,000
Per Unit $283,333
Per Bed $53,125
Per Sq. Ft. $132.85
Cap Rate
‘17-’18 School Yr 7.21%
Aug.-Dec. Annualized 7.74%
Mktg Proforma 7.53%
Type # of Units Sq. Ft. Total S.F.
Rent
per S.F.
Total
Monthly
Rent Stabilized Rent
5 BD / 2 BA 1 1737 1,737 $1.45 $2,515 $2,515
5 BD/ 2.5 BA 1 2390 2,390 $1.06 $2,530 $2,530
6 BD / 3 BA 1 2271 2,271 $1.36 $3,095 $3,095
Total/Avg. 3 2,133 6,398 $1.27 $8,140 $2,713
MULTI-FAMILY
Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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. 2/19/2019
Floor Plan – 5-BD/2BA 1,737 SFMULTI-FAMILY
First Floor
Second Floor
Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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. 2/19/2019
Floor Plan – 5-BD/2.5BA 2,390 SFMULTI-FAMILY
First Floor Second Floor
Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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. 2/19/2019
Floor Plan – 6-BD/3BA 2,271 SFMULTI-FAMILY
Second Floor
First Floor
Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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. 2/19/2019
FeaturesMULTI-FAMILY
Property Features
• 2 or 3 Full Baths w/Double Vanity Sinks
• Furnished Common Areas, Including Patio Furniture
• 2 Levels
• Alarm System
• Architectural Polished Concrete Floor
• Balconies
• Built-In Niches
• High-Speed Internet Provided
• Dishwasher
• Frost-free Refrigerator with Icemaker
• Full Size Washer/Dryer
• Garbage Disposal
• High Ceilings w/ ceiling fans
• Individual Home
• 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
Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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. 2/19/2019
Property PhotosMULTI-FAMILY
Presidio House Apartments2912 & 2916 E. Presidio, Tucson, AZ 85716
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2018. 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.
Presidio House Apartments 2912 & 2916 E. Presidio
Price $850,000
Price per Bed $53,125
Price per SF $132.85
Bedrooms 16
Size (SF) 6,398
Year Built 2011
Sale Date TBDS
3rd Avenue
Apartments
1055-1065 N.
3rd Avenue
Price $868,000
Price per Bed $86,800
Price per SF $249.86
Bedrooms 10
Size (SF) 3,474
Year Built 2009
Sale Date July 1, 2017
1
10th Street
Apartments
1304 E. 10th
Street
Price $825,000
Price per Bed $91,667
Price per SF $288.06
Bedrooms 9
Size (SF) 2,864
Year Built 2007
Sale Date June 15, 2017
Water Street
Homes
2550 E. Water
Street
Price $3,300,000
Price per Bed $75,000
Price per SF $212.44
Bedrooms 44
Size (SF) 15,534
Year Built 2014
Sale Date Sep.18, 2017
2
Allan Mendelsberg, Principal
Multifamily & Investment Sales
+1 520 546 2721
PICOR Commercial Real Estate Services
5151 E. Broadway Blvd, Suite 115
Tucson, Arizona 85711phone: +1 520 748 7100
picor.com
Logan Nagel, Assistant
Multifamily & Investment Sales
+1 520 546 2740
3