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1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
WATER & VINE STUDENT HOUSINGPresented by
Long Realty Company
22 BEDROOM STUDENT HOUSING PROPERTY ( 100% PRE LEASED THROUGH JULY 2018)CONSISTING OF 4 - 4 bedroom 2 bath 1,650 Sq Ft and a 6 bedroom 4 bath house . Tile in living roomand kitchens Each unit has a sun deck and wood burning fireplaces Off street and Street parkingavailable, next to each unit.Six bedroom 4 bath residential home built in 2010 with 2,531 sq ft.,Stainless Steel refrigerator, stove, microwave, and dishwasher. Granite countertops in kitchen andbathrooms. Custom cabinets, ceiling fans in bedrooms. Tiled roof, enclosed back yard, wall aroundproperty, asphalt paved parking spaces, newer air conditioner, wrought iron window and door grills.Small second floor deck and first floor patio. SEPARATLY METERED FOR ALL UTILITIES INCLUDINGSEWER AND WATER. MULTIPLE TAX CODES FOR EASY FINANCING.
Price: $1,329,154
STUDENT RENTAL
JUST NORTH OF UNIVERSITY
BUILT IN 1998
SEPARATLY METERED FOR ALL UTILITIES INCLUDING SEWER AND WATER
PRE LEASED THROUGH JULY 2018
View the full listing here: http://www.crelisting.net/JTg8Urv3w/?StepID=107
Price: $1,329,154
No. Units: 22
Building Size: 9,131 SF
Price/Unit: $60,416.09
Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
Property Use Type: Investment
Commission Split: 3%
Cap Rate: 6.52%
Occupancy: 100%
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Details
WATER & VINE STUDENT HOUSING
Financial SummaryAnalysisType Actual
Scheduled Gross Income $124,200
Effective Gross Income $117,990
Operating Expenses $31,362
Net Operating Income $86,628
Unit/Room Mix Information
Description No. Units Avg. Mo. Rent Sq. Ft.4 BEDROOM 2BATH
4 $1,738 1,650
6 BEDROOM 4BATH
1 $3,400 2,531
Debt & Equity InformationDebt Type Existing
Loan Amount $0
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Financials, Debt and Unit Mix
WATER & VINE STUDENT HOUSING
1100-1108 E WATER ST AND 2365 N VINE AVE APARTMENTSPro Forma Tucson, AZ
1100-1108 E WATER STREET and 2365 N VINE AVE
Type # of Units # Beds Sq. Ft. Total S.F.Rent
per S.F.
Total Monthly
Rent
Annual Income
Rent 4 BD/ 2 BA 4 16 1,650 6,600 $1.05 $1,738 $83,4006 BD/4 BA 1 6 2,531 2,531 $1.34 $3,400 $40,800Total/Avg. 5 22 0 9,131 $1.13 $124,200
ActualIncome Statement 2017/2018
$124,200 ($6,210) 5.0%
$117,990 $0
$117,990 Other Income (Laundry, Pet & Misc.) $0
$117,990
$327 $65 $368 $74 $9,310 $1,862
Contract Services / Landscaping $0 $0 Utilities $0 $0
$10,005 $2,001 $9,462 $1,892 $2,046 $409
$8,849 7.50% Reserves $1,000 $200
$31,362 $6,272
$86,628 $17,326
Value $1,329,154 Per Bed $60,416Per Square Foot $145.56
CAP RATE Mktg ProForma 6.52%
Market Valuation Actual Income and Expense
TOTAL VARIABLEProperty TaxesProperty InsuranceManagement Fee
NET OPERATING INCOME
TOTAL EXPENSES
Gross Market Rent
OPERATING EXPENSESGeneral & Admin
Repairs & Maintenance
Tony ReedLong Realty Commercial Co., A
Berkshire Hathaway Affiliate
Net Rental Income
TOTAL INCOME
RENTAL INCOME
Leasing and Marketing
Vacancy Loss Gross RentBad Debt/ Concessions
TWO U OF A AREA DUPLEXES 1100-1108 E. Water Street
4 Bedroom 2 Bath Each Unit Built August 1998
Leased through July 2017 All units have already been rented for next school year August 2017 thru July 2018. Three of the homes for $1,700/Month and one home for $1,800/Month from August 1, 2016 through July 2017. 2015 2016 Income 80,658.00 80,658.00 Expenses Taxes 5,405.18 5,579.54 Insurance 1,638.00 1,665.00 Maintenance 1,978.07 1,091.97 Supplies 22.91 2.87 Repairs 5,235.20 3,767.23 Total Expenses 14,279.36 13,443.77 Available Cash Flow 66,378.64 67,214.23 Please Note: Some repair cost are recovered from tenant security deposits Expenses are net. Features 3 walled yards Window security grills Sundeck on each unit Lot of parking-5 spaces per unit. Free street parking available One new air conditioner in 2013 Total vacancy has been only 1 unit for 1 semester. No other days in 16 years. Tenants pay all utilities All electric rental homes Washer/Dryers/Refrigerators/stove/dishwasher in every unit.
$444,524.00 Each Please call Ryne Studwell/Tony Reed-Long
Realty Company 520-400-6094/520-403-2150
1100-1108 E. Water Street 6 Months Ending June 30, 2017 Income and Expense
Rents (100%) $81,600
Property Tax (Half Year) $5,580 Insurance (Half Year) $1,666 Advertising (Estimated) $444 Cleaning Yard-work $1,120 Repairs $710 Supplies $50
Total Expense $9,570
Cash Flow $72,030
Management was by Owner
Capital Improvement-Rusted Iron Fencing $1,400.
2365 N. Vine Ave.
Description The property at 2365 North Vine was constructed in 2010 to be completed for the beginning of the school year August 1. It is designed as an upscale university rental for up to six students. It is currently rented to five and in the past has been rented to five or six students with the rents split evenly between them. There are three bedrooms and two bathrooms on each floor and on the top floor one bedroom is a true master with an in-suite bath and a private balcony plus a slightly larger room size than the other bedrooms, which are all approximately equal in size and have large closets. There is a downstairs great room, which is very functional for parties and is frequently used for group viewing of sporting events. There is a four car asphalt parking lot with room for at least four more cars on the property. The design was modeled after a 1930’s era Phoenix home and has a red concrete tiled roof and stucco exterior. Financial The neighborhood north of the University of Arizona campus is considered the most desirable and sought after area by students, because of proximity to campus and the fraternity and sorority houses. Because of friction between students and older residents of the neighborhood a City Ordinance was enacted about four years ago limiting future homes in the residential zoned area to no more than four unrelated people. This house and others were given grandfathered rights to continue to house six people. The shortage of such grandfathered homes has made six to ten bedroom homes among the quickest to rent for the following school year and they often are rented as many as six months prior to the start of the school year. This year the house was rented December 10, 2015 for August 1,, 2016. All other years it was rented in January and the one exception being it was rented in February because a prior group had been unable to perform timely. Part of this demand is price with this homes’ monthly per student rates competitive with shared dorm rooms and well below newer towers adjacent to campus. Rents for this home have been as follows. There has never been a months vacancy. 2010 $3,300/Month 2011 $3,350/Month 2012-2018 $3,400/Month Expenses Expenses for the home consist primarily of property taxes, insurance, appliance repair, yard cleaning, and paint touch-up. The tenants pay for all utilities and their rent is on a twelve month basis even if, as in the case with graduating students, they vacate early. The amount of routine maintenance is somewhat subjective based on owners philosophy but most repairs are covered by the large ($3,600) security deposit. The exterior of the house was repainted in July 2016.
2015 Expenses Property taxes $4,052 Insurance $408 Repairs $3,980* Cleaning/Maintenance $3,560* Advertising $45 * $3,150 Reimbursed by tenants security deposit (combined for both items).
Alternative Use The home is designed to be suitable as an owner-occupied residence. It has primarily owner occupied homes in its vicinity, is priced per square foot competitively with owner occupied homes in the neighborhood, and is newer than almost all those comparables with modern design and conveniences and yet architecturally compatible. The University of Arizona hospital approximately six blocks south has recently been partnered with Banner Health who are constructing a $400,000,000 nine story 670,000 square foot addition to the hospital to be completed in the Spring of 2019. This will result in hundreds of new medical jobs within walking distance.
2365 North Vine Avenue
6 Bedroom 4 Bath Rented Home Built August 2010 2,531 Square Feet
Leased through July 2017 Current Rent: $3,400/Month Security Deposit: $3,600
Tiled Roof Enclosed Back Yard-Iron Fencing Wall Around Property Landscaping On Drip Irrigation Wrought Iron Window & Door Grills Air Conditioning Ceiling Fans Washer/Dryer in House Stainless Steel Refrigerator, Stove, Dishwasher Granite Countertops Custom Cabinets Small Second Floor Deck Has First Floor Patio Tenants Pay Utilities Asphalt Paved Parking Spaces
Location DescriptionJUST NORTH OF THE UNIVERSITY NEARMOUNTAIN AND WATER STREET, VINE ANDGRANT
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Location
WATER & VINE STUDENT HOUSING
VINE STREET PROPERTY
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Property Photos
WATER & VINE STUDENT HOUSING
[email protected](520) 403-2150License: BR107273000
Long Realty Company
900 E. River RoadTucson, AZ 85718
Anthony ReedAs an associate broker with over 40 years of experience as a property professional, specializing in investment and incomeproperties, I understand the intricacies of the Real Estate process. I know the Tucson area and the investment and incomeopportunities available here.
Current Occupation: ASSOCIATE BROKER
Website: http://WWW.INVESTTUCSON.COM
1100-1108 WATER ST & 2365 N VINE, Tucson, AZ 85719
Broker Profile
WATER & VINE STUDENT HOUSING