3449-3471 n. geronimo marketing package 8-3-20 · tucson, az 85705 list price $480,000 twelve 1 bd....
TRANSCRIPT
Tierra Antigua Realty Commercial
3449-3471N. Geronimo
AvenueTucson, AZ
85705
LIST PRICE$480,000
Twelve1 Bd. Units
Jade Bossert Exclusive Agent Tierra Antigua Realty 7330 N. Oracle Rd. #280Tucson, AZ 85704 Phone: 520-797-6900 [email protected]
Tierra Antigua Realty Commercial
OVERVIEW
PROPERTY HIGHLIGHTS • 12 - 487 sq. ft. 1 Bdrm./1 Bath Units w/
Private Yards & Carports • Burnt Adobe Construction on .6 acre
Corner Lot Zoned R-3 • Current Rents are Significantly Below
Market
PROPERTY SUMMARY • Asking Price: $480,000.00 • Year Built 1971 (Original Owner) • Total Square Footage 5829 • Property sold “as is”
LOCATION HIGHLIGHTS • HIgh Demand Single Story Garden
Apartments • Close to Public Transportation, Stores &
Restaurants • 3.4 Miles to the University of Arizona
VALUE-ADD OPPORTUNITY
*Remodel Units & Add Air Conditioning- Possibility of
Increasing Rents Approximately $135.00 - $185.00 per Unit
*Possibilty of Splitting(City of Tucson Minor Subdivision)
into Fourplexes on their Own Parcel and Reselling or Refinancing
with Residential (1-4 Unit) Financing
Tierra Antigua Realty Commercial Jade BossertAssociate Broker
520-797-6900 [email protected]
7330 N. Oracle Rd.Suite 280Tucson, AZ 85704
Type to enter text
Tierra Antigua Realty Commercial
RENT ROLLJuly 2020
Unit Lease Start Lease End Month to Month Deposit Original Rent Current Rent
3437 4-26-18 10-31-18 Y 185.00 440.00 440.003449 11-10-15 M/M Y 185.00 440.00 440.003451 4-16-11 10-16-11 Y 175.00 420.00 440.003455 9-1-19 12-31-19 Y 225.00 490.00 490.003457 1-25-19 5-32-19 Y 185.00 440.00 440.003459 10-23-94 4-30-95 Y 150.00 325.00 420.003461 2-15-19 7-31-19 Y 185.00 440.00 490.003463 2-24-17 8-31-17 Y 185.00 440.00 440.003465 12-5-19 3-31-19 Y 225.00 490.00 490.003469 10-01-00 3-31-01 Y 150.00 335.00 440.003471 2-1-19 5-31-19 Y 185.00 440.00 470.003483 12-29-19 4-30-20 Y 225.00 490.00 490.00
All units are individually meter for electric. Owner pays water, sewer, natural gas and trash collection. Property has 1 water meter and 2 gas meters.
Tierra Antigua Realty Commercial
FINANCIAL SUMMARY
Actual Income: (Current Rents) Proforma Income Remodeled w/ Air Conditioning Monthly 5,490.00 7,200.00Annually 65,880.00 90,000.00 (Projected $625.00 per unit) Vacancy Factor (5%) 3,294.00 4,500.00Effective Annual Income 62,586 .00 85,500.00Net Operating Income 3,294.00 50,471.00
Actual Expenses Proforma ExpensesReal Estate Taxes 4,022.00 4,022.00Other Taxes or Licenses 100.00 100.00 Insurance 2,500.00 2,500.00Water, Trash, Sewer, Gas*** 10,207.00 10,207.00 Maintenance & Repairs 5,700.00 7,000.00Interior/Exterior Decorating 750.00 1,200.00Cleaning Expenses & Supplies 1,500.00 1,500.00 Management * 36,000.00 8,500.00
Total Expenses ** 60,779.00 35,029.00
*Management expense is currently paid to a relative. Market rate for professional management is approximately 8%-10% of gross monthly rent collected. ** Actual 2018 & 2019 Tax Schedule for property shows a loss due to additional write offs. ***New Owner could eliminate gas heating and gas hot water heater and convert units to all electric usage, thereby eliminating gas to property.
Tierra Antigua Realty Commercial
COMPARABLE FOURPLEX SALES208 W Kelso 1,702 sq. ft. 2 - Studios, 2 - 1 Bd.Sold 6-15-20 $214,000
204 W. Kelso 2,252 sq. ft. 4 - 1 Bd.Sold 6-3-20 $208,500
5848 E 23rd 2,224 sq. ft. 4 - 1 Bd. Sold 3-3-20 $239,500
3931 E Paseo Dorado 1,810 sq. ft. 3 Studios, 1 - 2 Bd.Sold 2-20-20 $275,000
Area Rents Remodeled Units
1709 N 6th Ave. 1 Bd. 540 sq. ft. $675.00
2602 N Balboa 1 Bd. 600 sq. ft. $695.00
2428 N. Fontana 1 Bd. 600 sq. ft. $650.00
455 W. Kelso 1 Bd. 560 sq. ft. $695.00
Tierra Antigua Realty Commercial
COMPANY SUMMARY
Jade BossertAssociate BrokerOffice: [email protected]
Jade BossertAssociate Broker520-797-6900 [email protected]
This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.
Tierra Antigua is the largest locally owned real estate brokerage in Southern Arizona with oner 1400 agents. Jade Bossert has over 40 years of commercial real estate sales experience. She is a multifamily specialist with client relationships spanning decades and 10 to 30+ separate transactions per client. She is a member of Southern Arizona CCIM, Pima County Real Estate Research Council, Arizona Multi-housing Association and several other real estate organizations. She has written articles for trade journals, taught classes on investment real estate and mentored many new commercial agents.