ABIMultifamily.com/portfolio/granite-reefFor more information please visit:THE FLATS AT GRANITE REEF APARTMENTSTHE FLATS AT GRANITE REEF APARTMENTS
980 NORTH GRANITE REEF ROAD, SCOTTSDALE , AZ 85257980 NORTH GRANITE REEF ROAD, SCOTTSDALE , AZ 85257
135 Low Density Single-Story Units, Originally Built in 1972-1978Value-Add Opportunity Through Additional Renovations and/or Future Re-Development of Existing 10+ Acres of LandAll Utilities Included (7 Master Boilers / Master Electric With Solar Panels /Individual Roof Mounted HVAC’s)
Located in Highly Desirable South Scottsdale & Minutes From Old Town
Scottsdale & Downtown Tempe
All Cash / New Loan OR Option to Assume Existing Freddie Mac Loans
Offering Price: Market Pricing 135 Unit Multifamily Community in Scottsdale, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
PROPERTY OVERVIEW
Price
# of Units
Avg SF/Unit
Built
Renovations
Low Density
Market Pricing
135
562 SF
1972-1978
2016-2019
10+ Acres
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.
RUE BAX ALON SHNITZERSenior Managing Partner Senior Managing Partner602.714.1406 [email protected] [email protected]
Phoenix Sacramento San Diego TucsonABI MULTIFAMILY OFFICES:
For more information please visit:ABIMultifamily.com/portfolio/granite-reef
THE FLATS AT GRANITE REEF APARTMENTS
OFFERING PRICE: MARKET PRICINGTOTAL UNITS: 135YEAR BUILT: 1972-1978 SELECT RENOVATIONS: 2016-2019
THE FLATS AT GRANITE REEF APARTMENTS 980 NORTH GRANITE REEF ROAD SCOTTSDALE, AZ 85257
E . McKe l l i p s Rd .
N. H
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E . McDowe l l Rd .
Unit Type Units % Total SF Rent Rent/SF
1 Bed / 1 Bath 91 67.4% 550 $1,175 $2.14
1 Bed / 1 Bath (UG) 13 9.6% 550 $1,175 $2.14
1 Bed / 1 Bath 29 21.5% 600 $1,175 $1.96
2 Bed / 1 Bath 2 1.5% 650 $1,300 $2.00
Totals/Avg 135 100% 562 $1,177 $2.09
Income Total Per Unit
Scheduled Gross Income $1,906,500 $14,122
Less: Loss to Lease 1.0% ($19,065) ($141)
Gross Potential Rent $1,887,435 $13,981
Less: Vacancy / Bad Debt / Concessions 6.5% ($122,683) ($909)
Net Rental Revenue $1,764,752 $13,072
Other Income $96,525 $715
Effective Gross Income $1,861,277 $13,787
Expenses
Payroll $135,000 $1,000
Marketing $10,125 $75
Utilities $310,500 $2,300
Repairs & Maintenance / Contract Services $60,750 $450
Administrative $20,250 $150
Turnover $16,875 $125
Controllable Expenses $553,500 $4,100
Management Fee 3.0% $55,838 $414
Real Estate Taxes / Insurance $65,900 $488
Non Controllable Expenses $121,738 $902
Replacements $40,500 $300
Total Operating Expenses $715,738 $5,302
Expense Ratio / Per SF 38.5% $9.43
Net Operating Income $1,145,538 $8,485
INCOME & EXPENSES
STABILIZED RENOVATION PRO FORMA VS. END OF YEAR ONE PRO FORMA
