BARRIO VIEJO ROW HOUSES TROPHY PROPERTY IN HISTORIC BARRIO VIEJO

FOR SALE

CONTACT INFORMATIONJeff CasperSenior Associate+1 520 323 5181jeff.casper@cbre.com

440-446 S. CONVENT AVENUETUCSON , AZ 85701

John Ash Senior Associate+1 520 323 5177john.ash@cbre.com

AERIAL OVERVIEW

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© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not be verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this informtion is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of thier respective owners. Use of these images without the express written consent of the owner is prohibited.

BARRIO VIEJO

DOWNTOWN TUCSON

10

CARILLO MAGNET SCHOOL

TUCSON CONVENTION CENTER

440-446 S. CONVENT AVENUE

N

FUTURE HILTON HOTEL SITE CUSHING STREET

BAR & GRILL

This unique and historic brick row house was designed by the well-known Tucson Architect Henri Jaastad, and built in 1908. The property is on the National Historic Register, and is an iconic building in the middle of Barrio Viejo. Between 2000 – 2002 the property was upgraded with a new roof, and all new electrical, plumbing, and HVAC systems. Each of the four units incudes 2 bedrooms with an upgraded kitchen and bathroom, a private rear porch, and beautiful original floors. The property includes eight 24-hour parking spaces in front of the building.

SINGLE FAMILY INVESTORS/USERS

Single family residential sales have reached $328 PSF in Barrio Viejo. The subject property provides a unique and rare opportunity to remodel, occupy a portion and subsidize the investment with rental income.

OFFERING PRICE: $725,000

BUILDING:Single-Story 4-Plex±4,615 SF

LAND: ±6,500 SF

NOI: $38,077

YEAR BUILT: 1908

CONSTRUCTION: Brick

ZONING: HO-3

OCCUPANCY: 100%

EXECUTIVE SUMMARY

NORTHWEST MEDICAL CENTER

440-446 S. CONVENT AVENUE

FLOOR PLAN

±4,615 SF440-446 S. CONVENT AVENUE

FRONT ELEVATION

REAR ELEVATION

FINANCIAL OVERVIEW

TYPE # OF UNITS SF TOTAL SF RENT PER SF TOTAL MONTHLY RENT STABILIZED RENT

2 BD/1BA 4 1,154 4,615 $0.80 $3,700.00 $925.00

INCOME STATEMENT PROFORMA PROFORMA PER UNIT PERFORMA PSF 2019 ACTUALS

Gross Market Rent $57,600 $14,400.00 $12.48 $44,400.00

Vacancy Loss -2,880 -5% -$0.62 $0.00

Gross Rent $54,720.00 $13,680.00 $11.86 $44,400.00

Net Rental Income $54,720.00 $13,680.00 $11.86 $44,400.00

Other Income $288.00 $72.00 $0.06 $0.00

Total Income $55,008.00 $13,752.00 $11.92 $44,400.00

Operating Expenses

Marketing/General & Admin. $600.00 $150.00 $0.13 $0.00

Repairs/Maintenance/Supplies $1,500.00 $375.00 $0.33 $1,500.00

Utilities $1,728.00 $432.00 $0.37 $1,728.00

Total Variable

Property Taxes $2,094.12 $523.53 $0.45 $2,094.12

Property Insurance $1,000.00 $250.00 $0.22 $1,000.00

Reserves $800.00 $200.00 $0.17 $0.00

Total Expenses $7,722.12 $1,930.53 $1.67 $6,322.12

Net Operating Income $47,285.88 $11,821.47 $10.25 $38,077.88

Stabilized Market Valuation

Value $725,000.00

Per Unit $181,250.00

Actual Cap Rate 5.25%

Proforma 6.52%

© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not be verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this informtion is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of thier respective owners. Use of these images without the express written consent of the owner is prohibited.

PROFORMA

TUCSON OVERVIEWTucson is the second largest metropolitan area in Arizona with over one million residents and serves as an anchor to business located in the Southern Arizona corridor. Tucson offers its community an outstanding quality of life, along with low cost for doing business. Tucson is known for an innovative manufacturing industry in a variety of different sectors such as biotech, aerospace, healthcare, defense, optics, solar, information technology and water. Just 60 miles from the Mexico border with high-capacity border and transportation infrastructure, Tucson is the best option for companies doing business in the United States.

Southern Arizona can be compared to some of the most affordable markets west of the Mississippi which allows Tucson a competitive edge compared to other markets in the west. With Cost of Living Index at 97.1 (source: ACCRA Cost of Living Index, 2018), Tucson locals can enjoy a high-quality lifestyle that is far less expensive than other comparable markets like Las Vegas, Denver and San Diego.

The structure for tax in Arizona allows it to be business-friendly as well as competitive, along with worker’s compensation and unemployment insurance being one of the lowest in the United States. Factors such as decreasing individual tax burden and low flat-rate corporate tax allow Arizona to gain a competitive advantage.

TUCSON AT-A-GLANCE

Among the largest Tucson employers are Raytheon Missile systems, Davis Monthan Air Force Base, WalMart Stores Inc., Banner Health, TMC Health Care, Geico, Target Stores Inc, Walgreens, and Fry’s Food Stores. In addition, Foreign Trade (Tucson being 60 miles from the US/Mexico Border) through Tucson’s high-capacity border and transportation infrastructure allow an ideal choice for companies that require business in the United States and Mexico.

Pima Community College offers advanced technical training at a low cost, allowing Tucson to be highly sought after when looking for higher education.

Tucson also boasts three of the top 10 national K-12 schools recognized for academic excellence.

The University of Arizona is a integral part of Tucson. It has been named a Top 15 US public research institution,and enjoys a large student enrollment of 43,625 Students and 11,251 administration staff members and faculty. The University of Arizona’s science center in Tucson continues to graduate more students in the optics field than any other similar program in the world.

ECONOMIC DRIVERS

EDUCATION

POPULATION1,031,548

(2016 estimate)

AVERAGE HOUSEHOLD INCOME $67,467

SOUTHERN ARIZONALABOR FORCE

879,978