for sale - loopnet · 2020. 11. 2. · multifamilytucson.com | 2 property overview property sierra...

multifamilytucson.com | 1

Prepared by the Multi-Family & Investment Sales team:

Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance

Allan Mendelsberg Principal Direct +1 520 546 2721 Mobile +1 520 490 2113 [email protected]

Conrad Martinez Multi-Family Team Direct +1 520 546 2730 Mobile +1 520 668 3858 [email protected]

PICOR Commercial Real Estate 5151 E Broadway Blvd Suite 151 Tucson, AZ 85711 | USA Main +1 520 748 7100 Fax +1 520 546 2799 multifamilytucson.com picor.com

Property Highlights• Turn-Key Opportunity• Below Market Rents• Air Conditioning• Covered Parking, Playground, & Quaint Courtyard• Washer & Dryer Hookup• Well Maintained Property• On-Site Property Manager• Located near Fort Huachuca Military Base

Property OfferingSale Price $2,450,000

Number of Units 30Price Per Unit $81,667Rentable SF 33,600Price Per SF $72.92

Year Built/Renov 1994-95Land 2.28 Acres

Cap Rate 6.68%

Sierra Court Apartments270 W Tacoma St.Sierra Vista, AZ 85635

FOR SALE


PROPERTY OVERVIEW

Property Sierra Court Apartments

Address 270 W Tacoma St. Sierra Vista, AZ 85635

Units 30 3BD/2BA Units

Rentable Square Feet 33,600

Land 2.28 Acres

Year Built 1994-1995

Zoning MFR (MR-2)

Parcel Number106-65-041, 106-65-040, 106-65-039, 106-65-038, 106-65-037, 106-65- 036, 106-65-035, 106-65-034

Main Cross Roads Graham Dr & W Tacoma St



PROPERTY OVERVIEW

Property Highlights:

Sierra Court Apartments is a 30-unit housing community comprising of (30) 3-BD/2-BA units. The property features a quaint courtyard area, two dedicated covered parking spots for each unit, washer/dryer hookups, and playground.

Other Sierra Court highlights consist of renovated interior, oversized closets, air conditioning, and backyard for each tenant.

This a turn-key property with value-add opportunity through rental increases and operational upside.



LOCATION OVERVIEW

Location Highlights:

Sierra Court Apartments is well located in Sierra Vista, AZ for shopping and employment opportunities for the tenants. Nearby shopping includes the Mall at Sierra Vista and many neighboring grocery and hardware stores. Sierra Court is less than five miles from the Canyon Vista Medical Center, the Valley Vista Medical Center, and Fort Huachuca military base, which are two of Sierra Vista's largest employers.

In 2018 The U.S. Department of Treasury certified approximately 25 acres as an opportunity zone. Attractive business incentives associated with the opportunity zone have caused a rise in interest in Sierra Vista from investors. Sierra Vista also has a 10-Year plan called VISTA 2030, which is focused on the redevelopment of the historic west end of Sierra Vista with entertainment, arts, and dining opportu-nities.

NEARBY DESTINATIONS

RETAIL

• Safeway• Home Depot• CVS• Goodwill

EDUCATION

• University of Arizona• Buena High School• Cochise College• Bella Vista School

HEALTHCARE

• Canyon Vista Medical Center• Valley Vista Medical Center• High Desert Clinic• National Medical Testing Center

ENTERTAINMENT

• The Mall at Sierra Vista• Pueblo del Sol Country Club• Uptown 3 Theatre• Len Roberts Park



PROPERTY PHOTOS



Exterior Photos

PROPERTY PHOTOS



Interior Photos

PROPERTY PHOTOS



PROPERTY LAYOUT



PRICING ANALYSIS


Type # of Units Sq. Ft. Total S.F. Rent per S.F. Total Monthly Rent Stabilized Rent

3BD/2BA 30 1120 33,600 $0.83 $27,750 $925

Total/Avg. 30 1,120 33,600 $0.83 $27,750 $925

Stabilized Market Valuation

Value $2,450,000Per Unit $81,667

Per Square Foot $72.92

Cap Rate2020 Jan-Jun

Annualized5.19%

Marketing Pro Forma 6.86%

Income Statement"Marketing Pro Forma"

"Proforma Per Unit"

Proforma PSF

2020 Jan-Jun

Annualized

RENTAL INCOMEGross Market Rent $333,000 $11,100 $9.91

Vacancy Loss -$19,980 -6.0% ($0.59)

Gross Rent $313,020 $10,434 $9.32

Concessions & Bad Debt -$4,695 -1.50% ($0.14)

Net Rental Income $308,325 $10,277 $9.18 $290,926Other Income $5,000 $167 $0.15 $3,874

TOTAL INCOME $313,325 $10,444 $9.33 $294,800

OPERATING EXPENSES General & Admin $2,750 $92 $0.08 $6,170

Accounting/Professional Fees $2,500 $83 $0.07 $4,400

Payroll $19,500 $650 $0.58 $32,992

Repairs/Maintenance/Supplies $19,000 $633 $0.57 $23,872

Contract Services $1,500 $50 $0.04 $1,420

Utilities $29,000 $967 $0.86 $27,704

TOTAL VARIABLE $74,250 $2,475 $2.21 $96,558Property Taxes $25,000 $833 $0.74 $25,000

Property Insurance $15,000 $500 $0.45 $17,000

Management Fee $25,066 8% $0.75 $29,180

Reserves $6,000 $200 $0.18

TOTAL EXPENSES $145,316 $4,844 $4.32 $167,738

NET OPERATING INCOME $168,009 $5,600 $5.00 $127,062


PROPOSED FINANCING OPTION


AVERAGE HOME SALE PRICE

PROPORTION OF HOUSEHOLDS

THAT RENT

LARGEST EMPLOYERS

SIERRA VISTA HIGHLIGHTS

SIERRA VISTA POPULATION*

POPULATION GROWTH RATE*

44,2861.37%

*As of 2017

UNEMPLOYMENT RATE

PER-CAPITA INCOME

6.0%Year-end 2018

As of 2018

$29,619

1. FORT HUACHUCA

2. CANYON VISTA MEDICAL CENTER

3. CITY OF SIERRA VISTA

4. MANTECH INTERNATIONAL CORPORATION

39% 225K

TOTAL HOUSEHOLDS

17,059As of 2019

As of 2019 As of 2020

• LOW CRIME RATE• 92% HIGH SCHOOL

GRADUATES• TOP 10 BEST PLACES TO

RETIRE• LOW PROPERTY TAXES• OPPORTUNITY ZONE

UNIVERSITY OF ARIZONA TOP PROGRAMS*

UNIVERSITY OF ARIZONA TOTAL ENROLLMENT, 2019

45,217• #46 TOP PUBLIC SCHOOL• #22 RESEARCH ACTIVITY

AMONG PUBLIC INSTITUTIONS• #21 BUSINESS PROGRAMS• #55 UNDERGRAD ENGINEERING

*U.S. News & World Report

TUCSON AT A GLANCE

Statistics from City of Sierra Vista and U.S. Census Bureau



SIERRA VISTA AT A GLANCE

for sale - loopnet · 2020. 11. 2. · multifamilytucson.com | 2 property overview property sierra...

Documents