mobile home underwriting silver sage · management fee 4.00% 6,256 total expenses $1,267 $35,464...
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2398 E. Camelback RoadSuite 950Phoenix, AZ 85016T 602-252-4232
RYAN ASHSenior Managing DirectorT 602-852-3784
C 602-525-4877
MIKE WOODRICKDirectorT 602-852-3789
C 480-540-1504
Licensed as Newmark Knight Frank Multifamily in Arizona
2601 E. CLARENDON AVENUE | PHOENIX, AZ | 85016
SILVER SAGEMOBILE HOME UNDERWRITING ANALYSIS
MOBILE HOME COMMUNITY
DYNAMIC CAMELBACK CORRIDOR LOCATIONThe community is located in one of the hottest rental neighborhoods in Metro Phoenix situated just south of the Indian School redevelopment corridor and the Biltmore and Camelback Corridor. Residents in this bustling location enjoy being in close proximity to some of the most popular and trendy restaurants and coffee shops, world class shopping and class A office space in the entire valley. One block north of the community is the Biltmore Fashion Park, located along the northeast corner of 24th Street and Camelback Road, containing 535,430 square feet of open-air shop space and many of renowned Fox Restaurants including True Food Kitchen, Zinburger, and Blanco Tacos + Tequila. Retailers within the Fashion Park include Saks Fifth Avenue, Macy’s, Ralph Lauren, Apple, J.Crew, Brooks Brothers, and Pottery Barn. Other neighborhood hotspots include the Town & Country with Whole Foods, Snooze, Hopdoddy, The Macintosh, and Pizzeria Bianco. Other surrounding attractions in the immediate area include the Arizona Biltmore Resort and Golf Club, The Wrigley Mansion, Royal Palms, and the Phoenician Resort and Spa.
ARIZONA BILTMOREARIZONA BILTMORERESORT & GOLF CLUBRESORT & GOLF CLUB
BILTMORE FASHION PARK
TOWN & COUNTRY
REDEVELOPMENT OPPORTUNITYGiven Silver Sage’s R-3 zoning designation, current ownership has a site plan for a 19-unit townhome redevelopment spanning the 44,894 sqft lot. In addition, the Seller owns the adjacent 2 parcels to the East which are 9,000 sqft lot’s each and are available for sale with the potential to add an additional 9 townhomes. Combined, the 3 parcels total 62,894 sqft equating to 1.44 acres which would allow for a sizable 28-unit townhome redevelopment. As single-family home prices in neighborhood climb towards $1M, urban infill townhome developments in the Biltmore and Camelback Corridors represent a more affordable alternative, commanding sale prices for new townhomes in the $400,000 to $500,000 range.
2601 E. CLARENDON AVENUE | PHOENIX, AZ | 85016
SILVER SAGEPROPERTY DETAILS
ADDRESS: 2601 E. Clarendon AvenuePhoenix, AZ 85016
MOBILE HOME UNITS: 28
PRICE: $1,650,000
PRICE PER UNIT: $58,929
TERMS: New Financing
PROFORMA CAP RATE: 7.55%
AVG. PROFORMA RENT: $475
SILVER SAGE
Market Underwriting Analysis
INCOME AssumptionsGross Scheduled Rent $159,600Gross Potential Income $159,600
Less: Vacancy (2.0%) (3,192)Total Rental Income 98.00% $156,408
Plus: Other Income 130 3,640
Effective Gross Income $160,048
EXPENSES per unit
Repairs & Maintenance $200 $5,600Payroll 50 1,400Administrative/Advertising 25 700Utilities 597 16,714Total Variable Expenses $872 $24,414Taxes 136 3,796Insurance 36 998Management Fee 4.00% 6,256Total Expenses $1,267 $35,464
NET OPERATING INCOME $124,584
Proforma
MOBILE HOME UNDERWRITING ANALYSIS
Downtown Phoenix Central Business District
70,000+ employees10 minute drive
North Central Avenue Business District
53,000+ employees5-10 minute drive
Banner UniversityMedical Center
MOBILE HOME COMMUNITY