AVAILABLE FOR SALE 675 SOUTH ROOSEVELT STREET | TEMPE ... · 675 south roosevelt street | tempe,...

Todd [email protected] 602.474.9550

Nick [email protected] 602.474.9500

3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com

FOR MORE INFORMATION, PLEASE CONTACT:

AVAILABLE FOR SALE675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA

OLEANDER LOFTS

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.



OLEANDER LOFTS

TABLE OF CONTENTS

Property Information Offering Summary ................................................................................................................................................................................... 4

Property Overview .................................................................................................................................................................................. 5

Community Amenities ............................................................................................................................................................................ 6

Unit Amenities ......................................................................................................................................................................................... 7

Location Neighborhood Amenities ...................................................................................................................................................................... 9

Aerial Overview ....................................................................................................................................................................................... 11

Why Phoenix?

Greater Phoenix Overview ..................................................................................................................................................................... 13

Financial Analysis Proforma ................................................................................................................................................................................................... 18

Sales Comparables Multi-Family Sales Comparables ........................................................................................................................................................... 20

Condo Sales Comparables .................................................................................................................................................................... 21

Rent Comparables .................................................................................................................................................................................. 22


PROPERTY INFORMATION


OLEANDER LOFTS

Lee & Associates is pleased to present the opportunity to acquire the Oleander Lofts apartments. The 12 unit complex is comprised of all 2 bedroom condos. Oleander Lofts is a mix of three and five story buildings built with block, concrete, and steel. OFFERING TERMS: Cash / New Debt PRICE: $5,300,000 PROPERTY TOURS: By appointment only.

OFFERING SUMMARY



OLEANDER LOFTS

Units: 12 Year Built: 2009 Construction Type: Block, Concrete & Steel Style: Three & Five Story Urban Contemporary Average Unit Size: +/- 1,578 Sqft.

PROPERTY OVERVIEW



OLEANDER LOFTS

• Excellent location in highly desirable area

• Built in 2009

• Private two car garage parking

• Gated common area and hallways

• Walking distance to iconic dining, shopping and entertainment

• Elevator served

• Pet run

• BBQ area

COMMUNITY AMENITIES



OLEANDER LOFTS

• Spacious units with well conceived floor plans

• Concrete floors

• Caesarstone countertops

• Full-size pantry*

• Modern black appliance package

• Cable television and high-speed internet access

• Ultra contemporary, industrial style units

• 10 foot exposed ceilings

• Living room garage doors w/ electric opener

• Scenic views

• Euro style cabinets

• Washer/dryer in each unit

• Private balconies

• Private two car garages

• Bamboo staircase

• Frosted glass entry doors

• Lighted and secured hallways

UNIT AMENITIES



OLEANDER LOFTS


LOCATION


OLEANDER LOFTS



OLEANDER LOFTS

UN

IVER

SITY

DR

.

ROOSEVELT ST.

MILL AVE.

+/- 75,000 STUDENTSs

MIXED USE

A MOUNTAIN

ASUSTADIUM

ASUGOLF


WILSO

N ST.

ROO

SEV

ELT

ST.

MILL AVE.TEMPEBIO MEDCAMPUS

CAMELBACK MOUNTAIN

PAPAGO PARK

202


OLEANDER LOFTS


202

202

McC

linto

ck D

r.

Rur

al R

d.

Mill

Ave

.

University Dr.

Rio Salado Pkwy

Pri

est

Dr.

Broadway Rd.

In today’s fast-moving marketplace, success belongs to those who create it.

Productivity and organization are maximized in a work environment that allows for flexibility and access, one that supports efficient product movement.

t h e l ibert y c en t er advantage

libertyproperty.com

T

864'-0"24'-0" 371'-0" 24'-0" 26'-0" 24'-0" 395'-0"

9'-0" WIDE BY 10'-0" HIGHSECTIONAL OVERHEAD DOOR,TYP. - 51 TOTAL 9'X10' DOORS

12'-0" WIDE BY 12'-0" HIGHSECTIONAL OVERHEADDOOR, TYP AT RAMPS

GROSS AREA: 215,000 SF

ELEC. EQUIP.

54'-0" 54'-0" 54'-0" 54'-0" 54'-0" 54'-0" 56'-0" 52'-0" 54'-0" 54'-0" 54'-0" 54'-0" 54'-0" 54'-0" 54'-0" 54'-0"

47'-6

"47

'-6"

47'-6

"47

'-6"

60'-0

"

CAR PARKING/TRAILER PARKINGCONCRETE DOLLY STRIP

199 PARKING SPACES

n 215,000 SF rear loaded building

n Grade level and dock high loading

n Concrete tilt panel construction

n 30' minimum clear height

n ESFR sprinkler system

n 50' x 54' column spacing with 60' speed bay

n 190' truck court

n Skylights as required by code

n R-19 insulation

n 6" thick, 4,000 psi reinforced concrete slab on subgrade over 10 mil. vapor barrier

fa s t fac t s

Liberty Center at Rio Salado embodies high-performance design, state-of-the-art infrastructure and unparalleled visibility in the heart of metropolitan Phoenix.

675 S. ROOSEVELT

Light Rail

Apache Blvd.

Light Rail

Mill

Ave

. Dis

tric

t

The Oleander Lofts is located in the vibrant city of Tempe and benefits from proximity to Arizona State University, with an enrollment in excess of 75,000+/- students, and the Tempe Town Lake business corridor, with 40,000 nearby employees.

Residents at the Oleander Lofts are a short walk away from the Mill Avenue District, which offers vibrant dining, nightlife, shopping, and culture entertainment.

Tempe enjoys and maintains one of the most thriving economic environments in the country with top research firms, Fortune 500 companies, Technology startups, all of which are supported by one of the largest and most innovative universities in the country.

AERIAL OVERVIEW


OLEANDER LOFTS


WHY PHOENIX?


OLEANDER LOFTS


2

FAST-TRACK PERMITTING90 DAYS OR LESS THROUGHOUT THE

ONE OF THEIN THE WESTERN U.S.LOWEST LABOR COSTS

ECONOMYOF THE STATE’S

REPRESENTSGREATER PHOENIX

LARGESTLABOR POOL IN THE WEST

GE GRAPHIC REGIONAN EXCEEDINGLY ACCESSIBLE

ACCESS TO CAPITAL AND A

RIGHT-TO-WORK STATE

OPERATING ENVIRONMENT

24-HOUR PERMITS & INSPECTIONS

GREATER PHOENIX REGION

Greater Phoenix is fast-paced, dynamic, and possesses an unapologetic willingness to get things done.

GREATER PHOENIX ECONOMIC COUNCIL1

“ Arizona offers an

exciting opportunity to

address the increasing

needs of our clients as

our business continues

to grow. This step will

provide us with access

to significant talent

pools and a strategic

location that will help

us directly serve

our clients.”

REGIONAL OVERVIEW

Greater Phoenix is comprised of 23 distinct

communities cooperating as one region. In a

state that recently celebrated its centennial,

Greater Phoenix is one of the fastest growing and

dynamic metropolitan regions in the country. The

region has a pioneering spirit and welcoming

attitude – toward people and business. When

you expand or relocate your business here,

you join a community rich with opportunity,

innovation and economic vibrancy. - FREDERICK H. (RICK) WADDELL

CEO, Northern Trust

Information courtesy of the Greater Phoenix Economic Council (GPEC) | gpec.org


OLEANDER LOFTS


The population of Greater

Phoenix is 4.4 million and

is expected to grow to

nearly 6.4 million in the

next 20 years.

Projected employment

growth over the next

decade is 15.15%

compared to the national

projected growth of 9.42%.

A relatively young region,

Greater Phoenix has a

median age of 35.4 – two

years younger than the

average age nationwide.


HUMAN CAPITAL + EDUCAT IONAL ASSETS

ARIZONA HAS AN EXTREMELY COMPETITIVE WORKFORCE IN REGARDS TO TRAINING, QUALITY AND AVAILABILITY OF WORKERS, WHILE MAINTAINING ONE OF THE LOWEST COSTS FOR LABOR IN THE NATION.

MATURE TALENT WORKFORCE PIPELINE

8

NUMBER OF STUDENTS ENROLLED (GRADUATE AND UNDERGRADUATE)

Arizona State University 83,301

Grand Canyon University 75,200

Maricopa Community Colleges 265,000

Northern Arizona University 25,590

University of Arizona 42,236

EDUCATIONAL ASSETS:A CONTINUOUS STREAM OF TALENTED EMPLOYEES

Arizona State University, Maricopa Community Colleges, Grand Canyon University, Northern Arizona University, University of Arizona and University of Phoenix are among more than 50 universities and other institutions of higher learning that prepare the region’s workforce.

THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT:

ARIZONA STATE UNIVERSITY:

EDUCATES AND TRAINS 265,000 INDIVIDUALS ANNUALLY

RANKED #1 INTERNATIONAL FULL-TIME MBA

MARICOPA COMMUNITY COLLEGES:

#5 IN THE NATION FOR BEST-QUALIFIED GRADUATES (Wall Street Journal)

#1 MOST INNOVATIVE SCHOOL IN THE U.S. - 2016, 2015 (US News & World Report)

70% OF ASU GRADUATES REMAIN IN THE STATE AFTER GRADUATION

STUDENT POPULATION OF 80,000+ ACROSS FIVE REGIONAL CAMPUSES


OLEANDER LOFTS


Available sites, robust power, high-speed fiber and the low chance for natural disasters positions Greater Phoenix as a top choice for data centers and advanced business services operations.

# OF STUDENTS ENROLLED IN BUSINESS DEGREE PROGRAMS (Graduate and Undergraduate):

Arizona State University 8,637 (undergrad only)





Phot

o Cr

edit:

Kev

in D

oole

y, Fl

ickr

.com

MISSION CRITICAL & ADVANCED BUSINESS SERVICES


6TH LARGEST CONCENTRATION OF DATA CENTERS NATIONALLY

TOP 5 NATIONALLY FOR TECH JOB GROWTH

PALO VERDE NUCLEAR POWER PLANT IS THE LARGEST NUCLEAR POWER PLANT IN THE U.S.

EXCELLENT CONNECTIVITY TO MAJOR METROPOLITAN MARKETS

8

NUMBER OF STUDENTS ENROLLED (GRADUATE AND UNDERGRADUATE)

Arizona State University 83,301





EDUCATIONAL ASSETS:A CONTINUOUS STREAM OF TALENTED EMPLOYEES

Arizona State University, Maricopa Community Colleges, Grand Canyon University, Northern Arizona University, University of Arizona and University of Phoenix are among more than 50 universities and other institutions of higher learning that prepare the region’s workforce.

THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT:

ARIZONA STATE UNIVERSITY:

EDUCATES AND TRAINS 265,000 INDIVIDUALS ANNUALLY

RANKED #1 INTERNATIONAL FULL-TIME MBA

MARICOPA COMMUNITY COLLEGES:

#5 IN THE NATION FOR BEST-QUALIFIED GRADUATES (Wall Street Journal)

#1 MOST INNOVATIVE SCHOOL IN THE U.S. - 2016, 2015 (US News & World Report)

70% OF ASU GRADUATES REMAIN IN THE STATE AFTER GRADUATION

STUDENT POPULATION OF 80,000+ ACROSS FIVE REGIONAL CAMPUSES


OLEANDER LOFTS


Greater Phoenix encompasses distinct communities, each

with its own identity and assets. Collectively, they offer vast

opportunity. Because you don’t have to be entrenched in the

business or social hierarchy of the region to succeed, Greater

Phoenix offers everyone the chance to thrive and make a

significant impact.

· More than 300 days of sunshine annually

· More than 325 golf courses

· Drive to beaches or the mountain pines within hours

· The cost of living is 77% cheaper on average than leading California markets

· Median household income of $53,310

· Median home sale is $217,900

· Effective property tax rate of 1.25%

· Personal income tax rate of 2.59% to 4.54%

· Average commute time is 24.7 minutes

LIFESTYLE

AFFORDABLE WITH AN

INCLUSIVE culture

Phot

o Cr

edit:

mar

kson

tok,

Flic

kr.c

om

THOUSANDS OF ATTRACTIONS & EVENTSFLOURISHING ARTS & CULTURE SCENE PROFESSIONAL SPORTS

HEARD MUSEUM Photo Credit: Paulina Pineda, Flickr.com

BARRETT-JACKSON CLASSIC CAR AUCTIONPhoto Credit: DeusXFlorida, Flickr.com

NFL ARIZONA CARDINALS Photo Credit: Chris Cameron, Flickr.com

PHOENIX ART MUSEUM Photo Credit: Fuzzy Gerdes, Flickr.com

DESERT BOTANICAL GARDEN Photo Credit: Loren Javier, Flickr.com

NHL ARIZONA COYOTES Photo Credit: Sergei Scurfield, Flickr.com

MUSICAL INSTRUMENT MUSEUM Photo Credit: Thomas Quine, Flickr.com

PHOENIX ZOO Photo Credit: Stefanie Carson, GPEC

NBA PHX SUNS & WNBA PHX MERCURY Photo Credit: Keith Allison, Flickr.com

GAMMAGE AUDITORIUM Photo Credit: Nick Bastian, Flickr.com

ARTLINK FIRST FRIDAYS Photo Credit: Chanel Wheeler, Flickr.com

MLB AZ DIAMONDBACKS & SPRING TRAINING Photo Credit: Ken Lund, Flickr.com

MESA ARTS CENTER Photo Credit: David Crummey, Flickr.com

MORE THAN 30 CRAFT BREWERIES Photo Credit: Kevin Dooley, Flickr.com

NASCAR AT PHX INTERNATIONAL RACEWAY Photo Credit: Hans Enderle, Flickr.com

24


OLEANDER LOFTS


FINANCIAL ANALYSIS


OLEANDER LOFTS

3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com

675 S RooseveltTempe, Arizona 85281

Type # of Units Sq. Ft.+/-

Total S.F.+/-

CurrentRent

Profoma

2 Bedroom 2.5 Bath 2 1,642 3,284 $1,700 $2,4002 Bedroom 3 Bath 5 1,565 7,825 $1,600 $2,300

2 Bedroom 2.5 Bath 5 1,565 7,825 $1,500 $2,200Total/Avg. 12 1,578 18,934 $1,575 $2,275

Profoma

$327,600(13,104)(6,552)

$307,9442,400

$310,344

2,0407,200

10,9005,000

42,924

3,470

9,141

2,400$83,075

$227,269

RENTAL INCOMEGross Market RentVacancy LossConcessions

Other Income

Payroll

Net Rental Income

TOTAL INCOME

Utilities

Reserves/Capital

Management Fee

Property Insurance

Property Taxes

Repairs & MaintenanceAdministrativeOPERATING EXPENSES

TOTAL EXPENSES

NET OPERATING INCOME

PROFORMA


OLEANDER LOFTS675 S. ROOSEVELTTempe, Arizona 85281

Type # of Units Sq. Ft.+/-

Total Sq. Ft.+/-

Current Rent ProformaRent

2 Bedroom 2.5 Bath 2 1,642 3,284 $1,900 $2,4002 Bedroom 3 Bath 5 1,565 7,825 $1,850 $2,300

2 Bedroom 2.5 Bath 5 1,565 7,825 $1,650 $2,200

Total/Avg. 12 1,578 18,934 $1,800 $2,300

Proforma

$331,200(13,248)

Concessions (6,624)$311,328

$2,400$313,728

$2,040

$7,200

$10,900

$5,000

$42,924

$3,470

$9,141

$2,400$83,075

($6,917/Unit)

$230,653

TOTAL EXPENSES

Management Fee

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to erros, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.

Property Insurance

NET OPERATING INCOME

Reserves/Capital

Utilities

Payroll

OPERATING EXPENSES

Property Taxes

Repairs & Maintenance

SCHEDULED RENTAL INCOME Gross Market Rent

TOTAL INCOME

Vacancy Loss

Net Rental Income

Administrative

Other Income

PROFORMA NOTES

Current rental rates average approximately $1,800 per Month, while maintaining 100% occupancy. Submarket rental comparables support a significantly higher potential rate structure, which would exceed an average rental rate of $2,300 per Month.



SALES COMPARABLES


OLEANDER LOFTS


MULTIFAMILY SALES COMPARABLES


OLEANDER LOFTS

PROPERTY UNITS SALE DATE PRICE PRICE/UNIT

1000 on 5th

1000 W. 5th Street Tempe, AZ 85281

19 6/30/17 $6,600,000 $347,368

Farmer Avenue Lofts 352 – 398 S. Farmer Avenue Tempe, AZ 85281

18 12/30/15 $9,180,000 $510,000

Trio Condominiums 4816 N. Woodmere FairwayScottsdale, AZ 85251

12 2/13/17 $4,750,000 $395,833

The Place on Jentilly 1717 S. Jentilly LaneTempe, AZ 85281

33 4/24/17 $9,300,000 $281,818

AVERAGE 21 $7,457,500 $383,755



CONDO SALE COMPARABLES


OLEANDER LOFTS

PROPERTY UNIT TYPE SIZE SALE DATE SALE PRICE

140 E. Rio Salado PkwyUnit 710Tempe, AZ

3BD/2.5BA 2,620 SF 1/25/18 $1,100,000

21 E. 6th St. Unit 701Tempe, AZ

3BD/2.5BA 3,093 5/17/18 $1,300,000


2BD/2BA 1,830 SF 11/3/17 $550,000


2BD/2BA 1,794 SF 6/27/18 $540,000


2BD/2BA 1,600 SF 12/5/17 $423,000


2BD/2BA 1,818 SF 8/12/17 $476,000

21 E. 6th StreetUnit 604Tempe, AZ

1BD/2BA 1,574 SF 7/17/18 $430,000

21 E. 6th StreetUnit 705Tempe, AZ

2BD/2.5BA 2,725 SF 2/15/18 $935,000

421 W. 6th StreetUnit 1005Tempe, AZ

3BD/3.5BA 2,270 SF 8/24/17 $499,000

421 W. 6th StreetUnit 1017Tempe, AZ

3BD/3.5BA 2,255 SF 6/25/18 $470,000

AVERAGE 2,158 $672,300



RENT COMPARABLES


OLEANDER LOFTSREZIDE AT UPTOWN

RYAN BOYLE TODD BRAUN NICK NESLUNDAssociate Principal Multi-Family Properties602.912.3526 602.474.9550 [email protected] [email protected] [email protected]

PROPERTY UNIT TYPE SIZE (SF) ASKING RENT RENT/SF

Skywater at Town Lake601 W. Rio Salado Pkwy.Tempe, AZ

2BD/2BA2BD/2BA2BD/2BA

1,3421,1481,105

$2,649$1,699$1,495

$1.97$1.48$1.35

Ten01 on the Lake1001 E. Playa Del Norte DriveTempe, AZ

2BD/2BA 723 $1,517 $2.09

West 6th115 W. 6th StreetTempe, AZ

2BD/2BA2BD/2BA2BD/2BA2BD/2BA2BD/2BA2BD/2BA

874897956973

1,2111,492

$1,859 - $2,059$1,919-$2,019

$2,009$2,169-$2,269

$2,159$2,219

$2.13-$2.36$2.13-$2.25

$2.10$2.23-$2.33

$1.78$1.49

Vela555 N. College AvenueTempe, AZ

2BD/2BA2BD/2BA2BD/2BA2BD/2BA

1,0871,1761,1821,206

$2,110-$2,715$1,770-$2,410

$1,775-$2,575

$1.94-$2.49$1.51-$2.05

$1.47-$2.14The Hyve1260 E. University DriveTempe, AZ

2BD/2BA 1,132 $1,689 $1.49

Salt260 E. Rio Salado Pkwy.Tempe, AZ

2BD/2BA 955-1551 $1,855-$2,785 $1.80-$1.94

Nexa1221 E. Apache Blvd.Tempe, AZ

2BD/2BA2BD/2BA2BD/2BA2BD/2BA

9701,0151,3011,323

$1,650-$1,995$1,825-$1,945$2,750-$3,040$2,650-$2,920

$1.70-$2.06$1.78-$1.92$2.11-$2.34$2.00-$2.21

Union Tempe712 S. Forest Ave.Tempe, AZ

2BD/2BA 802-863 $1,958 $2.23-$2.44

Broadstone Lakeside Drive 2BD/2BA 9461,0311,2621,1281,3841,1231,2871,255

$1,860$1,925$2,250$2,100$2,405$2,085$2,390$2,460

$1.97$1.87$1.78$1.86$1.74$1.85$1.86$1.96

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein and same is submitted subject to error,omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.



FOR MORE INFORMATION, PLEASE CONTACT:

Todd [email protected] 602.474.9550

Nick [email protected] 602.474.9500


OLEANDER LOFTS

AVAILABLE FOR SALE 675 SOUTH ROOSEVELT STREET | TEMPE ... · 675 south roosevelt street | tempe,...

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Transcript of AVAILABLE FOR SALE 675 SOUTH ROOSEVELT STREET | TEMPE ... · 675 south roosevelt street | tempe,...