Offering Price: $1,776,000 8 Unit Multifamily Community in ... · Excellent Scottsdale Location,...
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ABIMultifamily.com/portfolio/3031-3037-north-69th-place For more information please visit: 3031-3037 NORTH 69TH PLACE 3031-3037 NORTH 69TH PLACE 3031-3037 NORTH 69TH PLACE, SCOTTSDALE, AZ 85251 3031-3037 NORTH 69TH PLACE, SCOTTSDALE, AZ 85251 Offering Price: $1,776,000 8 Unit Multifamily Community in Scottsdale, AZ ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400 PROPERTY OVERVIEW Price $1,776,000 Per Unit $222,000 Per SF $301.02 CAP Rate 5.75% # of Units 8 Avg SF/Unit 738 SF Built 1959 Renovated 2019 Excellent Scottsdale Location, Minutes from Old Town Scottsdale’s Entertainment District Built in 1959, Renovated & Modernized in 2019 Mid-Century, Single-Story Block Construction Excellent Unit Mix: 75% 2 Bed / 1 Bath, 25% 2 Bed / 2 Bath In-Place Rents: 2 Bed / 1 Bath: $1,295, 2 Bed / 2 Bath: $1,545 In-Suite Washers & Dryers Private, Open Courtyard 100% Occupied
Transcript of Offering Price: $1,776,000 8 Unit Multifamily Community in ... · Excellent Scottsdale Location,...
ABIMultifamily.com/portfolio/3031-3037-north-69th-placeFor more information please visit:3031-3037 NORTH 69TH PLACE3031-3037 NORTH 69TH PLACE
3031 -3037 NORTH 69TH PLACE, SCOTTSDALE , AZ 852513031 -3037 NORTH 69TH PLACE, SCOTTSDALE , AZ 85251
Offering Price: $1,776,000 8 Unit Multifamily Community in Scottsdale, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
PROPERTY OVERVIEW
Price $1,776,000Per Unit $222,000
Per SF $301.02CAP Rate 5.75%# of Units 8
Avg SF/Unit 738 SFBuilt 1959
Renovated 2019
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Excellent Scottsdale Location, Minutes from Old Town Scottsdale’s Entertainment District
Built in 1959, Renovated & Modernized in 2019
Mid-Century, Single-Story Block Construction
Excellent Unit Mix: 75% 2 Bed / 1 Bath, 25% 2 Bed / 2 Bath
In-Place Rents: 2 Bed / 1 Bath: $1,295, 2 Bed / 2 Bath: $1,545
In-Suite Washers & Dryers
Private, Open Courtyard
100% Occupied
MARKET PRO FORMA
Unit Type Count % Total Size (SF) Rent Rent/SF
2 Bed / 1 Bath 6 75.0 700 $1,295 $1.85
2 Bed / 2 Bath 2 25.0 850 $1,545 $1.82
Totals / Averages 8 100% 738 $1,358 $1.84
INCOME & EXPENSESIncome Total Per Unit
Gross Scheduled Income $130,320 $16,290
Less: Vacancy / Concessions / Bad Debt / Other (6.0%) ($7,819) ($977)
Net Rental Revenue $122,501 $15,313
Add: Other Income / RUBS $5,600 $700
Effective Gross Income $128,101 $16,013
Expenses
Administration $800 $100
Management Fees (6.0%) $7,686 $961
Marketing $600 $75
Repairs & Maintenance / Contract Services $4,400 $550
Turnover $800 $100
Utilities $6,000 $750
Insurance $1,600 $200
Real Estate Taxes $2,440 $305
Replacement Reserves $1,600 $200
Total Operating Expenses $25,926 $3,241
Net Operating Income $102,175 $12,772
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.
OFFERING PRICE: $1,776,000
TOTAL UNITS: 8
YEAR BUILT: 1959 | RENOVATED: 2019
3031-3037 NORTH 69TH PLACE3031-3037 NORTH 69TH PLACE, SCOTTSDALE, AZ
RYAN SMITH MITCHELL DRAKE DALLIN HAMMONDVice President Associate Associate602.761.9318 602.714.1289 [email protected] [email protected] [email protected]
Phoenix Sacramento San Diego TucsonABI MULTIFAMILY OFFICES:
3031-3037 NORTH 69TH PLACE
ABI Multifamily is pleased to announce the sole representation of 3031-3037North 69th Place Apartments, combining contemporary living near anall-encompassing live / work / play environment.
This eight-unit apartment community offers thoughtfully designedtwo-bedroom / one-bathroom and two-bedroom / two-bathroom floor plans.Each unit features new modern plank flooring, new kitchens with stainless-steelappliances and gas ranges, bathrooms with full tile surrounds, and quartzcountertops throughout. All units include in-suite, full-size front-loading washerand dryer.
More than $400,000 in capital improvements have been made to the propertyin the past ten months. Improvements include re-roofing, new modern doorsand hardware, new energy-efficient windows, and updated plumbing andelectrical systems. Community amenities include a community cabana, beautifuldesert and garden landscaping with programmable smart LED lighting, privatecovered parking, and ample community parking.
3031-3037 North 69th Place Apartments occupies a prime location in the SouthScottsdale submarket. Nearby attractions of particular interest include Old TownScottsdale, SkySong, and the Papago Plaza / McDowell Corridor, a $500Meconomic development and renovation target in the heart of South Scottsdale.
Based on its positioning within the competitive landscape of the submarket andthe area’s extensive and ongoing redevelopment efforts, 3031-3037 North 69thPlace Apartments is primed to attract continuous tenant interest and serve as aturnkey asset.
