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Hidden Cove Apartments3240 N. Geronimo Avenue
Tucson, AZ 85705
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Property Highlights
• Garden Style Apartment Building
• Mix of Studios, One Bedrooms, Two Bedrooms, and
Three Bedrooms
• Workforce Housing opportunity
• New management
• Plenty of parking
• Evaporative coolers
• Individually metered for electricity
• Over $50,000 in cap ex invested
• Roof Completely recoated
Allan Mendelsberg, Principal
Multifamily & Investment Sales
+1 520 546 2721
amendelsberg@picor.com
Daniel Leibsohn
Multifamily & Investment Sales
+1 520 546 2740
dleibsohn@picor.com
PICOR Commercial Real Estate Services
1100 N. Wilmot, Suite 200
Tucson, Arizona 85712
phone: +1 520 748 7100
picor.com
Property Features
Sale Price $1,080,000
Price Per Unit $45,000
Number of Units 24
Rentable Square Feet 16,100
Land 1.92 Acres
CAP Rate 8.00%
MULTI-FAMILY
Hidden Cove Apartments3240 N. Geronimo Avenue
Tucson, AZ 85705
FOR SALE
For more information, please contact:
Allan Mendelsberg, Principal
Multifamily & Investment Sales
+1 520 546 2721
amendelsberg@picor.com
Daniel Leibsohn
Multifamily & Investment Sales
+1 520 546 2740
dleibsohn@picor.com
PICOR Commercial Real Estate Services
1100 N. Wilmot, Suite 200
Tucson, Arizona 85712
phone: +1 520 748 7100
picor.com
MULTI-FAMILY
Property Description
Hidden Cove Apartments is a 24 unit low rise garden style
apartment complex situated on 3 separate parcels totaling 1.92
acres of land. The complex has ingress and egress on the East
side of Geronimo Avenue and the West side of Los Altos
Avenue. The complex features a freshly painted exterior with a
blue and yellow paint scheme. The apartments have
evaporative coolers and are individually metered for electricity.
The apartment complex has an attractive unit mix with 2
studios, 5 one bedrooms, 10 two bedrooms, and 7 three
Bedrooms. The property is a value add opportunity with
standard kitchen appliances and standard finishes. The
apartment complex is a workforce housing opportunity for those
in need of reliable and affordable housing. Recently, the
property has been transferred to a new management company
that has been very attentive to the overall upkeep of the
property. In addition, the management company is making sure
that good quality, credit worthy tenants are occupying the units.
Hidden Cove Apartments3240 N. Geronimo Avenue
Tucson, AZ 85705
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
MULTI-FAMILYProperty Photos
Hidden Cove Apartments3240 N. Geronimo Avenue
Tucson, AZ 85705
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Location Overview
Hidden Cove Apartments is located on the corner of North Geronimo Avenue and East Navajo Road in the heart of central
Tucson. The property is less than three miles away from The University of Arizona and lies one block away from the major
thoroughfare Oracle Road. With bus and bike paths, this apartment complex exceeds the expectations of residential living in
central Tucson. This apartment complex lies in the central part of a pedestrian friendly residential neighborhood, which is
beneficial aspect to every family that may be a potential resident. Nearby retail shopping centers and employment centers
include a variety of restaurant chains, automotive dealerships, and convenience stores located all along Oracle Road. Another
plus is this complex is exactly two miles away from the Tucson Mall which has so many opportunities as far as shopping
amenities, employment opportunities, and entertainment attractions. With K-12 schooling located less than one mile from this
complex makes Hidden Cove Apartments an ideal place to raise a small family. Recreational offerings include Amphi
Neighborhood Park that is nearly in the backyard of this property, which is a perfect place to spend time with family or friends.
This complex is located in The Amphi Neighborhood which is a highly recognized residential community in central Tucson due to
the fact it is a friendly area and it has so much convenience factors for each individual resident. The Amphi Neighborhood is a
certified chartered neighborhood through the city of Tucson, the charter is beneficial since it keeps the neighborhood safe and
prevents any disturbances to any Amphi residents.
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SUBJECT
MULTI-FAMILY
Hidden Cove Apartments3240 N. Geronimo Avenue
Tucson, AZ 85705
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
MULTI-FAMILYRent Roll
UNIT TYPETARGET
RENT
MONTHLY
RENT
MONTHLY
CHARGES
MONTHLY
TARGET
OPERATING
INCOME
STATUSLEASE
STATUS
START
DATEEND DATE
3248_STUDIO Apartment $475 $475 $475 $475 Occupied Active 8/17/2017 8/24/2018
3250_STUDIO Studio $475 $0 $0 $0 Occupied Active 8/25/2017 8/24/2018
3252_1BD Apartment $495 $425 $425 $425 Occupied Active 8/18/2017 8/17/2018
3254_1BD Apartment $495 $425 $425 $425 Occupied Active 8/17/2017 8/24/2018
3256_1BD Apartment $495 $495 $495 Vacant
3258_1BD Apartment $495 $495 $495 Vacant
3276_3BDBusiness
Office$920 $920 $920 $0 Occupied Active 8/25/2017 8/24/2018
3266_3BD Apartment $775 $675 $675 $675 Occupied Active 8/17/2017 8/24/2018
3274_2BD Apartment $650 $650 $650 Vacant
3244-1_3BD House $920 $675 $675 $675 Occupied Active 8/18/2017 8/17/2018
3260_3BD Apartment $775 $775 $775 $775 Occupied Active 8/18/2017 8/17/2018
3244-2 2BD Apartment $650 $675 $675 $675 Occupied Active 8/18/2017 8/17/2018
3244-3_2BD Apartment $650 $650 $650 Vacant
3244-4_2BD Apartment $650 $650 $650 $0 Occupied Active 8/25/2017 8/24/2018
3244-5_2BD Apartment $650 $525 $525 $525 Occupied Active 8/17/2017 8/24/2018
3244-6_2BD Apartment $650 $650 $650 $0 Occupied Active 8/25/2017 8/24/2018
3244-7_2BD Apartment $650 $650 $650 $0 Occupied Active 8/25/2017 8/24/2018
3240_2BD House $650 $650 $650 $650 Occupied Active 8/17/2017 8/24/2018
3262_3BD Apartment $775 $650 $650 $650 Occupied Active 8/17/2017 8/24/2018
3239_3BD House $1,000 $675 $675 $675 Occupied Active 8/17/2017 8/16/2018
3264_3BD Apartment $775 $775 $775 $775 Occupied Active
3268_2BD House $750 $750 $750 $750 Occupied Active
3270_1 BD Apartment $495 $495 $495 $495 Occupied Active
3272_2BD Apartment $650 $550 $550 $550 Occupied Active 8/17/2017 8/24/2018
TOTAL $15,965 $11,485 $7,175 $11,485
Hidden Cove Apartments3240 N. Geronimo Avenue
Tucson, AZ 85705
FOR SALE
Independently Owned and Operated / A Member of the Cushman & Wakefield AllianceCushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
MULTI-FAMILYProForma
INCOME STATEMENTMARKETING
PROFORMA
PROFORMA
PER UNIT
PROFORMA
PSF
2017
ACTUALS
RENTAL INCOME
Gross Market Rent $190,500 $11.83
Vacancy Loss ($18,098) -9.50% ($0.83)
Gross Rent $172,403 $11.00
Concessions & Bad Debt ($4,310) -2.50% ($0.17)
Net Rental Income $168,092 $10.84 $160,366
TOTAL INCOME $168,092 $10.84 $160,366
OPERATING EXPENSES
Payroll $7,800 $325 $0.00 $6,565
Repairs, Maintenance & Supplies $12,000 $500 $0.75 $4,489
Contract Services $3,600 $150 $0.22 $8,244
Advertising $1,500 $63 $0.09 $3,840
Legal $1,500 $63 $0.09 $915
General & Admin $1,500 $63 $0.09 $9,662
Utilities $22,000 $917 $1.37 $21,162
TOTAL VARIABLE $49,900 $2,079 $2.61 $54,877
Property Taxes $7,868 $328 $0.49 $5,515
Property Insurance $4,500 $188 $0.28 $6,500
Management Fee $13,961 8.00% $0.87 $5,384
Reserves $6,000 $250 $0.37
TOTAL EXPENSES $81,715 $3,405 $4.62 $72,276
NET OPERATING INCOME $86,377 $88,090
STABILIZED MARKET
VALUATION
Value $1,080,000
Per Unit $45,000
Per Sq. Ft. $67.08
Cap Rate
Mktg Proforma 8.00%
TYPE # OF UNITS SQ. FT. TOTAL S.F. RENT PER S.F.TOTAL MONTHLY
RENT
STABILIZED
RENT
Studio 2 300 600 $1.58 $950 $475
1 BD/1 BA 5 500 2,500 $0.99 $2,475 $495
2 BD/1 BA 10 600 6,000 $1.08 $6,500 $650
3 BD/2 BA 7 1,000 7,000 $0.85 $5,950 $850
TOTAL/AVG. 24 671 16,100 $0.99 $15,875 $661
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