for sale hidden cove apartments -...

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

[email protected]

Daniel Leibsohn


+1 520 546 2740

[email protected]

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


Tucson, AZ 85705

FOR SALE

For more information, please contact:

Allan Mendelsberg, Principal


+1 520 546 2721

[email protected]

Daniel Leibsohn


+1 520 546 2740

[email protected]

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.


Tucson, AZ 85705

FOR SALE


MULTI-FAMILYProperty Photos


Tucson, AZ 85705

FOR SALE


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


Tucson, AZ 85705

FOR SALE


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


3256_1BD Apartment $495 $495 $495 Vacant


3276_3BDBusiness

Office$920 $920 $920 $0 Occupied Active 8/25/2017 8/24/2018



3244-1_3BD House $920 $675 $675 $675 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




3240_2BD House $650 $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


TOTAL $15,965 $11,485 $7,175 $11,485


Tucson, AZ 85705

FOR SALE


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

for sale hidden cove apartments -...

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