offering price: $1,850,000 14-unit multifamily community
TRANSCRIPT
DON CARLOS APARTMENTSDON CARLOS APARTMENTS1825 EAST DON CARLOS AVENUE, TEMPE, AZ 852811825 EAST DON CARLOS AVENUE, TEMPE, AZ 85281
Offering Price: $1,850,000 14-Unit Multifamily Community in Tempe, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
PROPERTY OVERVIEW
Price $1,850,000
Per Unit $132,143
Pro Forma CAP 5.68%
# of Units 14
Avg SF/Unit 558 SFBuilt 1979
1
14 Units, Built in 1979, Very Spacious With In-Suite Washer/Dryer
Unit Mix of 1-Bed / 1-Bath (86%) & 2-Bed / 1-Bath (14%)
Minutes to Tempe Town Lake, Mill Avenue Entertainment District & Arizona S tate
University Tempe Campus
Below Market Rents With Room For Upside
Completely Remodeled With a Garden-Style Finish In 2018 (Significant Capital
Expenditures)
Walking Distance to the McClintock Dr & Apache Blvd Metro Light Rail
Located Close to the 101 & 202 Freeways for Direct Access to the Valley
All Cash / New Loan
For more information please visit:ABIMultifamily.com/portfolio/Don-Carlos-Apts
MARKET PRO FORMA
Unit Type Count % Total Size (SF) Rent Rent/SF
1 Bed / 1 Bath 12 85.7 512 $950 $1.86
2 Bed / 1 Bath 2 14.3 836 $1,150 $1.38
Totals / Averages 14 100% 558 $979 $1.75
INCOME & EXPENSESIncome Total Per Unit
Gross Scheduled Income $164,400 $11,743
Less: Loss to Lease (4.2%) ($6,845) ($489)
Gross Potential Rent: $157,555 $11,254
Less: Vacancy / Concessions / Bad Debt / Other (5.0%) ($7,878) ($563)
Net Rental Revenue $149,678 $10,692
Add: Other Income $5,859 $419
Effective Gross Income $155,537 $11,110
Expenses
Administration $2,100 $150
Management Fees (7.0%) $10,888 $778
Marketing $700 $50
Contract Services $2,100 $150
Repairs & Maintenance $5,600 $400
Turnover $1,750 $125
Utilities $16,381 $1,170
Insurance $2,800 $200
Real Estate Taxes $4,552 $325
Replacement Reserves $3,500 $250
Total Operating Expenses $50,370 $3,598
Net Operating Income $105,166 $7,512
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: $1,850,000
TOTAL UNITS: 14
YEAR BUILT: 1979
ABI Multifamily is pleased to announce the availability of the Don CarlosApartments located at 1825 North Don Carlos Avenue. This 14-unit,garden-style apartment building is located in the highly desirableTempe submarket and has been recently renovated with premiumfinishes which makes this the ideal asset for any investor. The DonCarlos Apartments were built in 1979 and completely renovated in2018. The property consists of very spacious single and two-bedroomunits which range from 516 to 836 square feet. Interior renovationsinclude brand new stainless-steel appliances, tankless water heaters,porcelain tile floors, granite countertops, white shaker cabinets, andmuch more. The exterior has been freshly painted, giving the propertyan appealing elevation to any college student. The landscaping is verylow maintenance with artificial turf, Arizona Rose bushes, and VelvetMesquite trees. Additionally, the on-site laundry facility provides for asubstantial amount of additional income.
The Don Carlos Apartments is located in close proximity to Tempe TownLake, Arizona State University, Tempe Marketplace, and the attractiveMill Avenue Entertainment District. As rental rates continue to rise, andthe Tempe area proceeds to develop, this turn-key property will only actas an asset to any investor.
DON CARLOS APARTMENTS1825 EAST DON CARLOS AVENUE, TEMPE, AZ 85281
John Kobierowski Alon Shnitzer Rue Bax Doug Lazovick Eddie Chang
Chuck LaBenz Brad Pickering Nathan Bruer Patrick Burch John Klocek Royce Munroe Ryan Smith
ABI MULTIFAMILY PHOENIX:
DON CARLOS APARTMENTS
RYAN SMITHVice President
DALLIN HAMMONDAssociate
PAUL PERRYAssociate
MITCHELL DRAKEAssociate