price avg sf/unit 1,147 sf...renovations include all electric stainless-steel appliances, modern...
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ABIMultifamily.com/portfolio/the-tides-at-downtown-gilbertFor more information please visit:THE TIDES AT DOWNTOWN GILBERTTHE TIDES AT DOWNTOWN GILBERT
36 EAST VAUGHN AVENUE, GILBERT, AZ 8523436 EAST VAUGHN AVENUE, GILBERT, AZ 85234
Offering Price: Market Pricing 42 Unit Multifamily Community in Gilber t, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
PROPERTY OVERVIEW
Price Market Pricing
# of Units 42
Avg SF/Unit 1,147 SF
Built 2005
Renovated 2018 / 2019
1
42 Units, Garden-Style Property Built In 2005, Completely Renovated 2018 / 2019
100% 3 Bedroom / 2 Bathroom Units, 1,147 SF with Private Patios
In The Heart of Dynamic Downtown Gilbert, Next to Culinary Dropout, OHSO Brewery,
& Whiskey Row
Renovations Include All Electric Stainless-Steel Appliances, Modern White Cabinetry, Vinyl Flooring,
Quartz Countertops, Tile Backsplash, LED Lighted Ceiling Fans, & Brand-New Sparkling Pool & Furniture
Convenient Covered Parking & Full Size Washer / Dryer in All Units
Tenants Pay All Utilities, Individually Metered for Electricity & Water
INCOME & EXPENSESIncome Total Per Unit
Gross Scheduled Income $844,200 $20,100
Less: Loss to Lease (1.0%) ($8,442) ($201)
Gross Potential Rent: $835,758 $19,899
Less: Vacancy / Concessions / Bad Debt / Other (8.0%) ($66,861) ($1,592)
Net Rental Revenue $768,897 $18,307
Add: Other Income $35,560 $847
Effective Gross Income $804,458 $19,154
Expenses
Administration $8,400 $200
Management Fees (7.0%) $56,312 $1,341
Marketing $14,700 $350
Repairs & Maintenance / Contract Services $31,500 $750
Turnover $5,250 $125
Utilities $16,307 $388
Insurance $10,500 $250
Real Estate Taxes $26,319 $627
Replacement Reserves $10,500 $250
Total Operating Expenses $179,787 $4,281
Net Operating Income $624,670 $14,873
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.
THE TIDES AT DOWNTOWN GILBERT36 EAST VAUGHN AVENUE, GILBERT, AZ 85234
EDDIE CHANG RYAN SMITHPartner Vice President602.714.1398 [email protected] [email protected]
Phoenix Sacramento San Diego TucsonABI MULTIFAMILY OFFICES:
THE TIDES AT DOWNTOWN GILBERT
For more information please visit: ABIMultifamily.com/portfolio/the-tides-at-downtown-gilbert
MARKET PRO FORMA
Unit Type Count % Total Size (SF) Rent Rent/SF
42 100.0 1,147 $1,675 $1.463 Bed / 2 Bath
Totals / Averages 42 100% 1,147 $1,675 $1.46
OFFERING PRICE: MARKET PRICING
TOTAL UNITS: 42
YEAR BUILT: 2005 | RENOVATED: 2018 / 2019
ABI Multifamily is pleased to announce the availability of 42 spacious 3bedroom / 2 bathroom units located at 36 East Vaughn Avenue in theheart of Downtown Gilbert, AZ. Walking distance from local restaurants,unique shops, scenic parks, and cultural attractions, The Tides atDowntown Gilbert is rooted in a pedestrian-friendly area within thevibrant community of Gilbert’s Heritage District, offering an urban,downtown experience. Home to the Gilbert Historical Museum and thefamed Hale Theatre, residents are sure to find a warm and inviting placeto explore. Park University, a private nonprofit liberal arts universityenrolling hundreds of students per semester is just a six-minute walkaway.
The Tides at Downtown Gilbert was built in 2005 and features a newlyremodeled design with electric stainless-steel appliances, modernwhite cabinetry, vinyl flooring, quartz countertops, tile backsplash, andLED lighted ceiling fans. The property provides covered parking and acommunity-style lush grass courtyard with beautiful brand new pool,covered community seating, and two gas grills. Each unit is individuallymetered for electricity, HVAC, and water with laundry in-suite.Considering that the Gilbert submarket population has increased 166%alongside a 30% Per Capita Income increase since 2000, we areconfident to say that an investor would reap the rewards ofhigh-demand, remodeled units in a rapidly growing market withminimal new build competition in the area.