AVAILABLE FOR SALE 675 SOUTHpdf.leeazmail.com/pdfs/braun/675South_OM.pdf · 2020. 8. 5. · AVAILABLE FOR SALE 675 SOUTH 675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA 675 South | 4

3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com

AVAILABLE FOR SALE675 SOUTH

675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA

FOR MORE INFORMATION, PLEASE CONTACT:

Todd [email protected] 602.474.9550C 602.710.3300

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.

3200 East Camelback Road, Suite 100 | Phoenix, Arizona 85018 | 602-956-7777 | www.leearizona.com675 South | 2



TABLE OF CONTENTS

Property Information Offering Summary ................................................................................................................................................................................... 4

Property Overview .................................................................................................................................................................................. 5

Community Amenities ............................................................................................................................................................................ 6

Unit Amenities ......................................................................................................................................................................................... 7

Location Neighborhood Amenities ...................................................................................................................................................................... 9

Aerial Overview ....................................................................................................................................................................................... 11

Financial Analysis Proforma ................................................................................................................................................................................................... 13

Sales Comparables Sales Comparables ................................................................................................................................................................................. 15

Rent Comparables .................................................................................................................................................................................. 16






PROPERTY INFORMATION






Lee & Associates is pleased to present the opportunity to acquire the 675 South apartments. The 12 unit complex is comprised of all 2 bedroom condos. 675 South is a mix of three and five story buildings built with block, concrete, and steel. OFFERING TERMS: Cash / New Debt PRICE: $4,650,000 PROPERTY TOURS: By appointment only.

OFFERING SUMMARY





Units: 12 Year Built: 2009 Construction Type: Block, Concrete & Steel Style: Three & Five Story Urban Contemporary Average Unit Size: +/- 1,578 Sqft.

PROPERTY OVERVIEW





• Excellent location in highly desirable

area

• Built in 2009

• Private two car garage parking

• Gated common area and hallways

• Walking distance to iconic dining,

shopping and entertainment

• Elevator served

• Pet run

• BBQ area

• Condominium mapped

COMMUNITY AMENITIES





• Spacious units with well conceived floor plans

• Concrete floors

• Caesarstone countertops

• Full-size pantry*

• Modern black appliance package

• Cable television and high-speed internet access

• Ultra contemporary, industrial style units

• 10 foot exposed ceilings

• Living room garage doors w/ electric opener

• Scenic views

• Euro style cabinets

• Washer/dryer in each unit

• Private balconies

• Private two car garages

• Bamboo staircase

• Frosted glass entry doors

• Lighted and secured hallways

UNIT AMENITIES





LOCATION




UN

IVER

SITY

DR

.

UN

IVER

SITY

DR

.

ROOSEVELT ST.

ROOSEVELT ST.

MILL AVE.MILL AVE.

+/- 75,000 STUDENTSs

MIXED USE

SUN DEVILSUN DEVILSTADIUMSTADIUM

LOCATION




WILSO

N ST.

WILSO

N ST.

ROO

SEV

ELT

ST.

ROO

SEV

ELT

ST.

MILL AVE.MILL AVE.

CAMELBACK MOUNTAIN CAMELBACK MOUNTAIN

PAPAGO PARK PAPAGO PARK

202

LOCATION




McC

linto

ck D

r.M

cClin

tock

Dr.

Rur

al R

d.

Rur

al R

d.

University Dr.University Dr.

Rio Salado PkwyRio Salado Pkwy

Pri

est

Dr.

Pri

est

Dr.

Broadway Rd. Broadway Rd.

Mill

Ave

. Dis

tric

tM

ill A

ve. D

istr

ict

675 S. ROOSEVELT

Mill

Ave

.M

ill A

ve.

202

202

143

CURRY RD.CURRY RD.

Apache Blvd.Apache Blvd.

LIGHT RAIL

LIGHT RAILLIGHT RAILLIGHT RAIL

MIXED USE

TEMPETEMPEBEACHBEACHPARKPARK

675 South is located in the vibrant city of Tempe and benefits from proximity to Arizona State University, with an enrollment in excess of 75,000+/- students, and the Tempe Town Lake business corridor, with 40,000 nearby employees.

Residents at 675 South are a short walk away from the Mill Avenue District, which offers vibrant dining, nightlife, shopping, and culture entertainment.

Tempe enjoys and maintains one of the most thriving economic environments in the country with top research firms, Fortune 500 companies, Technology startups, all of which are supported by one of the largest and most innovative universities in the country.

AERIAL OVERVIEW

LOCATION




FINANCIAL ANALYSIS




PROFORMA

667755 SS.. RROOOOSSEEVVEELLTTTTeemmppee,, AArriizzoonnaa 8855228811

TTyyppee ## ooff UUnniittss SSqq.. FFtt.. ± TToottaall SSqq.. FFtt.. ± CCuurrrreenntt RReenntt PPrrooffoorrmmaa RReenntt

2 Bedroom 2.5 Bath 2 1,642 3,284 $2,050 $2,400

2 Bedroom 3 Bath 5 1,565 7,825 $2,000 $2,300

2 Bedroom 2.5 Bath 5 1,565 7,825 $1,950 $2,200

TToottaall//AAvvgg.. 1122 11,,557788 1188,,993344 $$22,,000000 $$22,,330000

$331,200

(13,248)

$317,952

Other Income $2,400TTOOTTAALL IINNCCOOMMEE $$332200,,335522

$2,040

$7,200

$10,900

$5,000

$42,924

$3,470

$9,141

$2,400TTOOTTAALL EEXXPPEENNSSEESS $$8833,,007755

($6,923/Unit)

NNEETT OOPPEERRAATTIINNGG IINNCCOOMMEE $$223377,,227777

Management Fee

Property Insurance

Reserves/Capital

Utilities

Payroll

OOPPEERRAATTIINNGG EEXXPPEENNSSEESS

Property Taxes*

Repairs & Maintenance

SSCCHHEEDDUULLEEDD RREENNTTAALL IINNCCOOMMEE

Gross Market Rent

Vacancy Loss

NET RENTAL INCOME

Administrative

PROFORMA NOTESCurrent rental rates average approx. $2,000 per Month, while maintaining 100% occupancy. Submarket rental comparables support a significantly higher potential rate structure, which would exceed an average rental rate of $2,300 per Month.

* There are preliminary indications of a substantial property tax reduction through appeal after a removal of the condominium plat.


FINANCIALANALYSIS




SALES/RENT COMPARABLES





SALES/RENTCOMPARABLES

SALES COMPARABLES

PPRROOPPEERRTTYY AADDDDRREESSSS ## OOFF UUNNIITTSS YYRR BBUUIILLTT SSAALLEE DDAATTEE PPRRIICCEE PPRRIICCEE// UUNNIITT

1301 W. 4th Street Tempe, AZ 85281

15 2018 06/30/20 $7,000,000 $466,667

Lyra 2950 N. 38th Street Phoenix, AZ 85018

18 2020 06/16/20 $8,106,000 $450,333

West Sixth Tempe 115 W. 6th Street Tempe, AZ 85281

375 2011 02/26/20 $123,000,000 $328,000

Dolce Villagio Townhomes 202 S. Hardy Drive Tempe, AZ 85281

37 2007 02/11/20 $11,500,000 $310,811

The Newport 1106 E. Weber Drive Tempe, AZ 85281

38 2018 12/13/19 $7,450,000 $438,235

The Aeries 3214 N. 70th Street Scottsdale, AZ 85251

16 2019 11/08/19 $7,800,000 $487,500

7 on Fifth 1214 W. 5th Street Tempe, AZ 85281

7 2018 03/05/19 $3,073,500 $439,071

959 S. Ash Avenue Tempe, AZ 85281

7 2013 08/31/18 $2,750,000 $392,857

1000 on 5th 1000 W. 5th Street Tempe, AZ 85281

19 2016 06/30/17 $6,600,000 $347,368

Farmer Avenue Lofts 352 – 398 S. Farmer Avenue Tempe, AZ 85281

18 2008 12/30/15 $9,180,000 $510,000





SALES/RENTCOMPARABLES

RENT COMPARABLES

PPRROOPPEERRTTYY AADDDDRREESSSS UUNNIITT TTYYPPEE SSIIZZEE ((SSFF)) AASSKKIINNGG RREENNTT

Skywater at Town Lake 601 W. Rio Salado Pkwy. Tempe, AZ

2BD/1.75BA 1,342 $1,820

West 6th 115 W. 6th Street Tempe, AZ

2BD/2.5BA 1,912 $2,211

Vela 555 N. College Avenue Tempe, AZ

2BD/1.75BA 1,143 $2,089

The Hyve 1260 E. University Drive Tempe, AZ

2BD/2BA 1,284 $1,933

Salt 260 E. Rio Salado Pkwy. Tempe, AZ

2BD/1.75BA 1,276 $2,663

Lakeside Drive 500 W. 1st Street Tempe, AZ

2BD/1.75BA 1,340 $2,306

Farmer Avenue Lofts 352 S. Farmer Tempe, AZ

3BD/2.5BA 2,400 $3,500

Roosevelt Luxury Townhomes 233 S. Roosevelt Tempe, AZ

2BD/2.5BA 1,493 $2,650




Todd BraunPrincipal602.474.9550tbraun@leearizona.comwww.braunapartmentgroup.com

3200 E. Camelback Road, Suite 100Phoenix, AZ 85018

602.956.7777www.leearizona.com

Documents

AVAILABLE FOR SALE 675 SOUTHpdf.leeazmail.com/pdfs/braun/675South_OM.pdf · 2020. 8. 5. · AVAILABLE FOR SALE 675 SOUTH 675 SOUTH ROOSEVELT STREET | TEMPE, ARIZONA 675 South | 4