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Palo Verde View Apartments2438 N. Palo Verde Avenue
Tucson, AZ 85716
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
• Well maintained pride of ownership property
• Excellent historical occupancy
• Below market rents, room to increase income
through more aggressive management
• On site pool and laundry room
• Upgrade of property through unit interior upgrades
Allan Mendelsberg, Principal
Multifamily & Investment Sales
+1 520 546 2721
Daniel Leibsohn
Multifamily & Investment Sales
+1 520 546 2740
PICOR Commercial Real Estate Services
1100 N. Wilmot, Suite 200
Tucson, Arizona 85712
phone: +1 520 748 7100
picor.com
Property Features
Sale Price $890,000
Price Per Unit $37,083
Number of Units 24
Rentable Square Feet 11,350
Land 0.79 Acres
CAP Rate 7.01%
MULTI-FAMILY
Palo Verde View Apartments2438 N. Palo Verde Avenue
Tucson, AZ 85716
FOR SALE
MULTI-FAMILY
Property Description
Palo Verde is an extremely well maintained and well located income
property located in North Central Tucson. The property has an
attractive unit mix with 16 studios, 7 one bedroom/one bath units,
and 1 two bedroom/one bath unit. The weighted average unit size is
473 square feet. The property is a two story, wood frame and
stucco, garden style community. Community amenities include a
sparkling pool, Ramada area, and seating area. The community
also features an onsite laundry room. In addition, the property
features ample parking for the residents. Unit amenities include
ceiling fans, large wink in closets, mini blinds, individually metered
electricity, and individual HVAC systems.
Allan Mendelsberg, Principal
Multifamily & Investment Sales
+1 520 546 2721
Daniel Leibsohn
Multifamily & Investment Sales
+1 520 546 2740
PICOR Commercial Real Estate Services
1100 N. Wilmot, Suite 200
Tucson, Arizona 85712
phone: +1 520 748 7100
picor.com
Palo Verde View Apartments2438 N. Palo Verde Avenue
Tucson, AZ 85716
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
Palo Verde Apartments is located on the corner of North Pablo Verde Avenue and East Grant 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 Grant 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 a
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 Grant Road. K-12
schooling located less than one mile from this complex makes Palo Verde Apartments an ideal place to raise a small
family. Recreational offerings include neighborhood parks that are within walking distance of this property, which is a
perfect place to spend time with family or friends. This complex is located in The Palo Verde 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
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SUBJECT
MULTI-FAMILY
Palo Verde View Apartments2438 N. Palo Verde Avenue
Tucson, AZ 85716
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 $128,400 $5,350 $11.31
Vacancy Loss ($8,988) -7.00% ($0.79)
Gross Rent $119,412 $4,976 $10.52
Concessions & Bad Debt ($2,388) -2.00% ($0.21)
Net Rental Income $117,024 $4,876 $10.31 $108,524
Other Income (Laundry, etc.) $2,500 $104 $0.22 $2,279
TOTAL INCOME $119,524 $4,980 $10.53 $110,803
OPERATING EXPENSES
Repairs, Maintenance & Supplies $12,000 $500 $1.06 $12,143
Contract Services $3,050 $127 $0.27 $3,083
General & Admin $2,000 $83 $0.18 $1,019
Utilities $13,750 $573 $1.21 $13,546
TOTAL VARIABLE $30,800 $1,283 $2.71 $29,791
Property Taxes $9,520 $397 $0.84 $9,520
Property Insurance $2,409 $100 $0.21 $2,409
Management Fee $9,562 8.00% $0.84 $11,055
Reserves $4,800 $200 $0.42
TOTAL EXPENSES $57,091 $2,379 $5.03 $52,775
NET OPERATING INCOME $62,433 $2,601 $5.50 $58,028
STABILIZED MARKET
VALUATION
Value $890,000
Per Unit $37,083
Per Sq. Ft. $78.41
Cap Rate
Mktg Proforma 7.01%
TYPE # OF UNITS SQ. FT. TOTAL S.F. RENT PER S.F.TOTAL MONTHLY
RENT
STABILIZED
RENT
Studio 16 425 6,800 $1.00 $6,800 $425
1 BD/ 1 BA 7 550 3,850 $0.86 $3,325 $475
2 BD/ 2 BA 1 700 700 $0.82 $575 $575
TOTAL/AVG. 24 473 11,350 $0.94 $10,700 $446
Palo Verde View Apartments2438 N. Palo Verde Avenue
Tucson, AZ 85716
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 Summary
Site Description
Assessor’s Parcel No. 111-08-1370
Number of Buildings One
Number of Stories 2
Year Built 1986
Type of Ownership Fee Simple
Parking 32
Parking Ratio 1.33
Landscaping Desert
Topography Flat
Utilities
Water City of Tucson
Phone Cox
Electric Unisource
Gas Southwest Gas
Construction
Foundation Slab
Framing Wood Frame and Stucco
Exterior Stucco
Parking Surface Asphalt
Roof Flat
