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• $1,885,000 Sales Price
• 33 Total Units:
- 15 mobile home lots
- 11 Studio Apartments
- 6 One Bedroom Apts
- 2 Bedroom House
• Apartment Rents Include Utilities
• City Water & Sewer
• Under Market Rents
• Opportunity Zone
• Development/Land Bank
Directly on Light Rail
John Sheedy, Vice President
Cell: 602.821.4666 Fax: 480.717.6955
PROPERTY OVERVIEW:
For more information, contact exclusive listing agent:
HAVING NO REASON TO BELIEVE OTHERWISE, PARK BROKERAGE DOES NOT
GUARANTEE INFORMATION WITHIN IS ACCURATE 5070 N 40th St, PHOENIX, AZ 85018
Sky Harbor MHP & Apartments 2532 E. Washington St.
Phoenix, AZ 85034
Ben Cummings, Associate
Cell: 480.467.8990
Sky Harbor MHP & Apartments 2532 E. Washington St.
Phoenix, AZ 85034
For more information, contact: JOHN SHEEDY | [email protected] | 602.821.4666
BEN CUMMINGS | [email protected] | 480.467.8990
Sky Harbor MHP & Apartments
Net Operating Income year 1: $118,855.00
Total Annual Debt Service year 1: $75,437.64
Cash Flow: $43,418
Projected Cash on Cash Return: 5.7%
Bank to lend in the amount of $1,131,000 with 40%
down payment ($754,000) at 4.5% interest amortized
over 25 years. Monthly payments to be $6,286.47 or
$75,437.64 annually.
Sky Harbor MHP & Apartments is a fifteen space all-ages mobile
home community with 11 cottages ranging from 201 square feet to 572 square
feet, a 6-unit apartment and a 1,216 square foot two bed and two bath bedroom
house located in the city of Phoenix, Arizona. The buildings on the property were
constructed between 1930 and 1954 and the park has paved roads. The rents at
the property are very low compared to the market. There is one single family
home on property that is currently vacant. The house has five rooms, two
bedroom and two bathrooms and could easily be rented out for $1,000 per month.
The park is currently managed by the owner as well as an on-site assistant
manager that are compensated with free rent. The property is located in
downtown Phoenix just minutes from Sky Harbor International Airport and has
direct access to the light rail located on Washington Avenue that allows for quick
and easy public transportation for tenants. The property is serviced by city water
and sewer. The current apartment rents range from $400-$575 which also include
utilities and is very low compared to the market which would allow for them to be
raised closer to the $650 range. PLEASE DO NOT DISTURB TENANTS OR MANAGEMENT IF VISITING PARK. THEY ARE NOT
AWARE PARK IS FOR SALE. PLEASE KEEP THIS LISTING CONFIDENTIAL.
Expense Ratio
39.3%
Capitalization Rate
6.3%
Cash on Cash Return
5.7%
Loan
New Financing
Age Built
6-plex 1954, Cottages 1940, SFH 1930
Total Parcel Size
1.06 Acres
No. Spaces
15 mobile home sites, 11 cottages, 6-plex, 1 SFH
Water/Sewer
City/City
Sky Harbor MHP & Apartments 2532 E. Washington St.
Phoenix, AZ 85034
Apartments & MH Park – Phoenix, Arizona
PROPERTY INFORMATION:
For more information, contact: JOHN SHEEDY | [email protected] | 602.821.4666
BEN CUMMINGS | [email protected] | 480.467.8990
LOAN INFORMATION: | DEBT SERVICE:
Sky Harbor MHP & Apartments 2532 E. Washington St.
Phoenix, AZ 85034
For more information, contact: JOHN SHEEDY | [email protected] | 602.821.4666
BEN CUMMINGS | [email protected] | 480.467.8990
Financial Data – Sky Harbor MHP & Apartments
*Financial data based on appraisal completed on July 10, 2020.
Sky Harbor MHP & Apartments 2532 E. Washington St.
Phoenix, AZ 85034
For more information, contact: JOHN SHEEDY | [email protected] | 602.821.4666
BEN CUMMINGS | [email protected] | 480.467.8990
Rent Roll
Sky Harbor MHP & Apartments 2532 E. Washington St.
Phoenix, AZ 85034
For more information, contact: JOHN SHEEDY | [email protected] | 602.821.4666
BEN CUMMINGS | [email protected] | 480.467.8990
Sky Harbor MHP & Apartments