canyon oasis $1,449,500 - loopnet · 2020. 1. 24. · canyon oasis apartments is 24 units,...
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FOR MORE INFORMATION:Joe BoyleSenior Associate
(520) [email protected]
CANYON OASIS3443 E Bermuda St, Tucson, AZ 8571624 units
$1,449,500
PROPERTY ANALYSIS
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CANYON OASIS3443 E Bermuda St, Tucson, AZ 85716
INVESTMENT SUMMARY
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DESCRIPTION
Canyon Oasis Apartments is 24 units, including 20 – 1 bedroom units, and 4 – 2 bedroom units. Many units with interior upgrades that include new floor, paint, bathroom vanity and tiled shower surround. On a large lot with ample parking, providing tenants a nice quiet home to live in.
Fantastic central Tucson location, close to many businesses and restaurants. Three miles from both the University of Arizona and Pima Medical Institute.
HIGHLIGHTS
• Updated interiors• New on-site laundry room• Sparkling Pool• Central Tucson location• Strong occupancy
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Price: $1,449,500
Units: 24
Building Sq Ft: 14,218
Price/Unit: $60,396
Price/Sq Ft: $101.95
Year Built: 1963
PROPERTY DETAILS
FINANCIAL ANALYSIS
The Professional Approach to Apartment Investing.
AZ • OR • WA • josephbernard.net
Scheduled Monthly Rents
Units Type Est. Sq. Ft.Current
Average RentMonthly Income
Rent at Market
Monthly Income
20 1 BD + 1 BA 575 $521 $10,420 $625 $12,500
4 2 BD + 1 BA 700 $591 $2,365 $725 $2,900
24 $12,785 $15,400
Scheduled Gross Income $153,420 $184,800
• Less: Vacancy (5%) -$7,671 -$9,240
Effective Gross Income $145,749 $175,560
• Plus: RUBS +$14,400 +$14,400
• Plus: Laundry/Other +$2,800 +$2,800
Effective Annual Income $162,949 $192,760
Estimated Expenses
Current Budget
%EGI Per/Unit Amount %EGI Per/Unit Amount
Taxes 7.48% $454 $10,906 6.21% $454 $10,906
Insurance 2.96% $180 $4,320 2.46% $180 $4,320
Utilities 17.80% $1,081 $25,946 14.78% $1,081 $25,946
Professional Management 8.00% $486 $11,664 8.00% $585 $14,044
Maintenance & Repairs 6.59% $400 $9,600 5.47% $400 $9,600
Turnover Reserves 2.47% $150 $3,600 2.05% $150 $3,600
Landscaping 2.06% $125 $3,000 1.71% $125 $3,000
Capital Reserves 3.29% $200 $4,800 2.73% $200 $4,800
Total Est. Annual Expenses 50.66% $3,077 $73,836 43.41% $3,176 $76,216
of EGI Per Unit of EGI Per Unit
Investment Summary
Current Projected
Net Operating Income $89,113 $116,544
Cap Rate 6.15% 8.04%
Debt Service $62,281 $62,281
Cash Flow $26,832 $54,263
Cash Return 7.40% 14.97%
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Proposed FinancingDown Payment $362,375
Down Payment % 25%
Debt Service $62,281
Loan Amount $1,087,125
Interest Rate 4.00%
Term 30 yr. am
PROPERTY PHOTOS
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PROPERTY PHOTOS
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PROPERTY LAYOUT
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SOLD COMPARABLES
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Campbell Plaza Garden1811 E Blacklidge Dr.Tucson, AZ 85719
Sale Date: 2/5/19
Year Built: 1976
Price: $1,600,000
Cap Rate:6.56%
Units: 30
Price/Unit: $53,333
Sq Ft: 14,400
Price/Sq Ft: $111.11
Flower Street3525 E Flower St.Tucson, AZ 85716
Sale Date: 6/4/19
Year Built: 1986
Price: $875,000
Cap Rate:6.59%
Units: 12
Price/Unit: $72,917
Sq Ft: 8,640
Price/Sq Ft: $101.27
Fort Lowell Road4119 E Fort Lowell Rd.Tucson, AZ 85712
Sale Date: 11/5/19
Year Built: 1950
Price: $549,900
Cap Rate:N/A
Units: 6
Price/Unit: $68,738
Sq Ft: 6,058
Price/Sq Ft: $90.77
Riviera Apartments4430 E Pima St.Tucson, AZ 85712
Sale Date: 5/31/19
Year Built: 1963
Price: $861,000
Cap Rate:7.91%
Units: 12
Price/Unit: $71,750
Sq Ft: 11,418
Price/Sq Ft: $75.41
Vista De Monte Apartments2555-2579 E Water St.Tucson, AZ 85716
Sale Date: 6/7/19
Year Built: 1959
Price: $850,000
Cap Rate:6.20%
Units: 13
Price/Unit: $65,385
Sq Ft: 9,791
Price/Sq Ft: $86.81
Palo Verde Plaza Apartments3475 E Water St.Tucson, AZ 85716
Sale Date: 11/25/19
Year Built: 1976
Price: $1,425,000
Cap Rate:6.31%
Units: 24
Price/Unit: $59,375
Sq Ft: 21,042
Price/Sq Ft: $67.72
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RENT COMPARABLES
The Professional Approach to Apartment Investing.
AZ • OR • WA • josephbernard.net
Georgetown2510 N Winstel Blvd
Avg Rent: Avg Sq Ft: Rent/Sq Ft:
1 BD $782 580 $1.35
2 BD $903 818 $1.10
Mission Vista Apartments2455 N Dodge Blvd
Avg Rent: Avg Sq Ft: Rent/Sq Ft:
1 BD $641 663 $0.97
2 BD $776 817 $0.95
Arroyo Casitas3233 E Water St
Avg Rent: Avg Sq Ft: Rent/Sq Ft:
1 BD $595 458 $1.30
2 BD $725 860 $0.84
Flower Apartments3623 E Flower St
Avg Rent: Avg Sq Ft: Rent/Sq Ft:
1 BD $549 585 $0.94
2 BD $681 935 $0.73
SUBJECT PROPERTY
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Canyon Oasis3443 E Bermuda St
Avg Rent: Avg Sq Ft: Rent/Sq Ft:
1 BD $519 575 $0.90
2 BD $591 700 $0.84
Dodge Flowers Apartments2505 N Dodge Blvd
Avg Rent: Avg Sq Ft: Rent/Sq Ft:
1 BD $544 580 $0.94
2 BD $675 760 $0.89
AWARDS & RECOGNITIONS
The Professional Approach to Apartment Investing.
AZ • OR • WA • josephbernard.net9
America's Fastest Growing Private Companies
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Investment Broker of the Year
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Top Corporate Philanthropy
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All Star Award for Advertising and Marketing Excellence
Oregon Ethics in Business
CONTACT INFO
The Professional Approach to Apartment Investing.
AZ • OR • WA • josephbernard.net10
FOR MORE INFORMATION:Joe Boyle
Senior Associate
(520) [email protected]
Arizona Southern Arizona Oregon Washington
9927 E Bell Rd,Suite 130
Scottsdale, AZ 85260
One South Church Ave,Suite 1200
Tucson, AZ 85701
5200 SW Macadam Ave, Suite 300
Portland, OR 97239
4400 NE 7th Ave, Suite 275
Vancouver, WA 98662
(480) 305-5600 (520) 428-0850 (503) 546-9390 (360) 255-0255
The information contained in this package has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we make noguarantee, warranties or representation, expressed or implied, as to the accuracy. It is the buyers’ sole responsibility to independently confirm itsaccuracy and completeness and bears all risk for any discrepancies. Any projections, square footage, age, opinions, assumptions, or estimates used arefor example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax andother factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independentinvestigation of the property to determine your satisfaction and the suitability of the property for your needs. Parties that receive this information fromoutside of Joseph Bernard, LLC representatives will not be recognized.