ABIMultifamily.com/portfolio/palm-lane-aptsFor more information please visit:PALM LANE APARTMENTSPALM LANE APARTMENTS

2022 - 2030 NORTH 36TH STREET, PHOENIX , AZ 850082022 - 2030 NORTH 36TH STREET, PHOENIX , AZ 85008

16 Unit Garden-Style Property, Built in 1966, Fully Repositioned in 2018

12 One-Bed / One-Bath Units & 4 Two-Bed / One-Bath Units

Each Individual Unit Has a Private Fenced Backyard & Fully Renovated Interiors Including: Granite Countertops, Shaker Cabinets, Modern Tile Flooring, Baseboards, Brand New Washer / Dryers & HVACs

Brand New Washer / Dryers & HVACs

Adjacent to The Grove on Palm, a 42-Unit New Build Townhome Community Which Sold for $276,000/Unit

Walking Distance to Walmart, Home Depot, Arcadia Ice Arena & Papago Elementary School

Offering Price: $2,240,000 16 Unit Multifamily Community in Phoenix, AZ

ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400

PROPERTY OVERVIEW

Price $2,240,000Per Unit $140,000

Per SF $180.82Pro Forma CAP 6.12%

# of Units 16Avg SF/Unit 774 SF

Built 1966Renovated 2018

1

Centrally Located Within a 10-Minute Drive to Downtown Phoenix, Phoenix Sky Harbor Airport, Biltmore Fashion Park, Downtown Scottsdale & Arizona State University's Main Tempe Campus

MARKET PRO FORMA

Unit Type Count % Total Size (SF) Rent Rent/SF

1 Bed / 1 Bath 12 75.0 715 $950 $1.33

2 Bed / 1 Bath 4 25.0 952 $1,200 $1.26

Totals / Averages 16 100% 774 $1,013 $1.31

INCOME & EXPENSESIncome Total Per Unit

Gross Scheduled Income $194,400 $12,150

Less: Loss to Lease (3.2%) ($6,143) ($384)

Gross Potential Rent: $188,257 $11,766

Less: Vacancy / Concessions / Bad Debt / Other (6.0%) ($11,295) ($706)

Net Rental Revenue $176,962 $11,061

Add: Other Income $9,845 $615

Effective Gross Income $186,806 $11,675

Expenses

Administration $2,000 $125

Management Fees (7.0%) $13,076 $817

Marketing $400 $25

Repairs & Maintenance / Contract Services $7,200 $450

Turnover $2,000 $125

Utilities $11,088 $693

Insurance $3,200 $200

Real Estate Taxes $6,728 $421

Replacement Reserves $4,000 $250

Total Operating Expenses $49,692 $3,106

Net Operating Income $137,114 $8,570

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.

OFFERING PRICE: $2,240,000

TOTAL UNITS: 16

YEAR BUILT: 1966 | RENOVATED: 2018

ABI Multifamily is pleased to announce the exclusive listing of the PalmLane Apartments, located at 2022 North 36th Street, Phoenix, AZ. Thisproperty is in a terrific central location, adjacent to brand-newresidential townhomes (directly south), Papago Elementary School(directly east), and Phoenix Christian Assembly (directly north). Thiscentral location allows access to Downtown Phoenix, Phoenix SkyHarbor Airport, Biltmore Fashion Park, Downtown Scottsdale, andArizona State University's Main Tempe Campus, all within a 10-minutedrive. Tenants will enjoy the easy freeway access as it is only a fewminutes to the Loop 202 Freeway, Highway 143, and Arizona StateRoute 51. As we have seen, Phoenix continues to become an infill city,an investor will be located well to reap the benefits of continuedgentrification in this location.

Palm Lane Apartments features a unit mix including 12 one-bed /one-bath units and 4 two-bed / one-bath units. The building was built in1966 of solid block construction and is a single-story, garden-styleproperty. The one-bedroom units are very large, averaging 715 squarefeet, and the two-bedroom units average 950 square feet. This propertyfeatures two private courtyards covered with synthetic grass for very lowmaintenance. Each unit is fully renovated with brand-new shakercabinets, granite countertops, in-unit washer / dryer, tile flooring, andprivate backyards with covered patios.

PALM LANE APARTMENTS2022 - 2030 NORTH 36TH STREET, PHOENIX, AZ

DALLIN HAMMOND RYAN SMITH MITCHELL DRAKEAssociate Vice President Associate602.714.1794 602.761.9318 602.714.1289dallin.hammond@abimultifamily.com ryan.smith@abimultifamily.com mitchell.drake@abimultifamily.com

John Kobierowski Alon Shnitzer Rue Bax Doug Lazovick Eddie Chang

Chuck LaBenz Brad Pickering Nathan Bruer Patrick Burch John Klocek Royce Munroe Ryan Smith

ABI MULTIFAMILY PHOENIX:

PALM LANE APARTMENTS