sir john's apartments · 2019. 2. 13. · 3141 north 37th street, phoenix, az 850183141 north...
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ABIMultifamily.com/portfolio/sir-johnsFor more information please visit:SIR JOHN'S APARTMENTSSIR JOHN'S APARTMENTS
3141 NORTH 37TH STREET, PHOENIX, AZ 850183141 NORTH 37TH STREET, PHOENIX, AZ 85018
Offering Price: $2,687,986 14 Unit Multifamily Community in Phoenix, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
PROPERTY OVERVIEW
Price $2,687,986Per Unit $191,999
Per SF $225.88Pro Forma CAP 6.0%
# of Units 14Avg SF/Unit 850 SF
Built 1967Renovated 2018
1
Adjacent to Weststone Group’s 68 Unit Townhome Development, Currently Under Construction
Located within Camelback East, Voted by Zillow as the Most Popular Neighborhood in Phoenix
Walking Distance from Desert Palms Power Center featuring Walmart, Home Depot, & Planet Fitness
Dynamic Camelback Corridor Location with Proximity to Boutique Retail, Independent Restaurants,
Employment Drivers, and the State Route 51
14 Units, Built in 1967, Garden-Style Property
All Large 2 Bedroom / 1 Bathroom Units
Individually Metered for Gas & Electricity
Private Back Patios/Yards & Covered Parking for All Units
Fully Repositioned in 2018
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: $2,687,986
TOTAL UNITS: 14
YEAR BUILT: 1967 | RENOVATED: 2018
and community amenity areas. Sir John’s is right in the path of developmentand will continue to see high demand as an affordable luxury rental option.SIR JOHN'S APARTMENTS3141 NORTH 37TH STREET, PHOENIX, AZ 85018
RYAN SMITH DALLIN HAMMOND MITCHELL DRAKEVice President Associate Associate602.761.9318 602.714.1794 [email protected] [email protected] [email protected]
Phoenix Sacramento San Diego TucsonABI MULTIFAMILY OFFICES:
SIR JOHN'S APARTMENTS
Count % Total Size (SF) Rent Rent/SF
14 100.0 850 $1,350 $1.59Two Bed / One Bath
Totals / Averages 14 100% 850 $1,350 $1.59
Total Per Unit
INCOME & EXPENSESIncome
Gross Scheduled Income $226,800 $16,200
($6,804) ($486)Less: Loss to Lease (3.0%)
Gross Potential Rent: $219,996 $15,714
($13,200) ($943)Less: Vacancy / Concessions / Bad Debt / Other (6.0%)
Net Rental Revenue $206,796 $14,771
$1,400 $100
$208,196 $14,871
Add: Other Income
Effective Gross Income
Expenses
$1,400 $100
$12,492 $892
$5,600 $400
$1,400 $100
$12,600 $900
$2,800 $200
$7,006 $500
Administration
Management Fees (6.0%)
Repairs & Maintenance / Contract Services
Turnover
Utilities
Insurance
Real Estate Taxes
Replacement Reserves $3,500 $250
$46,797 $3,343Total Operating Expenses
Net Operating Income $161,399 $11,528
MARKET PRO FORMA
Unit Type
Sir John's is a 14-unit apartment community located in a strong East Phoenixrental market. The community was constructed in 1967 with block construction.The property is individually metered, with pitched roofs, and was fullyrepositioned in 2018. The property consists of six separate duplex-style,single-story buildings, comprised of all large two-bedroom units. Eachapartment has separately controlled heating and cooling, with roof-mountedHVAC units. All units include large, open floor plans with stainless-steelappliances, new interior plumbing and electrical, tile floors, low-flow toilets,energy-efficient windows, beautiful can lights throughout, shaker cabinets,subway tile backsplash in kitchen and bathroom, Nest Thermostats, code-entryfront door locks, washer/dryers, and brand-new sliding back doors. All of theunits have private rear patios and individual covered parking adjacent to eachunit, with immediate access to all the nearby Arcadia favorites. Lack of availableinventory in the Arcadia Lite submarket makes Sir John’s Apartments one of thefew turn-key, fully renovated apartment buildings in the area.
The property is located on 37th Street, just north of Thomas Road and south ofthe prestigious "Camelback Corridor", an area known for its major employers,schools, shopping, fine dining, and the Arizona Biltmore Resort. The immediateneighborhood has also experienced a surge in new condo and townhousedevelopment over the past five years. Average sales prices for newly builttownhomes in the area are $320,500-$369,500, with communities pushing ashigh as $600,000. Weststone Group has also broken ground on their latestdevelopment, directly adjacent to the Sir John’s Apartments to the east. Theywill be building 68 townhome-style luxury units with 2 and 3 bedroom options,two car garages, large private backyards, and community amenity areas. SirJohn’s is right in the path of development and will continue to see high demandas an affordable luxury rental option.