university court offering memorandum 1223 w. … and phoenix sky harbor international airport, the...

DALLAN RANDALLD 480 634 2320M 480 262 [email protected]

KIMBERLY A. ROLLINSD 480 634 2319M 602 750 [email protected]

ROLLINS & RANDALL MULTI-FAMILY GROUP

University Court1223 W. University Drive | Tempe, AZ 85281

Sale Price: $750,000$150,000/Unit

OFFERING MEMORANDUM

University Court1223 W. University Drive | Tempe, AZ 85281 Offering Memorandum

Executive Summary Project Summary……….…………………………………………………….4 Project Description……….…………………………………………………. 5 Property Features…………………………………………….......................5 Exterior Photos………………………………………………………………...6 Interior Photos………………………………………………………………...7 Location Maps Site Map……………………………………………………………........…....9 Amenities Map……………………………………………………………...10

Financial Overview Rent Roll and Pro Forma…………………………………………………...12 Market Overview Rent Comparables Overview…………………………………………….14 Rent Comparables Map………………………………………………..... 15 Sale Comparables Overview…………………………………………….16 Sale Comparables Map…………………………………………………. .17 Demographics………...............…………………………………………...18

CPI Overview Confidentiality&DisclaimerStatement…..…………………………….19

Table of Contents

COMMERCIAL PROPERTIES INC P. 21223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320

University CourtOffering Memorandum> Executive Summary

COMMERCIAL PROPERTIES INC P. 4


1223 W UNIVERSITY DR | OFFERING MEMORANDUM | KIMBERLY A. ROLLINS 480.634.2319 | DALLAN RANDALL 480.634.2320

Address 1223 W. University DriveTempe, AZ 85281

Total Units 5

Total Rentable SF 2,849

Lot SF 7,579

Offering Multi-Family Residential

Sale Price $750,000

Price / Unit $150,000

Price / SF $263.25

CAP Rate 5.68%

Year Built 1962

Tax Parcel Number 124-74-004

Zoning R-3, City of Tempe

Project Summary




PROJECT DESCRIPTION

Commercial Properties Inc, is proud to offer for sale the University Court Apartments, located at 1223 W. University Drive in Tempe, Arizona. Built in 1962, the property consists of 5 units with immediate access to University Drive, a major east-west thoroughfare running through Tempe and into the east valley. Situated less than a half mile south of the 202 Freeway and less than one mile east of the I-10 Highway and Phoenix Sky Harbor International Airport, the property offers ease of access to Metro Phoenix. University Court Apartments is just minutes from Arizona State University and the iconic Mill Avenue which offers a large variety of shopping and dining options, as well as AMC Theatres. The property is extremely well situated for destinations including Scottsdale, Biltmore Fashion Park, Talking Stick Resort Arena, and our growing downtown Phoenix urban redevelopment. Located in the Tempe Elementary School District, families residing at University Court are within walking distance to Gililland Middle School, one mile north of Holdeman Elementary School and two miles northwest of Tempe High School. Less than two miles northeast is Tempe Town Lake, Arizona’s second-most visited public attraction, which provides walking/jogging paths, boating activities and hosts more than 40 special events annually.

PROPERTY FEATURES

University Court is single-story and comprised of block construction with well-keptdesertlandscaping.Fourofthefiveunitshavebeenrenovatedwith updated interiors sporting granite countertops, faux wood laminate flooring,ceilingfansandamplestorage.Eachunithasitsownindividualwasher/dryer hookup, private backyard space and private parking in the back.




Exterior Photos




Interior Photos

University CourtOffering Memorandum> Location Maps




Site Map

PARKING

COVERED PATIO

ÇN




Amenities Map

University Dr

Priest Dr

52nd

St TEMPE

SCOTTSDALE

PHOENIX

Washington St

Broadway Rd

48th StSite

SiteH

ardy Dr

Mill Ave

TEMPE CENTER FOR THE ARTS

44th St

PHOENIX ZOO

Apache Blvd

Southern Ave

Rural Rd

McClintock D

r

GILILLAND MIDDLE SCHOOL

ÇN

University CourtOffering Memorandum> Financial Overview




RentRoll&ProForma

INCOME Total Per UnitAnnual Scheduled Market Rent $59,940 $11,988Vacancy Loss 5% (2,997.00)$ (599.40)$ Utility Reimbursement -- --Other Income -- --

Effective Gross Income $56,943 $11,388.60EXPENSES

Property Taxes $2,594 $518.80Insurance $550 $110Management Fee 7% $4,196 $839Pest Control $320 $64Landscaping $1,230 $246Utilities $3,200 $640Maintenance & Repairs $2,250 $450

Total Operating Expenses 29% $14,340 $2,867.96

Net Operating Income $42,603 $8,520.64

Purchase Price $750,000

PROFORMA CAP RATE 5.68%

Unit Type Sq. Ft.+/- Market Rent Current Rent Market

Rent/sqft

Unit 1 1 Bedroom 1 Bath Washer Dryer 505 $965 $899 $1.91

Unit 2 2 Bedroom 1 Bath Washer Dryer 667 $1,050 $1,049 $1.57


Unit 4 2 Bedroom 1 Bath Washer Dryer 667 $1,050 $999 $1.57


Total 2849 $4,995.00 $4,741.00 $1.83

ANNUALIZED $59,940 $56,892

University CourtOffering Memorandum> Market Overview




Rent Comparables Overview

PROPERTY YEAR BUILT UNIT TYPE AVG UNIT SQFT AVG RENT/UNIT AVG RENT/SQFT

UNIVERSITY COURT1223 W UNIVERSITY DRTempe, AZ 85281

1962 1/1 AND 2/1 596 999$ 1.68$

GRANDES CORTEZ1150 W. University Dr Tempe, AZ 85281

1980 1/1 480 987$ 2.06$

SALADO SPRINGS242 S. Beck AveTempe, AZ 85281

1986 1/1 615 1,210$ 1.97$

TIDES AT 5TH805 W Brown StTempe, AZ 85281

1967 1/1 470 1,020$ 2.17$

JENTILLY1039 E Spence AveTempe, AZ 85281

1964 1/1 AND 2/1 740 1,388$ 1.88$

1231 N OleanderTempe, AZ 85281

1958 2/1 780 1,195$ 1.53$

1022 S Dorsey LnTempe, AZ 85281

1961 2/1 750 1,195$ 1.59$

Average 1969 639 1,166$ 1.87$

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University Court1223 W. University Dr. | Tempe, AZ

Grandes Cortez1150 W. University Dr. | Tempe, AZ

Salado Springs242 S. Beck Ave. | Tempe, AZ

Tides at 5th805 W. Brown St. | Tempe, AZ

Jentilly1039 E. Spence Ave. | Tempe, AZ

1231 N. Oleander St1231 N. Oleander St. | Tempe, AZ

1022 S. Dorsey Ln.1022 S. Dorsey Ln. | Tempe, AZ

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Rent Comparables Map

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Broadway Rd

McC

lintock Dr

4

5

6

4

5

6

University Dr

Priest Dr

Rural R

d




Sale Comparables Overview

PROPERTY YEAR BUILT # OF UNITS UNIT TYPEAVG UNIT

SQFTSALE PRICE $/UNIT $/SQFT CAP RATE SALE DATE NOTES

UNIVERSITY COURT1223 W UNIVERSITY DRTempe, AZ 85281

1961 54‐2/11‐1/1

620 750,000$ 150,000$ 241.94$ 5.75%

JENTILLY1039 E Spence AveTempe, AZ 85281

1964/2018 42‐ 2/12‐1/1

740 715,000$ 178,750$ 241.55$ 7.50% 7/25/2019Units were rented for $1275 and $1500

Williams Heritage611‐& 601 S Hardy DrTempe, AZ 85281

1979/2019 6 6‐1/1 680 940,000$ 156,667$ 230.39$ 6.19% 6/27/2019Luxury Finishes, Interior Laundry, Private Patios

1978 E Don Carlos AveTempe, AZ 85281

1974 4 4‐2/1 698 607,000$ 151,750$ 217.56$ ‐ 4/30/2019

1231 N OleanderTempe, AZ 85281

1958 51‐1/14‐2/1

667 855,000$ 171,000$ 256.29$ 6.44% 1/10/2020Luxury Finishes, Fully Renovated, No Laundry

Tempe Cottages2301‐2309 S College AveTempe, AZ 85282

1963 18 18‐1/1 613 3,110,000$ 172,778$ 281.86$ ‐ 3/13/2019Luxury Finishes, Fully

Renovated

1022 S Dorsey LnTempe, AZ 85281

1961 4 4‐2/1 750 665,000$ 166,250$ 221.67$ ‐ 11/13/2019

1217 S Farmer AveTempe, AZ 85281

1965 74‐0/11‐1/12‐2/1

429 1,135,000$ 162,143$ 377.96$ 5.78% 5/6/2019

Average 1637 7 654$ 1,146,714$ 165,620$ 261$ 3.70%

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Sale Comparables Map

University Court1223 W. University Dr. | Tempe, AZ

Jentilly1039 E. Spence Ave. | Tempe, AZ

Williams Heritage611 & 601 S. Hardy Dr. | Tempe, AZ

1978 E. Don Carlos Ave.1978 E. Don Carlos Ave. | Tempe, AZ

1231 N. Oleander St1231 N. Oleander St. | Tempe, AZ

Tempe Cottages2301-2309 S. College Ave. | Tempe, AZ

1022 S. Dorsey Ln.1022 S. Dorsey Ln. | Tempe, AZ

1217 S. Farmer Ave.1217 S. Farmer Ave. | Tempe, AZ

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5

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Broadway Rd

McC

lintock Dr

4

5

6

1

4

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University Dr

Priest Dr

Rural R

d

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Demographics - 5 Mile Radius

Ring of 5 miles

DEMOGRAPHIC SUMMARY1223 W University Dr, Tempe, Arizona, 85281

INCOME

$49,430Median Household

Income

$26,978Per Capita Income

$21,510Median Net Worth

BUSINESS

14,949Total Businesses

345,321Total Employees

KEY FACTS

339,445Population

30.1

Median Age

136,204Households

$41,781Median Disposable Income

Age Pyramid

20%1001020%

The largest group:

2018 Male PopulationAge 20-24 (Esri)

The smallest group:


Dots show comparison to

Maricopa County

EDUCATION

14%

No High School

Diploma 20%High School

Graduate

31%Some College 35%

Bachelor's/Grad/Prof Degree

EMPLOYMENT

64%White Collar

15%Blue Collar

20%Services

5.5%

Unemployment Rate

Key Facts

Ring of 5 miles


INCOME


Income



BUSINESS



KEY FACTS

339,445Population

30.1

Median Age

136,204Households


Age Pyramid

20%1001020%

The largest group:


The smallest group:



Maricopa County

EDUCATION

14%

No High School


Graduate

31%Some College 35%


EMPLOYMENT

64%White Collar

15%Blue Collar

20%Services

5.5%

Unemployment Rate

Employment

Ring of 5 miles


INCOME


Income



BUSINESS



KEY FACTS

339,445Population

30.1

Median Age

136,204Households


Age Pyramid

20%1001020%

The largest group:


The smallest group:



Maricopa County

EDUCATION

14%

No High School


Graduate

31%Some College 35%


EMPLOYMENT

64%White Collar

15%Blue Collar

20%Services

5.5%

Unemployment Rate

Ring of 5 miles


INCOME


Income



BUSINESS



KEY FACTS

339,445Population

30.1

Median Age

136,204Households


Age Pyramid

20%1001020%

The largest group:


The smallest group:



Maricopa County

EDUCATION

14%

No High School


Graduate

31%Some College 35%


EMPLOYMENT

64%White Collar

15%Blue Collar

20%Services

5.5%

Unemployment Rate

Income

Education

Ring of 5 miles


INCOME


Income



BUSINESS



KEY FACTS

339,445Population

30.1

Median Age

136,204Households


Age Pyramid

20%1001020%

The largest group:


The smallest group:



Maricopa County

EDUCATION

14%

No High School


Graduate

31%Some College 35%


EMPLOYMENT

64%White Collar

15%Blue Collar

20%Services

5.5%

Unemployment Rate

DATA SOURCE: ESRI

Business

Ring of 5 miles


INCOME


Income



BUSINESS



KEY FACTS

339,445Population

30.1

Median Age

136,204Households


Age Pyramid

20%1001020%

The largest group:


The smallest group:



Maricopa County

EDUCATION

14%

No High School


Graduate

31%Some College 35%


EMPLOYMENT

64%White Collar

15%Blue Collar

20%Services

5.5%

Unemployment Rate

Ring of 5 miles


INCOME


Income



BUSINESS



KEY FACTS

339,445Population

30.1

Median Age

136,204Households


Age Pyramid

20%1001020%

The largest group:


The smallest group:



Maricopa County

EDUCATION

14%

No High School


Graduate

31%Some College 35%


EMPLOYMENT

64%White Collar

15%Blue Collar

20%Services

5.5%

Unemployment Rate

The information contained herein has been obtained from various sources. We have no reason to doubt its accuracy; however, J & J Commercial Properties, Inc. has not verified such information and makes no guarantee, warranty or representation about such information. The prospective buyer or lessee should independently verify all dimensions, specifications, floor plans, and all information prior to the lease or purchase of the property. All offerings are subject to price change, prior sale, lease, or withdrawal from the market without prior notice. Effective: 02 06 20

DALLAN RANDALLD 480 634 2320M 480 262 [email protected]

KIMBERLY A. ROLLINSD 480 634 2319M 602 750 [email protected]

ROLLINS & RANDALL MULTI-FAMILY GROUP

university court offering memorandum 1223 w. … and phoenix sky harbor international airport, the...

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