offering price: $1,945,000 11 unit multifamily community ......market pro forma unit type count %...
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ABIMultifamily.com/portfolio/palmetto-cottagesFor more information please visit:PALMETTO COTTAGES ON 12THPALMETTO COTTAGES ON 12TH
4248 NORTH 12TH STREET, PHOENIX, AZ 850144248 NORTH 12TH STREET, PHOENIX, AZ 85014
Offering Price: $1,945,000 11 Unit Multifamily Community in Phoenix, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
Built in 1948, Full Interior & Exterior Renovations Completed in 2019
Located Between the Uptown & Midtown Corridor in Central Phoenix
Unit Mix Features (3) 2-Bed / 1-Bath, (7) 1-Bed / 1-Bath, & (1) Large Studio
Mid-Century, Single-Story Block Construction
In-Suite Washer / Dryer, Raised Ceilings, Back Patios, & Each Unit Comes Fully
Furnished
All Units are Individually Metered for Water, Electricity, & Gas
Future Development Potential with R-5 Zoning & a Total Lot Size of 34,000 SF
PROPERTY OVERVIEW
$1,945,000$176,818$283.945.81%111947
PricePer Unit
Per SFPro Forma CAP
# of UnitsBuilt
Renovated 2019
MARKET PRO FORMA
Unit Type Count % Total Size (SF) Rent Rent/SF
Studio 1 9.1 500 $875 $1.75
1 Bed / 1 Bath 6 54.5 550 $1,095 $1.99
1 Bed / 1 Bath (Large) 1 9.1 650 $1,145 $1.76
2 Bed / 1 Bath 3 27.3 800 $1,295 $1.62
Totals / Averages 11 100% 623 $1,134 $1.82
INCOME & EXPENSES
Income Total Per Unit
Gross Scheduled Income $149,700 $13,609
Less: Vacancy / Bad Debt / Other (6.5%) ($9,731) ($885)
Net Rental Revenue $139,970 $12,725
Add: Other Income $1,320 $120
Effective Gross Income $141,290 $12,845
Expenses
Administration $1,100 $100
Management Fees (6.0%) $8,477 $771
Repairs & Maintenance / Contract Services $7,975 $725
Turnover $1,925 $175
Insurance $2,200 $200
Real Estate Taxes $3,280 $298
Replacement Reserves $3,300 $300
Total Operating Expenses $28,257 $2,569
Net Operating Income $113,032 $10,276
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: $1,945,000
TOTAL UNITS: 11
YEAR BUILT: 1947 | RENOVATED: 2019
PALMETTO COTTAGES ON 12TH4248 NORTH 12TH STREET, PHOENIX, AZ 85014
MITCHELL DRAKE DALLIN HAMMOND CARSON GRIESEMERVice President Vice President Associate602.714.1289 602.714.1794 [email protected] [email protected] [email protected]
Phoenix Sacramento San Diego TucsonABI MULTIFAMILY OFFICES:
PALMETTO COTTAGES ON 12TH
ABI Multifamily is pleased to announce the availability of Palmetto Cottages on12th. This boutique apartment community is currently operating as a short-termrental and consists of 11 units: (1) large studio, (7) 1-bed / 1-bath and (3) 2-bed/ 1-bath units. Each unit has been fully renovated through interior and exteriorupgrades. The interior renovations include in-suite washers / dryers, brand-newwalnut countertops, new wall display cabinets, vinyl flooring, raised ceilings,smart locks for each unit, and much more. Exterior renovations include a largeparking lot in the front, new frontside block wall to give the courtyard asecluded feel, beautiful desert landscaping, brand-new HVAC units, acompletely replaced sewer line on the south building, and more.
Palmetto Cottages faces 12th Street which has seen a major revitalization overthe past few years with new developments such as San Mateo Townhomes andCabana on 12th Apartments, which spans 7 acres along 12th Street. Theresidential neighborhood behind Palmetto Cottages has also seen tremendousgrowth and repositioning of single-family homes. The neighborhood is home toyoung families and couples. The canal just north of the property is a bonus thatoffers residents a quick walk to 7th Street Corridor and Restaurant Row as wellas a number of exercise activities.
The property is located on the southern side of the prestigious CamelbackCorridor, an area known for its major employers, schools, shopping, fine dining,and the Arizona Biltmore Resort. Brophy & Xavier Prep, restaurants, andshopping are all conveniently located within walking distance from theproperty. Uptown Plaza is a popular destination for foodies with restaurantssuch as Lou Malnati's, AJ's Fine Foods, Shake Shack, Chula's Seafood, andmuch more. Restaurant Row is located within 2 miles from Palmetto Cottagesand includes a number of restaurants from Fox Restaurants Concepts such asThe Yard, Bevvy Uptown, and Flower Child.