venture on wilson...one block from the newly developed whole foods market ... market pro forma unit...
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ABIMultifamily.com/portfolio/venture-on-wilsonFor more information please visit:VENTURE ON WILSONVENTURE ON WILSON
626 SOUTH WILSON STREET, TEMPE, AZ 85281626 SOUTH WILSON STREET, TEMPE, AZ 85281
12 Units, Built in 1960, Renovated & Modernized in 2019
Attractive Unit Mix (10) 1-Bed / 1-Bath Units & (2) 2-Bed / 1-Bath Units
In-Suite Washer & Dryer
Individually Metered for Electricity
Offering Price: $2,160,000 12 Unit Multifamily Community in Tempe, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
PROPERTY OVERVIEW
Price $2,160,000Per Unit $180,000
Per SF $275.16Pro Forma CAP 5.57%
# of Units 12Avg SF/Unit 654 SF
Built 1960Renovated 2019
Communal Courtyard Provides Privacy & Inclusive Environment
One Block from the Newly Developed Whole Foods Market
Magnificent Tempe Location, Walking Distance to Mill Avenue & Arizona State
University Tempe Campus
MARKET PRO FORMA
Unit Type Count % Total Size (SF) Rent Rent/SF
1 Bed / 1 Bath 10 83.3 625 $1,100 $1.76
2 Bed / 1 Bath 2 16.7 800 $1,275 $1.59
Totals / Averages 12 100% 654 $1,129 $1.73
INCOME & EXPENSESIncome Total Per Unit
Gross Scheduled Income $162,600 $13,550
Less: Loss to Lease (1.0%) ($1,626) ($135)
Gross Potential Rent: $13,415
Less: Vacancy / Concessions / Bad Debt / Other (6.9%) ($11,108) ($926)
Net Rental Revenue $149,867
Add: Other Income / RUBS $7,800 $650
Effective Gross Income $157,667 $13,139
Expenses
Administration $1,500 $125
Management Fees (5.0%) $7,883 $657
Marketing $900 $75
Contract Services $4,200 $350
Repairs & Maintenance $4,200 $350
Turnover $1,800 $150
Utilities $7,200 $600
Insurance $2,400 $200
Real Estate Taxes $4,864 $405
Replacement Reserves $2,400 $200
Total Operating Expenses $37,347 $3,112
Net Operating Income $120,319 $10,027
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: $2,160,000
TOTAL UNITS: 12
YEAR BUILT: 1960 | RENOVATED: 2019
VENTURE ON WILSON626 SOUTH WILSON STREET, TEMPE, AZ 85281
JOHN KOBIEROWSKI DALLIN HAMMOND MITCHELL DRAKE
Senior Managing Partner (Owner/Agent) Vice President Vice President602.714.1384 602.714.1794 [email protected] [email protected] [email protected]
Phoenix Sacramento San Diego TucsonABI MULTIFAMILY OFFICES:
VENTURE ON WILSON
$160,974
$12,489
ABI Multifamily's Private Apartment Team is pleased to announce the availabilityof Venture on Wilson. This 12-unit garden-style property was constructed in1960 and recently underwent extensive renovations completed in 2019. Beinglocated one block north of University Drive and one block west of FarmerAvenue, Venture on Wilson truly lies in the heart of Tempe. Within walkingdistance of Arizona State University's Tempe Campus, the iconic Mill Avenuecorridor, and Tempe Beach Park, this property epitomizes student-work-lifeliving. With construction wrapping up on the new Whole Foods Market only oneblock from the property, residents will also have the convenience of a grocerystore that's just a 3-minute walk away. With the nearest light rail station residingless than half a mile away and the nearest 202 Freeway on-ramp located lessthan 1.5 miles away, accessibility to Downtown Phoenix is a breeze. Withmassive amounts of corporate development taking place throughout Tempe,anchored by the 2-million-square-foot State Farm Campus, the city has rapidlytransformed into a place sought after by more than just students.
Venture on Wilson, with its timeless block construction and cozy communityatmosphere, truly was renovated with the tenant in mind. This is demonstratedthrough the addition of in-suite washers & dryers, stainless-steel appliances,and new shaker-style kitchen cabinetry, complemented by a subway tilebacksplash. The bathrooms have been upgraded with contemporary vanitiesand new bathtubs with ceramic tile surrounds. The exterior of the propertyfeatures mature landscaping and a spacious courtyard that creates a quiet andcozy community atmosphere.
One or more parties in the ownership are licensed real estate brokers in Arizonaand other states.