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Anton LaaksoVice President Investments(602) [email protected]
Brian TranetzkiPrincipal(602) [email protected]
2929 East Camelback Road, Suite 218
Phoenix, Arizona 85016
(602) 603-1000www.TaylorStAdvisors.com
EXCLUSIVELY LISTED BY
Located in Midtown Phoenix - Osborn 17
Osborn 173352-3358 N. 15th Ave. | Phoenix, AZ 85015
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies.
INVESTMENT PRO FORMA
OFFERING AND PROPERTY SUMMARYPrice $ 3,230,000Price / Unit $ 190,000Price / Square Foot $ 303.54Cap Rate 5.47%Number of Units 17Address 3352-3358 N. 15th Ave. | Phoenix, AZ 85015Year Built / Renovated 1958 / 2017Building Square Feet 10,641Parcel Size +/- 0.24 Acres
Unit Mix Unit Count Unit Mix Square Feet Net Rentable Square Feet
Market Rent Per Unit
Market Rent Per Square
FootGross Potential
Studio 2 12% 380 760 $750 $1.97 $1,500
1 Bdr 1 Bath 11 65% 635 6,985 $1,150 $1.81 $12,650
2 Bdr 1 Bath 4 24% 770 3,080 $1,295 $1.63 $5,180
Total /Average 17 100% 637 10,825 $1,137 $1.79 $19,330
Annual Per Unit
INCOMEGross Potential Rent $231,960 $13,645
Vacancy Loss ( 5%) (11,598) (682)NET RENTAL INCOME $220,362 $12,962
Utitlity Reimbursment 7,140 420Miscellaneous / pet rent 4,250 250
Total Other Income $11,390 $670EFFECTIVE GROSS INCOME $231,752 $13,632
EXPENSESGeneral & Administrative 3,000 176Marketing & Promotion 850 50Repairs and Maintenance 8,500 500Turnover 3,400 200Contract Services 3,400 200
Controllable Expenses Subtotal $19,150 $1,126
Utilities 11,185 658Management Fee (5%) 11,588 682Real Estate Taxes 5,493 323Insurance 2,975 175
TOTAL OPERATING EXPENSES $50,390 $2,964Reserves and Replacements 3,400 200
TOTAL EXPENSES $53,790 $3,164
NET OPERATING INCOME $177,962 $10,468
Cap Rate 5.51%
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies.
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Taylor Street Advisors is pleased to announce the investment opportunity of Osborn 17, a seventeen-unit midcentury apartment community located in midtown Phoenix, voted “Best place to Live” by Move Matcher, a leading data source for migration trends. Built in 1958 Osborn 17 is comprised of 4 two-bedroom units at 770 square feet, 11 one-bedroom units at 635 square feet and 2 efficiency units at 380 square feet. The property is strategically located on the Southwest corner of 15th Avenue and Osborn, both being major thoroughfares for commute to and from work as it is ideally situated between two interstates, Interstate 10 which travels East, and West is 1.9 miles from the subject property and Interstate 17 which travels North, and South is located 7 minutes from the property.
Osborn 17 was built in 1958 of block construction, pitched roofs, and a concrete foundation. The property was updated in 2017 with tile backsplashes in the kitchens & bathrooms, updated cabinetry, new flooring, large sliding glass doors, and a modernized exterior paint scheme and an enhanced interior courtyard.
Osborn 17 provides an investor the unique opportunity to own a value-add multifamily asset in one of the most desirable submarkets of the MSA where inventory is at one of the lowest levels in a decade. With current rents being increased to $1,295 for the two-bedrooms, $1,150 for the one bedroom and $750 for the efficiencies and comparable, but renovated properties withing the submarket averaging rents of $1,400 for two-bedroom units, $1,200 for one-bedroom units and $995 for efficiency units the investor has a unique chance to own a stabilized property with a substantial potential of an entirely new rent level once renovated.
Located within the epicenter of the metro area’s key employment corridor that boasts a job count of over 100,000 jobs predominantly in the financial, legal and medical fields, continued rent growth should exceed that of the surrounding sub-markets allowing for further upside potential.
PROPERTY DESCRIPTION
BRIAN TRANETZKIPrincipal(602) [email protected]
ANTON LAAKSOInvestment Advisor(602) [email protected]
EXCLUSIVELY LISTED BY