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2238 E Taylor Street | Phoenix, AZ 85006

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2238 E Taylor Street | Phoenix, AZ 85006 EAST TAYLOR STREET PHOENIX, AZ 85006 2238 E Taylor Street | Phoenix, AZ 85006 10 UNIT MULTIFAMILY CENTRAL PHOENIX TABLE OF CONTENTS 1 2 3 HIGHLIGHTS THE THE OPPORTUNITY PROPERTY 4 5 FINANCIAL THE ANALYSIS LOCATION DISCLAIMER We obtained the following information from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. PRIMARY LISTING CONTACTS TERRY KASS STEPHEN THOMPSON Associate Broker Managing Broker 7029 E 1st Ave. #105 (602) 703-5277 (480) 241-8645 Scottsdale, AZ 85251 [email protected] [email protected] www.REintelligent.com 2238 E TAYLOR ST HIGHLIGHTS PROPERTY HIGHLIGHTS › Low maintenance, value add community › All one bed/one bath units › Built in 1943 › Individually metered › Gated community › On site laundry LOCATION HIGHLIGHTS › Located in an opportunity zone › Close proximity to Phoenix Sky Harbor International Airport › Minutes from Downtown Phoenix › Easy access to Phoenix Metro Light Rail › Positioned a few blocks from the State Route 51 and Interstate 10 3 2238 E TAYLOR ST HIGHLIGHTS 2238 E TAYLOR ST THE OPPORTUNITY REI Marketing is pleased to offer for sale 2238 E Taylor Street, a low maintenance value add community of 10 - one bedroom units located in an opportunity zone in central Phoenix. PROPERTY: 2238 E Taylor Street is a low density, AMENITIES: Residents enjoy living in a well maintained, garden style community of ten units on one parcel gated community with on-site laundry and ample in Phoenix. Constructed in 1943, the community is parking. comprised of all one bed/one bath units around a grassy central courtyard. Most units have undergone major improvements over the years and all have either tile or vinyl flooring. All of the units are individually metered TRANSPORTATION: The community is positioned just for electricity, and all of the A/C’s and most hot water a few blocks from the Arizona State Route 51 and the heaters and appliances are newer. Affordable, safe and Interstate 10. The Valley Metro Light Rail is conveniently clean apartment housing is in huge demand right now, located a few blocks south of the community running and this is a perfect investment opportunity to fulfill along Washington Street providing riders with that need. immediate access into Downtown Phoenix, Tempe and the East Valley. The Valley Metro bus system is also easily accessible. OPPORTUNITY: There is a solid opportunity to reposition the property by further refreshing the unit interiors, adding private back yards and covered parking. These LOCATION: The property is positioned in a dynamic upgrades will give a new owner the opportunity to Central Phoenix neighborhood just blocks away from raise rents and increase the value of the investment. Phoenix Sky Harbor International Airport, the 44th The property is also located in one of Phoenix’s 84 busiest airport in the world and the busiest airport in designated opportunity zones which offer substantial Arizona employing over 57,000 people. The property tax benefits to investors. This is an excellent opportunity is also located just minutes from the employment to own high demand, affordable housing in the Phoenix and entertainment hub of Downtown Phoenix, easily market with room for value add. accessed by the light rail. The community is walkable to the Valleywise Health Medical Center. 4 2238 E TAYLOR ST THE OPPORTUNITY 2238 E TAYLOR ST THE PROPERTY Offering Price $1,015,000 Address 2238 E Taylor St Phoenix, AZ 85006 # Of Units 10 Year Built 1943 Net Rentable SF 3,400 SF (est) Buildings 2 Stories 1 Laundry On Site Land .38 Acres Number Of Parcels 1 Tax Parcel Numbers 116-01-040A 2020 Taxes $3,268 Zoning M-H UTILITIES Electricity/Gas Individually Metered Water/Trash/Sewer Landlord HVAC Individual UNIT MIX # of Average Current Floorplan Units Size Average Rent 1 Bed/ 1 Bath 10 340 SF $816 5 2238 E TAYLOR ST THE PROPERTY 2238 E TAYLOR ST 6 2238 E TAYLOR ST INTERIOR PHOTOS 2238 E TAYLOR ST 7 2238 E TAYLOR ST EXTERIOR PHOTOS 2238 E TAYLOR ST FINANCIALS # OF AVERAGE PROFORMA FLOORPLAN UNITS RENT/MONTH RENT/MONTH 1 Bed/1 Bath 10 $816 $860 TOTALS 10 $8,160 $8,600 INCOME CURRENT PROFORMA Gross Potential Rent $97,920 $103,200 Vacancy (6%) ($5,876) ($6,192) Other Income $3,400 $3,400 Gross Operating Income $95,444 $100,408 EXPENSES PER UNIT ANNUAL PROFORMA Professional Fees $175 $175 Management Fees (6%) $5,713 $6,025 Pest Control $968 $968 Repairs & Maintenance $2,710 $2,500 Utilities: Water, Sewer and Trash $6,657 $6,600 Utilities: Electric and Gas $10,621 $10,500 Insurance $4,602 $4,600 Real Estate Taxes $3,268 $3,268 Misc. $3,190 $3,190 Total Operating Expenses $37,904 $37,826 Net Operating Income $57,540 $62,582 8 2238 E TAYLOR ST FINANCIALS 2238 E TAYLOR ST 2238 E TAYLOR STREET 9 2238 E TAYLOR ST LOCATION INFO BILTMORE 2238 E TAYLOR ST CORRIDOR 6 MILES STEELE INDIAN SCHOOL PARK ARCADIA 5 MILES NEIGHBORHOOD 5 MILES DOWNTOWN ARIZONA SCOTTSDALE COUNTRY 10 MILES ST. JOSEPH’S CLUB MEDICAL 7 MILES CENTER 2 MILES PAPAGO PARK 2238 E TAYLOR STREET 7 MILES TALKING STICK RESORT ARENA 3 MILES SKY HARBOR INTERNATIONAL AIRPORT 3 MILES ARIZONA STATE UNIVERSITY 9 MILES ARIZONA MILLS MALL 9 MILES 2238 E TAYLOR ST LOCATION INFO PHOENIX MARKET OVERVIEW #3 TOP STATE 2ND FASTEST #7 BEST PLACE TO FOR ECONOMIC GROWING METRO START A BUSINESS Source: Wallethub, 2019 MOMENTUM Source: Census Bureau, 2020 Source: State Policy Reports, 2019 #2 MARKET #9 TOP MOVING #3 FASTEST GROWING FOR MF DESTINATION ECONOMY IN NATION Source: Updater’s 3rd Annual Moving CONSTRUCTION Destinations Report, 2020 Source: US Bureau of Labor Statistics, 2019 Source: Multi-Housing News, 2020 2238 E TAYLOR ST Demographics LOCATION INFO 5 mile radius Top Attractions › Sky Harbor International Airport Average Resident Age: 34.5 › Biltmore Corridor › Old Town Scottsdale 2020 Population: 345,139 › Steele Indian School Park › Carl T. Hayden VA Medical Center Median Household Income: $48,678 › Phoenix Art Museum › Heard Museum › Chase Field People Employed: 314,000+ › Talking Stick Resort Arena › Melrose Arts District 25% of residents have a bachelor's degree › Arizona State Fairgrounds › Margaret T. Hance Park Median Home Value: $275,695 › Park Central Mall Source: Costar 2238 E TAYLOR STREET PHOENIX OPPORTUNITY ZONES 2238 E TAYLOR ST LOCATION INFO The Opportunity Zone program was created to increase investment by investors into specific low-income communities. Under the program, investors who experience capital gains can invest that money into Qualified Opportunity Funds that spur development in designated, distressed census tracts known as Opportunity Zones. Doing so comes with tax benefits to the investors, and most importantly, will provide positive economic and social impacts within these communities. To have a qualified investment that is eligible for the tax incentives: • The investment must be made through a Qualified Opportunity Fund. The fund must hold at least 90% of its assets in the property. • Eligible capital gain must be reinvested into a Qualified Opportunity Fund (QOF) within 180 days of realization. For more info on Opportunity Zones, please consult the following resources: www.Phoenix.gov www.AZcommerce.com 2238 E TAYLOR STREET 14 2238 E TAYLOR ST LOCATION INFO EAST TAYLOR STREET PHOENIX, AZ 85006 PRIMARY LISTING CONTACT TERRY KASS STEPHEN THOMPSON Associate Broker Managing Broker (602) 703-5277 (480) 241-8645 [email protected] [email protected].
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