1. 32nd Street Apartments FOR SALE
E. 32nd Street | Tucson, AZ 85713
Allan Mendelsberg, Principal Multifamily & Investment Sales

2. 32nd Street Apartments FOR SALE Property Highlights Property Features
One Studio and 11 One Bedroom/One Bath Layouts
Workforce housing opportunity
Professionally managed by 3rd party
Parking in front of units
Recent Capital Improvements (Laundry Room floors and walls redone, flat roofs repaired where needed and all are being recoated)
Under market rents
Property Features
Sale Price
$335,000
Price Per Unit
$27,917
Number of Units 12
Price Per Square Foot
$55.37
Rentable Square Feet
6,050
Land
0.5 Acres
CAP Rate
6.6%
Daniel Leibsohn
Multifamily & Investment Sales
Allan Mendelsberg, Principal
PICOR Commercial Real Estate Services
5151 E. Broadway Blvd, Suite 115
Tucson, Arizona 85711
Office
Fax
picor.com

3. Aerial Aerial 3rd Ave 32nd St LOCATION OVERVIEW
32nd Street Apartments is surrounded by several economic drivers. The property is just west of several industrial buildings that include manufacturing, storage facilities, insulation companies, metal shops, and auction houses. Other economic drivers include Ochoa Community School located northwest of the property on 25th Street, Sam Lena-South Tucson Library located just east of the school, and a Walgreens located on the southwest corner of 29th Street and 6th Avenue.
Aerial
Aerial
3rd Ave
32nd St

4. 32nd Street Apartments
Interior Photos

5. Stabilized market valuation
32nd Street Apartments
Pricing Analysis
Type
# of Units
Sq. Ft.
Total S.F.
Rent per S.F.
Total Monthly Rent
Stabilized Rent
STUDIO 1
300
$1.08
$325
1 BD/1 BA
350
$1.14
$400 2
400
800
$1.13
$900
$450 4
500
2,000
$0.95
$1,900
$475
600
$0.83
$500
650
1,300
$0.79
$1,030
$515
700
$0.75
$525
TOTAL/AVG. 12
504
6,050
$0.92
$5,580
$465
Income statement
Marketing proforma
Proforma per unit
Proforma psf
2017 ACTUALS
RENTAL INCOME
Gross Market Rent
$66,960
$11.07
Vacancy Loss
($4,687)
-7.00%
($0.77)
Gross Rent
$62,273
$10.29
Concessions
($934)
-1.50%
($0.15)
Net Rental Income
$61,339
$10.14
$59,418
Laundry Income
$1,200
$0.20
 $776
TOTAL INCOME
$62,539
$5,212
$10.34
OPERATING EXPENSES
Repairs, Maintenance & Supplies
$6,000
$500
$0.99
$8,593
Advertising
$150
$13
$0.02
$104
Contract Services
$2,000
$167
$0.33
$2,864
General & Admin & Legal
$60
Utilities 
$16,620
$1,385
$2.75
$20,956
TOTAL VARIABLE
$24,920
$2,077
$4.12
$32,578
Property Taxes
$2,544
$212
$0.42
Property Insurance
$4,400
$367
$0.73
Management Fee
$5,003
8.00%
$0.83
$6,082
Reserves
$3,600
$200
$0.60
TOTAL EXPENSES
$40,467
$3,372
$6.69
$45,604
NET OPERATING INCOME
$22,072
$13,814
Stabilized market valuation
Value
$335,000
Per Unit
$27,917
Per Sq. Ft.
$55.37
Cap Rate
Mktg Proforma
6.60%

6. Map S 3 4 5 Comparable Properties S 419-423 E. 32nd Street 1
50 W. 32nd Street 2
125 E. 34th Street

7. Daniel Leibsohn
Multifamily & Investment Sales
Allan Mendelsberg, Principal
Multifamily & Investment Sales
Cushman & Wakefield | PICOR
5151 E. Broadway Blvd, Suite 115
Tucson, Arizona 85711
Office
Fax
picor.com