Presented By: Regency 59 Apartments West USA Realty...4526 N Black Canyon Hwy, Phoenix, AZ 85017...

4526 N Black Canyon Hwy, Phoenix, AZ 85017

Regency 59 ApartmentsPresented By:West USA Realty

Regency 59 Apartments was constructed in 1964 and has a total of 59 units spanning over 1.55 acresand across 6 adjacent parcels. The property offers a unit mix of (15) 2 bedroom/ 1 bathroom, (4) 1bedroom/ 1 bathroom, (40) studio units. The property now has 57 rental units as two (2) sustained firedamage in 2017. Separately Metered for Electricity (20 Units on Split Meter System). Parking isabundantly available with 60 on site spaces. The property underwent a partial renovation in 2014where many AC units and roofs were replaced. Under current ownership, each unit is renovated as thetenant vacates.Regency 59 is a value-add opportunity located in one of the most affordablesubmarkets in the valley. Recent operations reflect higher than normal vacancy with several down units.Current owner purchased the property in July of 2019 with a plan of renovating the units while theirvacant, with a remodeled units a higher rental rate can be realized. Installing washers and dryers in theunderutilized laundry facility will create additional income. Regency 59 is perfect for the savvy Investorlooking to create immediate upside by implementing an aggressive renovation and managementprograms.Regency 59 is surrounded by other residential communities and situated directly across fromthe I-17 Black Canyon Hwy corridor with excellent freeway visibility and access. Regency 59 is 1 milesouth from Grand Canyon University with easy access to bus lines and Light rail which make thislocation convenient for tenants and keeps the rental demand strong.

Price: $5,250,000

Perfect Value-Add Opportunity

Partially Renovated

Hi Demand Rental Corridor

Unique Unit Mix

Freeway Access & Exposure

60 On-Site Surface Parking

View the full listing here: https://www.loopnet.com/Listing/4526-N-Black-Canyon-Hwy-Phoenix-AZ/17974438/

Price: $5,250,000

No. Units: 59

Property Type: Multifamily

Property Sub-type: Apartments

Apartment Style: Low Rise

Building Class: B

Sale Type: Investment

Cap Rate: 6.66%

Lot Size: 1.55 AC

Building Size: 26,808 SF

Renovation: 2014

No. Units: 59

No. Stories: 1

Year Built: 1964

Parking: 60


Property Details

Regency 59 Apartments

https://www.loopnet.com/Listing/4526-N-Black-Canyon-Hwy-Phoenix-AZ/17974438/

Unit/Room Mix Information

Description No. Units Avg. Rent/Mo Sq. Ft0+1 40 $550 350 - 400

1+1 4 $700 450 - 500

2+1 15 $850 650 - 700




Location


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Property Photos


Rent Roll Regecy 594512 - 4538 N Black Canyon Hwy Phoenix, AZ 85017As of 12/14/2019

Unit BD/BAEstimatedSq. Ft. Tenant

MarketRent Rent Past Due

RefundableDeposit

Non Ref.Deposit Lease From Lease To Move In Move Out




RefundableDeposit


1 4512-1 2/1 680 Christopher D. Blount 850 790 790 0 04/10/2019 03/31/2020 04/10/20192 4512-2 0/1 355 Destany A. Dreyer 550 550 250 250 06/22/2019 12/31/2019 06/22/20193 4512-3 2/1 680 Roberto & Carolyn Busson 850 550 0 200 08/01/2016 07/31/2017 08/01/20164 4512-4 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant5 4512-5 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant6 4512-6 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant7 4512-7 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant8 4512-8 0/1 355 Connie Moore 550 442.04 300 0 01/01/2019 12/31/2019 1/1/20199 4512-9 2/1 680 Vacant 850 0 0 0 0 Vacant Vacant Vacant Vacant10 4514-1 0/1 355 Kimberly M. Cuttle 550 411.2 250 0 05/01/2019 04/30/2020 05/01/201911 4514-2 0/1 355 Dwight L Mitchell 550 442.04 355 0 03/08/2018 03/30/2019 03/08/201812 4514-3 0/1 355 Harlis A. Brown 550 411.2 250 0 06/01/2019 05/31/2020 06/01/201913 4514-4 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant14 4514-5 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant15 4514-6 0/1 355 Ted Turner 550 400 0 0 09/01/2015 08/31/2016 09/01/201516 4514-7 0/1 355 Rick E Trego 550 442.04 355 0 03/08/2018 03/30/2019 03/08/201817 4514-8 0/1 355 Roy Milton Young 550 400 200 0 12/19/2015 12/31/2016 12/19/201518 4514-9 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant19 4514-10 0/1 355 Thomas F. Masterson 550 550 250 0 06/15/2019 02/29/2020 06/15/201920 4516-1 1/1 450 Michael Mallory 700 498.6 300 0 02/01/2019 01/31/2020 02/01/2019




RefundableDeposit


21 4516-2 1/1 450 Alicia Asberry 700 440 0 0 01/05/2017 12/30/2017 01/05/201722 4516-3 0/1 355 Eulene B Pierce 550 411.2 250 0 05/10/2019 04/30/2020 05/10/201923 4516-4 0/1 355 Leonard P Brent 550 442.04 300 0 02/14/2017 02/28/2018 02/14/201724 4516-5 1/1 450 Vacant 700 0 0 0 0 Vacant Vacant Vacant Vacant25 4516-6 1/1 450 Vacant 700 0 0 0 0 Vacant Vacant Vacant Vacant26 4522-1 0/1 355 Felix F. Ochoa 550 550 250 0 05/20/2019 04/30/2020 05/20/201927 4522-2 0/1 355 Ryontrease Hill 550 550 400 0 05/01/2019 04/30/2020 05/01/201928 4522-3 0/1 355 Timothy Gary 550 442.04 250 0 06/01/2019 11/30/2019 06/01/201929 4522-4 0/1 355 Eugene Johnson 550 411.2 250 0 11/21/2018 11/30/2019 11/21/201830 4522-5 0/1 355 Caroline Brooks 550 411.2 300 06/15/201831 4522-6 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant32 4522-7 0/1 355 Dwayne Williams 550 442.04 200 0 03/01/2018 03/30/2019 03/01/201833 4522-8 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant34 4522-9 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant

35 4522-10 0/1 355Kenneth BaileyWanda Anderson 550 385 250 0 08/01/2015 08/01/2016 08/01/2015

36 4526-1 0/1 355 Charles Felton Adams 550 411.2 300 0 03/24/2018 03/30/2019 03/24/201837 4526-2 0/1 355 Ashley N Wade 550 442.04 355 0 04/01/2019 03/31/2020 04/01/201938 4526-3 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant39 4526-4 0/1 355 John Willingham 550 550 250 0 12/21/2018 12/31/2019 12/21/2018

40 4526-5 2/1 680Francine JohnsonStacy Flynn 850 540 0 0 03/01/2016 09/01/2016 03/01/2016

41 4526-6 0/0 160 Storage unit 0 0 0 0 0 Storage Storage Storage Storage42 4526-7 0/0 450 Storage unit 0 0 0 0 0 Storage Storage Storage Storage43 4530-1 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant44 4530-2 0/1 355 Demise Wheeler 550 411.2 0 0 06/01/2019 05/31/2020 06/01/2019

45 4530-3 2/1 680Veronica & Savistan OzuaGabriel Melendez 850 540 0 200 09/01/2015 08/31/2016 09/01/2015




RefundableDeposit


46 4530-4 0/1 355 Mark W. Thiesen 550 550 250 0 07/01/2019 06/30/2020 07/01/201947 4530-5 0/1 355 Daniel Kelly 550 411.2 250 0 11/09/2018 10/31/2019 11/9/201848 4530-6 2/1 680 Vacant 850 0 0 0 0 Vacant Vacant Vacant Vacant

49 4530-7 2/1 680Elmer SteelyRaymond Stouton 850 683.62 450 0 11/16/2018 10/31/2019 11/16/2018

50 4534-1 2/1 680Craig G CathelynToni L Buttars-Hadean 850 683.62 300 0 08/01/2017 01/31/2018

51 4534-2 2/1 680 Kristy Nelson 850 550 0 0 09/01/2016 02/28/2017 09/01/201652 4534-3 0/1 355 Vacant 550 0 0 0 0 Vacant Vacant Vacant Vacant53 4534-4 0/1 355 Keturah L Moore 550 550 250 0 04/06/2019 03/31/2020 04/06/201954 4534-5 2/1 680 Robart Johnson 850 580.82 300 0 02/11/2017 02/28/2018 02/11/201755 4534-6 2/1 680 Vacant 850 0 0 0 0 Vacant Vacant Vacant Vacant56 4538-1 2/1 680 Vacant - Fire damage 850 0 0 0 0 Vacant Vacant Vacant Vacant57 4538-2 2/1 680 Vacant 850 0 0 0 0 Vacant Vacant Vacant Vacant58 4538-3 0/1 355 Christopher Peters 550 411.2 0 0 07/01/2017 06/30/2018 07/01/201759 4538-4 0/1 355 Antomio G Todd 550 411.2 300 0 12/01/2018 11/30/2019 12/1/201860 4538-5 2/1 680 Darrell & Jamal Brown 850 683.62 450 0 05/04/2019 04/30/2020 05/04/201961 4538-6 2/1 680 Vacant - Fire damage 850 0 0 0 0 Vacant Vacant Vacant Vacant

26810 37550 18781.56 0 9205 650

Regency 59Profit and LossJuly 2019 - June 2020

July-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 TotalIncomeGross Potential Rent 37,550.00 37,550.00 37,550.00 37,550.00 37,550.00 37,550.00 37,550.00 37,550.00 37,550.00 37,550.00 37,550.00 37,550.00 450,600.00Vacancy Loss 5% 1,877.50 1,877.50 1,877.50 1,877.50 1,877.50 1,877.50 1,877.50 1,877.50 1,877.50 1,877.50 1,877.50 1,877.50 22,530.00Gross Income $35,672.50 $35,672.50 $35,672.50 $35,672.50 $35,672.50 $35,672.50 $35,672.50 $35,672.50 $35,672.50 $35,672.50 $35,672.50 $35,672.50 428,070.00

ExpensesManagement 3% $1,070.18 $1,070.18 $1,070.18 $1,070.18 $1,070.18 $1,070.18 $1,070.18 $1,070.18 $1,070.18 $1,070.18 $1,070.18 $1,070.18 12,842.10Legal, Licenses 350 350 350 350 350 350 350 350 350 350 350 350 4,200.00Insurance 833.33 833.33 833.33 833.33 833.33 833.33 833.33 833.33 833.33 833.33 833.33 833.33 9,999.96Contract Services 350 350 350 350 350 350 350 350 350 350 350 350 4,200.00Repairs & Maintenance 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 12,000.00Property Tax 0 0 0 5109 0 0 0.00 0 5109 0 0 0 10,218.00Utilities - Electric 100 100 100 100 100 100 100 100 100 100 100 100 1,200.00Utilities - Trash 300 300 300 300 300 300 300 300 300 300 300 300 3,600.00Utilities - Water 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 1,650.00 19,800.00Total Expenses $5,653.51 $5,653.51 $5,653.51 $10,762.51 $5,653.51 $5,653.51 $5,653.51 $5,653.51 $10,762.51 $5,653.51 $5,653.51 $5,653.51 78,060.06

Net Operating Income $30,019.00 $30,019.00 $30,019.00 $24,910.00 $30,019.00 $30,019.00 $30,019.00 $30,019.00 $24,910.00 $30,019.00 $30,019.00 $30,019.00 350,009.94

Note: All the numbers above are not exact and more of a future average and estimated. Current owner purchased the property in July of 2019 with a plan of renovating the units while their vacant, with a remodeled units a higher rental rate can be realized. Installing washers and dryers in the underutilized laundry facility will create additional income.

Abdul [email protected](602) 332-6073

West USA Realty4505 E Chandler BlvdPhoenix, AZ 85048



mailto:[email protected]

Presented By: Regency 59 Apartments West USA Realty...4526 N Black Canyon Hwy, Phoenix, AZ 85017...

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