1221 N Roberts Way
Tucson, AZ 85712
Tumbleweed Apartments · Multifamily Property For Sale · 14 Units

The Tumbleweed Apartments are a totally turn key upgraded in nearly every way, 14 unit property in a very desirable mid town area. It has been painted and given new floors, doors, gates, roofs repairs + other. Including labor there is over 100k of recent upgrading given. The big story is how the income potential can be maximized without any expenses for the new owner. The following is a copy and paste from the owners accountant it shows the actual income and expenses for the last year, BEFORE adjusting out $2,256 of utilities expenses projected. This is because the newest renter occupying unit #3 has agreed to pay that himself in the new lease signed last week, along with also adding in the $156/yr. of additional income due to that unit now receiving $700 in rent up from $687 prior. This should clearly demonstrate the market will accept the new owner doing that. The actual income and expenses are being shown just below this, which is a copy and paste from the owners accountant. I am estimating the income based on the current months income including the slight new rent increase for unit #3 plus the $8,652 combined of non refundable deposits, plus the new renter move in fees received by the owners. The expenses listed are the actual while with the new decrease in expenses included, which is due to the adjustment of one unit (#3) that is now having all it's $188/mo. approximately of utilities formerly paid by owner that is now being paid by the new renter instead, as is demonstrated to now be possible in this market. The adjustment for utilities now being paid by incoming renters instead of the owner, accounts for a $2,256/yr. savings on expense that is effectively that much of a net increase to the NOI, each time this happens per unit on average when they turnover or have existing renters sign on to do this upon expiration of old leases. *The current annualized rent based on May rent roll: $10,123 @ 12 months: $121,476 (*before new renter in #3 agreed to $700/mo.) 2018 Non-refundable deposits $8,052.00 2018 Annual income received: $129,528.00 Monthly Income $10,794.00 Monthly Income Annual Property Tax: $5,303.84 $ 442.00 per month Annual Hazard Insurance: $3,218.00 $ 268.00 Average Monthly Expense: Electricity: $1,069.90 Water: $ 997.00 Gas $ 565.97 Landscape $ 100.00 Pool $ 100.00 $3,542.87 Monthly Expenses (*before factoring out $188/mo. due to unit #3 paying his utilities) We had no advertising, auto or travel, commissions, or management fees. We purchased the property in an almost "as is" condition and all of the units had a lot of deferred maintenance. All of the non-recurring/long term improvements that we made in 2018 to improve the property are listed below: 1. Wall Heaters (3) V4 V3 V2 1200 each 3600.00 2. Blinds 9 units 250.00 2250.00 3. Toilets (6) 300.00 1800.00 4. Counter Tops (4) 800.00 3200.00 5. Back Yard Gates (4) 1200.00 6. Front Gates Side Gates Pool Gates 10,500.00 Entire Pool Fence Replaced 7. Back flow Water System 2000.00 8. Gas Line Replacement 3500.00 9. Patio Cover 1500.00 10. Plumbing Kitchen Line Replace 1000.00 11. Main sewer line replaces and clean outs 12000.00 12. Paint and Drywall 11,500.00 13. Pool Pump Filter 3000.00 14. Pool Back up skimmer 2500.00 15. Cabinet repair 3000.00 16. Roof Repair 3000.00 17. Appliances Stoves Refrigerators 5400.00 18. Flooring 3600.00 19. Lighting Fans 3240.00 20. Doors Interior Exterior (8) 3200.00 21. Electrical 3000.00 22. Security Doors 14 4800.00 23.Coolers 5 coolers 2 motors 3500.00 Total $92,290.00