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- LoopNet Team
921 E Second St
Winslow, AZ 86047
Winslow Garden Apartments · Multifamily Property For Sale
·
14 Units
INVESTMENT HIGHLIGHTS
- 10 Year Master Lease in Place With Long-Term Tenant
- 9.24% Cap Rate in Year One
- Tenant Handles All Repairs up to First $500
- Current Tenant in Place for Almost 20 Years
- 4% Annual Rent Increases
- Tenant Responsible for All Landscape/Common Area Maintenance
PROPERTY FACTS
| No. Units | 14 | Lot Size | 0.68 AC |
| Property Type | Multifamily | Building Size | 6,439 SF |
| Property Subtype | Apartment | Average Occupancy | 100% |
| Apartment Style | Low-Rise | No. Stories | 1 |
| Building Class | C | Year Built | 1946 |
| Zoning | Commercial | ||
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.68 AC |
| Building Size | 6,439 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1946 |
| Zoning | Commercial |
ABOUT 921 E SECOND ST , WINSLOW, AZ 86047
Winslow Garden Apartments is a 14-unit apartment investment opportunity located in the historic City of Winslow, Arizona. The property has a long-term tenant in-place with a newly signed 10 year master lease at $8,700/month with 4% annual rent increases. The tenant is responsible for all repairs up to the first $500 and is responsible for the entire cost of all kitchen appliance repair/ replacement, and common area maintenance. The landlord is responsible for all utility expenses, with a maximum allowance of $20,000 annually (tenant is responsible for all utility expenses over $20,000 annually). The Winslow Garden Apartments offers a relatively hands-off opportunity to someone looking for an excellent cap rate in a market with limited supply and high demand. Not to mention, with a master lease in place there will be no vacancy. The property is comprised of two buildings and 14 units (1 studio unit, 7 one-bedroom / one-bath units, 2 two-bedroom / one-bath units, 2 two-bedroom / two-bath units, 1 three-bedroom / one and a half-bath unit, and 1 three-bedroom / two-bath unit). The current Lessee has been leasing the property for almost 20 years, and works with the Arizona Department of Housing to help homeless and disabled veterans.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 170 |
| 1+1 | 7 | - | 332 |
| 2+1 | 2 | - | 688 |
| 2+2 | 2 | - | 527 |
| 3+2 | 2 | - | 702 - 815 |
PROPERTY TAXES
| Parcel Number | 103-34-012 | Improvements Assessment | $699,558 |
| Land Assessment | $4,772 | Total Assessment | $704,330 |
PROPERTY TAXES
