CLASS “A” MULTIFAMILY INVESTMENT OPPORTUNITY A LAKESIDE COMMUNITY IN DOWNTOWN TEMPE 500 West 1st Street • Tempe, Arizona • 150 Units Available For Purchase David Fogler, +1 602 224 4443, [email protected]| Steven Nicoluzakis, +1 602 224 4429, [email protected]
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CLASS “A” MULTIFAMILY INVESTMENT OPPORTUNITY A … • Clubroom with gourmet kitchen • Two-story state-of-the-art fitness center • Swimming pool and spa • Poolside cabanas
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CLASS “A” MULTIFAMILY INVESTMENT OPPORTUNITY A LAKESIDE COMMUNITY IN DOWNTOWN TEMPE500 West 1st Street • Tempe, Arizona • 150 Units
INVESTMENT FEATURES• Clubroom with gourmet kitchen• Two-story state-of-the-art fitness center• Swimming pool and spa• Poolside cabanas and outdoor entertainment
pavilion• Pool house with air-conditioned social area• Rooftop lounge with panoramic city and water
views• Outdoor gourmet grilling areas• Outdoor fire pits• Co-work space with printer• Complimentary coffee bar• Interior residential storage units• Climate controlled interior corridors• Transit TV• Complimentary beach cruisers• Gated community with smartphone access• Garage parking
INTERIORS
• Studio, 1-bedroom, 2-bedroom and penthouse units
• Gourmet kitchens with gas cooktops• Energy star appliance package• Granite countertops and modern tile back-
splashes• European-style cabinets with brushed nickel pulls• Wood-style flooring• Front-load washer/dryers in units• Walk-in closets• Nest thermostats• 19-foot ceilings in select units• En-suite bathrooms with dual vanities in select
units• Wine refrigerators in select units
CLASS “A” MULTIFAMILY INVESTMENT OPPORTUNITY A LAKESIDE COMMUNITY IN DOWNTOWN TEMPE
Cushman & Wakefield is pleased to offer LAKESIDE DRIVE, a brand new 150-unit Class “A” luxury rental community centrally located in the heart of Downtown Tempe, Arizona, just steps away from Tempe Town Lake, the Tempe Center for the Arts, and popular Mill Avenue eateries and bars. Lakeside Drive features a mix of spacious studio, one, two and three bedroom (penthouse) floor plans and superior amenities. Lakeside Drive’s location near Rio Salado Parkway and Mill Avenue provides easy access to Arizona State University, hospitals, Tempe Beach Park, movie theaters, major employers and office parks, and many shopping, dining, entertainment and recreation options. The property’s location is 1 mile away from the Loop 202 freeway and only a half-mile away from the light rail station at Mill Avenue and 3rd Street.
Best-in-Class Community by Nation’s Premier Multifamily Developer THE PROPERTY
• Clubroom with gourmet kitchen• Two-story state-of-the-art fitness center• Swimming pool and spa• Poolside cabanas and outdoor entertainment
pavilion• Pool house with air-conditioned social area• Rooftop lounge with panoramic city and water
views• Outdoor gourmet grilling areas• Outdoor fire pits• Co-work space with printer• Complimentary coffee bar• Interior residential storage units• Climate controlled interior corridors• Transit TV• Complimentary beach cruisers• Gated community with smartphone access• Garage parking
INTERIORS
• Studio, 1-bedroom, 2-bedroom and penthouse units
• Gourmet kitchens with gas cooktops• Energy star appliance package• Granite countertops and modern tile back-
splashes• European-style cabinets with brushed nickel pulls• Wood-style flooring• Front-load washer/dryers in units• Walk-in closets• Nest thermostats• 19-foot ceilings in select units• En-suite bathrooms with dual vanities in select
units• Wine refrigerators in select units
PROFORMA BASED ON CURRENT AVERAGE MARKET RENTAL RATESFINANCIAL SUMMARYUnit Type % No. NRSF Rent Per SF
PROFORMA INCOMEScheduled Gross Potential Rental Income - Monthly $267,175 Scheduled Gross Potential Rental Income - Annual $3,206,100Vacancy 5.00% ($160,305)Other Loss 3.08% ($98,855)Net Rental Income $2,946,9402Total Other Income $1,350/unit $202,500Effective Gross Income Annual $3,149,440