Granite Dells Redevelopment

RENTAL INCOME IN-PLACE FROM SFR AND DUPLEX APARTMENT ON-SITE

Details

Property TypeLand

SubtypeCommercial, Residential

Pro-Forma Cap Rate2.30%

Pro-Forma NOI$57,600

ZoningC-2

Lot Size (acres)3.61

Broker Co-OpYes

APN304-02-005L & 304-02-005Q

Marketing Description

This represents an exclusive purchase opportunity for the 3.61-acre (3.74 gross) C-2 zoned property located adjacent to and contiguous with the Safeway grocer anchored neighborhood center known as Ponderosa Village located at the intersection of Highway 260 and Granite Dells Road in the Town of Payson, Arizona.

Current zoning (C-2) district allows for various commercial to accommodate an array of general commercial and business activities with emphasis on shopping and business centers, which included retail and drive-thru concepts.

The property has direct frontage along Granite Dells Road, with a roadway widening/enhancement planned by the Town. The property is currently improved with one (1), single-family residence and one (1), duplex apartment for a total of three (3) residential rental units. All utilities to support the existing development is in-place including; power (APS), water (domestic well), sewer (septic systems), and telephone (CenturyLink).

Investment Highlights

The existing single-family and duplex apartments are 100% leased on month-to-month terms with $3,400 per month in total contract rental revenue in-place.