The Waller Group is proud to present the 100.0% occupied, 10-unit value-add property in Phoenix, AZ. The North Phoenix submarket has high demand for affordable units which has drawn renters from more expensive areas in Phoenix. Additionally, there is little supply-side risk in the submarket. This can be seen in the 22.7% 12-month effective rent growth. The property is available because current ownership is liquidating their smaller assets.
Current ownership is achieving $92,132 in annual NOI. New ownership, based upon area rent comps, can raise rents by $156 / unit, which is a $0.20 / sqft bump. With this bump, new ownership can achieve an annual NOI of $121,521. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills. The property is currently managed by GoRenter. GoRenter has agreed to stay on to manage the property for new ownership.