Miramonte Apartments Has New Owner for $1.2 Million

Miramonte Apartments at 770 North Dodge Blvd. in midtown Tucson was sold by Bradley Chilcote of Tucson for $1.2 million ($36,000 per unit). The 33-unit complex in four 2-story block constructed buildings (built 1966) had been extensively renovated in 2010 and 2011 by the seller.

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[mepr-show rules=”58038″]The property has a central courtyard with units wrapping around the pool and courtyard. The unit mix includes four studios, 28 one-bedroom and one two-bedroom units, all have new double-pane windows, new wood flooring, new kitchen and bathroom cabinets and countertops, light fixtures and fans, new internal doors and all new appliances. Dishwashers are included in the units and there is a common laundry room. Recent exterior improvements include new paint, landscaping signage and parking lot. The utility system is also all new within the last 7 years with new efficient domestic hot water heater installed 2011 and new HVAC system and boiler installed in 2010.

Located west of Alvernon and East 4th Street, the property is less than 2-miles east of the University of Arizona within the historic Miramonte neighborhood. The property has a walking score of 71 and a bike score of 85.

Nearby shopping and employment centers include El Con Mall with a 20 screen movie theater, Home Depot, Target and others. Recreational offerings include Reid Park about ½ mile to the south that has an 18-hole public golf course, community center, the Randolph tennis center and the Reid Park Zoo.

The buyer is a private investor, JMY Properties, LLC of California (Jason Yamada, Principal). Yamada told us this is his first investment in Tucson. He had been searching the internet for quite some time, and had narrowed his search down to Tucson for best value, before finding the right investment property. Yamada would like to find other properties of this type for investment in the area.

Chuck Corriere of Keller Williams in Tucson handled the transaction for seller and investor.

Peach Properties has been retained to handle the property management and leasing of the property.

Yamada can be reached at (310) 343-5859. Corriere should be contacted at (520) 400-9811.[/mepr-show]

[ismember]Sale Date: 8/22/2013. 4 Studios 400 SF each, 28-1-bedrooms 500 SF each, and one 2 bedroom 1 bath is 600 SF. Total buildings: 17,190 SF on 1.09 acres. Property sold at an approximate 8% cap rate based on income at time of sale, units are master metered for utilities. Buyer put $300,000 (25%) down and financed the balance with conventional financing. [/ismember]