ALLAN MENDELSBERG

Principal, Multi-Family Team

D +1 520 546 2721
M +1 520 490 2113
[email protected]
JOEY MARTINEZ
Multi-Family Team
D +1 520 546 2730
M +1 520 668 3858
[email protected]

PICOR Commercial Real Estate Services

5151 E Broadway Blvd, Suite 115
Tucson, Arizona 85711 | USA
Main +1 520 748 7100
picor.com | multifamilytucson.com

©2022 Cushman & Wakefield | PICOR. All rights

reserved. The information contained in this
communication is strictly confidential. This
information has been obtained from sources
believed to be reliable but has not been verified.
NO WARRANTY OR REPRESENTATION,
EXPRESS OR IMPLIED, IS MADE AS TO THE
CONDITION OF THE PROPERTY (OR
PROPERTIES) REFERENCED HEREIN OR AS
TO THE ACCURACY OR COMPLETENESS OF
THE INFORMATION CONTAINED HEREIN, AND
SAME IS SUBMITTED SUBJECT TO ERRORS,
OMISSIONS, CHANGE OF PRICE, RENTAL OR
OTHER CONDITIONS, WITHDRAWAL WITHOUT
NOTICE, AND TO ANY SPECIAL LISTING
CONDITIONS IMPOSED BY THE PROPERTY
OWNER(S). ANY PROJECTIONS, OPINIONS OR
ESTIMATES ARE SUBJECT TO UNCERTAINTY
AND DO NOT SIGNIFY CURRENT OR FUTURE
PROPERTY PERFORMANCE.
 LANDSCAPING: Palm trees, large shade trees, shrubbery,
LOCATION: 1015 E. Bilby Road
rock & bushes
Tucson, Arizona 85706
UTILITIES: Electricity: Tucson Electric (Tenant)
SITE AREA: 1.88 Acres | 81,892 Sq. Ft. (Responsibility) Gas: Southwest Gas (Tenant)
Water: City of Tucson (Owner - Spectrum)
Sewer: City of Tucson (Owner - Spectrum)
RENTABLE SQFT: House = 1,080 Trash: City of Tucson (Owner)
METERING: Electric: Individual
ASSESSOR PARCEL 140-25-103A Electric: Common
NUMBER(S): Gas: Individual
Water/Sewer: Spectrum Reading
ZONING: MH-1 Trash: Common
Hot Water: Individual
HEATING/COOLING: House – Air conditioning
ACCESS: Ingress & Egress
Studio – Wall mounted unit
CONSTRUCTION: House & Studio – Block / Masonry
PARKING Assigned per space
FINANCING: Cash or Conventional
NO. OF % OF
UNIT DESCRIPTION
ROOF/STORIES: One Story UNITS TOTAL
Mobile Home Space (Vacant) 8 33%
Mobile Home Space 14 58%
YEAR BUILT: 1955 Studio (Sleeping Quarters Unit) 1 4%
3BD/1BA (SFR) 1 4%
Total/Average (Monthly) 24 100%
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Ranchitos Del Rey is located at the northeast corner of Park and Bilby at 1015 E. Bilby Rd,
Tucson AZ 85706. It is a mobile home park with 22 MH spaces, a 3 BD/1BA house, and a
rented Studio (Sleeping Quarters) unit. The property is comprised of almost 2 acres and is
zoned for MH. This property has long term residents, has been well maintained, and all
rental agreements are month-to-month. All spaces are lot rent only and no homes are
owned by the park.
Rental rates for all spaces are currently at $405.00 per month, with room to still increase
rents. The rental rate on the house is $810 per month but rented to an on-site manager
who receives a credit back on the rent for her work. The Studio (Sleeping Quarters) is
currently rented for $500. The spaces and the house are renting for well below what
comparable lot rent and a 3bd house rent for in the area. Significant upside awaits an
investor who can increase rents and fill in the vacant spaces.

All tenants pay their own electric and gas directly to TEP and SWGas. Water and sewer costs
are paid by the park but are sub-metered and billed back at each space by Spectrum. Trash
removal, by the City of Tucson, is included in the rental rate.

The house located at spot #24 is occupied by the on-site park manager who also has a
month-to-month rental contract. The rent is currently $810.00 and is given an allocation of
$600.00 off her rental rate in turn for her part-time employment at Ranchitos Del Rey. Her
commitment is administrative tasks in handling rental collections, notices, receipts, and
informing the owner of any property emergencies.

The subject property has undergone many recent capital improvements. The house and
storage unit have each been reroofed. The house has been freshly painted, replaced the
EVAP with a new AC/Furnace, upgraded electrical, upgraded plumbing system, and a new
water heater.

The Studio (Sleeping Quarters) unit is comprised of brick and is located in the center of the
park. It’s recently been remolded to include new flooring, cabinets, drywall and paint, and
fixtures / water heater. The building has it’s own electric meter and the water/sewer is
included in the rent. There is no oven/range in this unit as it would require a formal
variance from the City of Tucson.

Other notable improvements at Ranchitos Del Rey are new asphalt laid and graded by
Sunland. Each space had all old concrete eradicated and graded, making them ready for
infill. As well, new decorative rock surrounds the house and other areas of the landscaping.

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 CURRENT AVERAGE RENT PROFORMA MARKET RENTS
NO. OF % OF
UNIT DESCRIPTION SPACES TOTAL PER SPACE PER MONTH PER SPACE PER MONTH
Mobile Home Space (Vacant) 8 33% $0 $0 $405 $3,240
Mobile Home Space 14 58% $405 $5,670 $425 $5,950
Studio (Sleeping Quarters) 1 4% $500 $500 $500 $500
3BD/1BA (SFR) 1 4% $810 $810 $1,000 $1,000
Total/Average (Monthly) 24 100% $291 $6,980 $445 $10,690
Annual $83,760 $128,280

Marketing Pro Forma T-12 Actuals

Income Statement Pro Forma Per Unit T-12 Actuals Per Unit
RENTAL INCOME
Gross Market Rent $128,280 $5,345
Stabilized Market Analysis
Vacancy Loss -$19,242 -15.0%
Concessions & Bad Debt -$5,131 -4.0% Value $795,000
Net Rental Income $103,907 $4,329 $93,308 $3,888
Per Space $33,125
RUBS $18,000 $750 $0
Other Income $1,000 $42 $0 Cap Rate
TOTAL INCOME $122,907 $5,121 $93,308 $3,888 T-12 Actuals 6.31%
Marketing Pro Forma 7.91%
OPERATING EXPENSES
General & Administrative $1,500 $63 $439 $18
Payroll $0 $6,960 $290
Repairs & Maintenance & Turnover $7,500 $313 $3,135 $131
Meter Reading - Spectrum $1,200 $50 $1,200 $50
Contract Services $1,200 $50 $0
Utilities $24,000 $1,000 $15,195 $633
TOTAL VARIABLE $35,400 $1,475 $26,929 $1,122
Property Taxes $3,299 $137 $3,360 $140
Property Insurance $3,000 $125 $1,464 $61
Management Fee $12,291 10% $11,400 12%
Reserves $6,000 $200
TOTAL EXPENSES $59,990 $2,500 $43,153 $1,798

NET OPERATING INCOME $62,917 $2,622 $50,155 $2,090

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 1 MILE 3 MILES 5 MILES
POPULATION 16,711 88,192 168,183
HOUSEHOLDS 5,116 28,022 55,671
AVG HOUSEHOLD INCOME $41,667 $54,453 $56,129
DAYTIME POPULATION 4,957 47,998 77,785
RETAIL EXPENDITURE $93.47 M $612.36 M $1.24 B

1 MILE 3 MILES 5 MILES

POPULATION 17,033 89,549 171,223
Ranchitos HOUSEHOLDS 5,177 28,237 56,301
Del Rey
AVG HOUSEHOLD INCOME $49,720 $64,316 $65,447
MHP

S. PARK AVE 9,041 VPD (2021)

E. BILBY RD 5,592 VPD (2021)

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Quality Jobs Tax Credit* Rio Nuevo Tax Increment Finance District
Provides up to $9,000 of income or premium tax credits over a three- Rio Nuevo is the only tax increment finance district (TIF) in the state of
year period for each net new job to the state and concurrent qualifying Arizona. In partnership with developers, investors and lenders, Rio Nuevo
capital expenditures. invests in projects designed to expand the tax base and bring patrons and
new businesses to Downtown Tucson. Rio Nuevo helps defray the steep
Quality Facility Tax Credit* costs of major new development and property improvements.
Provides refundable income tax credits up to $20,000 per qualifying net
new job to eligible manufacturing companies that invest in one or more Town of Marana: Job Creation Incentive Program
qualifying facilities. Helps businesses to locate or expand in Marana by receiving
reimbursement from reallocation of construction sales tax on new
Additional Depreciation* construction or expansion projects to qualifying employers.
Accelerates depreciation to substantially reduce business personal Source: Sun Corridor, Inc.
property taxes.
Diverse Workforce
Exemption for Machinery and Equipment & Electricity* As one of the fastest growing megaregions in the U.S., the continuing in-
Provides Transaction Privilege Tax (sales tax) and Use Tax exemptions. migration of talent at all levels positively impacts the regional economy and
translates into increased workforce availability. The local military
Research & Development Tax Credit* installations have over 8,000 active airmen and provide a skilled veteran
Provides an Arizona income tax credit for increased research and pool for businesses to tap.
development activities conducted in this state. The R&D tax credit is equal Source: Sun Corridor, Inc.
to 24% of the first $2.5 million in qualifying expenses, plus 15% of the
qualifying expenses in excess of $2.5 million. Beginning in 2023, the tax
credit rates will be 20% of the first $2.5 million in qualifying expenses plus
11% of the qualifying expenses in excess of $2.5 million.

* Source: AZCommerce.com
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 ALLAN MENDELSBERG
Multi-Family Team, Principal
D +1 520 546 2721
M +1 520 490 2113
[email protected]
JOEY MARTINEZ
Multi-Family Team
D +1 520 546 2730
M +1 520 668 3858
[email protected]

LEXY PACHECO
Multi-Family Team, Assistant
D +1 520 546 2760
[email protected]

PICOR COMMERCIAL REAL ESTATE SERVICES, INC

5151 E. BROADWAY BLVD, SUITE 115 | TUCSON, ARIZONA 85711 | WWW.PICOR.COM