|Price/Rent PSF||$ 11,661,000.00|
|SQ. FT. Available||91,444|
Phoenix is the most populous city in the state of Arizona and the fifth most populous in the United States, it is the only state capital with a population of over one million residents, nearing 1.6 million, to be exact, encompassing about 520 square miles.
Phoenix job growth has hit a 10-year high. Phoenix employers added 79,700 new jobs in 2018, a year-over-year increase of 3.9%, according to research done by Colliers International. To give perspective, that is the highest rate of job growth in a decade, and far surpassed researchers expectations. The market is expected to stay strong and continue to grow. This played a major role in boosting Phoenix up to #4 on a list of the top-36 major employment markets in the US for new job growth.
The high-tech manufacturing, healthcare, construction, and tourism industries dominate the Phoenix-metro economy. The metro headquarters multitude Fortune 500 companies, including Freeport-McMorAN, Republic Services, Insight Enterprises, Avnet. Not only does it home to the headquarters of the aforementioned companies, but other companies such as Intel Corp., Motorola Inc., and Honeywell have large Phoenix operations, all attracting 1.38% of employment growth.
Tourism is another huge industry in Phoenix, impacting the economy and job growth. Phoenix houses the Phoenix Sky Harbor Airport, which serves the greater Phoenix area, serving about 40 million passengers each year and ranking among the top 10 busiest airports in the nation.
The current median household income is about $64,600, compared to the US average of $58,754. It is also estimated that the median household income in the area will increase to $71,300 by 2022, according to John Burns Real Estate Consulting.
This 32 home portfolio offers immediate cash flow with a 100% occupancy rate and quality tenants. Being offered by one of the largest SFR operators, this portfolio is one of multiple portfolios being sold by the seller. It is fully cherry-pickable, and can be packaged with properties from the additional portfolios to create a customized portfolio unique to your investment criteria and target markets.
The average market rent in the portfolio is a solid $2,190 per unit, offering stable cash flow with long term tenants. Almost 60% of the homes are 4 bedroom, 31% are 5 bedroom homes and the 9% remaining are 3 bedroom homes, providing a quality mix of floorplans attractive to any type of resident. The average vintage of the homes is 1999, and all homes went through a remodel in 2013. The average dwelling square-footage of this portfolio is a spacious 2,858 SF.
Phoenix is home to the second-fastest growing rent prices in the country, according to RentCafe. Rents per month in Phoenix showed a 7.7% growth in 2018 alone, which is more than any single large metro area besides Las Vegas. With 32 homes in Phoenix, this portfolio is attractive to investors looking to enter one of the top rental & job growth markets in the country.