Old School Apartments - Assumable Financing

Offered with assumable financing (subject to lender approval), the Old School Apartments is a prime investment opportunity
in the heart of Williams, AZ. This 27-unit property is located within walking distance (about
three blocks) to the heart of downtown Williams and the Grand Canyon Railroad, offering
a fantastic option for workers in the bustling tourist town. It also offers a short-term rental
opportunity to families visiting the Grand Canyon Railroad, which is an all-year attraction with
The Polar Express experience in the winter and visitors to the Grand Canyon National Park all
year long. The property consists of 27 fully remodeled units. There is a great unit mix of (5)
studios, (2) one-bedroom / one-bathroom units, and (20) two-bedroom / one-bathroom units.
All the units except one are individually metered for electricity, water, and gas which keeps the
overall expenses extremely low. Originally built as a school, the property was constructed in
1936. Built primarily of block and concrete, the building is extremely solid and fire-resistant.
The current owner replaced all the major systems including electrical, plumbing, heating, fire
sprinklers, etc. All 27 units are very nicely updated and partially furnished (dressers, beds,
etc.). There is also approximately 9,000 square feet of space that has not been refurbished
including a large gym space, old locker room area, common area rooms, old kitchen area,
etc. These areas could be used for beautiful amenity spaces, common area amenities for
hospitality (if the property was converted to short-term rentals), or commercial space. The city
has indicated they would like to see some commercial space added to these vacant areas.
Basic plans have been done to show the addition of 4 loft units in the old gym space as well
as adding 4 units to the courtyard area that currently hasn’t been cleaned up in some time.
Value-add opportunities exist through adding these units, adding commercial tenants, giving the
exterior and landscaping a facelift, raising rents, or converting to a short-term rental model.
The Old School Apartments offers an investor a nice sized project in the heart of a popular
area where multifamily residential investment opportunities are rare and where inventory is
relatively non-existent. With affordability and inventory at an all-time low in Flagstaff (34
miles east), this property would attract residents / workers from Flagstaff looking for a more
attainable housing option. As a result of all these factors, this property has very little vacancy
and leases up immediately when there is an open unit.
Williams, AZ is located in the heart of the Kaibab National Forest at an elevation of 6,770 feet.
Founded in 1881, Williams was named for the famous trapper, scout and mountain man, “Old
Bill Williams.” A statue of “Old Bill” stands in Monument Park, located on the west side of the
city. The large mountain directly south of town is named Bill Williams Mountain and the Town
was incorporated July 9, 1901. Also known as the “Gateway to the Grand Canyon®,” Williams
was the last town on Historic Route 66 to be bypassed by Interstate 40. The community,
bypassed on Oct. 13, 1984, continues to thrive on tourism. Boasting seven area fishing lakes,
hiking trails up Bill Williams Mountain and into Sycamore Canyon, an alpine ski area and
cross-country ski trails, four seasons weather, and an abundance of wildlife, Williams offers
unlimited recreational opportunities for the outdoor enthusiast. A small town nestled in the
pine country of Arizona, Williams offers countless things to see and do. The train enthusiast
can ride the Grand Canyon Railway through Arizona’s high country. Route 66 history buffs
can explore more than six blocks of historic buildings and shops bursting with memorabilia.
Arizona tourists can discover yet another reason to love the state. World travelers will find
a charming resting place at the Gateway to the Grand Canyon®. Outdoor adventurers will
have trouble deciding between the numerous outdoor activities, from fishing and hiking to
camping and horseback riding. And wildlife devotees will discover a whole new world as they
traverse the roads and trails through Bearizona Wildlife Park. Travelers of all walks of life will
find welcoming accommodations in the historic motor lodges that line Route 66 as well as the
recently refurbished Grand Canyon Railway Hotel. Restaurants offer myriad choices from the
home-cooked to the deep-fried and showcase delicious Mexican, Italian, and American fare.
The Historic Downtown District covers six square blocks. There is something for everyone in
Williams, Arizona. The town boasts a rich heritage that features the Old West and Route 66
coupled with tourism trends today and the town’s heyday years of the ‘50s and ‘60s. The Old
School Apartments is extremely well located in the town and allows residents or visitors to
enjoy, with ease, so much of what Williams has to offer. Because inventory is so constrained
in these northern Arizona markets, apartment properties stay full and sellers hold on to their
buildings. Multifamily offerings are, therefore, rare. This property offers a unique investment
opportunity in an area where such opportunities don’t become available often.