$1,070,600
Tempe, AZ 85281
MLS# 6002855
Status: Closed
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Property Description
Solid Cash Flow Tempe Apartment Building Generating $63,235 NOI - Ready for new owner. (Great 1031 Placement Option) Located within a mile of ASU, Mill Ave and Tempe Town Area. 4,405 sq ft of living space across 5 units. Wholefoods just opened and area is bustling with new retail and development. Property has consistently performed well and had major renovation in 2017. There is still room for ''value-add'' here to further increase rents to market – to increase cash flow and market value in this high growth area of Tempe. First floor has a large 3bd/2bth apartment and a 2br/1bth apartment (cost per unit is not a viable measurement here). Second floor, surrounding the sundeck are three 2bd/1bth apartments that are fully remodeled and work well for the property.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,070,600
Sold Price: $1,070,600
Status: Closed
List Date: 2019-11-08
Location, Tax & Legal
Assessor's Map #: 74
Legal Description (Abbrev): LOT 6 WESTGATE SUB MCR 007925
Assessor's Parcel #: 6
Assessor Parcel Ltr: C
Add'l Parcels: No
Tax Municipality: Tempe
Census Tract: 318900
Taxes: 2959.4
Tax District: Tempe
Legal: LOT 6 WESTGATE SUB MCR 007925
Marketing Name: Tempe Turnkey Apt
Map Code/Grid: R36
House Number: 1211
Compass: W
Street Name: UNIVERSITY
St Suffix: Drive
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 3331
County Code: Maricopa
Subdivision: WESTGATE SUB
Assessor Number: 124-74-006-C
Tax Year: 2019
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 8
Lot Size Dimensions: 74 x 104
Total # of Units: 5
Elementary School District: Tempe Elementary School District
Year Built: 1971
Zoning: R-3
Legal Info
Range: 4E
Section: 21
Township: 1N
Lot Number: 6
Project Type
5 - 12 Units: 1
Construction
Wood Frame: 1
Slump Block: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Personal Property: 1
Laundry Equipment: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 1527
Annual Land Lse Exp: 0
Annual Landscape Exp: 600
Annual Legal & Acctg: 0
Annual Maint Exp: 1075
Annual Mgmt Exp: 600
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 1680
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 8441.4
Other Income: 0
Vacancy Allowance: 0.01
Adjusted Gross Inc: 72993.69
Total Monthly Rental Income: 6144.29
Pmt & Rate Info
Cap Rate: 5.5
Down Payment: 0
Equity: 1149727
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Electric: 1
Individual: 1
Heat Pump: 1
Cooling
Ceiling Fan(s): 1
Electric: 1
Heat Pump: 1
Window/Wall Unit: 1
Exterior Amenities
Desert Landscaping: 1
Fenced: 1
Cable TV Available: 1
Patio/Balcony: 1
Separate Storage: 1
Security Light(s): 1
Tenant Pays
Water: 1
Sewer: 1
Electricity: 1
Trash Collection: 1
Appliances Included
Free-Standing Range: 1
Refrigerator: 1
Dishwasher: 1
Microwave: 1
Washer/Dryer: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Individual Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Garage: 1
Carport: 1
>1 Space Per Unit: 1
Add'l Parking Avail: 1
Other: 1
Electric
SRP: 1
Individual Meter: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 1
Special
Owner/Agent: 1
Existing 1st Loan
Private: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 3rd Loan
Other (See Remarks): 1
Reports/Disclosures
None: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 1092
Avg SqFt: 735
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1775
Avg SqFt: 1500
# Baths: 2
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 30
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 1
Seller Concession $/%: %
Remarks Misc
Cross Street: University Dr. & Beck
Geo Lat: 33.421698
Geo Lon: -111.957165
Status Change Info
Off Market Date: 2020-01-10
Under Contract Date: 2020-01-10
Close of Escrow Date: 2020-02-28
Sold Price: $1,070,600
Income Expenses
Gross Annual Sch Inc: 73731
Net Operating Income: 63235
Property Features
Project Type: 5 - 12 Units
Construction: Wood Frame; Slump Block
Const - Finish: Painted; Stucco
Roofing: Composition
Floors: Vinyl
Sale Includes: Land & Building; Personal Property; Laundry Equipment
Community Features: No Pool
Exterior Amenities: Desert Landscaping; Fenced; Cable TV Available; Patio/Balcony; Separate Storage; Security Light(s)
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave; Washer/Dryer
Heating: Individual; Heat Pump
Cooling: Ceiling Fan(s); Electric; Heat Pump; Window/Wall Unit
Water Source: City Franchise; Individual Meter
Sewer: Sewer - Public
Electric: SRP; Individual Meter
Gas: None
Parking Features: Garage; Carport; >1 Space Per Unit; Add'l Parking Avail; Other
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Water; Sewer; Electricity; Trash Collection
Source of Fincl Data: Owner
Special: Owner/Agent
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Private
Existing 2nd Loan: Other (See Remarks)
Existing 3rd Loan: Other (See Remarks)
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; 1031 Exchange
Environmental: None
Listing Office: Weichert Realtors - Upraise
Last Updated: February - 10 - 2025
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