$1,600,000
Phoenix, AZ 85008
MLS# 5400015
Status: Closed
1 / 6
Property Description
PLEASE DO NOT WALK PROPERTY WITHOUT AN APPOINTMENT. Well maintained building with a new roof, new exterior paint, security screens, onsite laundry, refurbished kitchens, leasing office, owner storage, beautiful low maintenance/water usage landscaping. If you are looking for a turn key property, this is the one for you. Current owner has owned the property for about 5 years and has kept the property in top shape. 14 of the 24 units have tenants that have been there for over two years.Great location. Minutes to Downtown Phoenix and it venues to include US Airways Center, Arizona State University, Chase Field, The University of Arizona College of Medicine - Phoenix, and much more. Located within a mile from three major highways, SR51, Loop 202, and I10. Walking distance to bus stop.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,600,000
Sold Price: $1,600,000
Status: Closed
List Date: 2016-02-17
Location, Tax & Legal
Assessor's Map #: 20
Legal Description (Abbrev): BEG NE COR SE4 SE4 TH S 113.82' W382.71' N113.82' E 382.71' TO POB EX W 75' & EX E 40' & N 25' RD &
Assessor's Parcel #: 48
Assessor Parcel Ltr: C
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 111502
Taxes: 7146
Legal: BEG NE COR SE4 SE4 TH S 113.82' W382.71' N113.82' E 382.71' TO POB EX W 75' & EX E 40' & N 25' RD &
Marketing Name: MAJESTIC PALMS
Map Code/Grid: P35
House Number: 1920
Compass: N
Street Name: 32ND
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85008
Zip4: 2979
County Code: Maricopa
Assessor Number: 120-20-048-C
Tax Year: 2015
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 12
Lot Size Dimensions: 89 X 268
Total # of Units: 24
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Year Built: 1981
Zoning: R-4
Legal Info
Range: 3E
Section: 35
Township: 2N
Project Type
13 - 24 Units: 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Built-Up: 1
Floors
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 30300
Annual Gas Exp: 0
Annual Ins Exp: 3500
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 14400
Annual Mgmt Exp: 10340
Annual Trash Exp: 1800
Annual Wtr/Swr Exp: 9600
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 2400
Operating Exp: 79486
Other Income: 2400
Vacancy Allowance: 0.05
Adjusted Gross Inc: 206682
Pmt & Rate Info
Cap Rate: 7.72
Down Payment: 0
Equity: 1650000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
No Pool: 1
Manager Res/Office: 1
Heating
None: 1
Cooling
Electric: 1
Tenant Pays
Other (See Remarks): 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 20
Avg Rent: 729
Avg SqFt: 600
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 838
Avg SqFt: 850
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: 32ND ST & THOMAS
Directions: S TO PALM LN. PROPERTY ON THE SW CORNER OF PALM AND 32ND
Geo Lat: 33.46923
Geo Lon: -112.013492
Status Change Info
Off Market Date: 2016-04-04
Under Contract Date: 2016-04-01
Close of Escrow Date: 2016-04-12
Sold Price: $1,600,000
Income Expenses
Gross Annual Sch Inc: 215160
Net Operating Income: 127316
Property Features
Project Type: 13 - 24 Units
Construction: Wood Frame
Const - Finish: Painted; Stucco
Roofing: Built-Up
Floors: Ceramic Tile
Sale Includes: Land & Building
Community Features: No Pool; Manager Res/Office
Appliances Included: Free-Standing Range; Refrigerator
Heating: None
Cooling: Electric
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: None
Parking Features: Carport
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Other (See Remarks)
Source of Fincl Data: Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; 1031 Exchange
Environmental: None
Listing Office: Better Homes & Gardens Real Estate SJ Fowler
Last Updated: December - 06 - 2024
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