$1,314,000
Phoenix, AZ 85008
MLS# 6103281
Status: Closed
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Property Description
49th Place is a 9-unit, two-property multifamily investment opportunity located off of 52nd Street & Thomas, surrounded by a robust collection of Central Phoenix & Scottsdale's high-profile employers. Positioned less than one mile from the Gateway + Airport employment corridors, residents will have immediate access to a dense professional core comprised of industries including aviation, high-tech manufacturing, and financial services. 49th Place also offers exceptional connectivity to the bevy of hip boutique eateries permeating the affluent Arcadia neighborhood north of the properties. Completed in 1961, 49th Place is comprised of five one-bedroom, and four two-bedroom one-bath apartment homes averaging 685-square-feet.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,314,000
Sold Price: $1,314,000
Status: Closed
List Date: 2020-07-14
Location, Tax & Legal
Assessor's Map #: 18
Assessor's Parcel #: 15
Assessor Parcel Ltr: D
Add'l Parcels: No
Tax Municipality: Phoenix
Taxes: 1590
Legal: ORANGEDALE TR LOT 10 N 70' OF S 231.5' OF N 303' OF E 173' OF W 259.25' EX RD PER/DKT 3203/137
Marketing Name: 49th Place
Map Code/Grid: P36
House Number: 2040
Compass: N
Street Name: 49th
St Suffix: Place
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85008
County Code: Maricopa
Subdivision: ORANGEDALE TRACT 11,13,14,15
Assessor Number: 126-18-015-D
Tax Year: 2019
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 8
Lot Size Dimensions: unknown
Total # of Units: 9
Elementary School District: Balsz Elementary District
High School District: Phoenix Union High School District
Year Built: 1960
Zoning: R-3
Project Type
Other (See Remarks): 1
Construction
Block: 1
Const - Finish
Other (See Remarks): 1
Roofing
Composition: 1
Floors
Vinyl: 1
Other: 1
Sale Includes
Laundry Equipment: 1
Other (See Remarks): 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 2500
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 4500
Annual Mgmt Exp: 5524
Annual Trash Exp: 1800
Annual Wtr/Swr Exp: 8000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 1800
Annual Other Expense: 1125
Operating Exp: 26839
Other Income: 675
Vacancy Allowance: 0.08
Adjusted Gross Inc: 109917
Pmt & Rate Info
Cap Rate: 5.54
Down Payment: 0
Equity: 1440000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Email: 1
Lockbox Type
None: 1
Community Features
Other: 1
See Remarks: 1
Heating
Individual: 1
Cooling
Other: 1
See Remarks: 1
Exterior Amenities
Green Landscaping: 1
Tenant Pays
Electricity: 1
Appliances Included
Free-Standing Range: 1
Refrigerator: 1
Disposal: 1
Roads/Streets
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
Other: 1
See Remarks: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Paved: 1
Electric
SRP: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
New Financing
Conventional: 1
No Carry: 1
1031 Exchange: 1
Other (See Remarks): 1
Existing 1st Loan
Other (See Rmks): 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 3rd Loan
Other (See Remarks): 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Environmental
None: 1
Existing Othr Ln Trm
Other (See Remarks): 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 5
Avg Rent: 1000
Avg SqFt: 618
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 1225
Avg SqFt: 768
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Other
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: Thomas & 48th St
Geo Lat: 33.470692
Geo Lon: -111.975491
Status Change Info
Off Market Date: 2020-08-27
Under Contract Date: 2020-08-27
Close of Escrow Date: 2020-11-12
Sold Price: $1,314,000
Legal Info
Lot Number: 10
Income Expenses
Gross Annual Sch Inc: 118800
Net Operating Income: 79757
Property Features
Project Type: Other (See Remarks)
Construction: Block
Const - Finish: Other (See Remarks)
Roofing: Composition
Floors: Vinyl; Other
Sale Includes: Laundry Equipment; Other (See Remarks)
Community Features: Other; See Remarks
Exterior Amenities: Green Landscaping
Appliances Included: Free-Standing Range; Refrigerator; Disposal
Heating: Individual
Cooling: Other; See Remarks
Water Source: Other; See Remarks
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking Features: Carport; Paved
Owner Pays: Water; Gas; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Projected Proforma
Showing Notification Methods: Email
Lockbox Type: None
Existing 1st Loan: Other (See Rmks)
Existing 2nd Loan: Other (See Remarks)
Existing 3rd Loan: Other (See Remarks)
Existing Othr Ln Trm: Other (See Remarks)
New Financing: Conventional; No Carry; 1031 Exchange; Other (See Remarks)
Environmental: None
Supplements
The community space and 100% of the interiors
have been renovated and include in-suite laundry. Future ownership
will have the opportunity to improve operations with a utility
recapture and increasing market rents.
Listing Office: Platinum Living Realty
Last Updated: January - 31 - 2022
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