$1,674,999
Scottsdale, AZ 85251
MLS# 5756307
Status: Closed
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Property Description
Great opportunity to acquire mostly Renovated Gardens of Grace Apartments, a 12-unit portfolio consisting of 1 and 2-bedroom, 1 bath floor-plans. Gardens of Grace Apartments is conveniently located just minutes from the 101-Loop freeway, Scottsdale Fashion Square Mall, Scottsdale Community College, ASU, Downtown Tempe, and Talking Stick Resort, and minutes away from the entertainment and dining venues of downtown Scottsdale, AZ. Drive by only buyer to verify MLS information.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,674,999
Sold Price: $1,674,999
Status: Closed
List Date: 2018-04-23
Location, Tax & Legal
Assessor's Map #: 47
Legal Description (Abbrev): LOT 22 IMPERIAL MANOR MCR 007530
Assessor's Parcel #: 26
Add'l Parcels: Yes
Tax Municipality: Scottsdale
Census Tract: 217501
Taxes: 2735
Legal: LOT 22 IMPERIAL MANOR MCR 007530
Marketing Name: Gardens of Grace
Map Code/Grid: P37
House Number: 3114
Compass: N
Street Name: 66TH
St Suffix: Street
City/Town Code: Scottsdale
State/Province: AZ
Zip Code: 85251
Zip4: 6762
County Code: Maricopa
Subdivision: IMPERIAL MANOR
Assessor Number: 130-47-026
Tax Year: 2017
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 12
Lot Size Dimensions: 28374
Total # of Units: 12
Elementary School District: Phoenix Elementary District
High School District: Scottsdale Unified District
Elementary School: Hopi Elementary School
Jr. High School: Ingleside Middle School
High School: Arcadia High School
Year Built: 1958
Zoning: R5
Legal Info
Range: 4E
Section: 27
Township: 2N
Lot Number: 22
Project Type
Four Plex: 1
5 - 12 Units: 1
Other Type
Packaged Offering: 1
Other (See Remarks): 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Built-Up: 1
Floors
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Pool Equipment: 1
Laundry Equipment: 1
Income & Expenses
Annual Elec Exp: 1200
Annual Gas Exp: 900
Annual Ins Exp: 4600
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 12000
Annual Mgmt Exp: 6500
Annual Trash Exp: 1800
Annual Wtr/Swr Exp: 3600
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 33335
Other Income: 3000
Vacancy Allowance: 0.05
Adjusted Gross Inc: 2850
Pmt & Rate Info
Cap Rate: 5.88
Down Payment: 0
Equity: 1699900
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Heating
Electric: 1
Cooling
Electric: 1
Exterior Amenities
Landscape Wtr System: 1
Green Landscaping: 1
Fenced: 1
Cable TV Available: 1
Patio/Balcony: 1
Separate Storage: 1
Interior Amenities
Fire/Smoke Alarm(s): 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Built-In Range: 1
Refrigerator: 1
Dishwasher: 1
Disposal: 1
Microwave: 1
Roads/Streets
Asphalt: 1
Concrete: 1
Curb(s) & Gutter(s): 1
Sidewalk(s): 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Free: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 1
Existing 1st Loan
Conventional: 1
Existing 1st Ln Type
Not Applicable: 1
Existing 1st Ln Trms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Ln Type
Not Applicable: 1
Existing 2nd Ln Trms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Ln Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Ln Trms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 10
Avg Rent: 920
Avg SqFt: 600
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1100
Avg SqFt: 725
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
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: 4000
Seller Concession $/%: $
Remarks Misc
Cross Street: 68th Street and Earll Dr.
Geo Lat: 33.483702
Geo Lon: -111.93885
Status Change Info
Off Market Date: 2018-10-05
Under Contract Date: 2018-08-29
Close of Escrow Date: 2018-09-28
Sold Price: $1,674,999
Income Expenses
Net Operating Income: 99985
Property Features
Project Type: Four Plex; 5 - 12 Units
Other Type: Packaged Offering; Other (See Remarks)
Construction: Block
Const - Finish: Painted
Roofing: Built-Up
Floors: Ceramic Tile
Sale Includes: Land & Building; Pool Equipment; Laundry Equipment
Community Features: Pool
Exterior Amenities: Landscape Wtr System; Green Landscaping; Fenced; Cable TV Available; Patio/Balcony; Separate Storage
Interior Amenities: Fire/Smoke Alarm(s)
Appliances Included: Built-In Range; Refrigerator; Dishwasher; Disposal; Microwave
Cooling: Electric
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: SW Gas
Parking Features: Free
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Projected Proforma
Existing 1st Loan: Conventional
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; 1031 Exchange
Environmental: None
Supplements
Remodel units with back yards and tank less water heaters. Coin operated luandry equipment that seller owns and not leased. Seller is in process of putting on new roofs.
Listing Office: Russ Lyon Sotheby's International Realty
Last Updated: December - 11 - 2019
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