$1,350,000
Glendale, AZ 85303
MLS# 5228725
Status: Closed
1 / 5
Property Description
Setting Sun is an attractive 28-unit apartment community located in a desirable Glendale neighborhood. Built in 1983, the property is made of wood frame and stucco construction with pitched composition shingle roofs, and is individually metered for electricity. The community has a unit mix consisting of all two-bedroom floor plans that are spacious and well designed and average approximately 750 square feet. The current owner has implemented capital improvements to the majority of the units including new ceramic tile flooring, water heaters, appliances and HVAC units. Additional unit amenities include an open layout and spacious closets, vertical blinds, fully appointed kitchens with electric appliances, breakfast bars, garbage disposals and are cable television ready.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,350,000
Sold Price: $1,350,000
Status: Closed
List Date: 2015-01-28
Location, Tax & Legal
Assessor's Map #: 5
Assessor's Parcel #: 116
Assessor Parcel Ltr: A
Add'l Parcels: No
Tax Municipality: Maricopa - COUNTY
Census Tract: 92712
Taxes: 10805.8
Legal: PT NE4 NE4 NW4 DAF COM NW COR OF NE4 NE4 NW4 SEC 11TH S 55.01F T
Marketing Name: Setting Sun
Map Code/Grid: N31
House Number: 6923
Compass: N
Street Name: 80TH
St Suffix: Avenue
City/Town Code: Glendale
State/Province: AZ
Zip Code: 85303
County Code: Maricopa
Assessor Number: 102-05-116-A
Tax Year: 2014
General Property Description
# of Buildings: 7
Uncvrd Parking Spcs: 42
Lot Size Dimensions: 59242
Total # of Units: 28
Elementary School District: Glendale Elementary District
High School District: Glendale Union High School District
Year Built: 1983
Zoning: R-5
Legal Info
Range: 1E
Section: 11
Township: 2N
Lot Number: n/a
Project Type
25 - 50 Units: 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 83479
Operating Exp: 94284.8
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 173926
Pmt & Rate Info
Cap Rate: 7.14
Down Payment: 0
Equity: 1395000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Play Area: 1
Barbecue: 1
Heating
Electric: 1
Individual: 1
Cooling
Individual: 1
Exterior Amenities
Green Landscaping: 1
Desert Landscaping: 1
Patio/Balcony: 1
Security Light(s): 1
Interior Features
Vertical Blinds: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Disposal: 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
Paved: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Master Meter: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
New Financing
Conventional: 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
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Contact Info
List Agent Home Phn: 602-735-5634
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 28
Avg Rent: 565
Avg SqFt: 750
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
Remarks Misc
Geo Lat: 33.537005
Geo Lon: -112.230603
Status Change Info
Off Market Date: 2015-04-30
Under Contract Date: 2015-04-27
Close of Escrow Date: 2015-06-15
Sold Price: $1,350,000
Income Expenses
Gross Annual Sch Inc: 183080
Net Operating Income: 99601
Property Features
Project Type: 25 - 50 Units
Construction: Wood Frame
Const - Finish: Painted
Roofing: Composition
Floors: Ceramic Tile
Sale Includes: Land & Building
Community Features: Pool; Play Area; Barbecue
Exterior Amenities: Green Landscaping; Desert Landscaping; Patio/Balcony; Security Light(s)
Interior Features: Vertical Blinds
Appliances Included: Free-Standing Range; Dishwasher; Disposal
Heating: Individual
Cooling: Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: SW Gas; Master Meter
Parking Features: Paved
Road Surface Type: Asphalt
Owner Pays: Water; Gas
Tenant Pays: Electricity; Cable TV
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: Treat as Free&Clear
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional
Environmental: None
Supplements
Setting Sun is situated on approximately 1.36 acres and features attractive desert landscaping and mature shade trees. Community amenities include a sparkling swimming pool, exterior lighting and a remodeled on-site laundry facility. Recent exterior capital improvements include deck repairs, paint and trim, parking lot, curbing, playground equipment, landscaping and a renovated common area with new picnic table and barbeque grill.
Setting Sun offers an investor the rare opportunity to acquire an attractive apartment community located in a desirable Glendale submarket with in-place cash flow and additional value-add potential. Over the last year, the Glendale submarket average occupancy increased by 252 basis points, more than two times that of the metropolitan Phoenix average. Furthermore, in the fourth quarter of 2014, the submarket rents averaged $0.86 PSF as compared to $0.75 PSF at the subject property. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Setting Sun is well positioned to achieve continual increases in revenue.
Listing Office: CBRE, Inc
Last Updated: June - 15 - 2015
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