$550,000
Tempe, AZ 85282
MLS# 5928444
Status: Closed
1 / 27
Property Description
We are pleased to present West Park Apartments. These units are all two bedroom one bath units. This is a portfolio sale and can buy each at $575,000 1229 and 1235 W Southern Ave. 6.18% cap on proforma when all units rented at new rents. 5 of the units have been completely remodeled and 3 have not been updated. All units have covered parking and yards. Property has roofs replaced in the past year as well as new windows new paint and 5 newly remodeled units. units. All facts and figures are approximate buyer verify MLS information. Old rents from long term tenants and new rents being currently raised. Drive by only tenants are unaware of sale.
Details
Maps
Contract Info
Current Price: $550,000
Sold Price: $550,000
Status: Closed
List Date: 2019-05-17
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: R36
House Number: 1235
Compass: W
Street Name: SOUTHERN
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85282
Country: USA
County Code: Maricopa
Assessor's Map #: 42
Assessor's Parcel #: 66
Add'l Parcels: Yes
Assessor Number: 123-42-066
Legal: TRACT E WESTWAY PARK MCR 012324
Tax Municipality: Maricopa - COUNTY
Taxes: 2070
Tax Year: 2018
Marketing Name: WESTWAY PARK
General Property Description
Lot Size Dimensions: 0.213 acres / 9,275 sqft
Year Built: 1970
Uncvrd Parking Spcs: 4
Total # of Units: 8
# of Buildings: 1
Zoning: R-3
High School District: Tempe Union High School District
Remarks & Misc
Cross Street: Southern and Priest
Directions: Head east on southern from Priest and property on right hand side drive through alley for access
Geo Lat: 33.392536
Geo Lon: -111.958276
Status Change Info
Status Change Date: 2019-07-26
Off Market Date: 2019-07-26
Under Contract Date: 2019-05-29
Close of Escrow Date: 2019-07-26
Sold Price: $550,000
Legal Info
Lot Number: 2
Income & Expenses
Annual Elec Exp: 600
Annual Ins Exp: 2400
Annual Landscape Exp: 1000
Annual Maint Exp: 4000
Annual Mgmt Exp: 10000
Annual Trash Exp: 1500
Annual Wtr/Swr Exp: 3500
Owner Association: No
Annual Rplcmnt Rsrvs: 3000
Annual Other Expense: 4540
Operating Exp: 32610
Gross Annual Sch Inc: 110400
Other Income: 2000
Vacancy Allowance: 0.05
Adjusted Gross Inc: 106780
Totl Mnth Rntal Inc: 9200
Net Operating Income: 74170
Pmt & Rate Info
Cap Rate: 6.45
Equity: 1150000
2 Bedroom Units
# 2 Bedroom Units: 8
Avg Rent: 1150
Avg SqFt: 750
# Baths: 1
Sold Info
Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: Four Plex; 5 - 12 Units
Other Type: Packaged Offering; Other (See Remarks)
Construction: Block
Const - Finish: Painted
Roofing: Rolled
Floors: Vinyl; Ceramic Tile; Carpet
Sale Includes: Building(s) Only
Payment Includes: Principal; Taxes
Community Amenities: No Pool; Other; See Remarks
Exterior Amenities: Other (See Remarks)
Interior Amenities: Other (See Remarks)
Appliances Included: F/S Oven/Range; Refrigerator; Other (See Remarks)
Heating: Central
Cooling: Electric; Heat Pump; Individual; Central A/C
Water: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: None; Other (See Remarks)
Parking: Carport; Street Parking; <1 Space Per Unit; 1 Space/Unit
Roads/Streets: Gravel; Dirt; Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electric
Source of Fincl Data: Projected Proforma
Special: Owner/Agent
Lockbox Type: None
Existing 1st Loan: FHA; 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: VA; FHA; Conventional; 1031 Exchange
Reports/Disclosures: None
Environmental: Other (See Remarks)
Listing Office: Grace CRE
Last Updated: June - 12 - 2020
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.