$3,050,000
Phoenix, AZ 85015
MLS# 5930859
Status: Closed
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Property Description
Fully Renovated, Turn-key Property, Yardz on Colter features 16 units in 4 one-story buildings resting on a 1.21-acre site. Featuring vintage, mid-century modern architecture, the buildings are constructed of concrete block with pitched roofs. All units enjoy a two-bedroom / one-bathroom floorplan. The apartments are individually metered for electricity, hot water, and have individual HVACs. The kitchens are equipped with stainless-steel appliances (refrigerator, microwave, range / oven, and dishwasher), contemporary cabinetry, quartz countertops, tiled backsplash, a garbage disposal, and a stainless-steel sink and faucet. Each unit enjoys vinyl wood-like flooring, ceiling fans, walk-in closets, contemporary bathrooms, interior washer / dryer, modern finishes,
Details
Maps
Contract Info
Current Price: $3,050,000
Sold Price: $3,050,000
Status: Closed
List Date: 2019-05-24
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: N34
House Number: 1545
Compass: W
Street Name: Colter
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Country: USA
County Code: Maricopa
Assessor's Map #: 38
Assessor's Parcel #: 18
Add'l Parcels: No
Assessor Number: 156-38-018
Legal: to be provided at title
Tax Municipality: Phoenix
Taxes: 5662
Tax Year: 2018
Marketing Name: Yardz on Colter
General Property Description
Lot Size Dimensions: Unknown
Year Built: 1965
Uncvrd Parking Spcs: 16
Total # of Units: 16
# of Buildings: 4
Zoning: R-3
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: Camelback Rd & 15th Ave
Directions: North to Colter Street. West to Property.
Geo Lat: 33.512617
Geo Lon: -112.093147
Status Change Info
Status Change Date: 2019-11-05
Off Market Date: 2019-08-12
Under Contract Date: 2019-08-01
Close of Escrow Date: 2019-10-24
Sold Price: $3,050,000
Legal Info
Lot Number: 5
Income & Expenses
Annual Ins Exp: 3200
Annual Landscape Exp: 2400
Annual Maint Exp: 12000
Annual Mgmt Exp: 17341
Annual Trash Exp: 2400
Annual Wtr/Swr Exp: 5000
Owner Association: No
Annual Rplcmnt Rsrvs: 4000
Annual Other Expense: 3290
Operating Exp: 55293
Gross Annual Sch Inc: 248640
Other Income: 11600
Vacancy Allowance: 0.05
Adjusted Gross Inc: 247228
Net Operating Income: 192515
Pmt & Rate Info
Cap Rate: 6.17
Down Payment: 640000
Down Payment %: 20
Equity: 3120000
2 Bedroom Units
# 2 Bedroom Units: 16
Avg Rent: 1350
Avg SqFt: 885
# Baths: 1
Sold Info
Loan Type: Conventional
Loan Years: 10
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted
Roofing: Comp Shingle
Floors: Other
Sale Includes: Other (See Remarks)
Community Amenities: Pool
Exterior Amenities: Landscape Wtr System; Desert Landscaping
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Washer/Dryer
Heating: Individual; Central
Cooling: Ceiling Fan(s); Individual; Central A/C
Water: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: SRP; Individual Meter
Gas: None
Parking: >1 Space Per Unit; Paved Parking; Other (See Remarks)
Roads/Streets: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electric
Source of Fincl Data: Provided by Owner
Lockbox Type: None
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; Other (See Remarks)
Reports/Disclosures: Other (See Remarks)
Environmental: Other (See Remarks)
Supplements
new windows and doors, and a spacious, private gated
patio. Tenants enjoy the use of a community swimming pool with pool furniture,
a spacious yard with gazebo, some additional storage, a resurfaced parking lot,
and covered parking. Yardz on Colter Apartments is a 16-unit, garden-style apartment community
located in the Opportunity Zone in Phoenix, AZ. The property's convenient location provides residents
with direct access to all areas of the Valley by way of Interstate 17 and the Valley
Metro Light Rail. There are numerous dining, shopping, and entertainment
options within proximity to the property including Olive Garden, Costco, and
Harkins Theatres. The Central Corridor of Uptown, Midtown, and Downtown,
along with Grand Canyon University, provide many employment and education
opportunities convenient to the property.
Listing Office: ABI Multifamily
Last Updated: August - 23 - 2023
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