$4,515,000
Phoenix, AZ 85006
MLS# 6298556
Status: Closed
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Property Description
THE CORONADO 19 is a newly renovated 19-unit multifamily complex with (2) Studios, (9) 1-Bedroom/1-Bath units and (8) 2-Bedroom/1-Bath units just outside the Coronado Historic District. Built in 1960, The Coronado 19 consists of approximately 13,300 sq ft of rental space. All units are fully renovated with new cabinets, granite countertops, flooring, stainless steel appliances, dual pane windows and in-suite washer/dryers. The property has been updated with all new electric panels and wiring, new sewer lines and plumbing. A new pool was installed that can be used year round. All units are individually metered for electricity. The property is centrally located in Phoenix with easy access to the 51 freeway. This property is within 5 miles of downtown phoenix, Arcadia, Biltmore, etc.
Details
Maps
Contract Info
Current Price: $4,515,000
Sold Price: $4,515,000
Status: Closed
List Date: 2021-09-24
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P35
House Number: 1707
Compass: N
Street Name: 18TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85006
Zip4: 2305
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 15 BLOCK 9 MCDOWELL MANORS ANNEX MCR 003344
Subdivision: MCDOWELL MANORS ANNEX
Assessor's Map #: 13
Assessor's Parcel #: 113
Assessor Parcel Ltr: A
Add'l Parcels: No
Assessor Number: 117-13-113-A
Legal: LOT 15 BLOCK 9 MCDOWELL MANORS ANNEX MCR 003344
Census Tract: 111602
Tax Municipality: Maricopa - COUNTY
Taxes: 6282
Tax Year: 2021
Marketing Name: The Coronado 19
General Property Description
Lot Size Dimensions: 0.062
Year Built: 1960
Uncvrd Parking Spcs: 14
Total # of Units: 19
# of Buildings: 3
Zoning: R-4
Elementary School: Excelencia School
Jr. High School: Phoenix Coding Academy
High School: North High School
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: McDowell Rd & 16th St
Directions: Head east on E McDowell Rd, North on N 18th St. Property will be on the right at the corner of Coronado St & 18th St.
Geo Lat: 33.467194
Geo Lon: -112.043029
Status Change Info
Status Change Date: 2022-03-01
Off Market Date: 2022-01-03
Under Contract Date: 2021-12-26
Close of Escrow Date: 2022-02-28
Sold Price: $4,515,000
Legal Info
Township: 2N
Range: 3E
Section: 34
Block: 9
Lot Number: 15
Income & Expenses
Annual Elec Exp: 3958.82
Annual Gas Exp: 145.4
Annual Ins Exp: 8744
Annual Landscape Exp: 5000
Annual Maint Exp: 10000
Annual Mgmt Exp: 14820
Annual Trash Exp: 5422.4
Annual Wtr/Swr Exp: 5422.4
Owner Association: No
Operating Exp: 59795.02
Gross Annual Sch Inc: 269440.32
Vacancy Allowance: 0.05
Adjusted Gross Inc: 255968.3
Net Operating Income: 76607
Pmt & Rate Info
Cap Rate: 1.67
Equity: 4600000
Efficiency Units
# Efficiency Units: 2
Avg Rent: 879.28
Avg SqFt: 300
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 9
Avg Rent: 1123.6
Avg SqFt: 700
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 8
Avg Rent: 1322.87
Avg SqFt: 800
# 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: Vinyl
Sale Includes: Land & Building; Personal Property
Community Amenities: Pool; Barbecue
Exterior Amenities: Patio/Balcony
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s); Mini Blinds
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Electric
Water: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking: Carport; 1 Space/Unit
Roads/Streets: Asphalt
Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool/Spa Maintenance
Tenant Pays: Electric; Cable TV
Source of Fincl Data: Provided by Owner
Showing Notification Methods: Phone Call
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Non Assumable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; No Carry; 1031 Exchange
Reports/Disclosures: Seller Prop Disc Stm
Environmental: None
Listing Office: Urbanity Properties
Last Updated: August - 15 - 2022
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