$1,950,000
Phoenix, AZ 85015
MLS# 6059233
Status: Closed
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Property Description
Mulberry Apartments is a beautiful mid-century, renovated property well located in central Phoenix. Residents love its close proximity to Central Avenue in the Encanto district of Phoenix. Current ownership has completed a complete interior upgrade program several years ago and the community is positioned for a new investor to expand on this upgrade program. Current rents are below market and upside in charging for utility reimbursements! 16 x 1 Bedroom/1 Bath units each 640 sf in size featuring new modern kitchen cabinets, stainless steel appliances, quartz counter-tops, under-mounted sinks, new bathroom vanities with quartz counter-tops and stack-able washers and dryers in every unit. **SEE OFFERING MEMORANDUM IN DOCUMENTS TAB**
Details
Maps
Contract Info
Current Price: $1,950,000
Sold Price: $1,950,000
Status: Closed
List Date: 2020-03-30
Ownership: Fee Simple
Sub Agent $/%: %
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P34
House Number: 1820
Compass: W
Street Name: MULBERRY
St Suffix: Drive
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Zip4: 5825
Country: USA
County Code: Maricopa
Legal Description (Abbrev): BEG 80.00' W & 157.00' S FROM NE COR NW4 NW4 SW4 TH S 127.46' W 119.28' TH SWLY 40.49' ALONG CURV
Assessor's Map #: 26
Assessor's Parcel #: 76
Assessor Parcel Ltr: D
Add'l Parcels: No
Assessor Number: 110-26-076-D
Legal: BEG 80.00' W & 157.00' S FROM NE COR NW4 NW4 SW4 TH S 127.46' W 119.28' TH SWLY 40.49' ALONG CURVE TH N 127.42' TH NELY
Census Tract: 110400
Tax Municipality: Phoenix
Taxes: 9482
Tax Year: 2019
Marketing Name: MULBERRY APARTMENTS
General Property Description
Lot Size Dimensions: Irr
Year Built: 1968
Total # of Units: 16
# of Buildings: 3
Zoning: R-4
Elementary School: Encanto School
High School: Central High School
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: 19th Ave & Osborn
Geo Lat: 33.487102
Geo Lon: -112.098325
Status Change Info
Status Change Date: 2021-02-23
Off Market Date: 2021-01-13
Under Contract Date: 2020-11-11
Close of Escrow Date: 2021-02-25
Sold Price: $1,950,000
Legal Info
Township: 2N
Range: 3E
Section: 30
Lot Number: 194
Income & Expenses
Annual Elec Exp: 20909
Annual Gas Exp: 2314
Annual Ins Exp: 4576
Annual Legal & Acctg: 4696
Annual Maint Exp: 12800
Annual Mgmt Exp: 7899
Annual Trash Exp: 2990
Annual Wtr/Swr Exp: 4365
Owner Association: No
Annual Rplcmnt Rsrvs: 4000
Annual Other Expense: 545
Operating Exp: 74576
Gross Annual Sch Inc: 182400
Other Income: 24200
Vacancy Allowance: 0.05
Adjusted Gross Inc: 196270
Net Operating Income: 119205
Pmt & Rate Info
Cap Rate: 5.68
Equity: 2100000
1 Bedroom Units
# 1 Bedroom Units: 16
Avg Rent: 862
Avg SqFt: 640
# Baths: 1
Contact Info
List Agent Home Phn: 480-767-3001
Sold Info
Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 13 - 24 Units
Construction: Frame - Wood
Const - Finish: Painted
Roofing: Built-Up
Floors: Ceramic Tile
Sale Includes: Building(s) Only
Community Amenities: No Pool
Exterior Amenities: Green Landscaping; Partially Fenced; Patio/Balcony
Interior Amenities: Unfurnished; Vertical Blinds
Appliances Included: BI Oven/Range; Refrigerator; Washer/Dryer
Heating: Heat Pump
Cooling: Heat Pump
Water: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking: 1 Space/Unit
Roads/Streets: Asphalt
Owner Pays: Water; Gas; Trash Collection
Tenant Pays: Electric
Source of Fincl Data: Projected Proforma
Showing Notification Methods: Text
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
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: None
Environmental: None
Listing Office: Keller Williams Arizona Realty
Last Updated: February - 25 - 2021
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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