$960,000
Phoenix, AZ 85034
MLS# 5987818
Status: Closed
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Property Description
1846 is a boutique-style apartment community originally built in 1940, renovated in 2016 and extensively remodeled in 2019. The community offers a mix of studio, one- and two-bedroom rental units. The units provide the resident the comfort of individual AC and microwaves as well as other unit attributes. The 2019 renovation included two new main water heaters, new roofs on both buildings, exterior paint and stucco siding, electrical panels, three units completely rewired and rebuilt, 6 new AC units, new sewer main, new walkways and exterior awnings. At list price, 1846 produces a cap rate of 7.58% with room for future rent growth to the new investor.
Details
Maps
Contract Info
Current Price: $960,000
Sold Price: $960,000
Status: Closed
List Date: 2019-10-04
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: Q35
House Number: 1846
Compass: E
Street Name: WASHINGTON
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85034
Zip4: 1244
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 24 BLOCK 39 COLLINS PHOENIX BLKS 23-26, 17, 27 MCR 000111
Subdivision: COLLINS PHOENIX BLKS 23-26, 17, 27
Assessor's Map #: 3
Assessor's Parcel #: 74
Add'l Parcels: No
Assessor Number: 115-03-074
Legal: LOT 24 BLOCK 39 COLLINS PHOENIX BLKS 23-26, 17, 27 MCR 000111
Census Tract: 113900
Tax Municipality: Phoenix
Taxes: 1078
Tax Year: 2019
Marketing Name: 1846
General Property Description
Lot Size Dimensions: 49 FT X 157.5 Ft
Year Built: 1940
Uncvrd Parking Spcs: 12
Total # of Units: 12
# of Buildings: 1
Zoning: C-3
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: Washington Street & 19th Street
Geo Lat: 33.448669
Geo Lon: -112.041398
Status Change Info
Status Change Date: 2020-03-09
Off Market Date: 2020-03-09
Under Contract Date: 2020-01-06
Close of Escrow Date: 2020-03-08
Sold Price: $960,000
Legal Info
Township: 1N
Range: 3E
Section: 10
Block: 39
Lot Number: 24
Income & Expenses
Annual Elec Exp: 8372
Annual Ins Exp: 3477
Annual Maint Exp: 2400
Annual Mgmt Exp: 5787
Annual Wtr/Swr Exp: 7442
Owner Association: No
Annual Rplcmnt Rsrvs: 2400
Annual Other Expense: 5200
Operating Exp: 36156
Gross Annual Sch Inc: 115474
Other Income: 6156
Vacancy Allowance: 0.05
Adjusted Gross Inc: 115548.5
Net Operating Income: 79323
Pmt & Rate Info
Cap Rate: 7.55
Equity: 1050000
Efficiency Units
# Efficiency Units: 8
Avg Rent: 764
Avg SqFt: 275
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 3
Avg Rent: 853
Avg SqFt: 400
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 1049
Avg SqFt: 550
# Baths: 1
Sold Info
Loan Type: Conventional
Loan Years: 10
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 5 - 12 Units
Construction: Block
Const - Finish: Painted; Stucco; Other (See Remarks)
Roofing: Other (See Remarks)
Floors: Other
Sale Includes: Land & Building; Laundry Equipment; Other (See Remarks)
Community Amenities: No Pool
Exterior Amenities: Cable TV Available
Interior Amenities: Unfurnished; Other (See Remarks)
Appliances Included: BI Oven/Range; Refrigerator; Microwave
Cooling: Window/Wall Unit
Water: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: Other (See Remarks)
Parking: Street Parking; 1 Space/Unit; Other (See Remarks)
Roads/Streets: Gravel; Dirt; Asphalt
Owner Pays: Other; See Remarks
Tenant Pays: Other (See Remarks)
Source of Fincl Data: Other (See Remarks)
Showing Notification Methods: Text
Lockbox Type: None
Existing 1st Loan: Other (See Rmks)
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: Other (See Remarks)
Reports/Disclosures: Other (See Remarks)
Environmental: Other (See Remarks)
Listing Office: ABI Multifamily
Last Updated: July - 13 - 2020
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