$1,097,500
Phoenix, AZ 85008
MLS# 6114850
Status: Closed
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Property Description
''The 9 At Papago'' is a fully occupied multi-family property in an extremely high demand rental area. It is perfectly located in close proximity to Arcadia, Scottsdale, Tempe, Papago Park, Sky Harbor Airport, and a short drive to downtown Phoenix. Vacancy is extremely low as tenants love the quiet street, 12 lighted covered parking spots (rare for this property class), and proximity to all major freeways. The rear free standing home was built in 1959, while the front building with 8 units was built in 1984. All apartments feature 2 beds + 1 bath with generous interior square footage. 8 leases are currently m-t-m, making it easy to increase rents or place new tenants. Tremendous VALUE ADD potential to perform cosmetic updates and add en-suite washer/dryer to maximize the top end rent.
Details
Maps
Contract Info
Current Price: $1,097,500
Sold Price: $1,097,500
Status: Closed
List Date: 2020-08-01
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P36
House Number: 2006
Compass: N
Street Name: 51ST
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85008
Zip4: 4201
Country: USA
County Code: Maricopa
Legal Description (Abbrev): ORANGEDALE TR PT LOT 11 BEG 377.14' E OF SW COR N 115.5' E TO E LI S 115.5' W 271.63' M/L TO BEG EX
Subdivision: ORANGEDALE TRACT 11,13,14,15
Assessor's Map #: 21
Assessor's Parcel #: 7
Add'l Parcels: No
Assessor Number: 126-21-007
Legal: ORANGEDALE TR PT LOT 11 BEG 377.14' E OF SW COR N 115.5' E TO E LI S 115.5' W 271.63' M/L TO BEG EX
Census Tract: 111201
Tax Municipality: Phoenix
Taxes: 3453
Tax Year: 2019
Marketing Name: 9 at Papago
General Property Description
Lot Size Dimensions: 23522
Year Built: 1985
Uncvrd Parking Spcs: 3
Total # of Units: 9
# of Buildings: 2
Zoning: R-3
Elementary School: Orangedale Junior High Prep Academy
Jr. High School: Orangedale Junior High Prep Academy
High School: Camelback High School
Elementary School District: Balsz Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: 51st Street & McDowell
Directions: North on 51st street. Property is on the West side of 51st street.
Geo Lat: 33.469385
Geo Lon: -111.972403
Status Change Info
Status Change Date: 2020-09-05
Off Market Date: 2020-09-05
Under Contract Date: 2020-08-13
Close of Escrow Date: 2020-09-04
Sold Price: $1,097,500
Legal Info
Township: 2N
Range: 4E
Section: 32
Lot Number: 11
Income & Expenses
Annual Ins Exp: 3376
Annual Landscape Exp: 1200
Annual Maint Exp: 4500
Annual Mgmt Exp: 6309
Annual Wtr/Swr Exp: 9592
Owner Association: No
Operating Exp: 28430
Gross Annual Sch Inc: 110700
Vacancy Allowance: 0.05
Adjusted Gross Inc: 105165
Totl Mnth Rntal Inc: 110700
Net Operating Income: 76234
Pmt & Rate Info
Cap Rate: 5.48
Equity: 1390000
2 Bedroom Units
# 2 Bedroom Units: 9
Avg Rent: 1025
Avg SqFt: 862
# Baths: 1
Sold Info
Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 5 - 12 Units
Other Type: House + Rental Units
Construction: Block; Frame - Wood
Const - Finish: Painted; Stucco
Roofing: Comp Shingle
Floors: Ceramic Tile
Sale Includes: Land & Building
Community Amenities: No Pool
Exterior Amenities: Desert Landscaping; Fenced; Partially Fenced; Cable TV Available; Patio/Balcony; Separate Storage
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: F/S Oven/Range; Refrigerator
Heating: Natural Gas; Central
Cooling: Ceiling Fan(s); Electric
Water: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking: >1 Space Per Unit; Assigned; Paved Parking
Roads/Streets: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electric; Gas; Cable TV
Source of Fincl Data: Provided by Owner; Projected Proforma
Showing Notification Methods: Text
Lockbox Type: None
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; 1031 Exchange
Reports/Disclosures: None
Environmental: None
Supplements
One or more of the units could also be converted to an AirBnb and capitalize on the location and lack of affordable hotel options in the immediate area.
The seller has maintained the property and recent improvements include: NEW roofs on both buildings (2018), NEW A/C #3 (2020), and completely renovated units #2 & #9 in 2016/2017.
Listing Office: HomeSmart
Last Updated: September - 18 - 2023
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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