$1,125,000
Phoenix, AZ 85021
MLS# 6203350
Status: Closed
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Property Description
Great value-add with this quaint, 9 unit property in a fast improving North Phoenix neighborhood. Unit mix consists of 2 Studios – 3 One Bedrooms – 2 Two Bedrooms & 2 Two Bedrooms plus Den or could be 3rd bedroom. Property is low maintenance with steady Tenant base and offers residents a home style living experience with fenced yards, on-site Laundry and a Central courtyard. The asset has undergone substantial improvements such as new exterior paint, interior upgrades as units were turned over, and new roofs on 2 of the 3 buildings. AC units have been replaced as needed. Local commercial amenities nearby include Sprouts Farmers Market, Starbuck, LA Fitness & Fry's Market Place. Easy access to I-17. Short drive to some of the best North Central Corridor Restaurants. Great property to
Details
Maps
Contract Info
Current Price: $1,125,000
Sold Price: $1,125,000
Status: Closed
List Date: 2021-03-05
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: N33
House Number: 2103
Compass: W
Street Name: MORTEN
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85021
Zip4: 6967
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 116 VISTA INCOME ESTATES 2 MCR 001918
Subdivision: VISTA INCOME ESTATES 2
Assessor's Map #: 22
Assessor's Parcel #: 39
Add'l Parcels: No
Assessor Number: 157-22-039
Legal: LOT 116 VISTA INCOME ESTATES 2 MCR 001918
Census Tract: 106002
Tax Municipality: Phoenix
Taxes: 2265
Tax Year: 2020
Marketing Name: 9 Units in North Phoenix
General Property Description
Lot Size Dimensions: 18,200
Year Built: 1968
Uncvrd Parking Spcs: 9
Total # of Units: 9
# of Buildings: 3
Zoning: R-3
Flood Zone: No
Elementary School District: Washington Elementary District
High School District: Glendale Union High School District
Remarks & Misc
Cross Street: 21st Ave & Northern
Directions: W on NORTHERN AVE, S on 21st Ave, to Morten & property is on S/W Corner of Morten
Geo Lat: 33.547792
Geo Lon: -112.104217
Status Change Info
Status Change Date: 2021-09-24
Off Market Date: 2021-08-21
Under Contract Date: 2021-07-22
Close of Escrow Date: 2021-09-23
Sold Price: $1,125,000
Legal Info
Township: 2N
Range: 2E
Section: 1
Lot Number: 116
Income & Expenses
Annual Elec Exp: 3299
Annual Ins Exp: 2700
Annual Maint Exp: 4500
Annual Mgmt Exp: 4778
Annual Trash Exp: 3170
Annual Wtr/Swr Exp: 3480
Owner Association: No
Operating Exp: 24192
Gross Annual Sch Inc: 82968
Vacancy Allowance: 0.01
Adjusted Gross Inc: 82138.32
Totl Mnth Rntal Inc: 6914
Net Operating Income: 82968
Pmt & Rate Info
Cap Rate: 6.15
Equity: 1350000
Efficiency Units
# Efficiency Units: 2
Avg Rent: 715
Avg SqFt: 550
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 3
Avg Rent: 770
Avg SqFt: 650
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 713
Avg SqFt: 750
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 2
Avg Rent: 875
Avg SqFt: 800
# Baths: 1
Sold Info
Loan Type: Other
Loan Years: 30
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 5 - 12 Units
Construction: Frame - Wood
Const - Finish: Painted; Stucco
Roofing: Comp Shingle
Floors: Carpet
Sale Includes: Land & Building
Community Amenities: No Pool; Other; See Remarks
Exterior Amenities: Desert Landscaping; Fenced; Patio/Balcony
Interior Amenities: Unfurnished
Appliances Included: F/S Oven/Range
Heating: Individual; Window/Wall Unit(s)
Cooling: Window/Wall Unit; Individual
Water: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: None
Parking: 1 Space/Unit; Free
Roads/Streets: Gravel
Owner Pays: Water; Trash Collection
Tenant Pays: Electric; Cable TV
Source of Fincl Data: Provided by Owner; Books Shwn Accpt Ofr; Other (See Remarks)
Showing Notification Methods: Phone Call
Lockbox Type: None
New Financing: Conventional; 1031 Exchange
Reports/Disclosures: None
Environmental: None
Supplements
ride the Phoenix rental boom while adding value by bringing rents to market and through further upgrades.
Listing Office: HomeSmart
Last Updated: February - 07 - 2022
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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