$4,470,000
Phoenix, AZ 85016
MLS# 5983835
Status: Closed
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Property Description
Each building of the Modern Retro Living is of single-story block construction with pitched roofs. The fully renovated property features in-suite laundry machines, private patios in select units, extra storage, and covered parking. The community also features attractive resort-style grounds with a large swimming pool and mature landscaping around the property.The units at the Modern Retro Living have been extensively renovated in 2016. They feature modern shaker-style cabinetry with brushed nickel hardware, new countertops with subway tile backsplashes, polished concrete flooring, full-size stainless-steel appliances with dishwashers and built-in microwaves, contemporary bathroom vanities, subway tile shower surrounded with new brushed nickel fixtures, ceiling
Details
Maps
Documents
Contract Info
Current Price: $4,470,000
Sold Price: $4,470,000
Status: Closed
List Date: 2019-08-30
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P35
House Number: 2122
Compass: E
Street Name: FAIRMOUNT
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85016
Zip4: 6189
Country: USA
County Code: Maricopa
Legal Description (Abbrev): S 285' OF E 154' OF W 352' OF NE4 NW4 NE4 EX S 25' RD .92 AC
Assessor's Map #: 21
Assessor's Parcel #: 21
Assessor Parcel Ltr: E
Add'l Parcels: Yes
Assessor Number: 119-21-021-E
Legal: S 285' OF E 154' OF W 352' OF NE4 NW4 NE4 EX S 25' RD .92 AC
Census Tract: 110702
Tax Municipality: Phoenix
Taxes: 8695
Tax Year: 2019
Marketing Name: Modern Retro Living
General Property Description
Lot Size Dimensions: 285 x 267
Year Built: 1956
Total # of Units: 23
# of Buildings: 8
Zoning: R-3
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: Indian School & 22nd Street
Geo Lat: 33.493402
Geo Lon: -112.035842
Status Change Info
Status Change Date: 2020-05-30
Off Market Date: 2020-05-01
Under Contract Date: 2020-03-31
Close of Escrow Date: 2020-05-29
Sold Price: $4,470,000
Legal Info
Township: 2N
Range: 3E
Section: 27
Lot Number: -
Income & Expenses
Annual Elec Exp: 4224
Annual Ins Exp: 4740
Annual Landscape Exp: 8790
Annual Maint Exp: 5400
Annual Mgmt Exp: 12840
Annual Wtr/Swr Exp: 20856
Owner Association: No
Annual Other Expense: 38699
Operating Exp: 104244
Gross Annual Sch Inc: 329054
Other Income: 23843
Vacancy Allowance: 0.05
Adjusted Gross Inc: 335252.15
Totl Mnth Rntal Inc: 27421
Net Operating Income: 257347
Pmt & Rate Info
Cap Rate: 5.65
Equity: 4554000
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 935
Avg SqFt: 549
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 22
Avg Rent: 1192
Avg SqFt: 769
# Baths: 1
Sold Info
Loan Type: Cash
Payment Type: Other
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: Concrete
Sale Includes: Land & Building; Pool Equipment; Laundry Equipment
Community Amenities: Pool
Exterior Amenities: Landscape Wtr System; Green Landscaping; Cable TV Available
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: BI Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Cooling: Ceiling Fan(s); Central A/C
Water: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: None
Parking: Carport; 1 Space/Unit
Roads/Streets: Asphalt
Owner Pays: Water; Landscaping; Pool/Spa Maintenance; Other; See Remarks
Tenant Pays: Electric; Other (See Remarks)
Source of Fincl Data: Other (See Remarks)
Showing Notification Methods: Text; Email; Phone Call
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: Conventional
Reports/Disclosures: Other (See Remarks)
Environmental: Other (See Remarks)
Rent Roll October 
Listing Office: ABI Multifamily
Last Updated: August - 17 - 2022
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