$3,000,000
Phoenix, AZ 85018
MLS# 6077227
Status: Closed
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Property Description
The Vara Apartments are 21-unit garden style apartments located in the highly sought out for neighborhood of ARCADIA LITE. These units have been updated with stainless steel appliances, polished concrete floors, and huge walk in closets. Amenities include a pergola sitting area, BBQ, gated/covered parking and onsite laundry facility for additional income. Most tenants are month to month with room to raise rents. All units have one covered parking space within the gated community. Tenants pay electric, cable and internet. Close to Sky Harbor Airport, Downtown Phoenix, ASU, Biltmore shopping center and Camelback Mountain.
Details
Maps
Contract Info
Current Price: $3,000,000
Sold Price: $3,000,000
Status: Closed
List Date: 2020-05-12
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P35
House Number: 2922
Compass: N
Street Name: 35TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85018
Zip4: 7415
Country: USA
County Code: Maricopa
Legal Description (Abbrev): W CITRUS AC MCR 24/17 LOT 181 EX S 50F OF W 150F & ALSO S 5.17F OF E 102F OF ABAND ALLEY P/D 14849 -
Subdivision: WEST CITRUS ACRES
Assessor's Map #: 30
Assessor's Parcel #: 4
Add'l Parcels: Yes
Assessor Number: 127-30-004
Legal: W CITRUS AC MCR 24/17 LOT 181 EX S 50F OF W 150F & ALSO S 5.17F OF E 102F OF ABAND ALLEY P/D 14849 -
Census Tract: 110901
Tax Municipality: Phoenix
Taxes: 12899
Tax Year: 2019
Marketing Name: Vara Apartments
General Property Description
Lot Size Dimensions: 21,115
Year Built: 1968
Total # of Units: 21
# of Buildings: 3
Zoning: R-4
Elementary School: Creighton Elementary School
Jr. High School: Creighton Elementary School
High School: Camelback High School
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: 35th Street and Thomas
Directions: East on Thomas Rd, North on 35th St.
Geo Lat: 33.481544
Geo Lon: -112.006843
Status Change Info
Status Change Date: 2020-10-09
Off Market Date: 2020-09-25
Under Contract Date: 2020-08-11
Close of Escrow Date: 2020-10-09
Sold Price: $3,000,000
Legal Info
Township: 2N
Range: 3E
Section: 25
Lot Number: 181
Income & Expenses
Annual Elec Exp: 1740
Annual Ins Exp: 4100
Annual Landscape Exp: 1200
Annual Mgmt Exp: 13200
Annual Trash Exp: 1200
Annual Wtr/Swr Exp: 8400
Owner Association: No
Operating Exp: 42739
Gross Annual Sch Inc: 237300
Other Income: 3000
Vacancy Allowance: 0.03
Adjusted Gross Inc: 233091
Net Operating Income: 190352
Pmt & Rate Info
Cap Rate: 5.22
Equity: 3650000
1 Bedroom Units
# 1 Bedroom Units: 19
Avg Rent: 925
Avg SqFt: 700
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1100
Avg SqFt: 850
# Baths: 1
Sold Info
Loan Type: Exchange
Loan Years: 30
Payment Type: Fixed
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; Sealed
Sale Includes: Land & Building
Community Amenities: No Pool; Barbecue; Other; See Remarks
Exterior Amenities: Landscape Wtr System; Desert Landscaping; Partially Fenced; Cable TV Available; Security Light(s)
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: F/S Oven/Range; Refrigerator; Disposal; Microwave; Washer/Dryer
Heating: Central
Cooling: Central A/C; Chiller System
Water: City Franchise
Sewer: Sewer - Public
Electric: SRP; Individual Meter
Gas: None
Parking: 1 Space/Unit; Paved Parking
Roads/Streets: Asphalt
Owner Pays: Water; Electric; Trash Collection; Landscaping
Tenant Pays: Electric; Cable TV
Source of Fincl Data: Provided by Owner
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
New Financing: Conventional; 1031 Exchange
Reports/Disclosures: None
Environmental: None
Listing Office: Metro Realty
Last Updated: October - 09 - 2020
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