$1,482,000
300 W FRONTIER Street, 17
Payson, AZ 85541
MLS# 6009726
Status: Closed



300 W FRONTIER Street, 17, Payson, AZ 85541
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Property Description
19 unit portfolio of condos within the 42 unit West Frontier Condominiums located in beautiful Payson. Built in 1985 the property has recently received numerous recent upgrades by the HOA resulting in an immaculate and well maintained project. Most (16) of the 19 units were refurbished in 2017-2019 allowing access to expanding market rents. Tenants pay electricity and the owner-paid monthly dues of $175/unit cover water-sewer-trash along with insurance, landscaping, property maintenance, repair and management. The Offering of 19 condos consists of 6 (1X1) and 13 (2X1) units. There are an additional eight (8) units from a different owner that may be purchased in connection with this offering. This would bring the total to 27 units– for mathematical control of the HOA & better financi

Details
Maps
Contract Info
Current Price: $1,482,000
Sold Price: $1,482,000
Status: Closed
List Date: 2019-11-22
Ownership: Condominium
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: C71
House Number: 300
Compass: W
Street Name: FRONTIER
St Suffix: Street
Unit #: 17
City/Town Code: Payson
State/Province: AZ
Zip Code: 85541
Zip4: 5368
Country: USA
County Code: Gila
Legal Description (Abbrev): UNIT 17, FRONTIER CONDOMINIUMS, PLAT 618, TOGETHER WITH AN UNDIVI DED INTEREST IN AND TO THE COMMON
Subdivision: FRONTIER CONDOMINIUMS
Assessor's Map #: 8
Assessor's Parcel #: 142
Assessor Parcel Ltr: B
Add'l Parcels: Yes
Assessor Number: 304-08-142-B
Legal: UNIT 17, FRONTIER CONDOMINIUMS, PLAT 618, TOGETHER WITH AN UNDIVI DED INTEREST IN AND TO THE COMMON
Census Tract: 301
Tax Municipality: Payson
Taxes: 6763
Tax Year: 2019
Marketing Name: 19 units @ WFrontier Cndo
General Property Description
Lot Size Dimensions: irreg
Year Built: 1985
Uncvrd Parking Spcs: 62
Total # of Units: 19
# of Buildings: 5
Zoning: RENTAL RESID
Elementary School District: Out of Area
High School District: Out of Area
Remarks & Misc
Directions: 202 Freeway to Country Club Exit in Mesa, north on Beeline HWY (SR 87) for 67 miles to Payson. Or take Shea Boulevard from Fountain Hills north on the Beeline Highway (SR-87) approx 52 mi.
Geo Lat: 34.232539
Geo Lon: -111.328642
Status Change Info
Status Change Date: 2020-02-18
Off Market Date: 2020-02-18
Under Contract Date: 2020-01-02
Close of Escrow Date: 2020-02-14
Sold Price: $1,482,000
Legal Info
Township: 10N
Range: 10E
Section: 04
Lot Number: 17 total
Income & Expenses
Annual Elec Exp: 555
Annual Ins Exp: 5324
Annual Maint Exp: 6400
Annual Mgmt Exp: 18000
Owner Association: Yes
Annual Ownr Asoc Fee: 40000
Annual Other Expense: 640
Operating Exp: 77682
Gross Annual Sch Inc: 181020
Other Income: 3595
Vacancy Allowance: 0.05
Adjusted Gross Inc: 175384.25
Net Operating Income: 101965
Pmt & Rate Info
Cap Rate: 6.58
Down Payment: 1549000
Down Payment %: 100
Equity: 1549000
1 Bedroom Units
# 1 Bedroom Units: 6
Avg Rent: 670
Avg SqFt: 610
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 13
Avg Rent: 851
Avg SqFt: 750
# 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
Other Type: Packaged Offering
Construction: Frame - Wood
Const - Finish: Painted
Roofing: Comp Shingle
Floors: Vinyl; Wood; Carpet; Other
Sale Includes: Other (See Remarks)
Community Amenities: No Pool
Exterior Amenities: Fenced; Satellite Dish; Cable TV Available; Patio/Balcony; Pet Restrictions; Security Light(s)
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s); Mini Blinds; Breakfast Bar
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; W/D Hookup
Heating: Heat Pump
Cooling: Electric; Heat Pump
Water: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: Other (See Remarks)
Parking: >1 Space Per Unit; Assigned
Roads/Streets: Asphalt; Concrete; Sidewalk(s)
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electric; Cable TV
Source of Fincl Data: Provided by Owner
Special: Owner/Agent
Showing Notification Methods: 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: Affordable Housing
Reports/Disclosures: Seller Prop Disc Stm; Other (See Remarks)
Environmental: Other (See Remarks)

Listing Office: REI Marketing

Last Updated: April - 21 - 2020

300 W FRONTIER Street, 17, Payson, AZ 85541 - MLS# 6009726
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