$2,795,000
Tucson, AZ 85705
MLS# 6696537
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Property Description
Twin Palms Apartments is a 20 Unit Gated Community which underwent a Full Renovation in 2019. Upon Completion, it was Loaded with Upgrades Including: New Granite Countertops, Stainless Steel Appliances, Polished Concrete Floors, Light and Bright Baths with Subway Tile and Quality Finishes Throughout the Units. The property is Centrally Located with an Easy Commute to the U of A, Downtown and/or Central Tucson, NW Tucson, Tucson Mall, Entertainment, Amazing Restaurants, Shopping, Services and Transportation. The property is Double Walled, Gated, Well Lit and has Seller Owned Laundry Equipment in a building that not only includes the laundry but also offers Secure Individual Storage for the tenants. The Secure Storage could bring in additional Revenue for the New Owner!...(more)
Details
Maps
Contract Info
Current Price: $2,795,000
List Price: $2,795,000
Status: Active
List Date: 2024-04-24
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
House Number: 50
Compass: W
Street Name: King
St Suffix: Road
City/Town Code: Tucson
State/Province: AZ
Zip Code: 85705
Zip4: 3269
Country: USA
County Code: Pima
Legal Description (Abbrev): PASTIME ACRES RESUB E2 OF LOT 4-S & S75' E165' OF LOT 4-N NULL NULL NULL
Subdivision: Pastime Acres 20 Units
Assessor's Map #: 2
Assessor's Parcel #: 206
Add'l Parcels: No
Assessor Number: 106-02-206
Legal: PASTIME ACRES RESUB E2 OF LOT 4-S & S75' E165' OF LOT 4-N NULL NULL NULL
Census Tract: 2604
Tax Municipality: Tucson
Taxes: 8462
Tax Year: 2023
Marketing Name: Twin Palms 20 Units
General Property Description
Lot Size Dimensions: 163 x 368 x 164 x 369
Year Built: 1971
Uncvrd Parking Spcs: 30
Total # of Units: 20
# of Buildings: 3
Zoning: Multi Family
Flood Zone: No
Elementary School District: Amphitheater Unified District
High School District: Amphitheater Unified District
Remarks & Misc
Cross Street: Oracle Rd & Prince Rd
Directions: East on King from Oracle Rd to the property
Geo Lat: 32.274408
Geo Lon: -110.973146
Status Change Info
Status Change Date: 2024-04-25
Legal Info
Township: 13
Range: 13
Section: 25
Lot Number: 0004N
Income & Expenses
Annual Elec Exp: 625
Annual Ins Exp: 4000
Annual Landscape Exp: 4000
Annual Legal & Acctg: 3500
Annual Maint Exp: 11000
Annual Mgmt Exp: 16997
Annual Wtr/Swr Exp: 12000
Owner Association: No
Annual Rplcmnt Rsrvs: 6000
Annual Other Expense: 3500
Operating Exp: 70084
Gross Annual Sch Inc: 228000
Other Income: 4800
Vacancy Allowance: 0.05
Adjusted Gross Inc: 221160
Totl Mnth Rntal Inc: 19000
Net Operating Income: 153076
Pmt & Rate Info
Cap Rate: 5.15
Equity: 2975000
Showing Notification Methods
Showing Service: No Showing Service Used
1 Bedroom Units
# 1 Bedroom Units: 20
Avg Rent: 950
Avg SqFt: 600
# Baths: 1
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted
Roofing: Comp Shingle; Built-Up
Floors: Concrete; Sealed
Sale Includes: Land & Building
Community Amenities: No Pool
Exterior Amenities: Desert Landscaping; Fenced; Cable TV Available; Security Light(s)
Interior Amenities: Mini Blinds
Appliances Included: F/S Oven/Range; Refrigerator
Heating: Natural Gas; Individual
Cooling: Ceiling Fan(s); Electric; Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: Individual Meter
Gas: SW Gas; Individual Meter
Parking: Free; 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; Email; Phone Call
Lockbox Type: Mech-box / Combo
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
New Financing: Cash; No Carry; 1031 Exchange; Other (See Remarks)
Reports/Disclosures: Seller Prop Disc Stm
Environmental: None
Supplements
Tenants Pay for their Electricity and Gas. Water/sewer/trash and parking is included in the rent.
Tucson boasts a Vibrant Market with a Deep Cultural Tapestry, reflecting Native American, Spanish, Mexican, and Anglo-American Traditions. Nationally Recognized, Tucson stands out as a Top City for export support in global trade, a Premier Southwest Destination for Millennials, a Leading Hub for Entrepreneurs, and Ranks Second Nationally as the Best City for Job Opportunities! Combining its Natural Splendor with an Innovative Spirit, Tucson offers a Unique Lifestyle that draws a Diverse Population and Thriving Commerce!
Listing Office: Keller Williams Arizona Realty
Last Updated: May - 03 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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