$1,195,000
Phoenix, AZ 85015
MLS# 5913542
Status: Closed
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Property Description
Patios on 23rd is priced below a recent appraisal! Excellent location between Light Rail and I-17. The hard work has been completed with new parking surface, exterior paint, new exterior lighting, patio additions and select premium units have been remodeled. Premium units have vaulted ceilings, laundry hook-ups and private car ports. All units are individually metered for electric. RUBS in place for other tenant utility usage. Continue repositioning on remaining units, raise rents, and increase equity. Excellent occupancy stability and tenant base. There might be an opportunity to build additional units on the parcel. This investment opportunity will not be on the market long! Drive by only! Do not disturb tenants!
Details
Maps
Contract Info
Current Price: $1,195,000
Sold Price: $1,195,000
Status: Closed
List Date: 2019-04-18
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: N33
House Number: 6201
Compass: N
Street Name: 23RD
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Zip4: 1800
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LEESCROFT MCR 5/23 PT LOTS 13 & 15 LOT 13 S 9F EX E 385F TH/OF & LOT 15 EX E 385F & EX S 6F OF E 1 4
Subdivision: LEESCROFT BLK B, LOTS 1-8
Assessor's Map #: 11
Assessor's Parcel #: 15
Assessor Parcel Ltr: A
Add'l Parcels: No
Assessor Number: 156-11-015-A
Legal: LEESCROFT MCR 5/23 PT LOTS 13 & 15 LOT 13 S 9F EX E 385F TH/OF & LOT 15 EX E 385F & EX S 6F OF E 1 4
Census Tract: 106802
Tax Municipality: Phoenix
Taxes: 3071.38
Tax Year: 2018
Marketing Name: Patios on 23rd
General Property Description
Lot Size Dimensions: 38,943 SF
Year Built: 1982
Uncvrd Parking Spcs: 10
Total # of Units: 10
# of Buildings: 4
Zoning: R1-6
Elementary School District: Washington Elementary District
High School District: Glendale Union High School District
Remarks & Misc
Cross Street: Bethany Home and 23rd Ave
Geo Lat: 33.527966
Geo Lon: -112.107777
Status Change Info
Status Change Date: 2019-09-20
Off Market Date: 2019-08-16
Under Contract Date: 2019-06-13
Close of Escrow Date: 2019-09-20
Sold Price: $1,195,000
Legal Info
Township: 2N
Range: 2E
Section: 12
Block: C
Lot Number: 13
Income & Expenses
Annual Elec Exp: 998
Annual Ins Exp: 4171
Annual Landscape Exp: 2640
Annual Legal & Acctg: 2850
Annual Maint Exp: 5150
Annual Mgmt Exp: 6300
Annual Trash Exp: 1950
Annual Wtr/Swr Exp: 3672
Owner Association: No
Annual Other Expense: 2700
Operating Exp: 33502.38
Other Income: 450
Vacancy Allowance: 0.05
Adjusted Gross Inc: 427.5
Net Operating Income: 62936
Pmt & Rate Info
Cap Rate: 5.25
Equity: 1199500
1 Bedroom Units
# 1 Bedroom Units: 9
Avg Rent: 571
Avg SqFt: 588
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 850
Avg SqFt: 754
# Baths: 1
Sold Info
Loan Type: Conventional
Loan Years: 7
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 5 - 12 Units
Construction: Block
Const - Finish: Painted
Roofing: Comp Shingle
Floors: Vinyl; Ceramic Tile; Carpet
Sale Includes: Land & Building
Community Amenities: No Pool; Other; See Remarks
Exterior Amenities: Desert Landscaping; Partially Fenced; Cable TV Available; Patio/Balcony
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: BI Oven/Range; F/S Oven/Range; Refrigerator
Heating: Individual; Heat Pump
Cooling: Electric; Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: None
Parking: Carport; 1 Space/Unit
Roads/Streets: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electric; Cable TV; Other (See Remarks)
Source of Fincl Data: Provided by Owner; Projected Proforma
Special: Owner/Agent
Existing 1st Loan: Conventional
Existing 1st Ln Type: Fixed
Existing 1st Ln Trms: Non Assumable
Existing 2nd Loan: Treat as Free&Clear
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; No Carry
Reports/Disclosures: None
Environmental: None
Listing Office: Arizona Investment & Mgt, LLC
Last Updated: January - 12 - 2024
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