$1,195,000
Phoenix, AZ 85015
MLS# 5913542
Status: Closed
1 / 28
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
Ownership: Fee Simple
Current Price: $1,195,000
Sold Price: $1,195,000
Status: Closed
List Date: 2019-04-18
Location, Tax & Legal
Assessor's Map #: 11
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
Assessor's Parcel #: 15
Assessor Parcel Ltr: A
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 106802
Taxes: 3071.38
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
Marketing Name: Patios on 23rd
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
County Code: Maricopa
Subdivision: LEESCROFT BLK B, LOTS 1-8
Assessor Number: 156-11-015-A
Tax Year: 2018
General Property Description
# of Buildings: 4
Uncvrd Parking Spcs: 10
Lot Size Dimensions: 38,943 SF
Total # of Units: 10
Elementary School District: Washington Elementary District
High School District: Glendale Union High School District
Year Built: 1982
Zoning: R1-6
Legal Info
Range: 2E
Section: 12
Township: 2N
Block: C
Lot Number: 13
Project Type
5 - 12 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 998
Annual Gas Exp: 0
Annual Ins Exp: 4171
Annual Land Lse Exp: 0
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 Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 2700
Operating Exp: 33502.38
Other Income: 450
Vacancy Allowance: 0.05
Adjusted Gross Inc: 427.5
Pmt & Rate Info
Cap Rate: 5.25
Down Payment: 0
Equity: 1199500
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
No Pool: 1
Other: 1
See Remarks: 1
Heating
Heat Pump: 1
Individual: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Desert Landscaping: 1
Partially Fenced: 1
Cable TV Available: 1
Patio/Balcony: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Electricity: 1
Cable TV: 1
Other (See Remarks): 1
Appliances Included
Refrigerator: 1
Built-In Range: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
1 Space/Unit: 1
Electric
APS: 1
Individual Meter: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Conventional: 1
No Carry: 1
Special
Owner/Agent: 1
Existing 1st Loan
Conventional: 1
Existing 1st Loan Type
Fixed: 1
Existing 1st Loan Terms
Non Assumable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
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
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 7
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Bethany Home and 23rd Ave
Geo Lat: 33.527966
Geo Lon: -112.107777
Status Change Info
Off Market Date: 2019-08-16
Under Contract Date: 2019-06-13
Close of Escrow Date: 2019-09-20
Sold Price: $1,195,000
Income Expenses
Net Operating Income: 62936
Property Features
Project Type: 5 - 12 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl; Ceramic Tile; Carpet
Sale Includes: Land & Building
Community Features: No Pool; Other; See Remarks
Exterior Amenities: Desert Landscaping; Partially Fenced; Cable TV Available; Patio/Balcony
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Built-In Range; Free-Standing Range; Refrigerator
Heating: Individual; Heat Pump
Cooling: Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: None
Parking Features: Carport; 1 Space/Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity; Cable TV; Other (See Remarks)
Source of Fincl Data: Owner; Projected Proforma
Special: Owner/Agent
Existing 1st Loan: Conventional
Existing 1st Loan Type: Fixed
Existing 1st Loan Terms: Non Assumable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; No Carry
Environmental: None
Listing Office: Arizona Investment & Mgt, LLC
Last Updated: January - 12 - 2024
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