1081 N CALIFORNIA Street, Chandler, AZ 85225 (MLS# 5469232)

1081 N CALIFORNIA Street, Chandler, AZ 85225

$1,350,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,350,000 Last Modified: 2/07/2019

Overview

Description

California Apartments consists of five single story buildings with a total of 20 two-bedroom, one-bathroom units located in the bustling city of Chandler, Arizona. The property is located North of the Northeast corner of N.California St. and W. Ray Rd., one mile north of Chandler High School and only 3.5 miles from Chandler Fashion Center, a 1,300,000-square-foot shopping destination. The property was in built in 1964 of block construction with flat roofs and feature newly renovated two bedroom, one-bathroom units, complete with new cabinets and flooring. This property has upside in rents which makes it a great value add opportunity in high traffic area

Listing Details MLS# 5469232

Location, Tax & Legal

Map Code/Grid: T38
House Number: 1081
Compass: N
Street Name: CALIFORNIA
St Suffix: Street
City/Town Code: Chandler
State/Province: AZ
Zip Code: 85225
Zip4: 6670
Country: US
County Code: Maricopa
Assessor Number: 302-73-015
Tax Year: 2015
Assessor's Map #: 73
Legal Description (Abbrev): OLSEN ADDITION
Assessor's Parcel #: 15
Add'l Parcels: Yes
Tax Municipality: Chandler
Census Tract: 523003
Taxes: 2678
Legal: OLSEN ADDITION
Marketing Name: Multifamily

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: irr
Year Built: 1964
Total # of Units: 20
# of Buildings: 5
Zoning: Multi
Elementary School District: Chandler Unified District
High School District: Chandler Unified District
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: Ray Road/Arizona Ave

Status Change Info

Off Market Date: 2016-10-13
Under Contract Date: 2016-08-13
Close of Escrow Date: 2016-10-12

Legal Info

Township: 1S
Range: 5E
Section: 21
Lot Number: 15

More Information

Income Expenses

Net Operating Income: 104460

2 Bedroom Units

# 2 Bedroom Units: 20
Avg Rent: 725
Avg SqFt: 644
# Baths: Yes

Sold Info

Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: %
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

13 - 24 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Foam: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes
Personal Property: Yes
Laundry Equipment: Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 2678
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 0
Total Monthly Rental Income: 14500

Pmt & Rate Info

Cap Rate: 7.46
Down Payment: 0
Equity: 1400000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

No Pool: Yes
Play Area: Yes
Barbecue: Yes

Heating

Electric: Yes
Individual: Yes

Cooling

Electric: Yes
Individual: Yes

Exterior Amenities

Desert Landscaping: Yes

Interior Features

Unfurnished: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes
Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
On Street: Yes
1 Space/Unit: Yes

Electric

APS: Yes
SRP: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Conventional: Yes
1031 Exchange: Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Assume - Qualify: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 13 - 24 Units Construction: Block Const - Finish: Painted Roofing: Foam Floors: Vinyl; Ceramic Tile; Carpet Sale Includes: Land & Building; Personal Property; Laundry Equipment Community Features: No Pool; Play Area; Barbecue Exterior Amenities: Desert Landscaping Interior Features: Unfurnished Appliances Included: Free-Standing Range; Refrigerator Heating: Individual Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: APS; SRP Gas: SW Gas Parking Features: Carport; On Street; 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner; Projected Proforma Existing 1st Loan: Conventional Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Assume - Qualify Existing 2nd Loan: Treat as Free&Clear Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Treat as Free&Clear Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional; 1031 Exchange Environmental: None

Listing Office: Better Homes & Gardens Real Estate SJ Fowler

Last Updated: February - 07 - 2019