1211 W UNIVERSITY Drive, Tempe, AZ 85281
$635,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$635,000
Last Modified:
12/21/2024
Description
Great Tempe location with 5-2 bed/1 bath, 1 studio/1 bath unit located in a highly desirable rental area along an arterial street. Four units have been remodeled in the last few years. One unit remodel was just completed in late June and is currently vacant. Rents are below market and offer an opportunity to add value. Plenty of parking, on site laundry, individually metered and long term tenants. Within a mile of ASU, Rio Salado and Tempe Town Lakes. Prime location with lots of redevelopment in the area. Seller may carry. All facts and figures approximate buyer to verify to their satisfaction.
More Information MLS# 5560613
Contract Info
Ownership: Fee Simple
Current Price: $635,000
Sold Price: $635,000
Status: Closed
List Date: 2017-02-09
Location, Tax & Legal
Assessor's Map #: 74
Legal Description (Abbrev): LOT 6 WESTGATE SUB MCR 007925
Assessor's Parcel #: 6
Assessor Parcel Ltr: C
Add'l Parcels: No
Tax Municipality: Tempe
Census Tract: 318900
Taxes: 2778
Tax District: Tempe
Legal: LOT 6 WESTGATE SUB MCR 007925
Marketing Name: 6 Units on University
Map Code/Grid: R36
House Number: 1211
Compass: W
Street Name: UNIVERSITY
St Suffix: Drive
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 3331
County Code: Maricopa
Subdivision: WESTGATE SUB
Assessor Number: 124-74-006-C
Tax Year: 2016
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 74x104
Total # of Units: 6
Elementary School District: Tempe Elementary School District
Year Built: 1971
Zoning: R-3
Legal Info
Range: 4E
Section: 21
Township: 1N
Lot Number: 6
Project Type
5 - 12 Units: 1
Construction
Wood Frame: 1
Slump Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 1993
Annual Gas Exp: 0
Annual Ins Exp: 2306
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 994
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 2390
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 10461
Other Income: 0
Vacancy Allowance: 0.02
Adjusted Gross Inc: 46879.28
Total Monthly Rental Income: 3986
Pmt & Rate Info
Cap Rate: 5.48
Down Payment: 0
Equity: 664000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
No Pool: 1
Heating
Heat Pump: 1
Electric: 1
Individual: 1
Cooling
Electric: 1
Heat Pump: 1
Exterior Amenities
Landscape Water System: 1
Sidewalk(s): 1
Patio/Balcony: 1
Interior Features
Mini Blinds: 1
Tenant Pays
Electricity: 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
Washer/Dryer: 1
Road Access Type
Alley: 1
Dedicated Street: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Garage: 1
>1 Space Per Unit: 1
Other: 1
Electric
APS: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Other: 1
See Remarks: 1
New Financing
Conventional: 1
Owner May Carry: 1
1031 Exchange: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 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
# Efficiency Units: 1
Avg Rent: 595
Avg SqFt: 513
# Baths: 1
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 5
Avg Rent: 702
Avg SqFt: 770
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Carryback
Loan Years: 7
Closing Cost Split: Normal - N
Payment Type: Balloon
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: University & Beck
Geo Lat: 33.421664
Geo Lon: -111.957158
Status Change Info
Off Market Date: 2017-07-07
Under Contract Date: 2017-06-29
Close of Escrow Date: 2017-08-01
Sold Price: $635,000
Income Expenses
Gross Annual Sch Inc: 47836
Net Operating Income: 36418
Property Features
Project Type: 5 - 12 Units
Construction: Wood Frame; Slump Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl; Carpet
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Landscape Water System; Sidewalk(s); Patio/Balcony
Interior Features: Mini Blinds
Appliances Included: Free-Standing Range; Refrigerator; Washer/Dryer
Heating: Individual; Heat Pump
Cooling: Electric; Heat Pump
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: APS
Gas: None
Parking Features: Garage; >1 Space Per Unit; Other
Road Access Type: Alley; Dedicated Street
Owner Pays: Water; Trash Collection; Other; See Remarks
Tenant Pays: Electricity
Source of Fincl Data: Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
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; Owner May Carry; 1031 Exchange
Environmental: None
Listing Office:
Better Homes & Gardens Real Estate SJ Fowler
Last Updated: December - 21 - 2024
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