1217 S FARMER Avenue, Tempe, AZ 85281 (MLS# 5903711)

1217 S FARMER Avenue, Tempe, AZ 85281

$1,135,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,135,000 Last Modified: 10/21/2020

Overview

Description

Farmer Apartments is a fully rented 7 units 3 blocks from ASU. These apartments all have been updated and super easy to rent. The duplex are both two bedroom one bath units. One bedroom one bath house in the back with common area seller owned coin operated laundry. The 4 plex features all studios. There is onsite storage for additional income. Rents are in process of being increased from rents not being raised in years. Super maintained property would also make a perfect short term rental as well or vacation rental. Owner is willing to trade into office space in zip codes 85281 or 85281. Please drive by only tenants are unaware of the sale.

Listing Details MLS# 5903711

Location, Tax & Legal

Map Code/Grid: R36
House Number: 1217
Compass: S
Street Name: FARMER
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 5768
Country: US
County Code: Maricopa
Assessor Number: 124-70-019
Tax Year: 2648
Assessor's Map #: 70
Assessor's Parcel #: 19
Add'l Parcels: Yes
Tax Municipality: Maricopa - COUNTY
Taxes: 2019
Legal: LOT 6 BLOCK 5 FARMERS BLKS 4-5 & PT 3, LOTS 6-9 MCR 000153
Marketing Name: Farmer Apartments

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: IRR
Year Built: 1961
Uncvrd Parking Spcs: 12
Total # of Units: 7
# of Buildings: 3
Zoning: R-3
High School District: Phoenix Union High School District
Jr. High School: Tempe High School
High School: Tempe Academy Of International Studies McKemy Campus

Remarks Misc

Cross Street: US-60 and MILL AVE.

Status Change Info

Off Market Date: 2019-05-06
Under Contract Date: 2019-04-21
Close of Escrow Date: 2019-05-06

Legal Info

Township: 1N
Range: 4E
Section: 21
Lot Number: 6/5

More Information

Income Expenses

Gross Annual Sch Inc: 82560
Net Operating Income: 68300

Efficiency Units

# Efficiency Units: 4
Avg Rent: 799
Avg SqFt: 400
# Baths: Yes

1 Bedroom Units

# 1 Bedroom Units: Yes
Avg Rent: 1200
Avg SqFt: 400
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 2
Avg Rent: 1250
Avg SqFt: 700
# Baths: Yes

Mobile Home Prk Info

# Storage Spaces: 6
Avg Rent Single Wide: 0
Avg Rent Double Wide: 0
Avg Rent Ovrnght Spc: 0
Avg Rent RV Spaces: 0
Avg Rent Oversize Sp: 0

Sold Info

Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: %
Seller Concession $/%: %
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

5 - 12 Units: Yes

Other Type

House + Rental Units: Yes

Construction

Block: Yes

Const - Finish

Brick Veneer: Yes

Roofing

Composition: Yes

Floors

Ceramic Tile: Yes

Sale Includes

Land & Building: Yes
Personal Property: Yes

Income & Expenses

Annual Elec Exp: 1008
Annual Gas Exp: 256
Annual Ins Exp: 1600
Annual Land Lse Exp: 0
Annual Landscape Exp: 1450
Annual Legal & Acctg: 0
Annual Maint Exp: 4500
Annual Mgmt Exp: 0
Annual Trash Exp: 1200
Annual Wtr/Swr Exp: 1578
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 2648
Operating Exp: 16259
Other Income: 900
Vacancy Allowance: 0.01
Adjusted Gross Inc: 82625.4
Total Monthly Rental Income: 6880

Pmt & Rate Info

Cap Rate: 5.7
Down Payment: 0
Equity: 1199000
1st Encumbrance: 0
Down Payment %: 0
Monthly Payments: 0
1st Interest Rate: 0
1st Payment: 0
1st Payment Freq: None
2nd Encumbrance: 0
2nd Payment: 0
2nd Payment Freq: None
3rd Encumbrance: 0
3rd Payment: 0
3rd Payment Freq: None
Total Owed: 0
Assessment Balance: 0

Community Features

No Pool: Yes
Manager Res/Office: Yes

Heating

Heat Pump: Yes
Wall Furnace: Yes
Natural Gas: Yes

Cooling

Electric: Yes
Window/Wall Unit: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes
Partially Fenced: Yes
Curb(s) & Gutter(s): Yes
Satellite Dish: Yes
Pet Restrictions: Yes
Separate Storage: Yes

Interior Features

Furnished: Yes
Fire/Smoke Alarm(s): Yes
Mini Blinds: Yes
Water Softener(s): Yes

Tenant Pays

Gas: Yes
Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Refrigerator: Yes
Built-In Range: Yes
Washer/Dryer: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

Free: Yes
>1 Space Per Unit: Yes
Paved: Yes

Electric

APS: Yes
Individual Meter: Yes

Gas

SW Gas: Yes
Individual Meter: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Conventional: Yes
Owner May Carry: Yes

Existing 1st Loan

Private: Yes

Existing 1st Loan Type

Fixed: Yes

Existing 1st Loan Terms

Non Assumable: 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

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Other Type: House + Rental Units Construction: Block Const - Finish: Brick Veneer Roofing: Composition Floors: Ceramic Tile Sale Includes: Land & Building; Personal Property Community Features: No Pool; Manager Res/Office Exterior Amenities: Landscape Water System; Desert Landscaping; Partially Fenced; Curb(s) & Gutter(s); Satellite Dish; Pet Restrictions; Separate Storage Interior Features: Furnished; Fire/Smoke Alarm(s); Mini Blinds; Water Softener(s) Appliances Included: Built-In Range; Refrigerator; Dishwasher; Disposal; Washer/Dryer Heating: Natural Gas; Heat Pump; Wall Furnace Cooling: Electric; Window/Wall Unit Water Source: City Franchise; Master Meter Sewer: Sewer - Public Electric: APS; Individual Meter Gas: SW Gas; Individual Meter Parking Features: >1 Space Per Unit; Free; Paved Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity; Gas; Cable TV Source of Fincl Data: Owner Existing 1st Loan: Private 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: 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; Owner May Carry Environmental: None

Listing Office: CentrixUSA

Last Updated: October - 21 - 2020