1218-1222 S Farmer Avenue, Tempe, AZ 85281
$748,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$748,000
Last Modified:
10/25/2015
Description
Great opportunity, walking to Mill Ave and ASU. Two separate lots with 6 and 3 units. 8 - 1 bed/1 Bath and 1 studio. The lot with 3 units now with studio has opportunity to join front two units and build three new units on the rear of the lot. Individually metered for gas and electric. Desert landscape, property well maintained by same owner since 1975. Owner also has 14 units for sale at 903-920 S Farmer Ave Tempe(see attachment for flyer) and 6 units next store with close of sale Jan 2016. Opportunity for 29 units total. Buyer to verify all financials, property facts and figures during due diligence period
More Information MLS# 5316231
Contract Info
Ownership: Fee Simple
Current Price: $748,000
Sold Price: $748,000
Status: Closed
List Date: 2015-07-28
Location, Tax & Legal
Assessor's Map #: 70
Assessor's Parcel #: 26
Add'l Parcels: Yes
Tax Municipality: Tempe
Taxes: 4275
Legal: State College Homes
Marketing Name: 9 on Farmer Ave
Map Code/Grid: R36
House Number: 1218-1222
Compass: S
Street Name: Farmer
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
County Code: Maricopa
Subdivision: State College Homes Lots 30-40
Assessor Number: 124-70-026
Tax Year: 2014
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 15
Lot Size Dimensions: 19000 sq
Total # of Units: 9
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1947
Zoning: c-3
Project Type
Tri-Plex: 1
5 - 12 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 487
Annual Gas Exp: 548
Annual Ins Exp: 2388
Annual Land Lse Exp: 0
Annual Landscape Exp: 1110
Annual Legal & Acctg: 0
Annual Maint Exp: 4500
Annual Mgmt Exp: 7174
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 2590
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 23072
Other Income: 2148
Vacancy Allowance: 0.05
Adjusted Gross Inc: 70189.8
Pmt & Rate Info
Cap Rate: 6.03
Down Payment: 0
Equity: 775000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Other: 1
See Remarks: 1
Heating
Individual: 1
Cooling
Individual: 1
Exterior Amenities
Other (See Remarks): 1
Tenant Pays
Gas: 1
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Microwave: 1
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
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Individual Meter: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
Existing 1st Loan
Conventional: 1
Other (See Rmks): 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: 520
Avg SqFt: 320
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 8
Avg Rent: 682
Avg SqFt: 568
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 25
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: Farmer Ave & 12 St.
Directions: University and Mill. West to Farmer Ave. South to Property.
Geo Lat: 33.415774
Geo Lon: -111.944194
Status Change Info
Off Market Date: 2015-10-08
Under Contract Date: 2015-08-24
Close of Escrow Date: 2015-10-24
Sold Price: $748,000
Legal Info
Lot Number: 4,5
Income Expenses
Gross Annual Sch Inc: 71736
Net Operating Income: 46738
Property Features
Project Type: Tri-Plex; 5 - 12 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl; Carpet
Sale Includes: Land & Building
Community Features: Other; See Remarks
Exterior Amenities: Other (See Remarks)
Appliances Included: Built-In Range; Free-Standing Range; Refrigerator; Dishwasher; Microwave
Heating: Individual
Cooling: Individual
Water Source: Master Meter
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: SW Gas; Individual Meter
Parking Features: 1 Space/Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Gas; Cable TV
Source of Fincl Data: Owner; Projected Proforma
Existing 1st Loan: Conventional; Other (See Rmks)
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
Environmental: None
Listing Office:
Better Homes & Gardens Real Estate SJ Fowler
Last Updated: October - 25 - 2015
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