1226-1234 E SPENCE Avenue, Tempe, AZ 85281 (MLS# 5809251)

1226-1234 E SPENCE Avenue, Tempe, AZ 85281

$1,575,000

Renovated & Updated Units & Covered Parking

Hallway to Bathroom and Bedroom #1, New Thermostat

North View of Courtyard Community Gathering Area

South View of Courtyard Community Raised Box Garden

Kitchen cabinets, sink, and counter top.

Adjacent New Hi-Rise Apartments - NEXUS.

Gas Efficient Tankless Water, Newer Heat Pumps, New Individual Electric Services Meters

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,575,000 Last Modified: 2/21/2019

Overview

Description

INVESTORS, DEVELOPERS, 1031 EXCHANGE - PRIME TEMPE LOCATION! A Unique 13-Unit Garden Apartment community committed to sustainable practices and cooperative living with fellow ASU graduate students. The 1st NAHB Green Certified Apt Project in the USA. The site is zoned R-4 and within the City of Tempe Transit Oriented Development corridor allowing for additional density; 16 units upon redevelopment. All leases have been renewed at current market rates and expire 7/31/2019. 3 buildings - APN 133-09-007A, 133-09-008A, 133-09-009.

Listing Details MLS# 5809251

Location, Tax & Legal

Map Code/Grid: R37
House Number: 1226-1234
Compass: E
Street Name: SPENCE
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 5834
Country: US
County Code: Maricopa
Subdivision: ATTEBERY TRACT
Assessor Number: 133-09-007-A
Tax Year: 2017
Assessor's Map #: 9
Legal Description (Abbrev): LOT 7 ATTEBERY TRACT MCR 005619
Assessor's Parcel #: 7
Assessor Parcel Ltr: A
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 319104
Taxes: 5815
Legal: LOT 7, 8, 9 ATTEBERY TRACT MCR 005619
Marketing Name: Spence Garden Community

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 153 x 189 approx.
Year Built: 1958
Uncvrd Parking Spcs: 10
Total # of Units: 13
# of Buildings: 3
Zoning: R-4/TODcorridor
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Elementary School: Joseph P. Spracale Elementary School
Jr. High School: Connolly Middle School
High School: McClintock High School

Remarks Misc

Cross Street: Rural Road & Apache Blvd.
Directions: South on Rural Road to light at Spence Avenue. East on Spence Avenue to the property: 1226, 1230, & 1234 E Spence Ave.

Status Change Info

Off Market Date: 2018-12-01
Under Contract Date: 2018-10-22
Close of Escrow Date: 2019-02-21

Legal Info

Township: 1N
Range: 4E
Section: 23
Lot Number: 7,8,9

More Information

Income Expenses

Gross Annual Sch Inc: 146094
Net Operating Income: 102567

Efficiency Units

# Efficiency Units: Yes
Avg Rent: 400
Avg SqFt: 360
# Baths: Yes

1 Bedroom Units

# 1 Bedroom Units: Yes
Avg Rent: 800
Avg SqFt: 525
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 11
Avg Rent: 975
Avg SqFt: 576
# Baths: Yes

Contact Info

List Agent Home Phn: 602-317-5164

Sold Info

Loan Type: Cash
Payment Type: Fixed
Closing Cost Split: Buyer - B
Buyer Concession to Seller: 5000
Buyer Concession $/%: $
Seller Concession $/%: $
Seller Concession to Buyer: 0

Project Type

13 - 24 Units: Yes

Other Type

Packaged Offering: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes
Built-Up: Yes

Floors

Concrete: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes
Personal Property: Yes

Income & Expenses

Annual Elec Exp: 1986
Annual Gas Exp: 1285
Annual Ins Exp: 2166
Annual Land Lse Exp: 0
Annual Landscape Exp: 4800
Annual Legal & Acctg: 0
Annual Maint Exp: 2400
Annual Mgmt Exp: 11687
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 4822
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 5000
Annual Other Expense: 0
Operating Exp: 39961
Other Income: 0
Vacancy Allowance: 0.03
Adjusted Gross Inc: 141711.18
Total Monthly Rental Income: 12174

Status Update

Multiple Offers Recd: Yes

Pmt & Rate Info

Cap Rate: 5.86
Down Payment: 0
Equity: 1750000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

No Pool: Yes
Barbecue: Yes

Heating

Heat Pump: Yes
Natural Gas: Yes

Cooling

Ceiling Fan(s): Yes
Heat Pump: Yes
Individual: Yes

Exterior Amenities

Landscape Water System: Yes
Green Landscaping: Yes
Desert Landscaping: Yes
Fenced: Yes
Cable TV Available: Yes
Patio/Balcony: Yes

Interior Features

Unfurnished: Yes
Mini Blinds: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Disposal: Yes
Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Accountant: Yes
Projected Proforma: Yes
Books Shwn Accpt Ofr: Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
Free: Yes
>1 Space Per Unit: Yes
Paved: Yes
Add'l Parking Avail: Yes

Electric

SRP: Yes
City Electric: Yes
Individual Meter: Yes

Gas

SW Gas: Yes
Master Meter: Yes

Owner Pays

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

New Financing

Cash to Loan: Yes
Conventional: Yes
No Carry: Yes
1031 Exchange: Yes

Special

Accept Backups (CLO): Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: 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

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 13 - 24 Units Other Type: Packaged Offering Construction: Block Const - Finish: Painted Roofing: Composition; Built-Up Floors: Concrete; Ceramic Tile Sale Includes: Land & Building; Personal Property Community Features: No Pool; Barbecue Exterior Amenities: Landscape Water System; Green Landscaping; Desert Landscaping; Fenced; Cable TV Available; Patio/Balcony Interior Features: Unfurnished; Mini Blinds Appliances Included: Free-Standing Range; Refrigerator; Disposal Heating: Natural Gas; Heat Pump Cooling: Ceiling Fan(s); Heat Pump; Individual Water Source: City Franchise; Master Meter Sewer: Sewer - Public Electric: SRP; City Electric; Individual Meter Gas: SW Gas; Master Meter Parking Features: Carport; >1 Space Per Unit; Add'l Parking Avail; Free; Paved Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Accountant; Projected Proforma; Books Shwn Accpt Ofr Special: Accept Backups (CLO) Status Update: Multiple Offers Recd Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable 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: Cash to Loan; Conventional; No Carry; 1031 Exchange Environmental: None

Listing Office: HomeSmart

Last Updated: February - 21 - 2019