1226-1234 E SPENCE Avenue, Tempe, AZ 85281
$1,575,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,575,000
Last Modified:
2/21/2019
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.
More Information MLS# 5809251
Contract Info
Ownership: Fee Simple
Current Price: $1,575,000
Sold Price: $1,575,000
Status: Closed
List Date: 2018-08-20
Location, Tax & Legal
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
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
County Code: Maricopa
Subdivision: ATTEBERY TRACT
Assessor Number: 133-09-007-A
Tax Year: 2017
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 10
Lot Size Dimensions: 153 x 189 approx.
Total # of Units: 13
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
Year Built: 1958
Zoning: R-4/TODcorridor
Legal Info
Range: 4E
Section: 23
Township: 1N
Lot Number: 7,8,9
Project Type
13 - 24 Units: 1
Other Type
Packaged Offering: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Built-Up: 1
Floors
Concrete: 1
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Personal Property: 1
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: 1
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: 1
Barbecue: 1
Heating
Heat Pump: 1
Natural Gas: 1
Cooling
Ceiling Fan(s): 1
Heat Pump: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Desert Landscaping: 1
Fenced: 1
Cable TV Available: 1
Patio/Balcony: 1
Interior Features
Unfurnished: 1
Mini Blinds: 1
Tenant Pays
Electricity: 1
Appliances Included
Disposal: 1
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Accountant: 1
Projected Proforma: 1
Books Shwn Accpt Ofr: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Free: 1
>1 Space Per Unit: 1
Paved: 1
Add'l Parking Avail: 1
Electric
SRP: 1
City Electric: 1
Individual Meter: 1
Gas
SW Gas: 1
Master Meter: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
Landscaping: 1
New Financing
Cash to Loan: 1
Conventional: 1
No Carry: 1
1031 Exchange: 1
Special
Accept Backups (CLO): 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
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Contact Info
List Agent Home Phn: 602-317-5164
Efficiency Units
# Efficiency Units: 1
Avg Rent: 400
Avg SqFt: 360
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 800
Avg SqFt: 525
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 11
Avg Rent: 975
Avg SqFt: 576
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash
Closing Cost Split: Buyer - B
Payment Type: Fixed
Buyer Concession to Seller: 5000
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
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.
Geo Lat: 33.413151
Geo Lon: -111.919081
Status Change Info
Off Market Date: 2018-12-01
Under Contract Date: 2018-10-22
Close of Escrow Date: 2019-02-21
Sold Price: $1,575,000
Income Expenses
Gross Annual Sch Inc: 146094
Net Operating Income: 102567
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
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