1228 W 4TH Street, Tempe, AZ 85281
$1,800,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,800,000
Last Modified:
9/13/2017
Description
Town Lake Apartments consists of six buildings with a total of 28 units located in bustling city of Tempe, Arizona. The property is located on the Northwest
corner of W. 4th Street and S. Beck Avenue, only 1.6 miles from ASU’s Tempe campus. The property was in built in 1963 of block construction with
pitched roofs and is individually metered for utilities. Laundry facility and a sparkling pool are located on-site. This property is a great value add opportunity
in such an amazing location. By lightly remodeling the property to meet updated demand in the area, and thus increasing rents, the property
will increase in value over night! Seller is motivated bring your offer's now!!!
More Information MLS# 5405692
Contract Info
Ownership: Fee Simple
Current Price: $1,800,000
Sold Price: $1,800,000
Status: Closed
List Date: 2016-02-29
Location, Tax & Legal
Assessor's Map #: 28
Assessor's Parcel #: 1
Assessor Parcel Ltr: B
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 318800
Taxes: 9389
Legal: multi
Marketing Name: Town Lake Apartments
Map Code/Grid: R37
House Number: 1228
Compass: W
Street Name: 4TH
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2505
County Code: Maricopa
Assessor Number: 124-28-001-B
Tax Year: 2015
General Property Description
# of Buildings: 6
Uncvrd Parking Spcs: 28
Lot Size Dimensions: 67953
Total # of Units: 28
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Elementary School: Broadmor Elementary School
Jr. High School: McKemy Middle School
High School: Tempe Academy Of International Studies McKemy Campus
Year Built: 1963
Zoning: R3
Legal Info
Range: 4E
Section: 16
Township: 1N
Project Type
25 - 50 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Pool Equipment: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 77860
Operating Exp: 87249
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 210000
Total Monthly Rental Income: 17500
Pmt & Rate Info
Cap Rate: 5.04
Down Payment: 0
Equity: 1999000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Heating
Electric: 1
Cooling
Electric: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Patio/Balcony: 1
Interior Features
Unfurnished: 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1
Microwave: 1
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Electric
SRP: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
New Financing
Conventional: 1
Other (See Remarks): 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Assume - Qualify: 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
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
# Efficiency Units: 9
Avg Rent: 550
Avg SqFt: 350
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 17
Avg Rent: 650
Avg SqFt: 600
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 750
Avg SqFt: 950
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
Remarks Misc
Cross Street: Priest Drive & 202
Geo Lat: 33.426673
Geo Lon: -111.958369
Status Change Info
Off Market Date: 2016-04-20
Under Contract Date: 2016-04-20
Close of Escrow Date: 2016-06-20
Sold Price: $1,800,000
Income Expenses
Gross Annual Sch Inc: 210000
Net Operating Income: 100690
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl
Sale Includes: Land & Building; Pool Equipment
Community Features: Pool
Exterior Amenities: Landscape Water System; Green Landscaping; Patio/Balcony
Interior Features: Unfurnished
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave
Cooling: Electric
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking Features: 1 Space/Unit
Road Surface Type: Asphalt
Owner Pays: Water; Gas; Trash Collection
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: Assume - Qualify
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; Other (See Remarks)
Environmental: None
Listing Office:
Better Homes & Gardens Real Estate SJ Fowler
Last Updated: September - 13 - 2017
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