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1420 E BETHANY HOME Road, Phoenix, AZ 85014
Overview
Description
Supplements: ... (Read more) The unit mix consists of all two-bedroom, two bathroom floor plans that are spacious and extremely well designed and average 925 square feet. Four of the units have been completely renovated with wood vinyl flooring, GE faux metallic electric appliances including dishwashers, decorative glass tile kitchen backsplash, new cabinets and countertops breakfast bars, brushed nickel fixtures and lighting, contemporary bathroom vanities, energy efficient hot water heaters, and full-size stack washer/dryers. These upgraded units rent at over a $150 premium compared to the standard units, leaving significant value-add potential for an investor to continue interior upgrades to the remaining units. The property is situated on approximately 2.32 acres and is attractively landscaped with lush turf and mature shade trees. Community Amenities include covered parking, an attractive courtyard with a large sparkling swimming pool, and exterior lighting. Bethany Gardens offers an investor the rare opportunity to acquire a pride of ownership urban core asset located in an irreplaceable central Phoenix location with additional value-add potential. Over the last year, the north/central Phoenix submarket average occupancy increased by 588 basis points, seven times more than the metropolitan Phoenix average. Furthermore, the average submarket rent has increased by 7.5% over the same time period. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Bethany Gardens is well positioned to achieve continual revenue increase. In addition, this offering allows a seasoned investor the opportunity to convert the property into condominiums or redevelop into new high-end townhomes.
Listing Details MLS# 5185171
Location, Tax & Legal
- Map Code/Grid
- N34
- House Number
- 1420
- Compass
- E
- Street Name
- BETHANY HOME
- St Suffix
- Road
- City/Town Code
- Phoenix
- State/Province
- AZ
- Zip Code
- 85014
- Zip4
- 2006
- Country
- US
- County Code
- Maricopa
- Assessor Number
- 161-10-008
- Tax Year
- 2014
- Assessor's Map #
- 10
- Legal Description (Abbrev)
- ORANGE HEIGHTS LOTS 44, 45 & TR A
- Assessor's Parcel #
- 8
- Add'l Parcels
- No
- Tax Municipality
- Maricopa - CITY
- Census Tract
- 106502
- Taxes
- 12181
- Legal
- ORANGE HEIGHTS W 168' LOT 29 EX E 13' OF N
- Marketing Name
- Bethany Gardens
Contract Info
- Ownership
- Fee Simple
General Property Description
- Lot Size Dimensions
- 101175.65
- Year Built
- 1978
- Uncvrd Parking Spcs
- 32
- Total # of Units
- 35
- # of Buildings
- 5
- Zoning
- R-3
- Elementary School District
- Madison Elementary District
- High School District
- Phoenix Union High School District
Status Change Info
- Off Market Date
- 2015-03-19
- Under Contract Date
- 2015-03-19
- Close of Escrow Date
- 2015-05-18
Legal Info
- Township
- 2N
- Range
- 3E
- Section
- 9
- Lot Number
- 29
More Information
Income Expenses
- Gross Annual Sch Inc
- 380321
- Net Operating Income
- 233231
2 Bedroom Units
- # 2 Bedroom Units
- 35
- Avg Rent
- 915
- Avg SqFt
- 925
- # Baths
- 2
Contact Info
- List Agent Home Phn
- 602-735-5634
Sold Info
- Loan Type
- Conventional
- Loan Years
- Yes
- Payment Type
- Other
- Closing Cost Split
- Normal - N
- Buyer Concession $/%
- %
- Seller Concession $/%
- %
- Buyer Concession to Seller
- 0
- Seller Concession to Buyer
- 0
Project Type
- 25 - 50 Units
- Yes
Construction
- Slump Block
- Yes
Const - Finish
- Painted
- Yes
- Siding
- Yes
Roofing
- Built-Up
- Yes
Floors
- Vinyl
- Yes
- Wood
- Yes
Sale Includes
- Land & Building
- Yes
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
- 0
- Operating Exp
- 12181
- Other Income
- 20981
- Vacancy Allowance
- 0.08
- Adjusted Gross Inc
- 369197.84
- Total Monthly Rental Income
- 0
Pmt & Rate Info
- Cap Rate
- 7.18
- Down Payment
- 975000
- Equity
- 3250000
- Down Payment %
- 30
- Monthly Payments
- 0
- Total Owed
- 0
- Assessment Balance
- 0
Community Features
- Pool
- Yes
Heating
- Individual
- Yes
- Window/Wall Unit(s)
- Yes
Cooling
- Window/Wall Unit
- Yes
- Individual
- Yes
Exterior Amenities
- Fenced
- Yes
- Patio/Balcony
- Yes
- Security Light(s)
- Yes
Tenant Pays
- Electricity
- Yes
Appliances Included
- Dishwasher
- Yes
- Microwave
- Yes
- Refrigerator
- Yes
- Free-Standing Range
- Yes
- Washer/Dryer
- Yes
Road Surface Type
- Asphalt
- Yes
Source of Fincl Data
- Owner
- Yes
- Projected Proforma
- Yes
- Other (See Remarks)
- Yes
Water Source
- City Franchise
- Yes
- Master Meter
- Yes
Sewer
- Sewer - Public
- Yes
Parking Features
- Paved
- Yes
Electric
- Individual Meter
- Yes
Gas
- None
- Yes
Owner Pays
- Water
- Yes
New Financing
- Other (See Remarks)
- Yes
Existing 1st Loan
- Other (See Rmks)
- Yes
Existing 1st Loan Type
- Not Applicable
- Yes
Existing 1st Loan Terms
- Not Applicable
- Yes
Existing 2nd Loan
- Other (See Remarks)
- Yes
Existing 2nd Loan Type
- Not Applicable
- Yes
Existing 2nd Loan Terms
- Not Applicable
- Yes
Existing 3rd Loan
- Other (See Remarks)
- Yes
Existing 3rd Loan Type
- Not Applicable
- Yes
Reports/Disclosures
- Other (See Remarks)
- Yes
Existing 3rd Loan Terms
- Not Applicable
- Yes
Environmental
- None
- Yes
Existing Othr Ln Trm
- Not Applicable
- Yes
Efficiency Units
- Avg Rent
- 0
1 Bedroom Units
- Avg Rent
- 0
3 Bedrooms Units
- Avg Rent
- 0
4 Bedrooms Units
- Avg Rent
- 0
Property Features
Documents
Confidentiality Agreement ›