1545 W Colter Street, Phoenix, AZ 85015 (MLS# 5930859)

1545 W Colter Street, Phoenix, AZ 85015

$3,050,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $3,050,000 Last Modified: 1/30/2025

Overview

Description

Fully Renovated, Turn-key Property, Yardz on Colter features 16 units in 4 one-story buildings resting on a 1.21-acre site. Featuring vintage, mid-century modern architecture, the buildings are constructed of concrete block with pitched roofs. All units enjoy a two-bedroom / one-bathroom floorplan. The apartments are individually metered for electricity, hot water, and have individual HVACs. The kitchens are equipped with stainless-steel appliances (refrigerator, microwave, range / oven, and dishwasher), contemporary cabinetry, quartz countertops, tiled backsplash, a garbage disposal, and a stainless-steel sink and faucet. Each unit enjoys vinyl wood-like flooring, ceiling fans, walk-in closets, contemporary bathrooms, interior washer / dryer, modern finishes,

Supplements: new windows and doors, and a spacious, private gated patio. Tenants enjoy the use of a community swimming pool with pool furniture, a spacious yard with gazebo, some additional storage, a resurfaced parking lot, and covered parking. Yardz on Colter Apartments is a 16-unit, garden-style apartment community located in the Opportunity Zone in Phoenix, ... (Read more)

Listing Details MLS# 5930859

Location, Tax & Legal

Map Code/Grid: N34
House Number: 1545
Compass: W
Street Name: Colter
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Country: US
County Code: Maricopa
Assessor Number: 156-38-018
Tax Year: 2018
Assessor's Map #: 38
Assessor's Parcel #: 18
Add'l Parcels: No
Tax Municipality: Phoenix
Taxes: 5662
Legal: to be provided at title
Marketing Name: Yardz on Colter

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: Unknown
Year Built: 1965
Uncvrd Parking Spcs: 16
Total # of Units: 16
# of Buildings: 4
Zoning: R-3
High School District: Phoenix Union High School District

Remarks Misc

Cross Street: Camelback Rd & 15th Ave
Directions: North to Colter Street. West to Property.

Status Change Info

Off Market Date: 2019-08-12
Under Contract Date: 2019-08-01
Close of Escrow Date: 2019-10-24

Legal Info

Lot Number: 5

More Information

Income Expenses

Gross Annual Sch Inc: 248640
Net Operating Income: 192515

2 Bedroom Units

# 2 Bedroom Units: 16
Avg Rent: 1350
Avg SqFt: 885
# Baths: Yes

Sold Info

Loan Type: Conventional
Loan Years: 10
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

13 - 24 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Other: Yes

Sale Includes

Other (See Remarks): Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 3200
Annual Land Lse Exp: 0
Annual Landscape Exp: 2400
Annual Legal & Acctg: 0
Annual Maint Exp: 12000
Annual Mgmt Exp: 17341
Annual Trash Exp: 2400
Annual Wtr/Swr Exp: 5000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 4000
Annual Other Expense: 3290
Operating Exp: 55293
Other Income: 11600
Vacancy Allowance: 0.05
Adjusted Gross Inc: 247228

Pmt & Rate Info

Cap Rate: 6.17
Down Payment: 640000
Equity: 3120000
Down Payment %: 20
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Lockbox Type

None: Yes

Community Features

Pool: Yes

Heating

Electric: Yes
Individual: Yes
Central: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes
Individual: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Refrigerator: Yes
Free-Standing Range: Yes
Washer/Dryer: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes
Paved: Yes
Other: Yes

Electric

SRP: Yes
Individual Meter: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Conventional: Yes
Other (See Remarks): Yes

Existing 1st Loan

Conventional: 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

Other (See Remarks): 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

Project Type: 13 - 24 Units Construction: Block Const - Finish: Painted Roofing: Composition Floors: Other Sale Includes: Other (See Remarks) Community Features: Pool Exterior Amenities: Landscape Water System; Desert Landscaping Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Washer/Dryer Heating: Individual; Central Cooling: Ceiling Fan(s); Individual; Central Air Water Source: City Franchise; Master Meter Sewer: Sewer - Public Electric: SRP; Individual Meter Gas: None Parking Features: >1 Space Per Unit; Paved; Other Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity Source of Fincl Data: Owner Lockbox Type: None Existing 1st Loan: Conventional 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; Other (See Remarks) Environmental: Other (See Remarks)

Listing Office: ABI Multifamily

Last Updated: January - 30 - 2025