1703 W MOUNTAIN VIEW Road, Phoenix, AZ 85021 (MLS# 6551334)

1703 W MOUNTAIN VIEW Road, Phoenix, AZ 85021

$2,266,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $2,266,000 Last Modified: 8/22/2023

Overview

Description

16-unit apartment community located at 1703 West Mountain View Road in Phoenix, AZ. Situated in the sought-after Mountain View Acres subdivision of Phoenix. Constructed in 1982, the building features (8) 1-bedroom / 1-bathroom and (8) 2-bedroom / 1-bathroom units. The asset includes (3) fully renovated units and (13) classic units with potential for upgrades. The apartment community provides parking for each unit and on-site laundry facilities. The location is minutes away from North Mountain, known for its numerous hiking trails, and within walking distance of the Arizona Canal Trail. Moreover, Mountain View Apartments is also conveniently located close to the I-17 Highway and is within biking distance to the 19th Avenue and Dunlap light rail station.

Listing Details MLS# 6551334

Location, Tax & Legal

Map Code/Grid: M34
House Number: 1703
Compass: W
Street Name: MOUNTAIN VIEW
St Suffix: Road
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85021
Zip4: 0923
Country: US
County Code: Maricopa
Subdivision: IDLE EASE
Assessor Number: 158-21-074
Tax Year: 2022
Assessor's Map #: 21
Legal Description (Abbrev): IDLE EASE MCR 33-20 LOT 12 BLK 1 EX S 50F & EX N 3F & EX E 10F & EX 12F CUR IN NE COR
Assessor's Parcel #: 74
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 104501
Taxes: 4214
Legal: IDLE EASE MCR 33-20 LOT 12 BLK 1 EX S 50F & EX N 3F & EX E 10F & EX 12F CUR IN NE COR
Marketing Name: Mountain View Apartments

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 10,600
Year Built: 1982
Uncvrd Parking Spcs: 16
Total # of Units: 16
# of Buildings: Yes
Zoning: R-4
Elementary School District: Washington Elementary District
High School District: Glendale Union High School District

Status Change Info

Off Market Date: 2023-07-11
Under Contract Date: 2023-05-22
Close of Escrow Date: 2023-08-21

Legal Info

Township: 3N
Range: 3E
Section: 30
Block: Yes
Lot Number: 12

More Information

Income Expenses

Gross Annual Sch Inc: 233412
Net Operating Income: 195118

1 Bedroom Units

# 1 Bedroom Units: 8
Avg Rent: 1182
Avg SqFt: 625
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 8
Avg Rent: 1384
Avg SqFt: 700
# Baths: Yes

Sold Info

Loan Type: Conventional
Payment Type: Other
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

Vinyl: Yes
Wood: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 4214
Other Income: 3996
Vacancy Allowance: 3.5
Adjusted Gross Inc: 593520

Pmt & Rate Info

Cap Rate: 7.62
Equity: 2560000
Down Payment %: 30
Monthly Payments: 9707
Total Owed: 0

Showing Notification Methods

Text: Yes
Email: Yes
Phone Call: Yes

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Central: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Built-In Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

<1 Space Per Unit: Yes

Electric

Individual Meter: Yes

Gas

Other (See Remarks): Yes

Owner Pays

Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Conventional: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

Efficiency 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: Vinyl; Wood; Ceramic Tile Sale Includes: Land & Building Community Features: No Pool Appliances Included: Built-In Range Heating: Central Cooling: Ceiling Fan(s); Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: Individual Meter Gas: Other (See Remarks) Parking Features: <1 Space Per Unit Road Surface Type: Asphalt Owner Pays: Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Projected Proforma Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None New Financing: Conventional Environmental: None

Listing Office: ABI Multifamily

Last Updated: August - 22 - 2023