1820 W MULBERRY Drive, Phoenix, AZ 85015 (MLS# 6059233)

1820 W MULBERRY Drive, Phoenix, AZ 85015

$1,950,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,950,000 Last Modified: 2/25/2021

Overview

Description

Mulberry Apartments is a beautiful mid-century, renovated property well located in central Phoenix. Residents love its close proximity to Central Avenue in the Encanto district of Phoenix. Current ownership has completed a complete interior upgrade program several years ago and the community is positioned for a new investor to expand on this upgrade program. Current rents are below market and upside in charging for utility reimbursements! 16 x 1 Bedroom/1 Bath units each 640 sf in size featuring new modern kitchen cabinets, stainless steel appliances, quartz counter-tops, under-mounted sinks, new bathroom vanities with quartz counter-tops and stack-able washers and dryers in every unit. **SEE OFFERING MEMORANDUM IN DOCUMENTS TAB**

Listing Details MLS# 6059233

Location, Tax & Legal

Map Code/Grid: P34
House Number: 1820
Compass: W
Street Name: MULBERRY
St Suffix: Drive
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Zip4: 5825
Country: US
County Code: Maricopa
Assessor Number: 110-26-076-D
Tax Year: 2019
Assessor's Map #: 26
Legal Description (Abbrev): BEG 80.00' W & 157.00' S FROM NE COR NW4 NW4 SW4 TH S 127.46' W 119.28' TH SWLY 40.49' ALONG CURV
Assessor's Parcel #: 76
Assessor Parcel Ltr: D
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 110400
Taxes: 9482
Legal: BEG 80.00' W & 157.00' S FROM NE COR NW4 NW4 SW4 TH S 127.46' W 119.28' TH SWLY 40.49' ALONG CURVE TH N 127.42' TH NELY
Marketing Name: MULBERRY APARTMENTS

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: Irr
Year Built: 1968
Total # of Units: 16
# of Buildings: 3
Zoning: R-4
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Elementary School: Encanto School
High School: Central High School
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: 19th Ave & Osborn

Status Change Info

Off Market Date: 2021-01-13
Under Contract Date: 2020-11-11
Close of Escrow Date: 2021-02-25

Legal Info

Township: 2N
Range: 3E
Section: 30
Lot Number: 194

More Information

Income Expenses

Gross Annual Sch Inc: 182400
Net Operating Income: 119205

1 Bedroom Units

# 1 Bedroom Units: 16
Avg Rent: 862
Avg SqFt: 640
# Baths: Yes

Contact Info

List Agent Home Phn: 480-767-3001

Sold Info

Loan Type: Conventional
Loan Years: 30
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

Wood Frame: Yes

Const - Finish

Painted: Yes

Roofing

Built-Up: Yes

Floors

Ceramic Tile: Yes

Sale Includes

Building(s) Only: Yes

Income & Expenses

Annual Elec Exp: 20909
Annual Gas Exp: 2314
Annual Ins Exp: 4576
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 4696
Annual Maint Exp: 12800
Annual Mgmt Exp: 7899
Annual Trash Exp: 2990
Annual Wtr/Swr Exp: 4365
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 4000
Annual Other Expense: 545
Operating Exp: 74576
Other Income: 24200
Vacancy Allowance: 0.05
Adjusted Gross Inc: 196270

Pmt & Rate Info

Cap Rate: 5.68
Down Payment: 0
Equity: 2100000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Showing Notification Methods

Text: Yes

Community Features

No Pool: Yes

Heating

Heat Pump: Yes

Cooling

Heat Pump: Yes

Exterior Amenities

Green Landscaping: Yes
Partially Fenced: Yes
Patio/Balcony: Yes

Interior Features

Unfurnished: Yes
Vertical Blinds: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Refrigerator: Yes
Built-In Range: Yes
Washer/Dryer: 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/Unit: Yes

Electric

APS: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Gas: Yes
Trash Collection: Yes

New Financing

Conventional: Yes
No Carry: Yes
1031 Exchange: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

2 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: Wood Frame Const - Finish: Painted Roofing: Built-Up Floors: Ceramic Tile Sale Includes: Building(s) Only Community Features: No Pool Exterior Amenities: Green Landscaping; Partially Fenced; Patio/Balcony Interior Features: Unfurnished; Vertical Blinds Appliances Included: Built-In Range; Refrigerator; Washer/Dryer Heating: Heat Pump Cooling: Heat Pump Water Source: City Franchise Sewer: Sewer - Public Electric: APS 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: Projected Proforma Showing Notification Methods: Text 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: Conventional; No Carry; 1031 Exchange Environmental: None

Listing Office: Keller Williams Arizona Realty

Last Updated: February - 25 - 2021