2040 N 49th Place, Phoenix, AZ 85008

$1,314,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,314,000 Last Modified: 1/31/2022

Overview

Description

49th Place is a 9-unit, two-property multifamily investment opportunity located off of 52nd Street & Thomas, surrounded by a robust collection of Central Phoenix & Scottsdale's high-profile employers. Positioned less than one mile from the Gateway + Airport employment corridors, residents will have immediate access to a dense professional core comprised of industries including aviation, high-tech manufacturing, and financial services. 49th Place also offers exceptional connectivity to the bevy of hip boutique eateries permeating the affluent Arcadia neighborhood north of the properties. Completed in 1961, 49th Place is comprised of five one-bedroom, and four two-bedroom one-bath apartment homes averaging 685-square-feet.

Supplements: The community space and 100% of the interiors have been renovated and include in-suite laundry. Future ownership will have the opportunity to improve operations with a utility recapture and increasing market rents.

Listing Details MLS# 6103281

Location, Tax & Legal

Map Code/Grid
P36
House Number
2040
Compass
N
Street Name
49th
St Suffix
Place
City/Town Code
Phoenix
State/Province
AZ
Zip Code
85008
Country
US
County Code
Maricopa
Subdivision
ORANGEDALE TRACT 11,13,14,15
Assessor Number
126-18-015-D
Tax Year
2019
Assessor's Map #
18
Assessor's Parcel #
15
Assessor Parcel Ltr
D
Add'l Parcels
No
Tax Municipality
Phoenix
Taxes
1590
Legal
ORANGEDALE TR LOT 10 N 70' OF S 231.5' OF N 303' OF E 173' OF W 259.25' EX RD PER/DKT 3203/137
Marketing Name
49th Place

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
unknown
Year Built
1960
Uncvrd Parking Spcs
8
Total # of Units
9
# of Buildings
2
Zoning
R-3
Elementary School District
Balsz Elementary District
High School District
Phoenix Union High School District

Remarks Misc

Cross Street
Thomas & 48th St

Status Change Info

Off Market Date
2020-08-27
Under Contract Date
2020-08-27
Close of Escrow Date
2020-11-12

Legal Info

Lot Number
10

More Information

Income Expenses

Gross Annual Sch Inc
118800
Net Operating Income
79757

1 Bedroom Units

# 1 Bedroom Units
5
Avg Rent
1000
Avg SqFt
618
# Baths
Yes

2 Bedroom Units

# 2 Bedroom Units
4
Avg Rent
1225
Avg SqFt
768
# Baths
Yes

Sold Info

Loan Type
Other
Payment Type
Other
Closing Cost Split
Normal - N
Buyer Concession $/%
%
Seller Concession $/%
%
Buyer Concession to Seller
0
Seller Concession to Buyer
0

Project Type

Other (See Remarks)
Yes

Construction

Block
Yes

Const - Finish

Other (See Remarks)
Yes

Roofing

Composition
Yes

Floors

Vinyl
Yes
Other
Yes

Sale Includes

Laundry Equipment
Yes
Other (See Remarks)
Yes

Income & Expenses

Annual Elec Exp
0
Annual Gas Exp
0
Annual Ins Exp
2500
Annual Land Lse Exp
0
Annual Landscape Exp
0
Annual Legal & Acctg
0
Annual Maint Exp
4500
Annual Mgmt Exp
5524
Annual Trash Exp
1800
Annual Wtr/Swr Exp
8000
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
1800
Annual Other Expense
1125
Operating Exp
26839
Other Income
675
Vacancy Allowance
0.08
Adjusted Gross Inc
109917

Pmt & Rate Info

Cap Rate
5.54
Down Payment
0
Equity
1440000
Down Payment %
0
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Showing Notification Methods

Email
Yes

Lockbox Type

None
Yes

Community Features

Other
Yes
See Remarks
Yes

Heating

Individual
Yes

Cooling

Other
Yes
See Remarks
Yes

Exterior Amenities

Green Landscaping
Yes

Interior Features

Unfurnished
Yes
Fire/Smoke Alarm(s)
Yes

Tenant Pays

Electricity
Yes

Appliances Included

Disposal
Yes
Refrigerator
Yes
Free-Standing Range
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Projected Proforma
Yes

Water Source

Other
Yes
See Remarks
Yes

Sewer

Sewer - Public
Yes

Parking Features

Carport
Yes
Paved
Yes

Electric

SRP
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
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

Seller Prop Disc Stm
Yes

Existing 3rd Loan Terms

Not Applicable
Yes

Environmental

None
Yes

Existing Othr Ln Trm

Other (See Remarks)
Yes

Efficiency Units

Avg Rent
0

3 Bedrooms Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Property Features

Project Type: Other (See Remarks) Construction: Block Const - Finish: Other (See Remarks) Roofing: Composition Floors: Vinyl; Other Sale Includes: Laundry Equipment; Other (See Remarks) Community Features: Other; See Remarks Exterior Amenities: Green Landscaping Interior Features: Unfurnished; Fire/Smoke Alarm(s) Appliances Included: Free-Standing Range; Refrigerator; Disposal Heating: Individual Cooling: Other; See Remarks Water Source: Other; See Remarks Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: Carport; Paved Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection Tenant Pays: Electricity Source of Fincl Data: Projected Proforma Showing Notification Methods: Email Lockbox Type: None Existing 1st Loan: Other (See Rmks) 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: Other (See Remarks) New Financing: Conventional; No Carry; 1031 Exchange; Other (See Remarks) Environmental: None
IDX
Listing Office: Platinum Living Realty
Last Updated: January - 31 - 2022
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