2309 S College Avenue, Tempe, AZ 85282
$3,110,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$3,110,000
List Date:
1/09/2019
Last Modified:
1/21/2025
Description
Tempe Cottages is an 18-unit Contemporary Boutique Apartment Community located in this Highly Desirable Tempe location that has recently been Completely Renovated and Repositioned to include Premium Finishes with over $500k in Improvements! Solid Block Construction with Pitched Composition Shingle Roofs. The Renovated Units Feature Vaulted Ceilings, Modern Shaker Cabinetry, with Brushed Nickel Hardware, New Black Granite Countertops with White Subway-Tile Backsplashes and Polished Concrete Flooring,. Also included are Full Size/High End/Stainless Steel Appliances including built in Stainless Steel Dishwashers, Smooth Top Stoves, with Stainless Hood Vents, Washers & Dryers In-Suite, Pendant Lighting +More+. The property is located on .65 Acres w/ Attractive Low Water Use Desert Landscaping
More Information MLS# 5864913
Contract Info
Ownership: Fee Simple
Current Price: $3,110,000
Sold Price: $3,110,000
Status: Closed
List Date: 2019-01-08
Location, Tax & Legal
Assessor's Map #: 26
Legal Description (Abbrev): LOT 17 BROADMOR MANOR 4 MCR 008444
Assessor's Parcel #: 18
Add'l Parcels: Yes
Tax Municipality: Maricopa - COUNTY
Census Tract: 319600
Taxes: 5622
Legal: LOT 17 BROADMOR MANOR 4 MCR 008444
LOT 18 BROADMOR MANOR 4 MCR 008444
Marketing Name: Tempe Cottages 18 Units
Map Code/Grid: R37
House Number: 2309
Compass: S
Street Name: College
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85282
Zip4: 2356
County Code: Maricopa
Subdivision: BROADMOR MANOR 4
Assessor Number: 133-26-018
Tax Year: 2018
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 10
Lot Size Dimensions: 230.88 x 123.20
Total # of Units: 18
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Elementary School: Broadmor Elementary School
Jr. High School: Geneva Epps Mosley Middle School
High School: Tempe High School
Year Built: 1963
Zoning: Multi Family
Legal Info
Range: 4E
Section: 27
Township: 1N
Lot Number: 17
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Concrete: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 580
Annual Gas Exp: 0
Annual Ins Exp: 3200
Annual Land Lse Exp: 0
Annual Landscape Exp: 2400
Annual Legal & Acctg: 2000
Annual Maint Exp: 4500
Annual Mgmt Exp: 11341
Annual Trash Exp: 1000
Annual Wtr/Swr Exp: 3070
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 33713
Other Income: 2400
Vacancy Allowance: 0.03
Adjusted Gross Inc: 226421.28
Total Monthly Rental Income: 19260
Pmt & Rate Info
Cap Rate: 6.13
Down Payment: 0
Equity: 3150000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
No Pool: 1
Barbecue: 1
Heating
Heat Pump: 1
Individual: 1
Cooling
Heat Pump: 1
Exterior Amenities
Green Landscaping: 1
Desert Landscaping: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Water: 1
Sewer: 1
Electricity: 1
Trash Collection: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Refrigerator: 1
Free-Standing Range: 1
Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Add'l Parking Avail: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Landscaping: 1
New Financing
Conventional: 1
No Carry: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 18
Avg Rent: 1070
Avg SqFt: 613
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 30
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Broadway & Mill
Directions: Mill and Broadway, East on Broadway to College Avenue, South to property
Geo Lat: 33.403291
Geo Lon: -111.934514
Status Change Info
Off Market Date: 2019-03-18
Under Contract Date: 2019-01-15
Close of Escrow Date: 2019-03-15
Sold Price: $3,110,000
Income Expenses
Gross Annual Sch Inc: 231024
Net Operating Income: 193105
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Concrete
Sale Includes: Land & Building
Community Features: No Pool; Barbecue
Exterior Amenities: Green Landscaping; Desert Landscaping
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Washer/Dryer
Heating: Individual; Heat Pump
Cooling: Heat Pump
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: None
Parking Features: Carport; Add'l Parking Avail
Road Surface Type: Asphalt
Owner Pays: Landscaping
Tenant Pays: Water; Sewer; Electricity; Trash Collection; Cable TV
Source of Fincl Data: Owner
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
Environmental: None
Listing Office:
Keller Williams Arizona Realty
Last Updated: January - 21 - 2025
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