2507 W MARYLAND Avenue, Phoenix, AZ 85017

$1,485,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,485,000 Last Modified: 7/26/2018

Overview

Description

Maryland Palms is a 22-unit garden-style apartment community located in a desirable Phoenix location. The property is situated on Maryland Avenue just west of the Black Canyon Freeway. The subject property is adjacent to the Black Canyon Corridor that includes more than ±5.155M SF of office space. Built in 1965, the property is made of block construction with built-up foam roofs and is individually-metered for electricity.The unit mix is comprised of studio, one bedroom and two-bedroom/two-bath floor plans that are extremely spacious, very well designed and range in size from 450 to 1100 square feet. Interior unit features include fully appointed kitchens with electric appliances, ceramic tile flooring, ample closet space and vertical blinds.

Listing Details MLS# 5753901

Location, Tax & Legal

Map Code/Grid
N33
House Number
2507
Compass
W
Street Name
MARYLAND
St Suffix
Avenue
City/Town Code
Phoenix
State/Province
AZ
Zip Code
85017
Zip4
1810
Country
US
County Code
Maricopa
Assessor Number
156-03-003-A
Tax Year
2017
Assessor's Map #
3
Legal Description (Abbrev)
S 217.96' OF N 458.95' OF FOL BEG AT NE COR N2 NW4 SW4 TH W 132' S 660' E 132' N TO POB EX BEG AT
Assessor's Parcel #
3
Assessor Parcel Ltr
A
Add'l Parcels
Yes
Tax Municipality
Phoenix
Census Tract
106801
Taxes
5596.66
Legal
S 217.96' OF N 458.95' OF FOL BEG AT NE COR N2 NW4 SW4 TH W 132' S 660' E 132' N TO POB EX BEG AT
Marketing Name
Maryland Palms

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
215.75' x 109.17'
Year Built
1965
Uncvrd Parking Spcs
Yes
Total # of Units
22
# of Buildings
2
Zoning
R-5
Elementary School District
Washington Elementary District
High School District
Glendale Union High School District

Status Change Info

Off Market Date
2018-04-26
Under Contract Date
2018-04-23
Close of Escrow Date
2018-07-12

Legal Info

Township
2N
Range
2E
Section
12
Lot Number
NA

More Information

Income Expenses

Gross Annual Sch Inc
164580
Net Operating Income
109338

Efficiency Units

# Efficiency Units
Yes
Avg Rent
575
Avg SqFt
450
# Baths
Yes

1 Bedroom Units

# 1 Bedroom Units
19
Avg Rent
675
Avg SqFt
637
# Baths
Yes

2 Bedroom Units

# 2 Bedroom Units
2
Avg Rent
775
Avg SqFt
1100
# Baths
2

Contact Info

List Agent Home Phn
602-735-5634

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

Block
Yes

Const - Finish

Painted
Yes

Roofing

Built-Up
Yes

Floors

Ceramic Tile
Yes

Sale Includes

Land & Building
Yes

Income & Expenses

Annual Elec Exp
0
Annual Gas Exp
0
Annual Ins Exp
0
Annual Land Lse Exp
0
Annual Landscape Exp
0
Annual Legal & Acctg
0
Annual Maint Exp
0
Annual Mgmt Exp
0
Annual Trash Exp
0
Annual Wtr/Swr Exp
0
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
0
Annual Other Expense
0
Operating Exp
5596.66
Other Income
11334
Vacancy Allowance
0.08
Adjusted Gross Inc
161840.88

Pmt & Rate Info

Cap Rate
7.2
Down Payment
455400
Equity
1518000
Down Payment %
30
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Community Features

Pool
Yes

Heating

Individual
Yes

Cooling

Electric
Yes
Individual
Yes

Exterior Amenities

Landscape Water System
Yes
Desert Landscaping
Yes

Interior Features

Unfurnished
Yes
Vertical Blinds
Yes

Tenant Pays

Electricity
Yes

Appliances Included

Refrigerator
Yes
Built-In Range
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Owner
Yes

Water Source

City Franchise
Yes

Sewer

Sewer - Public
Yes

Parking Features

1 Space/Unit
Yes

Electric

Individual Meter
Yes

Gas

SW Gas
Yes

Owner Pays

Water
Yes
Sewer
Yes
Trash Collection
Yes

New Financing

Conventional
Yes

Existing 1st Loan

Conventional
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

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: Built-Up Floors: Ceramic Tile Sale Includes: Land & Building Community Features: Pool Exterior Amenities: Landscape Water System; Desert Landscaping Interior Features: Unfurnished; Vertical Blinds Appliances Included: Built-In Range; Refrigerator Heating: Individual Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: Individual Meter Gas: SW Gas Parking Features: 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity Source of Fincl Data: Owner Existing 1st Loan: Conventional 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 Environmental: None
IDX
Listing Office: CBRE, Inc
Last Updated: July - 26 - 2018
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