2835 W NORTHERN Avenue, Phoenix, AZ 85051
$3,450,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$3,450,000
Last Modified:
8/01/2017
Description
Northern Palms is a 50-unit garden style apartment community located in northwest Phoenix in a highly visible location on Northern Avenue that has recently been completely renovated and repositioned with premium finishes. The property is made of block construction with new built-up foam roofs and is individually-metered for electricity with all new HVAC units.
The unit mix is comprised of 49 one-bedroom units and 1 two-bedroom floor plans that are very well designed and range in size from ±596 to ±1200 square feet. The units have been extensively renovated and feature modern shaker style cabinetry, new countertops, faux wood vinyl flooring, full-size electric appliances, ceramic tile shower surrounds with new brushed nickel fixtures and new interior doors.
More Information MLS# 5588657
Contract Info
Ownership: Fee Simple
Current Price: $3,450,000
Sold Price: $3,450,000
Status: Closed
List Date: 2017-04-10
Location, Tax & Legal
Assessor's Map #: 1
Legal Description (Abbrev): LOT 7 BEVERLY ACRES MCR 001534
Assessor's Parcel #: 10
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 105900
Taxes: 11334.64
Legal: LOT 7 BEVERLY ACRES MCR 001534
Marketing Name: Northern Palms
Map Code/Grid: N33
House Number: 2835
Compass: W
Street Name: NORTHERN
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85051
Zip4: 6672
County Code: Maricopa
Subdivision: BEVERLY ACRES
Assessor Number: 151-01-010
Tax Year: 2016
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 50
Lot Size Dimensions: 150'x300'
Total # of Units: 50
High School District: Glendale Union High School District
Year Built: 1972
Zoning: R-5
Legal Info
Range: 2E
Section: 2
Township: 2N
Lot Number: 7
Project Type
25 - 50 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Built-Up: 1
Foam: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
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: 11334.64
Other Income: 7500
Vacancy Allowance: 0.03
Adjusted Gross Inc: 401580
Pmt & Rate Info
Cap Rate: 7
Down Payment: 1050000
Equity: 3450000
Down Payment %: 30
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Payment Includes
Principal: 1
Interest: 1
Community Features
No Pool: 1
Heating
Electric: 1
Individual: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Tenant Pays
Electricity: 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
<1 Space Per Unit: 1
Paved: 1
Electric
SRP: 1
Individual Meter: 1
Gas
SW Gas: 1
Master Meter: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Conventional: 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
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Contact Info
List Agent Home Phn: 602-735-5634
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 49
Avg Rent: 675
Avg SqFt: 596
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 800
Avg SqFt: 1200
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
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: 27th Avenue and Northern
Geo Lat: 33.552554
Geo Lon: -112.1204
Status Change Info
Off Market Date: 2017-05-11
Under Contract Date: 2017-05-11
Close of Escrow Date: 2017-07-31
Sold Price: $3,450,000
Income Expenses
Gross Annual Sch Inc: 406500
Net Operating Income: 241363
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Built-Up; Foam
Floors: Vinyl
Sale Includes: Land & Building
Payment Includes: Principal; Interest
Community Features: No Pool
Exterior Amenities: Landscape Water System
Appliances Included: Free-Standing Range; Refrigerator
Heating: Individual
Cooling: Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP; Individual Meter
Gas: SW Gas; Master Meter
Parking Features: <1 Space Per Unit; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity
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
Environmental: None
Listing Office:
CBRE, Inc
Last Updated: August - 01 - 2017
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