2939 N 36TH Street, Phoenix, AZ 85018 (MLS# 5592467)

2939 N 36TH Street, Phoenix, AZ 85018

$2,650,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $2,650,000 Last Modified: 2/18/2023

Overview

Description

The Avanti is a 30 unit apartment community located in a highly desired region of East Phoenix. Located on the Southwest end of Arcadia. Surrounded by new developments. Well built, functional & well maintained. Every unit is individually metered. NO chiller system, providing landlord with a very reasonable electric bill. 70% of the units have newer HVAC systems. Building is made of block construction w/stucco & paint finishes. Built w/concrete flooring between the two levels providing less maintenance, no creaking floors, and better sound barrier. Constructed in 1981 means no lead base paint or asbestos. Roof is in good condition & all plumbing is copper. Units have garbage disposals, dishwashers, & stoves. Rents are under market with value add opportunity.

Supplements: The roof is in good condition and all plumbing is copper. Every unit has a garbage disposal, dishwasher, as well as a stove, and the top floor units have vaulted ceilings. Rents are under market with great upside potential.

Listing Details MLS# 5592467

Location, Tax & Legal

Map Code/Grid: P35
House Number: 2939
Compass: N
Street Name: 36TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85018
Zip4: 7456
Country: US
County Code: Maricopa
Subdivision: CITRUS ACRES LOTS 21-60
Assessor Number: 127-22-011-A
Tax Year: 2016
Assessor's Map #: 22
Legal Description (Abbrev): LOT 9 CITRUS ACRES LOTS 21-60 MCR 001729
Assessor's Parcel #: 11
Assessor Parcel Ltr: A
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 110902
Taxes: 12130
Legal: LOT 9 CITRUS ACRES LOTS 21-60 MCR 001729
Marketing Name: Avanti Apartments

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: IRR
Year Built: 1981
Uncvrd Parking Spcs: 40
Total # of Units: 30
# of Buildings: 3
Zoning: M-H
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District

Remarks Misc

Cross Street: 36th Street and Osborn
Directions: South on Osborn to property on the east side of the road.

Status Change Info

Off Market Date: 2017-11-08
Under Contract Date: 2017-10-16
Close of Escrow Date: 2017-11-17

Legal Info

Township: 2N
Range: 3E
Section: 25
Lot Number: 9

More Information

1 Bedroom Units

# 1 Bedroom Units: 28
Avg Rent: 675
Avg SqFt: 550
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 2
Avg Rent: 850
Avg SqFt: 700
# Baths: Yes

Contact Info

List Agent Home Phn: 602-451-3684

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

25 - 50 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Foam: Yes

Floors

Concrete: Yes
Carpet: 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: 12130
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 0

Pmt & Rate Info

Down Payment: 0
Equity: 2595000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

No Pool: Yes

Heating

Electric: Yes

Cooling

Electric: Yes
Individual: Yes

Exterior Amenities

Desert Landscaping: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

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

SRP: Yes
Individual Meter: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Cash to Loan: Yes
Conventional: 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

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 25 - 50 Units Construction: Block Const - Finish: Painted Roofing: Foam Floors: Concrete; Carpet Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Desert Landscaping Appliances Included: Built-In Range Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: SRP; Individual Meter Gas: None Parking Features: 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity; 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: Cash to Loan; Conventional Environmental: None

Listing Office: LRA Real Estate Group, LLC

Last Updated: February - 18 - 2023