3010 N 37TH Street, Phoenix, AZ 85018

$2,050,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $2,050,000 Last Modified: 1/03/2018

Overview

Description

INVESTMENT OPPORTUNITY - 7 Units 100% occupied. All 3 bed 2.5 bath 1,680+ sq ft, most with 2 car garage. No HOA, 2017 Build, low maintenance. Tenants pay all utilities. A NNN investment with $118,600 NOI! New build means no major capital expenditures for 7-10 years. Also, units are platted as single family attached, so re-sale potential in 5-7 years can add significant residual return. Area is exploding with new infill and national builders in the area like DR Horton selling-out their infill communities. Units are close to shopping, employment, entertainment, restaurants and transportation corridors. NOTE: Seller accepting offers only for the purchase of of 14 units at this time - See MLS 5615341 for additional 7 units at 3120 N 37th St - Same design, 2017 build and 100% leased.

Listing Details MLS# 5615342

Location, Tax & Legal

Map Code/Grid
P35
House Number
3010
Compass
N
Street Name
37TH
St Suffix
Street
City/Town Code
Phoenix
State/Province
AZ
Zip Code
85018
Zip4
7005
Country
US
County Code
Maricopa
Subdivision
GROVE ON 37TH SOUTH
Assessor Number
127-22-178
Tax Year
2017
Assessor's Map #
22
Legal Description (Abbrev)
LOT 1 GROVE ON 37TH SOUTH MCR
Assessor's Parcel #
178
Add'l Parcels
Yes
Tax Municipality
Phoenix
Census Tract
110902
Taxes
8400
Legal
LOT 1 GROVE ON 37TH SOUTH MCR
Marketing Name
Lemon Groves on 37th

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
67 x 303
Year Built
2017
Uncvrd Parking Spcs
3
Total # of Units
7
# of Buildings
4
Zoning
R-3
Elementary School District
Creighton Elementary District
High School District
Phoenix Union High School District
Elementary School
Creighton Elementary School
Jr. High School
Creighton Elementary School
High School
Camelback High School

Remarks Misc

Cross Street
36th St and Indian School Rd
Directions
South on 36th Street to Clarendon. East on Clarendon to 37th Street. South on 37th Street to property. Sign on Property.

Status Change Info

Off Market Date
2017-09-26
Under Contract Date
2017-07-26
Close of Escrow Date
2017-09-29

Legal Info

Township
2N
Range
3E
Section
25
Lot Number
Yes

More Information

Income Expenses

Gross Annual Sch Inc
148620
Net Operating Income
118600

3 Bedrooms Units

# 3 Bedroom Units
7
Avg Rent
1730
Avg SqFt
1657
# Baths
25

Contact Info

List Agent Home Phn
602-317-5164

Sold Info

Loan Type
Exchange
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

5 - 12 Units
Yes

Construction

Wood Frame
Yes

Const - Finish

Painted
Yes
Stucco
Yes

Roofing

Foam
Yes

Floors

Ceramic Tile
Yes
Carpet
Yes

Sale Includes

Land & Building
Yes

Income & Expenses

Annual Elec Exp
0
Annual Gas Exp
0
Annual Ins Exp
4357
Annual Land Lse Exp
0
Annual Landscape Exp
1200
Annual Legal & Acctg
0
Annual Maint Exp
0
Annual Mgmt Exp
11890
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
25847
Other Income
0
Vacancy Allowance
0.03
Adjusted Gross Inc
144161.4

Pmt & Rate Info

Cap Rate
5.52
Down Payment
0
Equity
2149900
Down Payment %
0
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Community Features

No Pool
Yes

Heating

Electric
Yes

Cooling

Heat Pump
Yes

Exterior Amenities

Desert Landscaping
Yes
Patio/Balcony
Yes

Interior Features

Mini Blinds
Yes

Tenant Pays

Water
Yes
Sewer
Yes
Electricity
Yes
Trash Collection
Yes

Appliances Included

Dishwasher
Yes
Disposal
Yes
Microwave
Yes
Refrigerator
Yes
Built-In Range
Yes
W/D Hookup
Yes

Road Access Type

Private Road
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Projected Proforma
Yes
Books Shwn Accpt Ofr
Yes

Water Source

City Franchise
Yes

Sewer

Sewer - Public
Yes

Parking Features

Garage
Yes
>1 Space Per Unit
Yes
Attached
Yes
Garage Door Opener
Yes

Electric

SRP
Yes

Gas

None
Yes

Owner Pays

Landscaping
Yes

New Financing

Conventional
Yes
1031 Exchange
Yes
Affordable Housing
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

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

None
Yes

Existing 3rd Loan Terms

Not Applicable
Yes

Environmental

None
Yes

Existing Othr Ln Trm

Not Applicable
Yes

Efficiency Units

Avg Rent
0

1 Bedroom Units

Avg Rent
0

2 Bedroom Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Property Features

Project Type: 5 - 12 Units Construction: Wood Frame Const - Finish: Painted; Stucco Roofing: Foam Floors: Ceramic Tile; Carpet Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Desert Landscaping; Patio/Balcony Interior Features: Mini Blinds Appliances Included: Built-In Range; Refrigerator; Dishwasher; Disposal; Microwave; W/D Hookup Cooling: Heat Pump Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: None Parking Features: Garage; >1 Space Per Unit; Attached; Garage Door Opener Road Access Type: Private Road Road Surface Type: Asphalt Owner Pays: Landscaping Tenant Pays: Water; Sewer; Electricity; Trash Collection Source of Fincl Data: Projected Proforma; Books Shwn Accpt Ofr Existing 1st Loan: Treat as Free&Clear 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: Not Applicable New Financing: Conventional; 1031 Exchange; Affordable Housing Environmental: None
IDX
Listing Office: HomeSmart
Last Updated: January - 03 - 2018
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