3141 N 37TH Street, Phoenix, AZ 85018

$2,700,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $2,700,000 Last Modified: 8/17/2022

Overview

Description

Sir John's is a 14-unit apartment community located in a strong East Phoenix rental market. The community was constructed in 1967 with block construction. The property is individually-metered, with pitched roofs and was fully repositioned in 2018. The property consists of six separate duplex-style, single story buildings, comprised of all large two-bedroom units. Each apartment has separately controlled heating and cooling with a roof mounted HVAC units. All units includes large open floor-plans and have fully renovated interiors that were completed in 2018.

Listing Details MLS# 5884188

Location, Tax & Legal

Map Code/Grid
P35
House Number
3141
Compass
N
Street Name
37TH
St Suffix
Street
City/Town Code
Phoenix
State/Province
AZ
Zip Code
85018
Zip4
6347
Country
US
County Code
Maricopa
Subdivision
CITRUS ACRES LOTS 21-60
Assessor Number
127-23-048
Tax Year
2018
Assessor's Map #
23
Legal Description (Abbrev)
LOT 51 CITRUS ACRES LOTS 21-60 MCR 001729
Assessor's Parcel #
48
Add'l Parcels
No
Tax Municipality
Phoenix
Census Tract
110902
Taxes
7005.7
Legal
LOT 51 CITRUS ACRES LOTS 21-60 MCR 001729
Marketing Name
Sir John's

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
301.86 x 134.32
Year Built
1967
Uncvrd Parking Spcs
14
Total # of Units
14
# of Buildings
6
Zoning
R3
Elementary School District
Creighton Elementary District
High School District
Phoenix Union High School District

Status Change Info

Off Market Date
2019-06-10
Under Contract Date
2019-03-20
Close of Escrow Date
2019-05-28

Legal Info

Township
2N
Range
3E
Section
25
Lot Number
51

More Information

Income Expenses

Gross Annual Sch Inc
226800
Net Operating Income
161399

2 Bedroom Units

# 2 Bedroom Units
14
Avg Rent
1267
Avg SqFt
850
# Baths
Yes

Sold Info

Loan Type
Conventional
Payment Type
Other
Closing Cost Split
Seller Paid - S
Buyer Concession $/%
$
Seller Concession $/%
$
Buyer Concession to Seller
0
Seller Concession to Buyer
0

Project Type

13 - 24 Units
Yes

Construction

Slump Block
Yes

Const - Finish

Painted
Yes

Roofing

Composition
Yes

Floors

Ceramic Tile
Yes

Sale Includes

Building(s) Only
Yes
Land & Building
Yes
Laundry Equipment
Yes

Income & Expenses

Annual Elec Exp
0
Annual Gas Exp
0
Annual Ins Exp
2800
Annual Land Lse Exp
0
Annual Landscape Exp
1600
Annual Legal & Acctg
1400
Annual Maint Exp
4000
Annual Mgmt Exp
12492
Annual Trash Exp
0
Annual Wtr/Swr Exp
12600
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
3500
Annual Other Expense
1400
Operating Exp
46797.7
Other Income
1400
Vacancy Allowance
0.06
Adjusted Gross Inc
214508

Pmt & Rate Info

Cap Rate
6
Down Payment
0
Equity
2687986
Down Payment %
0
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Community Features

No Pool
Yes

Heating

Central
Yes

Cooling

Central Air
Yes

Tenant Pays

Electricity
Yes

Appliances Included

Dishwasher
Yes
Microwave
Yes
Refrigerator
Yes
Washer/Dryer
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Projected Proforma
Yes

Water Source

City Franchise
Yes

Sewer

Sewer - Public
Yes

Parking Features

>1 Space Per Unit
Yes

Electric

None
Yes

Gas

None
Yes

Owner Pays

Water
Yes
Sewer
Yes
Trash Collection
Yes
Landscaping
Yes

New Financing

Other (See Remarks)
Yes

Existing 1st Loan

Other (See Rmks)
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

Other (See Remarks)
Yes

Existing Othr Ln Trm

Not Applicable
Yes

Efficiency Units

Avg Rent
0

1 Bedroom Units

Avg Rent
0

3 Bedrooms Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Property Features

Project Type: 13 - 24 Units Construction: Slump Block Const - Finish: Painted Roofing: Composition Floors: Ceramic Tile Sale Includes: Building(s) Only; Land & Building; Laundry Equipment Community Features: No Pool Appliances Included: Refrigerator; Dishwasher; Microwave; Washer/Dryer Heating: Central Cooling: Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: None Gas: None Parking Features: >1 Space Per Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Projected Proforma Existing 1st Loan: Other (See Rmks) 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: Other (See Remarks) Environmental: Other (See Remarks)

Documents

IDX
Listing Office: ABI Multifamily
Last Updated: August - 17 - 2022
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