325 W COLTER Street, Phoenix, AZ 85013 (MLS# 6257614)

325 W COLTER Street, Phoenix, AZ 85013

$2,100,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $2,100,000 Last Modified: 1/31/2022

Overview

Description

C O LT E R is a eight-unit apartment community located northwest of the intersection of Central Avenue and Camelback Road, one-half mile from a Valley METRO Light Rail station, offering outstanding connectivity to the growing lifestyle and economic opportunities of Midtown & Downtown Phoenix. Positioned near the northern boundary of Midtown Phoenix, Colter has access to approximately 171,000 employees housed at companies such as Freeport McMoRan, Bank of America, and IBM Corporation among others as well as a number of award-winning medical centers including Dignity Health and Banner Health-led facilities. The property's unparalleled location is greatly enhanced by proximity to several incoming developments, including The Central Park, Creighton Medical School, and Astra Phoenix,

Supplements: which will impact the economic and academic trajectory of this innovative region immensely. Additionally, Colter maintains walkability to several nearby dining hotspots, such as Windsor and Postino, as well as Uptown Plaza, a collection of local favorite retail and dining anchored by AJ's Fine Foods. Developed in 1961, Colter is comprised of 100% t ... (Read more)

Listing Details MLS# 6257614

Location, Tax & Legal

Map Code/Grid: N34
House Number: 325
Compass: W
Street Name: COLTER
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85013
Zip4: 2074
Country: US
County Code: Maricopa
Assessor Number: 162-26-024
Tax Year: 2020
Assessor's Map #: 26
Assessor's Parcel #: 24
Add'l Parcels: Yes
Tax Municipality: Phoenix
Taxes: 4406
Legal: Lot 4 and LOT 5 BECKER ADD TO ORANGEWOOD MCR 007204
Marketing Name: 325-405 West Colter

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: IRR
Year Built: 1961
Uncvrd Parking Spcs: 8
Total # of Units: 8
# of Buildings: 2
Zoning: R4
Flood Zone: No
Elementary School District: Madison Elementary District
High School District: Phoenix Union High School District

Remarks Misc

Cross Street: CENTRAL AND CAMELBACK

Status Change Info

Off Market Date: 2021-07-28
Under Contract Date: 2021-07-28
Close of Escrow Date: 2021-08-31

Legal Info

Lot Number: 4 and 5

More Information

Income Expenses

Gross Annual Sch Inc: 111936
Net Operating Income: 77535

2 Bedroom Units

# 2 Bedroom Units: 8
Avg Rent: 1166
Avg SqFt: 850
# Baths: Yes

Sold Info

Loan Type: Cash
Payment Type: Other
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

Brick: Yes
Slump Block: Yes

Const - Finish

Painted: Yes

Roofing

Foam: Yes

Floors

Ceramic Tile: Yes
Carpet: Yes
Other: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Ins Exp: 3200
Annual Land Lse Exp: 0
Annual Landscape Exp: 1090
Annual Legal & Acctg: 1600
Annual Maint Exp: 3000
Annual Mgmt Exp: 5353
Annual Wtr/Swr Exp: 7402
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 1600
Annual Other Expense: 1800
Operating Exp: 29451
Other Income: 1840
Vacancy Allowance: 0.05
Adjusted Gross Inc: 108087.2

Pmt & Rate Info

Cap Rate: 3.52
Equity: 2200000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Showing Notification Methods

Text: Yes

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Electric: Yes
Individual: Yes

Cooling

Heat Pump: Yes

Exterior Amenities

Desert Landscaping: Yes
Partially Fenced: Yes
Cable TV Available: Yes
Patio/Balcony: Yes

Interior Features

Unfurnished: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Free-Standing Range: Yes

Road Access Type

Alley: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
>1 Space Per Unit: Yes
Paved: Yes
Assigned: Yes

Electric

APS: Yes
Individual Meter: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Gas: Yes
Trash Collection: Yes
Cable TV: Yes
Landscaping: Yes

New Financing

Conventional: Yes

Existing 1st Loan

Treat as Free&Clear: 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

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Seller Prop Disc Stm: 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

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Construction: Brick; Slump Block Const - Finish: Painted Roofing: Foam Floors: Ceramic Tile; Carpet; Other Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Desert Landscaping; Partially Fenced; Cable TV Available; Patio/Balcony Interior Features: Unfurnished Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave Heating: Individual Cooling: Heat Pump Water Source: City Franchise Sewer: Sewer - Public Electric: APS; Individual Meter Gas: SW Gas Parking Features: Carport; >1 Space Per Unit; Assigned; Paved Road Access Type: Alley Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection; Cable TV; Landscaping Tenant Pays: Electricity Source of Fincl Data: Owner Showing Notification Methods: Text Lockbox Type: None Existing 1st Loan: Treat as Free&Clear Existing 2nd Loan: Other (See Remarks) 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: Platinum Living Realty

Last Updated: January - 31 - 2022