3636 E VERDE Lane, Phoenix, AZ 85018 (MLS# 6591677)

3636 E VERDE Lane, Phoenix, AZ 85018

$1,800,000

3636 E Verde Ln-large-016-021-3636 E Ver

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,800,000 List Date: 8/18/2023 Last Modified: 12/06/2024

Overview

Description

SELLER CARRYBACK! 3636 E Verde Phoenix is a charming and well-maintained 9-unit apartment building located in the sought-after neighborhood of Arcadia Lite in Phoenix, Arizona. This property offers a fantastic opportunity for both investors and tenants alike with its recent renovations and appealing amenities. One of the most significant updates to the property is the installation of new pipes, which ensures a reliable plumbing system for all the units. Additionally, a newer roof has been put in place, providing enhanced protection against the elements and reducing maintenance costs for the foreseeable future. The building's appeal is further enhanced by the inclusion of dual-pane windows in each unit. These windows not only improve energy efficiency but also minimize noise pollution,

Supplements: These windows not only improve energy efficiency but also minimize noise pollution, allowing tenants to enjoy a peaceful and comfortable living experience. Moreover, with the electric masts being raised, residents can benefit from a more reliable electrical supply, ensuring uninterrupted power to all units. The exterior of the property has not be ... (Read more)

Listing Details MLS# 6591677

Location, Tax & Legal

House Number: 3636
Compass: E
Street Name: VERDE
St Suffix: Lane
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85018
Zip4: 7000
Country: US
County Code: Maricopa
Subdivision: OAKSHIRE
Assessor Number: 127-22-072-A
Tax Year: 2023
Assessor's Map #: 22
Legal Description (Abbrev): LOT 8 OAKSHIRE MCR 005827
Assessor's Parcel #: 72
Assessor Parcel Ltr: A
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 110902
Taxes: 2622
Legal: LOT 8 OAKSHIRE MCR 005827
Marketing Name: Arcadia

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: irr
Year Built: 1955
Uncvrd Parking Spcs: 4
Total # of Units: 9
# of Buildings: 3
Zoning: M-M
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District

Remarks Misc

Cross Street: 36th Street and Thomas
Directions: From 36th Street go east to 37th Street. Turn North to Verde. Property sits on the North East corner.

Status Change Info

Off Market Date: 2024-11-12
Under Contract Date: 2024-11-12
Close of Escrow Date: 2024-12-06

Legal Info

Township: 2N
Range: 3E
Section: 25
Lot Number: 8

More Information

Income Expenses

Gross Annual Sch Inc: 159130
Net Operating Income: 138438

Showing Notification Methods

Showing Service: Aligned Showings
Text: Yes
Email: Yes
Phone Call: Yes

1 Bedroom Units

# 1 Bedroom Units: 8
Avg SqFt: 400
# Baths: Yes
Avg Rent: 0

2 Bedroom Units

# 2 Bedroom Units: Yes
Avg SqFt: 864
# Baths: Yes
Avg Rent: 0

Sold Info

Loan Type: Carryback
Loan Years: 7
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

Block: Yes
Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Composition: Yes

Floors

Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes
Personal Property: Yes
Laundry Equipment: Yes

Income & Expenses

Annual Elec Exp: 1092
Annual Gas Exp: 425
Annual Ins Exp: 3124
Annual Landscape Exp: 600
Annual Maint Exp: 2700
Annual Mgmt Exp: 7020
Annual Wtr/Swr Exp: 2680
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Other Expense: 600
Operating Exp: 20863
Other Income: 1740
Vacancy Allowance: 0.03
Adjusted Gross Inc: 156043.9

Pmt & Rate Info

Cap Rate: 7.48
Equity: 1850000
Down Payment %: 20
Monthly Payments: 9263
Total Owed: 0

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Heat Pump: Yes
Individual: Yes

Cooling

Ceiling Fan(s): Yes
Heat Pump: Yes
Individual: Yes

Exterior Amenities

Desert Landscaping: Yes
Partially Fenced: Yes
Curb(s) & Gutter(s): Yes
Cable TV Available: Yes
Sidewalk(s): Yes
Separate Storage: Yes
Security Light(s): Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes
Vertical Blinds: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes
Books Shwn Accpt Ofr: Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes
Sewer-In & Connected: Yes

Parking Features

Garage: Yes
Carport: Yes
Free: Yes
On Street: Yes
>1 Space Per Unit: Yes
Add'l Parking Avail: Yes

Electric

APS: Yes
Individual Meter: Yes

Gas

SW Gas: Yes
Master Meter: Yes

Owner Pays

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

New Financing

Conventional: Yes
Owner May Carry: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes
APOD/Backup Avaible: Yes
Sch of Personal Prop: Yes
Other (See Remarks): Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Construction: Block; Wood Frame Const - Finish: Painted; Stucco Roofing: Composition Floors: Ceramic Tile; Carpet Sale Includes: Land & Building; Personal Property; Laundry Equipment Community Features: No Pool Exterior Amenities: Desert Landscaping; Partially Fenced; Curb(s) & Gutter(s); Cable TV Available; Sidewalk(s); Separate Storage; Security Light(s) Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds Appliances Included: Free-Standing Range; Refrigerator Heating: Individual; Heat Pump Cooling: Ceiling Fan(s); Heat Pump; Individual Water Source: City Franchise; Master Meter Sewer: Sewer - Public; Sewer-In & Connected Electric: APS; Individual Meter Gas: SW Gas; Master Meter Parking Features: Garage; Carport; On Street; >1 Space Per Unit; Add'l Parking Avail; Free Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection; Landscaping Tenant Pays: Electricity; Cable TV Source of Fincl Data: Projected Proforma; Books Shwn Accpt Ofr Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Treat as Free&Clear New Financing: Conventional; Owner May Carry Environmental: None

Listing Office: Gerchick Real Estate

Last Updated: December - 06 - 2024