402 S BECK Avenue, Tempe, AZ 85281
$1,450,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,450,000
Last Modified:
8/06/2021
Description
The Beck consists of (10) 1-bedroom units in a mid-century, block-constructed,
single-story building. Many upgrades have been done on the property with a
full exterior renovation and full interior updating on a number of the units.
Washer / dryers have been added to 3 of the units as well. Value-add
opportunity exists by continuing to raise rents, as well as through completing
the interior renovations to the remaining units. The Beck is a single-story, 10-unit apartment building in the heart of Tempe and
next to Arizona State University, one of the largest universities in the United
States. The property is located just west of the famed Mill Avenue corridor and
just south of Tempe Town Lake.
Supplements: It is a short bike ride to the ASU campus and the nearest light rail station (at 3rd and Mill), both located approximately 1 mile away. The location is as central is it gets and allows residents to enjoy, with ease, so much of what Tempe has to offer. The Tempe Town Lake and Tempe Beach Park are minutes away with year-round activities including water sports, multiple annual music and food festivals, and more. The property is also just minutes to both the 202 Freeway and the 143, allowing easy access to all parts of the Valley. Also a short distance away is where the 2 million square foot State Farm campus sits, as well as where many new projects are underway, making this area of Tempe not only popular because of the University but also one of the most desirable areas in all of Arizona to live and work. This is truly the bulls-eye of the Phoenix metropolitan area.
More Information MLS# 5964560
Contract Info
Ownership: Fee Simple
Current Price: $1,450,000
Sold Price: $1,450,000
Status: Closed
List Date: 2019-08-13
Location, Tax & Legal
Assessor's Map #: 28
Legal Description (Abbrev): PECAN GROVE ESTATES LOT 3 EX E 107.33' AS MEAS ALG S LN
Assessor's Parcel #: 11
Assessor Parcel Ltr: C
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 318800
Taxes: 4433
Legal: PECAN GROVE ESTATES LOT 3 EX E 107.33' AS MEAS ALG S LN
Marketing Name: The Beck
Map Code/Grid: R36
House Number: 402
Compass: S
Street Name: BECK
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2457
County Code: Maricopa
Subdivision: PECAN GROVE ESTATES
Assessor Number: 124-28-011-C
Tax Year: 2018
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 8
Lot Size Dimensions: 165x94
Total # of Units: 10
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1962
Zoning: R-3
Legal Info
Range: 4E
Section: 16
Township: 1N
Lot Number: 3
Project Type
5 - 12 Units: 1
Construction
Block: 1
Other: 1
Const - Finish
Brick Veneer: 1
Other (See Remarks): 1
Roofing
Composition: 1
Other: 1
Floors
Other: 1
Sale Includes
Land & Building: 1
Other (See Remarks): 1
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: 30310
Operating Exp: 34743
Other Income: 6916
Vacancy Allowance: 0
Adjusted Gross Inc: 6916
Pmt & Rate Info
Cap Rate: 5.31
Down Payment: 0
Equity: 1800000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Community Features
Pool: 1
Other: 1
See Remarks: 1
Heating
Other: 1
See Remarks: 1
Cooling
Other: 1
See Remarks: 1
Exterior Amenities
Landscape Water System: 1
Other (See Remarks): 1
Interior Features
Other (See Remarks): 1
Tenant Pays
Electricity: 1
Appliances Included
Other: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Other: 1
See Remarks: 1
Sewer
Sewer - Public: 1
Other: 1
Parking Features
Other: 1
Electric
Other (See Remarks): 1
Gas
Other (See Remarks): 1
Owner Pays
Water: 1
Sewer: 1
New Financing
Conventional: 1
1031 Exchange: 1
Other (See Remarks): 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 10
Avg Rent: 880.5
Avg SqFt: 585
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Other
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Hardy & University
Directions: West on University to Beck, North on Beck to property on SW Corner of Beck Ave and W 4th Street.
Geo Lat: 33.426239
Geo Lon: -111.957221
Status Change Info
Off Market Date: 2019-12-13
Under Contract Date: 2019-12-13
Close of Escrow Date: 2020-01-16
Sold Price: $1,450,000
Income Expenses
Net Operating Income: 95570
Property Features
Project Type: 5 - 12 Units
Construction: Block; Other
Const - Finish: Brick Veneer; Other (See Remarks)
Roofing: Composition; Other
Floors: Other
Sale Includes: Land & Building; Other (See Remarks)
Community Features: Pool; Other; See Remarks
Exterior Amenities: Landscape Water System; Other (See Remarks)
Interior Features: Other (See Remarks)
Appliances Included: Other
Heating: Other; See Remarks
Cooling: Other; See Remarks
Water Source: City Franchise; Other; See Remarks
Sewer: Sewer - Public; Other
Electric: Other (See Remarks)
Gas: Other (See Remarks)
Parking Features: Other
Road Surface Type: Asphalt
Owner Pays: Water
Tenant Pays: Electricity
Source of Fincl Data: Projected Proforma
Showing Notification Methods: Text; Email; Phone Call
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: Conventional; 1031 Exchange; Other (See Remarks)
Environmental: None
Listing Office:
ABI Multifamily
Last Updated: August - 06 - 2021
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.