407-419 W 7th Street, Tempe, AZ 85281
$1,650,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,650,000
Last Modified:
12/11/2024
Description
14 on 7th St. consists of 14 spacious 2-bedroom / 2 bath (approx 900 + sf) unit apartments. Interior amenities include washer and dryer, full size appliances. Units have great living down and sleeping up floor plans with full bathrooms on both floors. Easy to manage linoleum living and kitchen with carpet upstairs. All units have private patios with 40% also have balconies. Carports, lighting, individual metered for electricity. 12 out 14 AC Less then 10 years old. New Roof on both buildings 2009. Location can' t be beat with walking to light-rail, restaurants, shops on Mill Ave and Arizona State University. Great Value Add investment with heavy upside on rents that are 30% below market with many long term tenants. All Facts and Figures Approximate Buyer to Verify to Their Satisfaction.
More Information MLS# 5454469
Contract Info
Ownership: Fee Simple
Current Price: $1,650,000
Sold Price: $1,650,000
Status: Closed
List Date: 2016-06-07
Location, Tax & Legal
Assessor's Map #: 33
Assessor's Parcel #: 41
Add'l Parcels: Yes
Tax Municipality: Tempe
Taxes: 9938
Legal: Rental Resid
Marketing Name: 14 in Downtown Tempe
Map Code/Grid: R36
House Number: 407-419
Compass: W
Street Name: 7th
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
County Code: Maricopa
Subdivision: State Plat NO 12 AMD
Assessor Number: 124-33-041
Tax Year: 2015
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 14
Lot Size Dimensions: 28357
Total # of Units: 14
Year Built: 1983
Zoning: R-3
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Stucco: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Carpet: 1
Sale Includes
Land & Building: 1
Laundry Equipment: 1
Income & Expenses
Annual Elec Exp: 465
Annual Gas Exp: 0
Annual Ins Exp: 4552
Annual Land Lse Exp: 0
Annual Landscape Exp: 2400
Annual Legal & Acctg: 0
Annual Maint Exp: 9767
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 6555
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 2039
Operating Exp: 35716
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 121632
Pmt & Rate Info
Cap Rate: 5.12
Down Payment: 0
Equity: 1680000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Other: 1
See Remarks: 1
Heating
Electric: 1
Individual: 1
Cooling
Heat Pump: 1
Individual: 1
Exterior Amenities
Green Landscaping: 1
Patio/Balcony: 1
Interior Features
Other (See Remarks): 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Built-In Range: 1
Trash Compactor: 1
Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
>1 Space Per Unit: 1
Electric
APS: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 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
None: 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
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 14
Avg Rent: 724
Avg SqFt: 900
# Baths: 2
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 10
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: University Dr and Farmer Ave
Directions: North on Farmer, West on 7th St. Property on south side of street.
Geo Lat: 33.423136
Geo Lon: -111.944327
Status Change Info
Off Market Date: 2016-06-20
Under Contract Date: 2016-06-20
Close of Escrow Date: 2016-08-12
Sold Price: $1,650,000
Legal Info
Lot Number: 2
Income Expenses
Gross Annual Sch Inc: 121632
Net Operating Income: 85988
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Stucco
Roofing: Composition
Floors: Vinyl; Carpet
Sale Includes: Land & Building; Laundry Equipment
Community Features: Other; See Remarks
Exterior Amenities: Green Landscaping; Patio/Balcony
Interior Features: Other (See Remarks)
Appliances Included: Built-In Range; Refrigerator; Trash Compactor; Washer/Dryer
Heating: Individual
Cooling: Heat Pump; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: None
Parking Features: >1 Space Per Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner; 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: Conventional; 1031 Exchange
Environmental: None
Listing Office:
Better Homes & Gardens Real Estate SJ Fowler
Last Updated: December - 11 - 2024
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