434 N HILL, Mesa, AZ 85203
$762,500
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$762,500
Last Modified:
7/25/2018
Description
SELLER PREFERS A CARRY BACK OFFER: 11 TOTAL UNITS in 2 buildings located in Mesa Arizona. Fresh painted buildings fully occupied with new roofs that were installed in 2015. Rents are EXTREMELY LOW, majority of the tenants are on month to month leases willing to sign extensions. Easily 10%+ CAP RATE. We have multiple fosters, churches and housing assistance companies constantly looking for units for rent in this area. These two buildings are within miles to 60 freeway, Mesa Community College, EVIT and 202 freeway red mountain. Units Included: (1) 2BR/2BA (6) 2BR/1BA and (5) 1BR/1BA. Don't miss an opportunity to own two great buildings with 11 units occupied by great tenants. Lots of great ways to make more income on this cash cow like ADDING A COIN OPERATED WASHER DRYER FOR THE TENANTS.
Supplements: SELLER CARRY TERMS ARE 20% DOWN, 7% INTEREST RATE, 30 YEAR AMORTIZED LOAN, 10 YEAR PREPAYMENT PENALTY OF THE INTEREST THAT IS DUE.
More Information MLS# 5741498
Contract Info
Ownership: Fee Simple
Current Price: $762,500
Sold Price: $762,500
Status: Closed
List Date: 2018-03-20
Location, Tax & Legal
Assessor's Map #: 37
Legal Description (Abbrev): LOT 4 KO KO PALMS MCR 009727
Assessor's Parcel #: 4
Assessor Parcel Ltr: A
Add'l Parcels: No
Tax Municipality: Mesa
Census Tract: 420800
Taxes: 1782
Legal: LOT 4 KO KO PALMS MCR 009727
Marketing Name: KO KO PALMS
Map Code/Grid: Q39
House Number: 434
Compass: N
Street Name: HILL
St Suffix: --
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85203
Zip4: 7469
County Code: Maricopa
Subdivision: KO KO PALMS
Assessor Number: 137-37-004-A
Tax Year: 2017
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 8
Lot Size Dimensions: 125.41 x 80.32
Total # of Units: 11
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
High School: Mountain View High School
Year Built: 1963
Zoning: RM-3
Legal Info
Range: 5E
Section: 13
Township: 1N
Lot Number: 4
Project Type
5 - 12 Units: 1
Other Type
Other (See Remarks): 1
Construction
Block: 1
Other: 1
Const - Finish
Painted: 1
Other (See Remarks): 1
Roofing
Composition: 1
Floors
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 6423
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 707
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 4000
Annual Wtr/Swr Exp: 6281
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 19193
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 85560
Total Monthly Rental Income: 7130
Status Update
Multiple Offers Recd: 1
Pmt & Rate Info
Cap Rate: 8.14
Down Payment: 160000
Equity: 815000
Down Payment %: 20
Monthly Payments: 5100
Total Owed: 0
Assessment Balance: 0
Community Features
No Pool: 1
Heating
Electric: 1
Cooling
Electric: 1
2 or More Units: 1
Exterior Amenities
Sidewalk(s): 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Mini Blinds: 1
Tenant Pays
Electricity: 1
Other (See Remarks): 1
Appliances Included
Disposal: 1
Refrigerator: 1
Road Access Type
Alley: 1
Road Surface Type
Asphalt: 1
Concrete: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Electric
SRP: 1
Other (See Remarks): 1
Gas
City Gas: 1
Owner Pays
Water: 1
Electric: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
Owner May Carry: 1
1031 Exchange: 1
Other (See Remarks): 1
Existing 1st Loan
Treat as Free&Clear: 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
Contact Info
List Agent Home Phn: 480-206-3631
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 6
Avg Rent: 650
Avg SqFt: 600
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 5
Avg Rent: 750
Avg SqFt: 750
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Carryback
Loan Years: 30
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: Gilbert and University
Directions: WEST on University to HILL, NORTH (right) BUILDING IS ON THE LEFT.
Geo Lat: 33.423437
Geo Lon: -111.795875
Status Change Info
Off Market Date: 2018-05-09
Under Contract Date: 2018-04-02
Close of Escrow Date: 2018-05-10
Sold Price: $762,500
Income Expenses
Gross Annual Sch Inc: 85560
Net Operating Income: 66367
Property Features
Project Type: 5 - 12 Units
Other Type: Other (See Remarks)
Construction: Block; Other
Const - Finish: Painted; Other (See Remarks)
Roofing: Composition
Floors: Ceramic Tile; Carpet
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Sidewalk(s)
Interior Features: Unfurnished; Fire/Smoke Alarm(s); Mini Blinds
Appliances Included: Refrigerator; Disposal
Cooling: Electric; 2 or More Units
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP; Other (See Remarks)
Gas: City Gas
Parking Features: 1 Space/Unit
Road Access Type: Alley
Road Surface Type: Asphalt; Concrete
Owner Pays: Water; Electric; Trash Collection; Landscaping
Tenant Pays: Electricity; Other (See Remarks)
Source of Fincl Data: Owner
Status Update: Multiple Offers Recd
Existing 1st Loan: Treat as Free&Clear
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; Owner May Carry; 1031 Exchange; Other (See Remarks)
Environmental: None
Listing Office:
RE/MAX Solutions
Last Updated: July - 25 - 2018
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