4401 N 23RD Avenue, Phoenix, AZ 85015 (MLS# 6135431)

4401 N 23RD Avenue, Phoenix, AZ 85015

$1,314,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,314,000 Last Modified: 1/31/2022

Overview

Description

23rd AVE is a 12-unit apartment community located less than two miles northwest of Phoenix's most prestigious employment hotspot, the Innovation Corridor. As a point of pride for the area, the corridor is comprised of midtown and downtown Phoenix, and boasts more than ±171,000 employees across ±1,700 businesses. The property is also positioned approximately two miles southwest of Christown Spectrum Mall - an iconic Phoenix retail center featuring Harkins Theaters, Walmart, and Target. Developed in 1961, 23rd Ave is comprised of complementary mix of one- and two-bedroom floor plans averaging ±630-square-feet. Future ownership will have the opportunity to bring all units up to market rent burning through the in-place loss-to-lease and to add a RUBS or utility recapture for domestic water,

Listing Details MLS# 6135431

Location, Tax & Legal

Map Code/Grid: P33
House Number: 4401
Compass: N
Street Name: 23RD
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Zip4: 4407
Country: US
County Code: Maricopa
Subdivision: TIERRA FRUTAL
Assessor Number: 154-16-006-A
Tax Year: 2021
Assessor's Map #: 16
Legal Description (Abbrev): LOT 5 TIERRA FRUTAL MCR 003842
Assessor's Parcel #: 6
Assessor Parcel Ltr: A
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 109003
Taxes: 5020
Tax District: PHX
Legal: LOT 5 TIERRA FRUTAL MCR 003842
Marketing Name: 23RD AVE

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: Retangular
Year Built: 1961
Uncvrd Parking Spcs: 3
Total # of Units: 12
# of Buildings: 3
Zoning: R-3
Elementary School District: Alhambra Elementary District
High School District: Phoenix Union High School District
Elementary School: Westwind Elementary School
Jr. High School: R E Simpson School
High School: Alhambra High School

Remarks Misc

Cross Street: 23rd Avenue and Camelback Rd

Status Change Info

Off Market Date: 2020-10-05
Under Contract Date: 2020-10-05
Close of Escrow Date: 2020-11-12

Legal Info

Township: 2N
Range: 2E
Section: 24
Lot Number: 5

More Information

Income Expenses

Gross Annual Sch Inc: 120452
Net Operating Income: 75941

1 Bedroom Units

# 1 Bedroom Units: 9
Avg Rent: 895
Avg SqFt: 590
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 3
Avg Rent: 1050
Avg SqFt: 750
# Baths: 15

Sold Info

Loan Type: Conventional
Loan Years: 30
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

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 3126
Annual Land Lse Exp: 0
Annual Landscape Exp: 2400
Annual Legal & Acctg: 1983
Annual Maint Exp: 4500
Annual Mgmt Exp: 6467
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 11456
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 2400
Annual Other Expense: 2204
Operating Exp: 39556
Other Income: 2272
Vacancy Allowance: 0.06
Adjusted Gross Inc: 115360.56
Total Monthly Rental Income: 0

Pmt & Rate Info

Cap Rate: 5.15
Down Payment: 0
Equity: 1475000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Showing Notification Methods

Text: Yes
Email: Yes
Phone Call: Yes

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Electric: Yes
Individual: Yes

Cooling

Ceiling Fan(s): Yes
Electric: Yes
Individual: Yes

Exterior Amenities

Desert Landscaping: Yes
Fenced: Yes
Curb(s) & Gutter(s): Yes
Cable TV Available: Yes
Sidewalk(s): Yes
Patio/Balcony: Yes
Separate Storage: Yes

Interior Features

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

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
Free: Yes
>1 Space Per Unit: Yes

Electric

APS: Yes
Individual Meter: Yes

Gas

SW Gas: Yes

Owner Pays

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

New Financing

VA: Yes
Conventional: Yes
FHA: Yes
No Carry: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Treat as Free&Clear: 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

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: 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 Const - Finish: Painted Roofing: Composition Floors: Vinyl; Ceramic Tile; Carpet Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Desert Landscaping; Fenced; Curb(s) & Gutter(s); Cable TV Available; Sidewalk(s); Patio/Balcony; Separate Storage Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds Appliances Included: Free-Standing Range; Refrigerator Heating: Individual Cooling: Ceiling Fan(s); Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: APS; Individual Meter Gas: SW Gas Parking Features: Carport; >1 Space Per Unit; Free Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Treat as Free&Clear 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: VA; FHA; Conventional; No Carry Environmental: None

Listing Office: Platinum Living Realty

Last Updated: January - 31 - 2022