4415-4420 N 8th Avenue, Phoenix, AZ 85013 (MLS# 5414420)

4415-4420 N 8th Avenue, Phoenix, AZ 85013

$2,137,500

Property Type: Multiple Dwellings Status: Closed

Current Price: $2,137,500 Last Modified: 11/15/2019

Overview

Description

Newly remodeled and sharp! Moon River is located in the high demand Melrose District, located between Camelback Road on the north and Indian School Road on the south. There are two identical twelve-plex units, facing one another on each side of 8th Avenue. Moon River is block constructed with pitched shingles roofs. All units were converted to heat pumps (from window A/C's), and extensive remodeling has been completed. Rents are increasing dramatically in this area.

Supplements: This dynamic neighborhood has seen a dramatic upturn with revitilazation of existing properties as well as many new retail and service companies locating within the district. The Melrose District is located between Central and 15th Avenues and Camelback and Indian School Roads in the heart of Phoenix. The property is also located just south of the ... (Read more)

Listing Details MLS# 5414420

Location, Tax & Legal

Map Code/Grid: P34
House Number: 4415-4420
Compass: N
Street Name: 8th
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85013
Country: US
County Code: Maricopa
Assessor Number: 155-38-097-C
Tax Year: 2015
Assessor's Map #: 38
Assessor's Parcel #: 97
Assessor Parcel Ltr: C
Add'l Parcels: Yes
Tax Municipality: Phoenix
Taxes: 6036
Legal: 4415-N 116' OF S 257' OF E 164' OF W 386' OF NE4 NE4 SE4 .44 AC/4420-N 116' OF S 257' OF E 164' OF W 172' OF NE4 NE4 SE4
Marketing Name: Moon River

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 0.87 AC
Year Built: 1956
Total # of Units: 24
# of Buildings: 2
Zoning: R-4
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: 7th Avenue and Turney
Directions: Camelback Road, south on 7th Avenue to Turney, turn right (west) to 8th Avenue

Status Change Info

Off Market Date: 2016-04-11
Under Contract Date: 2016-04-11
Close of Escrow Date: 2016-06-17

Legal Info

Township: 2N
Range: 3E
Section: 19
Lot Number: N/A

More Information

Income Expenses

Net Operating Income: 147260

1 Bedroom Units

# 1 Bedroom Units: 20
Avg Rent: 700
Avg SqFt: 550

2 Bedroom Units

# 2 Bedroom Units: 4
Avg Rent: 950
Avg SqFt: 850

Contact Info

List Agent Home Phn: 602-942-9710

Sold Info

Loan Type: Exchange
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession to Seller: 2
Buyer Concession $/%: %
Seller Concession to Buyer: 2
Seller Concession $/%: %

Project Type

13 - 24 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes

Sale Includes

Land & Building: Yes
Laundry Equipment: Yes

Income & Expenses

Annual Elec Exp: 8351
Annual Gas Exp: 0
Annual Ins Exp: 5034
Annual Land Lse Exp: 0
Annual Landscape Exp: 3240
Annual Legal & Acctg: 1200
Annual Maint Exp: 8760
Annual Mgmt Exp: 23515
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 6000
Annual Other Expense: 0
Operating Exp: 62136
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 0

Pmt & Rate Info

Cap Rate: 6.4
Down Payment: 690000
Equity: 2300000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

No Pool: Yes

Heating

Heat Pump: Yes
Electric: Yes
Natural Gas: Yes

Cooling

Heat Pump: Yes

Exterior Amenities

Desert Landscaping: Yes

Interior Features

Unfurnished: Yes

Tenant Pays

Gas: Yes
Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Microwave: Yes
Refrigerator: Yes
Built-In Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

Individual Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

1 Space/Unit: Yes

Electric

Individual Meter: Yes

Gas

City Gas: Yes
Individual Meter: Yes

Owner Pays

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

New Financing

Conventional: Yes
1031 Exchange: 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: 13 - 24 Units Construction: Block Const - Finish: Painted Roofing: Composition Floors: Vinyl Sale Includes: Land & Building; Laundry Equipment Community Features: No Pool Exterior Amenities: Desert Landscaping Interior Features: Unfurnished Appliances Included: Built-In Range; Refrigerator; Dishwasher; Microwave Heating: Natural Gas; Heat Pump Cooling: Heat Pump Water Source: Individual Meter Sewer: Sewer - Public Electric: Individual Meter Gas: City Gas; Individual Meter Parking Features: 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity; Gas; Cable TV Source of Fincl Data: Owner 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: Conventional; 1031 Exchange Environmental: None

Listing Office: Kasten Long Commercial Group

Last Updated: November - 15 - 2019