- Save your searches
- Get updates on listings
- Track listings
- Add notes and messages
- Personalize your dashboard
529 E MARIPOSA Street, Phoenix, AZ 85012
Overview
Description
Supplements: ... (Read more) Bonfire is a newly renovated, modern boutique community in the heart of Central Phoenix. The community offers upscale interiors and bold gathering spaces and is just a short walk to the light rail, shopping and entertainment or the grocery store. The property is a 24-unit garden-style apartment community that was completely renovated and repositioned in 2013 with high end finishes. Built in 1964, the property is made of block construction with new pitched roofs and is individually-metered for electricity. Bonfire captures the essence of modern living and offers green eco-friendly features such as energy star appliances, water efficient fixtures and energy efficient lighting. The property has a unit mix consisting of one and two-bedroom floor plans that are approximately 613 square feet and are extremely well designed. The units have been renovated with faux wood plank flooring, refinished cabinetry with new doors and hardware, new counter tops, porcelain tile shower surrounds, premium lighting, brushed nickel fixtures and ceiling fans, breakfast bars, new baseboards throughout and majority new appliances. Exterior renovations include professionally designed landscaping with an organic vegetable garden, picnic area with barbeque, modern artistic signage, upgraded lighting and a new paint scheme with stenciled handrails. Ownership has recently implemented a RUBS system in which residents are billed back for a portion of the water usage, further reducing the property's already minimal expenses. Bonfire is situated on approximately 0.7 acres and has resort-style grounds lined with mature trees and low water use plants. Additional community amenities include a spacious on-site laundry facility and covered parking. Bonfire offers an investor the rare opportunity to acquire an extensively renovated urban core asset located in an irreplaceable central Phoenix location priced at a fraction of replacement cost. In the first quarter of 2015, the submarket occupancy averaged 92% and increased by 119 basis points, significantly more than the metropolitan Phoenix average. With the dynamic submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Bonfire is well positioned to achieve continual revenue increase.
Listing Details MLS# 5320012
Location, Tax & Legal
- Map Code/Grid
- P34
- House Number
- 529
- Compass
- E
- Street Name
- MARIPOSA
- St Suffix
- Street
- City/Town Code
- Phoenix
- State/Province
- AZ
- Zip Code
- 85012
- Country
- US
- County Code
- Maricopa
- Subdivision
- CAMELBACK SQUARE
- Assessor Number
- 155-22-019
- Tax Year
- 2014
- Assessor's Map #
- 22
- Legal Description (Abbrev)
- CAMELBACK SQ
- Assessor's Parcel #
- 19
- Add'l Parcels
- Yes
- Tax Municipality
- Maricopa - CITY
- Census Tract
- 108802
- Taxes
- 6639.76
- Legal
- CAMELBACK SQ
- Marketing Name
- Bonfire
Contract Info
- Ownership
- Fee Simple
General Property Description
- Lot Size Dimensions
- 30492
- Year Built
- 1964
- Total # of Units
- 24
- # of Buildings
- Yes
- Zoning
- r-4
- Elementary School District
- Osborn Elementary District
- High School District
- Phoenix Union High School District
- Uncvrd Parking Spcs
- 0
Status Change Info
- Off Market Date
- 2015-09-17
- Under Contract Date
- 2015-09-17
- Close of Escrow Date
- 2015-10-09
Legal Info
- Lot Number
- Yes
More Information
Income Expenses
- Gross Annual Sch Inc
- 244834
- Net Operating Income
- 150064
1 Bedroom Units
- # 1 Bedroom Units
- 14
- Avg Rent
- 760
- Avg SqFt
- 550
- # Baths
- Yes
2 Bedroom Units
- # 2 Bedroom Units
- 10
- Avg Rent
- 920
- Avg SqFt
- 800
- # Baths
- Yes
Contact Info
- List Agent Home Phn
- 602-735-5634
Sold Info
- Loan Type
- Conventional
- Payment Type
- Other
- Closing Cost Split
- Normal - N
- Buyer Concession $/%
- %
- Seller Concession $/%
- %
- Buyer Concession to Seller
- 0
- Seller Concession to Buyer
- 0
Project Type
- 13 - 24 Units
- Yes
Construction
- Block
- Yes
Const - Finish
- Painted
- Yes
Roofing
- Composition
- Yes
Floors
- Wood
- Yes
Sale Includes
- Land & Building
- Yes
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
- 76020
- Other Income
- 0
- Vacancy Allowance
- 0.04
- Adjusted Gross Inc
- 235040.64
Pmt & Rate Info
- Cap Rate
- 6.52
- Down Payment
- 0
- Equity
- 2300000
- Down Payment %
- 0
- Monthly Payments
- 0
- Total Owed
- 0
- Assessment Balance
- 0
Community Features
- No Pool
- Yes
Heating
- Individual
- Yes
Cooling
- Individual
- Yes
Exterior Amenities
- Green Landscaping
- Yes
- Patio/Balcony
- Yes
- Security Light(s)
- Yes
Interior Features
- Breakfast Bar
- Yes
Tenant Pays
- Gas
- Yes
- Electricity
- Yes
Appliances Included
- Microwave
- Yes
- Refrigerator
- Yes
- Free-Standing Range
- Yes
Road Surface Type
- Asphalt
- Yes
Source of Fincl Data
- Owner
- Yes
Water Source
- City Franchise
- Yes
- Master Meter
- Yes
Sewer
- Sewer - Public
- Yes
Parking Features
- Carport
- Yes
Electric
- Individual Meter
- Yes
Gas
- SW Gas
- Yes
- Individual Meter
- Yes
Owner Pays
- Water
- Yes
- Sewer
- Yes
New Financing
- Conventional
- 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
- Other (See Remarks)
- 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