5820 W Claremont Street, Glendale, AZ 85301

$2,125,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $2,125,000 Last Modified: 11/02/2016

Description

Claremont is an attractive 36-unit apartment community located in a desirable Glendale neighborhood. Built in 1975, the property is made of block and stucco construction with pitched built-up roofs, and is individually metered for electricity.

Supplements: The community has a unit mix consisting of one and two-bedroom floor plans that are spacious and well designed and average approximately 785 square feet. Interior unit features include fully appointed kitchens with electric appliances and dishwashers, ceramic tile flooring, walk-in closets, vertical blinds, security doors and private front and back patios in select units. Claremont is situated on approximately 1.75 acres and features low water use desert landscaping and mature shade trees. Community amenities include exterior lighting and an on-site laundry facility. Claremont offers an investor the opportunity to acquire an attractive apartment community located in a desirable Glendale submarket with in-place cash flow and additional value-add potential. Over the last year, the Glendale submarket average occupancy increased by 252 basis points, more than two times that of the metropolitan Phoenix average. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Claremont is well positioned to achieve continual increases in revenue.

More Information MLS# 5260079

Contract Info

Ownership: Fee Simple Current Price: $2,125,000 Sold Price: $2,125,000 Status: Closed List Date: 2015-04-03

Location, Tax & Legal

Assessor's Map #: 9 Legal Description (Abbrev): WOODFORD ADDITION TO GLENDALE MCR 2/54 N2 N2 LOT 8 BLK 3 E 459.8F TH/OF EX P/D 9462/457 Assessor's Parcel #: 28 Assessor Parcel Ltr: B Add'l Parcels: No Tax Municipality: Maricopa - COUNTY Census Tract: 92900 Taxes: 10528.68 Legal: WOODFORD ADDITION TO GLENDALE MCR 2/54 N2 N2 LOT 8 BLK 3 E 459.8F TH/OF EX P/D 9462/457 Marketing Name: Claremont Map Code/Grid: N32 House Number: 5820 Compass: W Street Name: Claremont St Suffix: Street City/Town Code: Glendale State/Province: AZ Zip Code: 85301 Zip4: 4437 County Code: Maricopa Subdivision: WOODFORD ADD BLK 5, LOTS 5&8 Assessor Number: 146-09-028-B Tax Year: 2014

General Property Description

# of Buildings: 6 Uncvrd Parking Spcs: 40 Lot Size Dimensions: 76046 Total # of Units: 36 Elementary School District: Glendale Elementary District High School District: Glendale Union High School District Year Built: 1975 Zoning: R-4

Legal Info

Range: 2E Section: 8 Township: 2N Block: 3 Lot Number: 8

Project Type

25 - 50 Units: 1

Construction

Block: 1 Wood Frame: 1

Const - Finish

Painted: 1

Roofing

Built-Up: 1

Floors

Ceramic Tile: 1

Sale Includes

Land & Building: 1

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: 116100 Operating Exp: 126628.68 Other Income: 0 Vacancy Allowance: 0.08 Adjusted Gross Inc: 278349.68

Pmt & Rate Info

Cap Rate: 6.96 Down Payment: 0 Equity: 2125000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0 Assessment Balance: 0

Community Features

No Pool: 1

Heating

Electric: 1

Cooling

Individual: 1

Exterior Amenities

Green Landscaping: 1 Patio/Balcony: 1 Security Light(s): 1

Interior Features

Vertical Blinds: 1

Tenant Pays

Electricity: 1

Appliances Included

Dishwasher: 1 Microwave: 1 Free-Standing Range: 1

Road Surface Type

Asphalt: 1

Source of Fincl Data

Owner: 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1

Parking Features

>1 Space Per Unit: 1 Paved: 1

Electric

APS: 1

Gas

SW Gas: 1

Owner Pays

Water: 1 Sewer: 1

New Financing

Conventional: 1

Existing 1st Loan

Conventional: 1

Existing 1st Loan Type

Fixed: 1

Existing 1st Loan Terms

Not Applicable: 1

Existing 2nd Loan

Treat as Free&Clear: 1

Existing 2nd Loan Type

Not Applicable: 1

Existing 2nd Loan Terms

Not Applicable: 1

Existing 3rd Loan

Treat as Free&Clear: 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: 602-735-5634

Efficiency Units

Avg Rent: 0

1 Bedroom Units

# 1 Bedroom Units: 24 Avg Rent: 625 Avg SqFt: 722 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 12 Avg Rent: 750 Avg SqFt: 912 # Baths: 2

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Sold Info

Loan Type: Cash Closing Cost Split: Normal - N Payment Type: Other Buyer Concession to Seller: 0 Buyer Concession $/%: $ Seller Concession to Buyer: 0 Seller Concession $/%: $

Remarks Misc

Geo Lat: 33.529301 Geo Lon: -112.184694

Status Change Info

Off Market Date: 2016-11-02 Under Contract Date: 2016-08-04 Close of Escrow Date: 2016-11-01 Sold Price: $2,125,000

Income Expenses

Gross Annual Sch Inc: 302554 Net Operating Income: 148004

Property Features

Project Type: 25 - 50 Units Construction: Block; Wood Frame Const - Finish: Painted Roofing: Built-Up Floors: Ceramic Tile Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Green Landscaping; Patio/Balcony; Security Light(s) Interior Features: Vertical Blinds Appliances Included: Free-Standing Range; Dishwasher; Microwave Cooling: Individual Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: SW Gas Parking Features: >1 Space Per Unit; Paved Road Surface Type: Asphalt Owner Pays: Water Tenant Pays: Electricity Source of Fincl Data: Owner Existing 1st Loan: Conventional Existing 1st Loan Type: Fixed 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 Environmental: None
Listing Office: CBRE, Inc
IDX
Last Updated: November - 02 - 2016
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