616 N 10TH Avenue, Phoenix, AZ 85007 (MLS# 6642485)

616 N 10TH Avenue, Phoenix, AZ 85007

$2,080,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $2,080,000 Last Modified: 2/20/2024

Overview

Description

Property to be purchased with 616 N 10th Ave, total price is $2,100,000 for all 8 units. 614 - 616 North 10th Avenue is a 100% occupied newly renovated 8-unit boutique apartment community that offers an attractive unit mix including (5) one-bedroom / one-bathroom units, (2) two-bedroom / one-bathroom casitas, & (1) two-bedroom / two-bathroom unit. Six of the eight units have fully landscaped private backyards complete with pavers, plants, drip system and accent lighting. No expense was spared in the renovations with more than $640,000 of capital improvements.

Listing Details MLS# 6642485

Location, Tax & Legal

House Number: 616
Compass: N
Street Name: 10TH
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85007
Zip4: 2646
Country: US
County Code: Maricopa
Subdivision: UNIVERSITY ADDITION
Assessor Number: 111-29-191
Tax Year: 2023
Assessor's Map #: 29
Legal Description (Abbrev): LOT 16 BLOCK J UNIVERSITY ADDITION MCR 000107
Assessor's Parcel #: 191
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 112900
Taxes: 530
Legal: LOT 16 BLOCK J UNIVERSITY ADDITION MCR 000107
Marketing Name: 10th Avenue Apartments

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 125.30x50.38x125.26x50.31
Year Built: 1936
Uncvrd Parking Spcs: 8
Total # of Units: 8
# of Buildings: 4
Zoning: R-5
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District

Status Change Info

Off Market Date: 2024-02-16
Under Contract Date: 2023-12-13
Close of Escrow Date: 2024-02-16

Legal Info

Township: 1N
Range: 3E
Section: 6
Block: J
Lot Number: 16

More Information

Income Expenses

Gross Annual Sch Inc: 156840
Net Operating Income: 118458

Showing Notification Methods

Showing Service: Aligned Showings

1 Bedroom Units

# 1 Bedroom Units: 5
Avg Rent: 1550
Avg SqFt: 625
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 3
Avg Rent: 1775
Avg SqFt: 760
# Baths: Yes

Sold Info

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

Project Type

Four Plex: Yes
5 - 12 Units: Yes

Construction

Block: Yes
Wood Frame: Yes

Const - Finish

Stucco: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes

Sale Includes

Building(s) Only: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 530
Other Income: 6800
Vacancy Allowance: 0.05
Adjusted Gross Inc: 155458

Pmt & Rate Info

Cap Rate: 5.64
Equity: 2100000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

None: Yes

Community Features

No Pool: Yes

Heating

Individual: Yes

Cooling

Individual: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes

Interior Features

Unfurnished: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Free-Standing Range: Yes
Washer/Dryer: Yes

Road Surface Type

Gravel: Yes

Source of Fincl Data

Owner: Yes
Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Garage: Yes

Electric

APS: Yes
Individual Meter: Yes

Gas

SW Gas: Yes

Owner Pays

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

New Financing

Conventional: Yes
Other (See Remarks): Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: Four Plex; 5 - 12 Units Construction: Block; Wood Frame Const - Finish: Stucco Roofing: Composition Floors: Vinyl Sale Includes: Building(s) Only Community Features: No Pool Exterior Amenities: Landscape Water System; Desert Landscaping Interior Features: Unfurnished Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer Heating: Individual Cooling: Individual Water Source: City Franchise Sewer: Sewer - Public Electric: APS; Individual Meter Gas: SW Gas Parking Features: Garage Road Surface Type: Gravel Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Owner; Projected Proforma Lockbox Type: None New Financing: Conventional; Other (See Remarks) Environmental: None

Listing Office: ABI Multifamily

Last Updated: February - 20 - 2024