626 S WILSON Street, Tempe, AZ 85281
$720,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$720,000
Last Modified:
11/10/2024
Description
CLICK DOCUMENTS TAB FOR PROPERTY FLIER. Superior Tempe location a block and a half off Mill Avenue. Consisting of ten 1/1 units and two 2/1 units, the Patio Palms Apartments offer poolside accommodations in a garden-style setting a couple minutes from Mill Avenue and all that is Tempe. Strong year-around occupancy and solid upside in rents make for continually improving cash flow in an irreplaceable downtown Tempe location. Improvements are block constructed and individually metered for electricity with copper water lines. Units have small fenced back patios or shared back yards and the property is gated with perimeter security lighting. Rent increases underway at the property.
More Information MLS# 5141227
Contract Info
Ownership: Fee Simple
Current Price: $720,000
Sold Price: $720,000
Status: Closed
List Date: 2014-07-03
Location, Tax & Legal
Assessor's Map #: 33
Legal Description (Abbrev): STATE PLAT NO 12 AMD
Assessor's Parcel #: 66
Assessor Parcel Ltr: B
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 318800
Taxes: 3534
Legal: LOT 1 E2 TR 11 .55 AC
Marketing Name: Patio Palms
Map Code/Grid: Q36
House Number: 626
Compass: S
Street Name: WILSON
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2775
County Code: Maricopa
Assessor Number: 124-33-066-B
Tax Year: 2013
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 17
Lot Size Dimensions: irregular
Total # of Units: 12
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1960
Zoning: M-H, R-3
Legal Info
Range: 4E
Section: 16
Township: 1N
Lot Number: unk
Project Type
5 - 12 Units: 1
Construction
Block: 1
Brick: 1
Const - Finish
Painted: 1
Roofing
Built-Up: 1
Floors
Concrete: 1
Vinyl: 1
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Pool Equipment: 1
Income & Expenses
Annual Elec Exp: 2400
Annual Gas Exp: 2200
Annual Ins Exp: 2390
Annual Land Lse Exp: 0
Annual Landscape Exp: 3078
Annual Legal & Acctg: 1360
Annual Maint Exp: 8588
Annual Mgmt Exp: 5600
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 4000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 2400
Annual Other Expense: 0
Other Income: 1126
Vacancy Allowance: 0.04
Adjusted Gross Inc: 84600.96
Pmt & Rate Info
Cap Rate: 6.47
Down Payment: 759000
Equity: 759000
Down Payment %: 100
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Heating
Heat Pump: 1
Electric: 1
Cooling
Electric: 1
Heat Pump: 1
Exterior Amenities
Green Landscaping: 1
Cable TV Available: 1
Security Light(s): 1
Interior Features
Fire/Smoke Alarm(s): 1
Mini Blinds: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Concrete: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
>1 Space Per Unit: 1
Electric
APS: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
Landscaping: 1
Pool Maintenance: 1
New Financing
No Carry: 1
Other (See Remarks): 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 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: 602-243-7499
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 10
Avg Rent: 551
Avg SqFt: 560
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 600
Avg SqFt: 700
# Baths: 1
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
Cross Street: University and Farmers
Directions: 202 to Priest Drive, south to University, East on university to Farmer Avenue, north to 7th Street, east to property.
Geo Lat: 33.423322
Geo Lon: -111.946106
Status Change Info
Off Market Date: 2014-07-28
Under Contract Date: 2014-07-15
Close of Escrow Date: 2014-07-31
Sold Price: $720,000
Income Expenses
Gross Annual Sch Inc: 87000
Net Operating Income: 49076
Property Features
Project Type: 5 - 12 Units
Construction: Block; Brick
Const - Finish: Painted
Roofing: Built-Up
Floors: Concrete; Vinyl; Ceramic Tile; Carpet
Sale Includes: Land & Building; Pool Equipment
Community Features: Pool
Exterior Amenities: Green Landscaping; Cable TV Available; Security Light(s)
Interior Features: Fire/Smoke Alarm(s); Mini Blinds
Appliances Included: Free-Standing Range; Refrigerator
Heating: Heat Pump
Cooling: Electric; Heat Pump
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking Features: >1 Space Per Unit
Road Surface Type: Asphalt; Concrete
Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Existing 1st Loan: Other (See Rmks)
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: No Carry; Other (See Remarks)
Environmental: None
Documents
FLIER ›
Listing Office:
Kasten Long Commercial Group
Last Updated: November - 10 - 2024
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