626 S WILSON Street, Tempe, AZ 85281

$720,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $720,000 Last Modified: 11/10/2024

Overview

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.

Listing Details MLS# 5141227

Location, Tax & Legal

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
Country
US
County Code
Maricopa
Assessor Number
124-33-066-B
Tax Year
2013
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

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
irregular
Year Built
1960
Uncvrd Parking Spcs
17
Total # of Units
12
# of Buildings
2
Zoning
M-H, R-3
Elementary School District
Tempe Elementary School District
High School District
Tempe Union High School District

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.

Status Change Info

Off Market Date
2014-07-28
Under Contract Date
2014-07-15
Close of Escrow Date
2014-07-31

Legal Info

Township
1N
Range
4E
Section
16
Lot Number
unk

More Information

Income Expenses

Gross Annual Sch Inc
87000
Net Operating Income
49076

1 Bedroom Units

# 1 Bedroom Units
10
Avg Rent
551
Avg SqFt
560
# Baths
Yes

2 Bedroom Units

# 2 Bedroom Units
2
Avg Rent
600
Avg SqFt
700
# Baths
Yes

Contact Info

List Agent Home Phn
602-243-7499

Sold Info

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

Project Type

5 - 12 Units
Yes

Construction

Block
Yes
Brick
Yes

Const - Finish

Painted
Yes

Roofing

Built-Up
Yes

Floors

Concrete
Yes
Vinyl
Yes
Ceramic Tile
Yes
Carpet
Yes

Sale Includes

Land & Building
Yes
Pool Equipment
Yes

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
Yes

Heating

Heat Pump
Yes
Electric
Yes

Cooling

Electric
Yes
Heat Pump
Yes

Exterior Amenities

Green Landscaping
Yes
Cable TV Available
Yes
Security Light(s)
Yes

Interior Features

Fire/Smoke Alarm(s)
Yes
Mini Blinds
Yes

Tenant Pays

Electricity
Yes
Cable TV
Yes

Appliances Included

Refrigerator
Yes
Free-Standing Range
Yes

Road Surface Type

Asphalt
Yes
Concrete
Yes

Source of Fincl Data

Owner
Yes

Water Source

City Franchise
Yes

Sewer

Sewer - Public
Yes

Parking Features

>1 Space Per Unit
Yes

Electric

APS
Yes

Gas

SW Gas
Yes

Owner Pays

Water
Yes
Sewer
Yes
Gas
Yes
Trash Collection
Yes
Landscaping
Yes
Pool Maintenance
Yes

New Financing

No Carry
Yes
Other (See Remarks)
Yes

Existing 1st Loan

Other (See Rmks)
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

Other (See Remarks)
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: 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

IDX
Listing Office: Kasten Long Commercial Group
Last Updated: November - 10 - 2024
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