7002 N 76TH Avenue, Glendale, AZ 85303

$1,900,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,900,000 Last Modified: 1/01/2015

Description

Glenview Estates is a 32-unit garden-style apartment community located in a desirable Glendale neighborhood with high barriers to entry. Built in 1964, the property is made of block construction with pitched composition shingle roofs and is individually-metered for electricity. The community is comprised up of ten individual tri-plexes and a duplex with a desirable unit mix consisting of 1 one-bedroom, 30 two-bedrooms and 1 three-bedroom floor plans that are extremely spacious and well designed and average approximately 764 square feet.

Supplements: Unit features include fully appointed kitchens with electric appliances, ceramic tile countertops and backsplashes, ceramic tile flooring, ample closet space, vertical blinds, ceiling fans, solid core front and rear entry doors, spacious private backyards with 6 foot block walls and individual storage units. Glenview Estates has been owned and operated by the same local entity for the past 10 years. Current ownership has infused substantial capital into the property including completely renovating 18 of the units with new cabinets, countertops, backsplashes, appliances and flooring and HVAC units and re-landscaping the property with attractive low water use plants and trees. Due to the hands-on ownership, Glenview Estates consistently outperforms the Glendale submarket fundamentals. The property is situated on approximately 2.1 acres and is attractively landscaped with low water use plants and palm trees. Community amenities include ten laundry facilities and exterior lighting and covered parking. Each building within the community has its own water meter and sub-meters for individual units, providing an investor the opportunity to implement a RUBS system in which residents are billed back for their water usage which will further reduce the property's already minimal expenses. As a potential exit strategy, a seasoned investor has the option of selling the tri-plexes off separately to individual investors. While the average occupancy in metro Phoenix remained unchanged over the past year, the Glendale submarket occupancy improved by 335 basis points. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Glenview Estates is well positioned to achieve continual revenue increases.

More Information MLS# 5129695

Contract Info

Ownership: Fee Simple Current Price: $1,900,000 Sold Price: $1,900,000 Status: Closed List Date: 2014-06-12

Location, Tax & Legal

Assessor's Map #: 43 Legal Description (Abbrev): GLEN VIEW ESTATES 2 Assessor's Parcel #: 59 Add'l Parcels: Yes Tax Municipality: Maricopa - COUNTY Census Tract: 92711 Taxes: 4967 Legal: GLEN VIEW ESTATES 2 Marketing Name: Glenview Estates Map Code/Grid: N31 House Number: 7002 Compass: N Street Name: 76TH St Suffix: Avenue City/Town Code: Glendale State/Province: AZ Zip Code: 85303 Zip4: 2466 County Code: Maricopa Subdivision: Glenview Estates Assessor Number: 142-43-059 Tax Year: 2013

General Property Description

# of Buildings: 11 Uncvrd Parking Spcs: 32 Lot Size Dimensions: IRR Total # of Units: 32 Elementary School District: Glendale Elementary District High School District: Glendale Union High School District Year Built: 1964 Zoning: R-4

Legal Info

Range: 1E Section: 2 Township: 2N Lot Number: 57

Project Type

25 - 50 Units: 1

Construction

Block: 1

Const - Finish

Painted: 1

Roofing

Composition: 1

Floors

Ceramic Tile: 1

Sale Includes

Land & Building: 1 Personal Property: 1

Income & Expenses

Annual Elec Exp: 0 Annual Gas Exp: 0 Annual Ins Exp: 4800 Annual Land Lse Exp: 0 Annual Landscape Exp: 0 Annual Legal & Acctg: 0 Annual Maint Exp: 16000 Annual Mgmt Exp: 12806 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: 0 Operating Exp: 38573 Other Income: 8000 Vacancy Allowance: 0.11 Adjusted Gross Inc: 263546.8

Pmt & Rate Info

Cap Rate: 8.63 Down Payment: 0 Equity: 1900000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0 Assessment Balance: 0

Community Features

No Pool: 1 Manager Res/Office: 1

Heating

Electric: 1

Cooling

Individual: 1

Exterior Amenities

Landscape Water System: 1 Desert Landscaping: 1 Patio/Balcony: 1 Separate Storage: 1

Interior Features

Unfurnished: 1 Vertical Blinds: 1

Tenant Pays

Electricity: 1

Appliances Included

Refrigerator: 1 Free-Standing Range: 1

Road Access Type

Dedicated Street: 1

Road Surface Type

Asphalt: 1

Source of Fincl Data

Owner: 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1

Parking Features

Carport: 1 Free: 1 On Street: 1

Electric

City Electric: 1 Individual Meter: 1

Gas

None: 1

Owner Pays

Water: 1 Sewer: 1 Trash Collection: 1 Landscaping: 1

New Financing

Conventional: 1

Existing 1st Loan

Treat as Free&Clear: 1

Existing 1st Loan Type

Not Applicable: 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: 1 Avg Rent: 660 Avg SqFt: 650 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 30 Avg Rent: 750 Avg SqFt: 750 # Baths: 1

3 Bedrooms Units

# 3 Bedroom Units: 1 Avg Rent: 850 Avg SqFt: 1300 # Baths: 2

4 Bedrooms Units

Avg Rent: 0

Sold Info

Loan Type: Conventional Loan Years: 7 Closing Cost Split: Normal - N Payment Type: Fixed Buyer Concession to Seller: 0 Buyer Concession $/%: $ Seller Concession to Buyer: 0 Seller Concession $/%: $

Remarks Misc

Cross Street: North 76th Ave. and West Glendale Ave. Geo Lat: 33.538186 Geo Lon: -112.222733

Status Change Info

Off Market Date: 2014-12-10 Under Contract Date: 2014-10-01 Close of Escrow Date: 2014-12-31 Sold Price: $1,900,000

Income Expenses

Gross Annual Sch Inc: 288120 Net Operating Income: 164050

Property Features

Project Type: 25 - 50 Units Construction: Block Const - Finish: Painted Roofing: Composition Floors: Ceramic Tile Sale Includes: Land & Building; Personal Property Community Features: No Pool; Manager Res/Office Exterior Amenities: Landscape Water System; Desert Landscaping; Patio/Balcony; Separate Storage Interior Features: Unfurnished; Vertical Blinds Appliances Included: Free-Standing Range; Refrigerator Cooling: Individual Water Source: City Franchise Sewer: Sewer - Public Electric: City Electric; Individual Meter Gas: None Parking Features: Carport; On Street; Free Road Access Type: Dedicated Street Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity Source of Fincl Data: Owner Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable 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: January - 01 - 2015
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