7011 N 68TH Avenue, Glendale, AZ 85303
$600,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$600,000
Last Modified:
12/01/2024
Description
Investors only, this property needs a complete rehab. This property consists of two parcels, the second is 143 28 009-A at the same address. There are 12 one bedroom units ( area rents are about $500 each) and 10 two bedroom units (area rents are about $650 each), all of which will need attention. Many of the HVAC unit are newer and the bones are good, however the City needs to approve all renovations at this point. If fully rented the project would have a value of almost $1.3MM at a 6 CAP. However the project will need substantial work to get to that point. Please note that apartment mix is per seller, listing agents have not verified the mix.
More Information MLS# 5365840
Contract Info
Ownership: Fee Simple
Current Price: $600,000
Sold Price: $600,000
Status: Closed
List Date: 2015-11-22
Location, Tax & Legal
Assessor's Map #: 28
Legal Description (Abbrev): GLEN WEST ESTATES LOTS 3 & 4
Assessor's Parcel #: 11
Assessor Parcel Ltr: A
Add'l Parcels: Yes
Tax Municipality: Glendale
Census Tract: 92705
Taxes: 2478
Legal: GLEN WEST ESTATES LOTS 3 & 4
Marketing Name: Garden Palms Apartments
Map Code/Grid: N31
House Number: 7011
Compass: N
Street Name: 68TH
St Suffix: Avenue
City/Town Code: Glendale
State/Province: AZ
Zip Code: 85303
County Code: Maricopa
Subdivision: GLEN WEST ESTATES
Assessor Number: 143-28-011-A
Tax Year: 2015
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 18
Lot Size Dimensions: Unknown
Total # of Units: 22
Elementary School District: Glendale Elementary District
High School District: Glendale Union High School District
Elementary School: Desert Spirit
Jr. High School: Desert Spirit
High School: Glendale High School
Year Built: 1968
Zoning: R-4
Legal Info
Range: 1E
Section: 1
Cnty Rcrd Bk & Pg #: 143 28
Township: 2N
Lot Number: 3
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Other: 1
Floors
Vinyl: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 1800
Annual Gas Exp: 0
Annual Ins Exp: 1200
Annual Land Lse Exp: 0
Annual Landscape Exp: 2400
Annual Legal & Acctg: 1200
Annual Maint Exp: 24000
Annual Mgmt Exp: 12200
Annual Trash Exp: 1800
Annual Wtr/Swr Exp: 9000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 2600
Annual Other Expense: 0
Operating Exp: 58678
Other Income: 2700
Vacancy Allowance: 0.5
Adjusted Gross Inc: 77700
Status Update
Multiple Offers Recd: 1
Pmt & Rate Info
Cap Rate: 10.45
Down Payment: 0
Equity: 800000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
No Pool: 1
Play Area: 1
Heating
Electric: 1
Cooling
Electric: 1
Individual: 1
2 or More Units: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Curb(s) & Gutter(s): 1
Security Light(s): 1
Interior Features
Unfurnished: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
None: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Free: 1
1 Space/Unit: 1
Add'l Parking Avail: 1
Electric
APS: 1
Individual Meter: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
No Carry: 1
1031 Exchange: 1
Affordable Housing: 1
Special
Court Approval Required: 1
Accept Backups (CLO): 1
Existing 1st Loan
Private: 1
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
Seller Prop Disc Stm: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Contact Info
List Agent Home Phn: 480-720-4040
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 12
Avg Rent: 650
Avg SqFt: 600
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 10
Avg Rent: 500
Avg SqFt: 600
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash
Closing Cost Split: Buyer - B
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
Remarks Misc
Cross Street: 67th Ave and Glendale
Directions: West on 67th to property, north side.
Geo Lat: 33.538975
Geo Lon: -112.205531
Status Change Info
Off Market Date: 2016-01-11
Under Contract Date: 2015-12-05
Close of Escrow Date: 2016-01-15
Sold Price: $600,000
Income Expenses
Gross Annual Sch Inc: 152700
Net Operating Income: 83575
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted; Stucco
Roofing: Other
Floors: Vinyl; Carpet
Sale Includes: Land & Building
Community Features: No Pool; Play Area
Exterior Amenities: Landscape Water System; Green Landscaping; Curb(s) & Gutter(s); Security Light(s)
Interior Features: Unfurnished
Appliances Included: None
Cooling: Electric; Individual; 2 or More Units
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: None
Parking Features: 1 Space/Unit; Add'l Parking Avail; Free
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Projected Proforma
Special: Court Approval Required; Accept Backups (CLO)
Status Update: Multiple Offers Recd
Existing 1st Loan: Private; 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; No Carry; 1031 Exchange; Affordable Housing
Environmental: None
Listing Office:
West USA Realty
Last Updated: December - 01 - 2024
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