7011 N 68TH Avenue, Glendale, AZ 85303 (MLS# 5365840)

7011 N 68TH Avenue, Glendale, AZ 85303

$600,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $600,000 Last Modified: 12/01/2024

Overview

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.

Listing Details MLS# 5365840

Location, Tax & Legal

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
Country: US
County Code: Maricopa
Subdivision: GLEN WEST ESTATES
Assessor Number: 143-28-011-A
Tax Year: 2015
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

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: Unknown
Year Built: 1968
Uncvrd Parking Spcs: 18
Total # of Units: 22
# of Buildings: 3
Zoning: R-4
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

Remarks Misc

Cross Street: 67th Ave and Glendale
Directions: West on 67th to property, north side.

Status Change Info

Off Market Date: 2016-01-11
Under Contract Date: 2015-12-05
Close of Escrow Date: 2016-01-15

Legal Info

Township: 2N
Range: 1E
Section: Yes
Lot Number: 3
Cnty Rcrd Bk & Pg #: 143 28

More Information

Income Expenses

Gross Annual Sch Inc: 152700
Net Operating Income: 83575

1 Bedroom Units

# 1 Bedroom Units: 12
Avg Rent: 650
Avg SqFt: 600
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 10
Avg Rent: 500
Avg SqFt: 600
# Baths: Yes

Contact Info

List Agent Home Phn: 480-720-4040

Sold Info

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

Project Type

13 - 24 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Other: Yes

Floors

Vinyl: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes

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: Yes

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: Yes
Play Area: Yes

Heating

Electric: Yes

Cooling

Electric: Yes
Individual: Yes
2 or More Units: Yes

Exterior Amenities

Landscape Water System: Yes
Green Landscaping: Yes
Curb(s) & Gutter(s): Yes
Security Light(s): Yes

Interior Features

Unfurnished: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

None: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

Free: Yes
1 Space/Unit: Yes
Add'l Parking Avail: Yes

Electric

APS: Yes
Individual Meter: Yes

Gas

None: Yes

Owner Pays

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

New Financing

Conventional: Yes
No Carry: Yes
1031 Exchange: Yes
Affordable Housing: Yes

Special

Court Approval Required: Yes
Accept Backups (CLO): Yes

Existing 1st Loan

Private: Yes
Treat as Free&Clear: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Seller Prop Disc Stm: 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: 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