7102 N 45TH Avenue, Glendale, AZ 85301
$850,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$850,000
Last Modified:
8/06/2021
Description
Glen Court Apartments was built in the early 1960's and offers a nice bite-sized value-add opportunity for an investor. The property consists of 8 units with 8 one bedroom units, one 2 bedroom unit and a 4 bedroom / 2 bath unit. All of the units except two of them have washer/dryer hookups. Two of the units have been fully remodeled, leaving the remainder of the units for an investor to put their own touch on and create additional value. The property sits on a large 25,573 sf lot (.59 acres) lot allowing for a ton of open space and parking. An investor could easily create private yard space for some of the units or some nice common area amenities. A basic remodel on the remaining 6 units would definitely allow for a push in rents while still remaining a very affordable price point.
Supplements: The property is individually metered for electricity and gas. This is a great value-add opportunity in a good location in the center of town. Glen Court Apartments is an 8 unit apartment community located on the border of Glendale and Phoenix. The property is located on a quiet street next door to a beautiful new charter school that was just built in 2019 (Academy of Math and Science). Ther property is well located, being a little over three miles to Grand Canyon University to the south as well as approximately 6 miles east of Glendale's Westgate center featuring State Farm Stadium (home of the Arizona Cardinals), Gila River Arena (home of the Phoenix Coyotes hockey team), Cabelas, and many other popular retail and restaurant destinations. It is a little over 2 miles to the nearest freeway entrance giving easy access to all parts of the Phoenix metro area. Glendale continues to have some of the strongest rent growth in Arizona being centrally located while still remaining a very affordable option for renters.
More Information MLS# 6204611
Contract Info
Ownership: Fee Simple
Current Price: $850,000
Sold Price: $850,000
Status: Closed
List Date: 2021-03-09
Location, Tax & Legal
Assessor's Map #: 9
Assessor's Parcel #: 27
Add'l Parcels: Yes
Tax Municipality: Glendale
Census Tract: 92402
Taxes: 2735
Legal: refer to title
Marketing Name: Glen Court
Map Code/Grid: N32
House Number: 7102
Compass: N
Street Name: 45TH
St Suffix: Avenue
City/Town Code: Glendale
State/Province: AZ
Zip Code: 85301
Zip4: 2857
County Code: Maricopa
Assessor Number: 147-09-027
Tax Year: 2020
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 16
Lot Size Dimensions: refer to title
Total # of Units: 8
Elementary School District: Glendale Elementary District
High School District: Glendale Union High School District
Elementary School: Melvin E Sine School
Jr. High School: Glendale Landmark Middle School
High School: Apollo High School
Year Built: 1955
Zoning: R3, R1-6
Legal Info
Range: 2E
Section: 4
Township: 2N
Lot Number: none
Project Type
5 - 12 Units: 1
Construction
Block: 1
Wood Frame: 1
Other: 1
Const - Finish
Painted: 1
Other (See Remarks): 1
Roofing
Composition: 1
Floors
Vinyl: 1
Ceramic Tile: 1
Other: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
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: 23237
Operating Exp: 25972
Other Income: 1200
Vacancy Allowance: 0.07
Adjusted Gross Inc: 77004
Pmt & Rate Info
Cap Rate: 6.01
Down Payment: 0
Equity: 850000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Natural Gas: 1
Other: 1
See Remarks: 1
Cooling
Evaporative Cooling: 1
Other: 1
See Remarks: 1
Interior Features
Mini Blinds: 1
Drapes: 1
Tenant Pays
Gas: 1
Electricity: 1
Appliances Included
Other: 1
Road Surface Type
Asphalt: 1
Gravel: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Other: 1
Sewer
Sewer - Public: 1
Other: 1
Parking Features
>1 Space Per Unit: 1
Electric
SRP: 1
Individual Meter: 1
Other (See Remarks): 1
Gas
SW Gas: 1
Individual Meter: 1
Other (See Remarks): 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Other (See Remarks): 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
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 6
Avg Rent: 650
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 1050
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
# 4 Bedroom Units: 1
Avg Rent: 1000
# Baths: 2
Sold Info
Loan Type: Conventional
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: 43rd Ave & Glendale Ave
Directions: West on Glendale, North (right) on 45th Ave, property is on West (left) side, just north of the school.
Geo Lat: 33.540402
Geo Lon: -112.155995
Status Change Info
Off Market Date: 2021-03-15
Under Contract Date: 2021-03-13
Close of Escrow Date: 2021-05-10
Sold Price: $850,000
Income Expenses
Gross Annual Sch Inc: 81600
Net Operating Income: 51116
Property Features
Project Type: 5 - 12 Units
Construction: Block; Wood Frame; Other
Const - Finish: Painted; Other (See Remarks)
Roofing: Composition
Floors: Vinyl; Ceramic Tile; Other
Sale Includes: Land & Building
Community Features: No Pool
Interior Features: Mini Blinds; Drapes
Appliances Included: Other
Heating: Natural Gas; Other; See Remarks
Cooling: Evaporative Cooling; Other; See Remarks
Water Source: City Franchise; Other
Sewer: Sewer - Public; Other
Electric: SRP; Individual Meter; Other (See Remarks)
Gas: SW Gas; Individual Meter; Other (See Remarks)
Parking Features: >1 Space Per Unit
Road Surface Type: Gravel; Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Gas
Source of Fincl Data: Projected Proforma
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
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: Other (See Remarks)
Environmental: None
Listing Office:
ABI Multifamily
Last Updated: August - 06 - 2021
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