7211 N 54TH Avenue, Glendale, AZ 85301

$610,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $610,000 Last Modified: 11/30/2024

Overview

Description

10 large 2BD/2BA units all with interior laundry and fireplaces. Upstairs units have vaulted ceilings with skylights. Property sits on 0.37 acres located near Historic Downtown Glendale. Recent improvements include new carpet, some new appliances, new 2-tone paint, new blinds and new ceiling fans. Located near the US-60, property is in a well-established sub-market, close to shopping and schools. This property currently 90% leased, average net rent/unit is $711.27 making Total Monthly Rental Income of $7,112 or $85,352/Year. Deduct 8% vacancy to $78,524. Then after projected expenses of $28,050 the NOI is $50,466 per year. This is a 8.1% CAP at asking. Seller is replacing shingle roof, will be done before COE. Landlord pays t/w/s, tenant pays elec, no gas.

Listing Details MLS# 5346165

Location, Tax & Legal

Map Code/Grid
N32
House Number
7211
Compass
N
Street Name
54TH
St Suffix
Avenue
City/Town Code
Glendale
State/Province
AZ
Zip Code
85301
Zip4
1972
Country
US
County Code
Maricopa
Subdivision
COOK & WHITE ADD AMD
Assessor Number
147-18-118
Tax Year
2015
Assessor's Map #
18
Legal Description (Abbrev)
COOK & WHITE ADD AMD
Assessor's Parcel #
118
Add'l Parcels
No
Tax Municipality
Glendale
Census Tract
92500
Taxes
3512
Legal
COOK & WHITE ADD AMD
Marketing Name
Myrtle Manor

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
115X40
Year Built
1985
Uncvrd Parking Spcs
8
Total # of Units
10
# of Buildings
Yes
Zoning
R-3
Elementary School District
Glendale Elementary District
High School District
Glendale Union High School District
Elementary School
Glendale Landmark Middle School
Jr. High School
Glendale Landmark Middle School
High School
Glendale High School

Remarks Misc

Cross Street
59th Avenue & Glendale Road
Directions
North on 59th Ave to Myrtle Avenue. Turn right (east) on Myrtle. Property on NEC of 54th Avenue & Myrtle. No sign on property.

Status Change Info

Off Market Date
2015-10-18
Under Contract Date
2015-11-02
Close of Escrow Date
2015-12-16

Legal Info

Township
2N
Range
2E
Section
5
Block
5
Lot Number
10

More Information

Income Expenses

Gross Annual Sch Inc
85352
Net Operating Income
50466

2 Bedroom Units

# 2 Bedroom Units
10
Avg Rent
711
Avg SqFt
990
# Baths
2

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

Wood Frame
Yes

Const - Finish

Painted
Yes
Stucco
Yes

Roofing

Composition
Yes
Tile
Yes

Floors

Vinyl
Yes
Carpet
Yes

Sale Includes

Land & Building
Yes

Income & Expenses

Annual Elec Exp
360
Annual Gas Exp
0
Annual Ins Exp
1572
Annual Land Lse Exp
0
Annual Landscape Exp
1600
Annual Legal & Acctg
300
Annual Maint Exp
4800
Annual Mgmt Exp
3926
Annual Trash Exp
0
Annual Wtr/Swr Exp
6480
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
0
Annual Other Expense
1800
Operating Exp
24350
Other Income
0
Vacancy Allowance
6828
Adjusted Gross Inc
582698104

Pmt & Rate Info

Cap Rate
8.07
Down Payment
0
Equity
625000
Down Payment %
0
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Community Features

No Pool
Yes

Heating

Electric
Yes

Cooling

Central Air
Yes
Individual
Yes

Exterior Amenities

Fenced
Yes
Other (See Remarks)
Yes

Interior Features

Unfurnished
Yes
Fire/Smoke Alarm(s)
Yes
Vertical Blinds
Yes

Tenant Pays

Electricity
Yes
Cable TV
Yes

Appliances Included

Dishwasher
Yes
Disposal
Yes
Refrigerator
Yes
Washer/Dryer
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Owner
Yes
Projected Proforma
Yes

Water Source

City Franchise
Yes
Master Meter
Yes

Sewer

Sewer - Public
Yes

Parking Features

Carport
Yes
1 Space/Unit
Yes
Other
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

Special

Owner/Agent
Yes

Existing 1st Loan

Conventional
Yes

Existing 1st Loan Type

Fixed
Yes

Existing 1st Loan Terms

Assume - Qualify
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

1 Bedroom Units

Avg Rent
0

3 Bedrooms Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Property Features

Project Type: 5 - 12 Units Construction: Wood Frame Const - Finish: Painted; Stucco Roofing: Composition; Tile Floors: Vinyl; Carpet Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Fenced; Other (See Remarks) Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds Appliances Included: Refrigerator; Dishwasher; Disposal; Washer/Dryer Cooling: Individual; Central Air Water Source: City Franchise; Master Meter Sewer: Sewer - Public Electric: APS; Individual Meter Gas: None Parking Features: Carport; 1 Space/Unit; Other Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner; Projected Proforma Special: Owner/Agent Existing 1st Loan: Conventional Existing 1st Loan Type: Fixed Existing 1st Loan Terms: Assume - Qualify 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: Conventional; No Carry; 1031 Exchange Environmental: None
IDX
Listing Office: The Robinson Group
Last Updated: November - 30 - 2024
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