805 N 4th Avenue 107, Phoenix, AZ 85003 (MLS# 6303646)

805 N 4th Avenue 107, Phoenix, AZ 85003

$2,575,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $2,575,000 List Date: 10/19/2021 Last Modified: 9/30/2022

Overview

Description

Rare portfolio package of 7 turn-key high-rise residential condos, currently operating as fully furnished rentals (perfect executive furnished rentals, Airbnb's, or Long-Term rentals.) Package-offering includes 7 condo's total, and of the 7 are the two south facing Penthouse units. The Embassy high-Rise located at 805 N 4th Ave, Phoenix, Arizona. Monthly HOA fee includes all utilities, including electricity, gas, internet, water/sewer, community amenities, security, and parking. Residential building that allows rentals. The Embassy is an 11-story high-rise with an array of modern amenities wrapped in historic charm. Close to everything: In the heart of downtown Phoenix's Roosevelt Row Historic District.

Listing Details MLS# 6303646

Location, Tax & Legal

Map Code/Grid: Q34
House Number: 805
Compass: N
Street Name: 4th
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85003
Country: US
County Code: Maricopa
Subdivision: Embassy Condominiums
Assessor Number: 111-39-330
Tax Year: 2021
Unit #: 107
Assessor's Map #: 39
Assessor's Parcel #: 330
Add'l Parcels: Yes
Tax Municipality: Phoenix
Taxes: 8250
Legal: THE EMBASSY CONDOMINIUM | 7 UNITS = AN UNDIV 0011.97% INT IN THE COMMON ELEMENTS
Marketing Name: PKG-7 HI-RISE CONDOS!

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: UNDIV 0011.97% INT IN THE COMMON ELEMENTS
Year Built: 1964
Total # of Units: 7
# of Buildings: Yes
Zoning: residential
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: 4th Ave & Mickinley
Directions: The Embassy Condos is the 11-story mid-century modern high rise on the North-East corner of 4th Ave & McKinley in downtown Phoenix

Status Change Info

Off Market Date: 2021-10-21
Under Contract Date: 2021-10-21
Close of Escrow Date: 2021-11-22

Legal Info

Lot Number: 330

More Information

Income Expenses

Gross Annual Sch Inc: 29000
Net Operating Income: 208120

1 Bedroom Units

# 1 Bedroom Units: 6
Avg Rent: 3500
Avg SqFt: 960
# Baths: 7

2 Bedroom Units

# 2 Bedroom Units: Yes
Avg Rent: 6000
Avg SqFt: 1390
# Baths: 2

Sold Info

Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
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
Other (See Remarks): Yes

Other Type

Packaged Offering: Yes
Other (See Remarks): Yes

Construction

Other: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Foam: Yes
Other: Yes

Floors

Other: Yes

Sale Includes

Personal Property: Yes
Laundry Equipment: Yes
Other (See Remarks): Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 1600
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 1200
Annual Maint Exp: 6000
Annual Mgmt Exp: 33000
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: Yes
Annual Ownr Asoc Fee: 64430
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 8000
Operating Exp: 122480
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 27550

Pmt & Rate Info

Cap Rate: 7.45
Equity: 2795000
Down Payment %: 20
Monthly Payments: 360
Total Owed: 0

Lockbox Type

Supra: Yes

Community Features

Pool: Yes
Clubhouse: Yes
Exercise Room: Yes
Game/Rec Room: Yes
Barbecue: Yes
Other: Yes
See Remarks: Yes

Heating

Other: Yes
See Remarks: Yes

Cooling

Ceiling Fan(s): Yes
Individual: Yes
Other: Yes
See Remarks: Yes

Exterior Amenities

Landscape Water System: Yes
Green Landscaping: Yes
Fenced: Yes
Partially Fenced: Yes
Cable TV Available: Yes
Sidewalk(s): Yes
Patio/Balcony: Yes
Security Guard: Yes
Security Light(s): Yes
Guard Gate: Yes
Other (See Remarks): Yes

Interior Features

Furnished: Yes
Partially Furnished: Yes
Fire/Smoke Alarm(s): Yes
Security Alarm(s): Yes
Wet Bar: Yes
Vertical Blinds: Yes
Drapes: Yes
Water Softener(s): Yes
Elevator(s): Yes
Other (See Remarks): Yes

Tenant Pays

Other (See Remarks): Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Built-In Range: Yes
Free-Standing Range: Yes
Washer/Dryer: Yes
W/D Hookup: Yes
Other: Yes

Road Surface Type

Treated: Yes

Source of Fincl Data

Projected Proforma: Yes
Other (See Remarks): Yes

Water Source

Other: Yes
See Remarks: Yes

Sewer

Sewer - Public: Yes
Other: Yes

Parking Features

Carport: Yes
>1 Space Per Unit: Yes
Paved: Yes
Garage Door Opener: Yes
Add'l Parking Avail: Yes
Assigned: Yes

Electric

APS: Yes
Other (See Remarks): Yes

Gas

SW Gas: Yes
Other (See Remarks): Yes

Owner Pays

Cable TV: Yes
See Remarks: Yes

New Financing

Conventional: Yes

Special

Exclusion(s) See Remarks: Yes

Reports/Disclosures

Other (See Remarks): Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units; Other (See Remarks) Other Type: Packaged Offering; Other (See Remarks) Construction: Other Const - Finish: Painted; Stucco Roofing: Foam; Other Floors: Other Sale Includes: Personal Property; Laundry Equipment; Other (See Remarks) Community Features: Pool; Clubhouse; Exercise Room; Game/Rec Room; Barbecue; Other; See Remarks Exterior Amenities: Landscape Water System; Green Landscaping; Fenced; Partially Fenced; Cable TV Available; Sidewalk(s); Patio/Balcony; Security Guard; Security Light(s); Guard Gate; Other (See Remarks) Interior Features: Furnished; Partially Furnished; Fire/Smoke Alarm(s); Security Alarm(s); Wet Bar; Vertical Blinds; Drapes; Water Softener(s); Elevator(s); Other (See Remarks) Appliances Included: Built-In Range; Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer; W/D Hookup; Other Heating: Other; See Remarks Cooling: Ceiling Fan(s); Individual; Other; See Remarks Water Source: Other; See Remarks Sewer: Sewer - Public; Other Electric: APS; Other (See Remarks) Gas: SW Gas; Other (See Remarks) Parking Features: Carport; >1 Space Per Unit; Garage Door Opener; Add'l Parking Avail; Assigned; Paved Road Surface Type: Treated Owner Pays: Cable TV; See Remarks Tenant Pays: Other (See Remarks) Source of Fincl Data: Projected Proforma; Other (See Remarks) Special: Exclusion(s) See Remarks Lockbox Type: Supra New Financing: Conventional Environmental: None

Listing Office: My Home Group Real Estate

Last Updated: September - 30 - 2022