809 W 1ST Street, Tempe, AZ 85281

$595,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $595,000 Last Modified: 10/15/2020

Overview

Description

Four on First is a four-unit apartment community located in the highly desirable North Tempe Submarket. Developed in 1964, the property is comprised of one single level building containing four units, composed of 100% two-bedroom one bath units. The apartment exterior showcases well maintained desert landscaping facing First Street, and spacius corridors on either side of the building allowing for ease of access. A new investor can take advantage of the value add nature of the deal, realizing rental premiums of $100+ per unit after moderate renovatiuons to the interior/exterior.

Supplements: Another potential source of revenue are the individual storage units: renting them out individually would create another source of revenue. Additionally, the availability of residential financing helps even further

Listing Details MLS# 5980215

Location, Tax & Legal

Map Code/Grid
R36
House Number
809
Compass
W
Street Name
1ST
St Suffix
Street
City/Town Code
Tempe
State/Province
AZ
Zip Code
85281
Zip4
2654
Country
US
County Code
Maricopa
Subdivision
MONTERREY VILLAGE PLAT 3 UNIT 1
Assessor Number
124-31-111
Tax Year
2019
Assessor's Map #
31
Assessor's Parcel #
111
Add'l Parcels
No
Tax Municipality
Tempe
Census Tract
318800
Taxes
1511
Legal
LOT 13 MONTERREY VILLAGE PLAT 3 UNIT 1 MCR 010241
Marketing Name
Four On First

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
61 X 97
Year Built
1964
Uncvrd Parking Spcs
2
Total # of Units
4
# of Buildings
Yes
Zoning
multi
High School District
Tempe Union High School District
Elementary School
Tempe Academy Of International Studies McKemy Campus
Jr. High School
Tempe Academy Of International Studies McKemy Campus
High School
Tempe Academy Of International Studies McKemy Campus

Remarks Misc

Cross Street
Hardy and 1st Street
Directions
From Rio Salado Pkwy: South on South Hardy Dr. to West 1st St. Turn East on West 1st St. See property is on the right hand side.

Status Change Info

Off Market Date
2019-10-19
Under Contract Date
2019-10-18
Close of Escrow Date
2019-12-13

Legal Info

Township
1N
Range
4E
Section
16
Lot Number
13

More Information

2 Bedroom Units

# 2 Bedroom Units
4
Avg Rent
975
Avg SqFt
644
# Baths
Yes

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

Four Plex
Yes

Construction

Slump Block
Yes

Const - Finish

Painted
Yes

Roofing

Composition
Yes

Floors

Concrete
Yes
Vinyl
Yes
Ceramic Tile
Yes

Sale Includes

Land & Building
Yes

Income & Expenses

Annual Elec Exp
0
Annual Gas Exp
0
Annual Ins 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
14500
Operating Exp
16011
Other Income
46800
Vacancy Allowance
0
Adjusted Gross Inc
46800

Pmt & Rate Info

Down Payment
0
Equity
609000
Down Payment %
0
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Showing Notification Methods

Phone Call
Yes

Community Features

No Pool
Yes

Heating

Natural Gas
Yes
Individual
Yes

Cooling

Central Air
Yes

Exterior Amenities

Desert Landscaping
Yes
Curb(s) & Gutter(s)
Yes
Cable TV Available
Yes
Separate Storage
Yes

Interior Features

Unfurnished
Yes
Fire/Smoke Alarm(s)
Yes

Tenant Pays

Gas
Yes
Electricity
Yes
Cable TV
Yes

Appliances Included

Refrigerator
Yes
Free-Standing Range
Yes

Road Surface Type

Asphalt
Yes

Source of Fincl Data

Owner
Yes

Water Source

City Franchise
Yes

Sewer

Sewer - Public
Yes

Parking Features

On Street
Yes
>1 Space Per Unit
Yes
Paved
Yes

Electric

APS
Yes

Gas

SW Gas
Yes

Owner Pays

Water
Yes
Sewer
Yes
Trash Collection
Yes

New Financing

Conventional
Yes

Special

Owner/Agent
Yes

Existing 1st Loan

Treat as Free&Clear
Yes

Existing 1st Loan Type

Not Applicable
Yes

Existing 1st Loan Terms

Not Applicable
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: Four Plex Construction: Slump Block Const - Finish: Painted Roofing: Composition Floors: Concrete; Vinyl; Ceramic Tile Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Desert Landscaping; Curb(s) & Gutter(s); Cable TV Available; Separate Storage Interior Features: Unfurnished; Fire/Smoke Alarm(s) Appliances Included: Free-Standing Range; Refrigerator Heating: Natural Gas; Individual Cooling: Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: SW Gas Parking Features: On Street; >1 Space Per Unit; Paved Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Gas; Cable TV Source of Fincl Data: Owner Special: Owner/Agent Showing Notification Methods: Phone Call Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable 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 Environmental: None
IDX
Listing Office: Platinum Living Realty
Last Updated: October - 15 - 2020
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