845 W 1ST Street, Tempe, AZ 85281
$490,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$490,000
Last Modified:
8/06/2021
Description
845 West 1st Street is a single story, 4-unit apartment building located in the heart of Tempe, just west of the ASU's Tempe Campus. VALUE-ADD property in an AZ Opportunity Zone. Walking distance from the Mill Avenue corridor as well as Tempe Town Lake. The property lies within a mile of the nearest Light-Rail station located off of 3rd and Mill. Being nestled up to Tempe Beach Park allows residents to enjoy the best Tempe has to offer, such as the Tempe Festival of the Arts along with other similar events year round. Access to both the 202 Freeway and the 143 is just minutes away. With the 2 million square foot State Farm Campus, along with many other corporate developments taking place, the area has quickly become one of the most sought after places to live and work throughout Arizona.
More Information MLS# 5990651
Contract Info
Ownership: Fee Simple
Current Price: $490,000
Sold Price: $490,000
Status: Closed
List Date: 2019-10-11
Location, Tax & Legal
Assessor's Map #: 31
Legal Description (Abbrev): LOT 7 MONTERREY VILLAGE PLAT 3 UNIT 1 MCR 010241
Assessor's Parcel #: 105
Add'l Parcels: No
Tax Municipality: Maricopa - COUNTY
Census Tract: 318800
Taxes: 1522
Legal: LOT 7 MONTERREY VILLAGE PLAT 3 UNIT 1 MCR 010241
Marketing Name: 845 West 1st Street
Map Code/Grid: R36
House Number: 845
Compass: W
Street Name: 1ST
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2648
County Code: Maricopa
Subdivision: MONTERREY VILLAGE PLAT 3 UNIT 1
Assessor Number: 124-31-105
Tax Year: 2019
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 97 Ft X 67 Ft
Total # of Units: 4
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1964
Zoning: R-3
Legal Info
Range: 4E
Section: 16
Township: 1N
Lot Number: 7
Project Type
Four Plex: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Foam: 1
Rolled: 1
Floors
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Other (See Remarks): 1
Income & Expenses
Annual Elec Exp: 1400
Annual Gas Exp: 100
Annual Ins Exp: 800
Annual Land Lse Exp: 0
Annual Landscape Exp: 700
Annual Legal & Acctg: 0
Annual Maint Exp: 1400
Annual Mgmt Exp: 2465
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 1100
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 960
Annual Other Expense: 862
Operating Exp: 11309
Other Income: 2320
Vacancy Allowance: 0.05
Adjusted Gross Inc: 40964
Total Monthly Rental Income: 3423.34
Pmt & Rate Info
Cap Rate: 5.75
Down Payment: 0
Equity: 518000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
No Notification Required to Show: 1
Lockbox Type
None: 1
Community Features
Other: 1
See Remarks: 1
Heating
Electric: 1
Other: 1
See Remarks: 1
Cooling
Evaporative Cooling: 1
Exterior Amenities
Landscape Water System: 1
Other (See Remarks): 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Elevator(s): 1
Tenant Pays
Electricity: 1
Other (See Remarks): 1
Appliances Included
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Other: 1
Road Access Type
Alley: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Other (See Remarks): 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
On Street: 1
1 Space/Unit: 1
>1 Space Per Unit: 1
Other: 1
Electric
APS: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
Landscaping: 1
New Financing
Other (See Remarks): 1
Special
Economic Redevelopment Zone: 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 4
Avg Rent: 800
Avg SqFt: 520
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash
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: West 1st Street & South Hardy Drive
Geo Lat: 33.42886
Geo Lon: -111.951697
Status Change Info
Off Market Date: 2019-10-22
Under Contract Date: 2019-10-18
Close of Escrow Date: 2019-12-05
Sold Price: $490,000
Income Expenses
Gross Annual Sch Inc: 40800
Net Operating Income: 29771
Property Features
Project Type: Four Plex
Construction: Block
Const - Finish: Painted
Roofing: Foam; Rolled
Floors: Ceramic Tile
Sale Includes: Land & Building; Other (See Remarks)
Community Features: Other; See Remarks
Exterior Amenities: Landscape Water System; Other (See Remarks)
Interior Features: Unfurnished; Fire/Smoke Alarm(s); Elevator(s)
Appliances Included: Built-In Range; Refrigerator; Microwave; Other
Heating: Other; See Remarks
Cooling: Evaporative Cooling
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking Features: On Street; 1 Space/Unit; >1 Space Per Unit; Other
Road Access Type: Alley
Road Surface Type: Asphalt
Owner Pays: Water; Gas; Trash Collection; Landscaping
Tenant Pays: Electricity; Other (See Remarks)
Source of Fincl Data: Projected Proforma; Other (See Remarks)
Special: Economic Redevelopment Zone
Showing Notification Methods: No Notification Required to Show
Lockbox Type: None
Existing 1st Loan: Other (See Rmks)
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: Other (See Remarks)
Environmental: Other (See Remarks)
Listing Office:
ABI Multifamily
Last Updated: August - 06 - 2021
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