8827 N 3RD Street, Phoenix, AZ 85020 (MLS# 5710304)

8827 N 3RD Street, Phoenix, AZ 85020

$1,600,000

2017 Pineview Meadows OM - Pg Cover-23-2

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,600,000 Last Modified: 4/02/2018

Overview

Description

Pineview Meadows is a 21-unit garden-style apartment community located in a desirable Phoenix North Mountain neighborhood. The property is located south of Dunlap Avenue and east of Central Avenue. Built in 1963, the property is made of block construction with built-up foam roofs, and is individually-metered for electricity. Current ownership extensively renovated and repositioned the asset with premium finishes in the first half of 2017. The unit mix is comprised of studio, one-bedroom and two-bathroom floor plans that are well designed and range in size from approximately 375 to 800 square feet. Interior unit features include fully appointed kitchens with full-size electric appliances, new shaker-style cabinetry with granite counter tops, stainless steel sinks with gooseneck faucets.

Listing Details MLS# 5710304

Location, Tax & Legal

Map Code/Grid: M34
House Number: 8827
Compass: N
Street Name: 3RD
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85020
Zip4: 2832
Country: US
County Code: Maricopa
Subdivision: TOWNLEY SQUARE
Assessor Number: 160-49-037-B
Tax Year: 2017
Assessor's Map #: 49
Legal Description (Abbrev): TOWNLEY SQUARE LOT 10 N 60' OF S 120'
Assessor's Parcel #: 37
Assessor Parcel Ltr: B
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 105300
Taxes: 4548.44
Legal: TOWNLEY SQUARE LOT 10 N 60' OF S 120'
Marketing Name: Pineview Meadows

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: IRR
Year Built: 1983
Uncvrd Parking Spcs: 21
Total # of Units: 21
# of Buildings: 3
Zoning: R-4
Elementary School District: Washington Elementary District
High School District: Glendale Union High School District

Remarks Misc

Cross Street: E. Townley Avenue and N. 3rd Street

Status Change Info

Off Market Date: 2018-02-21
Under Contract Date: 2018-02-20
Close of Escrow Date: 2018-03-30

Legal Info

Township: 3N
Range: 3E
Section: 32
Lot Number: 10

More Information

Income Expenses

Gross Annual Sch Inc: 180000
Net Operating Income: 105537

Efficiency Units

# Efficiency Units: 6
Avg Rent: 575
Avg SqFt: 375
# Baths: Yes

1 Bedroom Units

# 1 Bedroom Units: 12
Avg Rent: 750
Avg SqFt: 525
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 3
Avg Rent: 850
Avg SqFt: 800
# Baths: Yes

Contact Info

List Agent Home Phn: 602-735-5634

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

13 - 24 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Built-Up: Yes
Foam: Yes

Floors

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: 0
Other Income: 6000
Vacancy Allowance: 0.09
Adjusted Gross Inc: 169260

Pmt & Rate Info

Cap Rate: 6.3
Down Payment: 502500
Equity: 1675000
Down Payment %: 30
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Payment Includes

Principal: Yes
Interest: Yes

Community Features

No Pool: Yes
Barbecue: Yes

Heating

Individual: Yes

Cooling

Electric: Yes
Individual: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes
Fenced: Yes

Interior Features

Unfurnished: Yes
Vertical Blinds: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Refrigerator: Yes
Built-In Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

1 Space/Unit: Yes

Electric

Individual Meter: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Conventional: Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: 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

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 13 - 24 Units Construction: Block Const - Finish: Painted Roofing: Built-Up; Foam Floors: Ceramic Tile Sale Includes: Land & Building Payment Includes: Principal; Interest Community Features: No Pool; Barbecue Exterior Amenities: Landscape Water System; Desert Landscaping; Fenced Interior Features: Unfurnished; Vertical Blinds Appliances Included: Built-In Range; Refrigerator; Dishwasher Heating: Individual Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: Individual Meter Gas: SW Gas Parking Features: 1 Space/Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner Existing 1st Loan: Conventional 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: Conventional Environmental: None

Listing Office: CBRE, Inc

Last Updated: April - 02 - 2018