903-921 S Farmer Avenue, Tempe, AZ 85281
$1,218,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,218,000
Last Modified:
12/08/2015
Description
14 Units , 4 buildings single story all 1bed/1bath. Owner has been hands on since he bought in 1989. Roofs on 3 out of 4 buildings are 50 year with 10 years left. 4th Roof has 10 years left per inspector. All AC units are 2005 regularly maintained. Desert landscape separating buildings, 10 Units have private walled patio's. Covered parking with Dusk/Dawn lighting, 1 carport per Tenant. Tenants each pay for gas water heater gas and APS for all units: heat pumps, microwaves, electric glass top stoves(915 & 921 (6) units, dishwasher. 903-909 (8 units generally have separate wall ovens and stove tops.) All Water pipes are copper. New electric panels installed 2014 for all 14 units. Victoria Style Bath with Moen Fixtures. Buyer to verify all items prior to end of due diligence period
More Information MLS# 5303929
Contract Info
Ownership: Fee Simple
Current Price: $1,218,000
Sold Price: $1,218,000
Status: Closed
List Date: 2015-07-02
Location, Tax & Legal
Assessor's Map #: 69
Assessor's Parcel #: 11
Add'l Parcels: Yes
Tax Municipality: Tempe
Taxes: 6256
Legal: Farmers Lot 1 BLK 2 EX E 20'
Marketing Name: 14 on Farmer
Map Code/Grid: R36
House Number: 903-921
Compass: S
Street Name: Farmer
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
County Code: Maricopa
Subdivision: Farmers BLKS 4-5& PT 3, Lots 6-9
Assessor Number: 124-69-011
Tax Year: 2015
General Property Description
# of Buildings: 4
Uncvrd Parking Spcs: 2
Lot Size Dimensions: 123x205
Total # of Units: 14
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1964
Zoning: R-3
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Laundry Equipment: 1
Income & Expenses
Annual Elec Exp: 1835
Annual Gas Exp: 481
Annual Ins Exp: 2387
Annual Land Lse Exp: 0
Annual Landscape Exp: 1878
Annual Legal & Acctg: 0
Annual Maint Exp: 7000
Annual Mgmt Exp: 11427
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 4888
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Other Income: 3952
Vacancy Allowance: 0.05
Adjusted Gross Inc: 112650.05
Pmt & Rate Info
Cap Rate: 6.01
Down Payment: 1275000
Equity: 1275000
Down Payment %: 100
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Other: 1
See Remarks: 1
Heating
Electric: 1
Natural Gas: 1
Individual: 1
Cooling
Heat Pump: 1
Individual: 1
Exterior Amenities
Desert Landscaping: 1
Patio/Balcony: 1
Security Light(s): 1
Tenant Pays
Gas: 1
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Other (See Remarks): 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Paved: 1
Other: 1
Electric
APS: 1
Gas
City Gas: 1
Individual Meter: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 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
None: 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: 14
Avg Rent: 682
Avg SqFt: 603
# Baths: 1
2 Bedroom Units
Avg Rent: 0
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 25
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
Remarks Misc
Cross Street: 9th St and Farmer
Directions: Mill Ave & University. West on University, South on Farmer Property southeast Corner of 9th St and Farmer.
Geo Lat: 33.420316
Geo Lon: -111.944212
Status Change Info
Off Market Date: 2015-11-24
Under Contract Date: 2015-10-09
Close of Escrow Date: 2015-12-08
Sold Price: $1,218,000
Legal Info
Lot Number: 1-4
Income Expenses
Gross Annual Sch Inc: 114627
Net Operating Income: 76690
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Ceramic Tile; Carpet
Sale Includes: Land & Building; Laundry Equipment
Community Features: Other; See Remarks
Exterior Amenities: Desert Landscaping; Patio/Balcony; Security Light(s)
Appliances Included: Built-In Range; Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave
Heating: Natural Gas; Individual
Cooling: Heat Pump; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: City Gas; Individual Meter
Parking Features: 1 Space/Unit; Paved; Other
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Gas; Cable TV
Source of Fincl Data: Owner; Projected Proforma; Other (See Remarks)
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: Conventional; 1031 Exchange
Environmental: Other (See Remarks)
Listing Office:
Better Homes & Gardens Real Estate SJ Fowler
Last Updated: December - 08 - 2015
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