$2,650,000
Phoenix, AZ 85018
MLS# 5592467
Status: Closed
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Property Description
The Avanti is a 30 unit apartment community located in a highly desired region of East Phoenix. Located on the Southwest end of Arcadia. Surrounded by new developments. Well built, functional & well maintained. Every unit is individually metered. NO chiller system, providing landlord with a very reasonable electric bill. 70% of the units have newer HVAC systems. Building is made of block construction w/stucco & paint finishes. Built w/concrete flooring between the two levels providing less maintenance, no creaking floors, and better sound barrier. Constructed in 1981 means no lead base paint or asbestos. Roof is in good condition & all plumbing is copper. Units have garbage disposals, dishwashers, & stoves. Rents are under market with value add opportunity.
Details
Maps
Contract Info
Current Price: $2,650,000
Sold Price: $2,650,000
Status: Closed
List Date: 2017-04-18
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P35
House Number: 2939
Compass: N
Street Name: 36TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85018
Zip4: 7456
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 9 CITRUS ACRES LOTS 21-60 MCR 001729
Subdivision: CITRUS ACRES LOTS 21-60
Assessor's Map #: 22
Assessor's Parcel #: 11
Assessor Parcel Ltr: A
Add'l Parcels: No
Assessor Number: 127-22-011-A
Legal: LOT 9 CITRUS ACRES LOTS 21-60 MCR 001729
Census Tract: 110902
Tax Municipality: Phoenix
Taxes: 12130
Tax Year: 2016
Marketing Name: Avanti Apartments
General Property Description
Lot Size Dimensions: IRR
Year Built: 1981
Uncvrd Parking Spcs: 40
Total # of Units: 30
# of Buildings: 3
Zoning: M-H
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: 36th Street and Osborn
Directions: South on Osborn to property on the east side of the road.
Geo Lat: 33.482078
Geo Lon: -112.003616
Status Change Info
Status Change Date: 2017-11-18
Off Market Date: 2017-11-08
Under Contract Date: 2017-10-16
Close of Escrow Date: 2017-11-17
Sold Price: $2,650,000
Legal Info
Township: 2N
Range: 3E
Section: 25
Lot Number: 9
Income & Expenses
Owner Association: No
Operating Exp: 12130
Pmt & Rate Info
Equity: 2595000
1 Bedroom Units
# 1 Bedroom Units: 28
Avg Rent: 675
Avg SqFt: 550
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 850
Avg SqFt: 700
# Baths: 1
Contact Info
List Agent Home Phn: 602-451-3684
Sold Info
Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Foam
Floors: Concrete; Carpet
Sale Includes: Land & Building
Community Amenities: No Pool
Exterior Amenities: Desert Landscaping
Appliances Included: BI Oven/Range
Cooling: Electric; Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: SRP; Individual Meter
Gas: None
Parking: 1 Space/Unit
Roads/Streets: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electric; Cable TV
Source of Fincl Data: Provided by Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: CTL; Conventional
Reports/Disclosures: None
Environmental: None
Supplements
The roof is in good condition and all plumbing is copper. Every unit has a garbage disposal, dishwasher, as well as a stove, and the top floor units have vaulted ceilings. Rents are under market with great upside potential.
Listing Office: LRA Real Estate Group, LLC
Last Updated: February - 18 - 2023
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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