12440 N 113TH Avenue, Youngtown, AZ 85363

$8,400,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $8,400,000 Last Modified: 3/13/2025

Description

This is a top-quality, low-risk asset, situated in a very strong rental submarket - and it also has significant upside potential. RENTS ARE WAY BELOW MARKET. Property is located in Youngtown, adjacent to the retirement haven of Sun City. As a result, Sun Valley tends to cater to an older, stable resident profile, which has allowed the property to develop a long history of consistently high occupancy, with very low tenant turnover. The exterior of property is in excellent condition. However, the apartment interiors are still quite basic, especially the ones that have had long-term tenants living there - but that creates an enormous opportunity for the Buyer. Note: a total of 59 of the 71 units are currently on month-to-month leases, so rents can potentially be moved up very quickly.

More Information MLS# 6203064

Contract Info

Ownership: Fee Simple Current Price: $8,400,000 Sold Price: $8,400,000 Status: Closed List Date: 2021-03-01

Location, Tax & Legal

Assessor's Map #: 85 Legal Description (Abbrev): COM INTERSEC C/L TENNESSEE AVE & 113TH AVE S 385.16F TPOB S 108.37F SWLY ALG CUR TO R 96.86F S 88 Assessor's Parcel #: 3 Assessor Parcel Ltr: V Add'l Parcels: No Tax Municipality: Youngtown Census Tract: 71600 Taxes: 18406 Legal: COM INTERSEC C/L TENNESSEE AVE & 113TH AVE S 385.16F TPOB S 108.37F SWLY ALG CUR TO R 96.86F S 88 Marketing Name: Sun Valley Apartments Map Code/Grid: L30 House Number: 12440 Compass: N Street Name: 113TH St Suffix: Avenue City/Town Code: Youngtown State/Province: AZ Zip Code: 85363 Zip4: 1130 County Code: Maricopa Assessor Number: 200-85-003-V Tax Year: 2020

General Property Description

# of Buildings: 8 Uncvrd Parking Spcs: 20 Lot Size Dimensions: 3.16 acres Total # of Units: 71 Elementary School District: Peoria Unified School District High School District: Peoria Unified School District Year Built: 1983 Zoning: C-1

Legal Info

Range: 1E Section: 18 Township: 3N Lot Number: 20085003V

Project Type

51 - 99 Units: 1

Construction

Block: 1

Const - Finish

Brick Veneer: 1

Roofing

Composition: 1 Built-Up: 1

Floors

Concrete: 1

Sale Includes

Land & Building: 1

Income & Expenses

Owner Association: No Annual Ownr Asoc Fee: 0 Operating Exp: 18406 Other Income: 5000 Vacancy Allowance: 0.03 Adjusted Gross Inc: 609664.4

Pmt & Rate Info

Cap Rate: 4.8 Equity: 8342500 Down Payment %: 35 Monthly Payments: 24248 Total Owed: 0

Showing Notification Methods

Phone Call: 1

Lockbox Type

None: 1

Community Features

Pool: 1 Manager Res/Office: 1 Game/Rec Room: 1 Barbecue: 1

Heating

Electric: 1 Individual: 1 Heat Pump: 1

Cooling

Electric: 1 Individual: 1

Exterior Amenities

Fenced: 1 Patio/Balcony: 1

Tenant Pays

Electricity: 1

Appliances Included

Free-Standing Range: 1 Refrigerator: 1 Disposal: 1

Source of Fincl Data

Projected Proforma: 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1

Parking Features

Carport: 1 1 Space/Unit: 1 Paved: 1

Electric

APS: 1 Individual Meter: 1

Gas

SW Gas: 1

Owner Pays

Water: 1 Sewer: 1 Gas: 1 Trash Collection: 1 Landscaping: 1 Pool Maintenance: 1

New Financing

Other (See Remarks): 1

Reports/Disclosures

Seller Prop Disc Stm: 1

Environmental

None: 1

Efficiency Units

Avg Rent: 0

1 Bedroom Units

# 1 Bedroom Units: 69 Avg Rent: 700 Avg SqFt: 615 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 1 Avg Rent: 900 Avg SqFt: 900 # Baths: 2

3 Bedrooms Units

# 3 Bedroom Units: 1 Avg Rent: 1195 Avg SqFt: 1260 # Baths: 2

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: 113th Avenue & W. Rhode Island Directions: South of Grand Avenue on 113th Avenue for 1/2 mile Geo Lat: 33.598211 Geo Lon: -112.302959

Status Change Info

Off Market Date: 2021-05-01 Under Contract Date: 2021-03-26 Close of Escrow Date: 2021-05-30 Sold Price: $8,400,000

Income Expenses

Gross Annual Sch Inc: 623520 Net Operating Income: 400659

Property Features

Project Type: 51 - 99 Units Construction: Block Const - Finish: Brick Veneer Roofing: Composition; Built-Up Floors: Concrete Sale Includes: Land & Building Community Features: Pool; Manager Res/Office; Game/Rec Room; Barbecue Exterior Amenities: Fenced; Patio/Balcony Appliances Included: Free-Standing Range; Refrigerator; Disposal Heating: Individual; Heat Pump Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: APS; Individual Meter Gas: SW Gas Parking Features: Carport; 1 Space/Unit; Paved Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance Tenant Pays: Electricity Source of Fincl Data: Projected Proforma Showing Notification Methods: Phone Call Lockbox Type: None New Financing: Other (See Remarks) Environmental: None
Listing Office: Keller Williams Arizona Realty
IDX
Last Updated: March - 13 - 2025
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