1917 E Broadway Road, Tempe, AZ 85282 (MLS# 6029583)

Description

Situated along the frontage of Broadway Road in the heart of Tempe and the southeast valley of Metro Phoenix, The Harlow presents a rare opportunity to acquire a low-density 27-unit, completely renovated, luxury one- and two-story apartment community that provides today's renters with a truly unique rental experience. Built in 1963 using block construction, The Harlow consists of 20,550 square feet of rental space with an 761 square foot per unit average. The property is individually metered for utilities with (19) two-bedroom townhouse style units, (2) two-bedroom/two-bathroom units and (6) one-bedroom/one-bathroom units.

Supplements: Each townhouse apartment has an open concept floor plan with expansive nine-foot ceilings, quartz countertops, stainless steel appliances, custom cabinetry, full-size side-by-side washers and dryers, wood plank flooring throughout, designer paint, and many other luxury home touches.The extensive property renovations include all new roofs, dual-pane doors and windows. Other amenities include: ample parking, secure community with code entry gates, enclosed dog park and swimming pools.The property also enjoys an onsite management office allowing for convenient coordination with current and prospective tenants.

Contract Info

Ownership: Fee Simple Current Price: $4,975,000 Sold Price: $4,975,000 Status: Closed List Date: 2020-01-28

Location, Tax & Legal

Assessor's Map #: 51 Assessor's Parcel #: 67 Assessor Parcel Ltr: B Add'l Parcels: Yes Tax Municipality: Tempe Taxes: 15012 Legal: provided by title company Marketing Name: The Harlow Map Code/Grid: R37 House Number: 1917 Compass: E Street Name: Broadway St Suffix: Road City/Town Code: Tempe State/Province: AZ Zip Code: 85282 County Code: Maricopa Assessor Number: 133-51-067-B Tax Year: 2019

General Property Description

# of Buildings: 5 Uncvrd Parking Spcs: 40 Lot Size Dimensions: unknown Total # of Units: 27 Elementary School District: Tempe Elementary School District High School District: Tempe Union High School District Year Built: 1963 Zoning: MF

Project Type

25 - 50 Units: 1

Construction

Block: 1 Wood Frame: 1

Const - Finish

Painted: 1 Stucco: 1

Roofing

Composition: 1

Floors

Vinyl: 1

Sale Includes

Land & Building: 1

Income & Expenses

Annual Elec Exp: 2400 Annual Gas Exp: 0 Annual Ins Exp: 3564 Annual Land Lse Exp: 0 Annual Landscape Exp: 4000 Annual Legal & Acctg: 5400 Annual Maint Exp: 6750 Annual Mgmt Exp: 24475 Annual Trash Exp: 2400 Annual Wtr/Swr Exp: 11981 Owner Association: No Annual Ownr Asoc Fee: 0 Annual PAD Fee: 0 Annual Rplcmnt Rsrvs: 6750 Annual Other Expense: 1212 Operating Exp: 83944 Other Income: 43539 Vacancy Allowance: 0.05 Adjusted Gross Inc: 420925.05

Pmt & Rate Info

Cap Rate: 6.17 Down Payment: 0 Equity: 5250000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0 Assessment Balance: 0

Showing Notification Methods

Text: 1 Email: 1 Phone Call: 1

Lockbox Type

None: 1

Community Features

Pool: 1 Manager Res/Office: 1

Heating

Electric: 1

Cooling

Electric: 1

Tenant Pays

Electricity: 1

Appliances Included

Free-Standing Range: 1 Refrigerator: 1 Dishwasher: 1 Disposal: 1 Trash Compactor: 1 Microwave: 1 Washer/Dryer: 1

Source of Fincl Data

Owner: 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1

Parking Features

Garage: 1 >1 Space Per Unit: 1

Electric

SRP: 1

Gas

None: 1

Owner Pays

Water: 1 Sewer: 1 Trash Collection: 1 Other: 1

New Financing

Conventional: 1

Existing 1st Loan

Other (See Rmks): 1

Existing 2nd Loan

Other (See Remarks): 1

Existing 3rd Loan

Other (See Remarks): 1

Reports/Disclosures

Other (See Remarks): 1

Environmental

Other (See Remarks): 1

Existing Othr Ln Trm

Not Applicable: 1

Efficiency Units

Avg Rent: 0

1 Bedroom Units

# 1 Bedroom Units: 6 Avg Rent: 950 Avg SqFt: 500 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 21 Avg Rent: 850 Avg SqFt: 850 # Baths: 15

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Sold Info

Loan Type: Conventional Loan Years: 30 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: Broadway and McClintock Directions: East to property. Geo Lat: 33.407156 Geo Lon: -111.903426

Status Change Info

Off Market Date: 2020-09-30 Under Contract Date: 2020-09-30 Close of Escrow Date: 2020-10-27 Sold Price: $4,975,000

Legal Info

Lot Number: -

Income Expenses

Gross Annual Sch Inc: 399540 Net Operating Income: 323972

Property Features

Project Type: 25 - 50 Units Construction: Block; Wood Frame Const - Finish: Painted; Stucco Roofing: Composition Floors: Vinyl Sale Includes: Land & Building Community Features: Pool; Manager Res/Office Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Trash Compactor; Microwave; Washer/Dryer Cooling: Electric Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: None Parking Features: Garage; >1 Space Per Unit Owner Pays: Water; Trash Collection; Other Tenant Pays: Electricity Source of Fincl Data: Owner Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Other (See Rmks) Existing 2nd Loan: Other (See Remarks) Existing 3rd Loan: Other (See Remarks) Existing Othr Ln Trm: Not Applicable New Financing: Conventional Environmental: Other (See Remarks)