2602 W GLENROSA Avenue, Phoenix, AZ 85017

$4,150,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $4,150,000 Last Modified: 11/01/2018

Description

Radius is a 72-unit garden-style apartment community located in a desirable Phoenix location. The property is situated on Glenrosa Avenue just west of the Interstate-17 Freeway. Built in 1979, the property is made of wood frame and stucco construction with new built-up foam roofs and is master-metered for electricity with a new chiller system. The unit mix is comprised of studio, one and two-bedroom floor plans that are spacious, very well designed and range in size from ±320 to ±620 square feet. Radius has recently undergone numerous capital improvements including new roofs, smooth stucco with a modern two-toned paint scheme, new gated entry, new boiler & cooling tower and a renovated leasing office.

More Information MLS# 5770880

Contract Info

Ownership: Fee Simple Current Price: $4,150,000 Sold Price: $4,150,000 Status: Closed List Date: 2018-05-24

Location, Tax & Legal

Assessor's Map #: 18 Legal Description (Abbrev): E 166' OF S2 SW4 NW4 SW4 & S 15' OF N2 SW4 NW4 SW4 EX W 58' & EX S 30' RD .78 AC Assessor's Parcel #: 1 Add'l Parcels: Yes Tax Municipality: Phoenix Census Tract: 109001 Taxes: 15888 Legal: E 166' OF S2 SW4 NW4 SW4 & S 15' OF N2 SW4 NW4 SW4 EX W 58' & EX S 30' RD .78 AC Marketing Name: Radius Map Code/Grid: P33 House Number: 2602 Compass: W Street Name: GLENROSA St Suffix: Avenue City/Town Code: Phoenix State/Province: AZ Zip Code: 85017 Zip4: 4346 County Code: Maricopa Assessor Number: 154-18-001 Tax Year: 2017

General Property Description

# of Buildings: 7 Uncvrd Parking Spcs: 0 Lot Size Dimensions: 232' x 315'+/- Total # of Units: 72 Elementary School District: Alhambra Elementary District High School District: Phoenix Union High School District Year Built: 1979 Zoning: C-2

Legal Info

Range: 2E Section: 24 Township: 2N Lot Number: na

Project Type

51 - 99 Units: 1

Construction

Wood Frame: 1

Const - Finish

Stucco: 1

Roofing

Composition: 1

Floors

Vinyl: 1 Ceramic Tile: 1

Sale Includes

Land & Building: 1

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 Operating Exp: 15888 Other Income: 13014 Vacancy Allowance: 0.07 Adjusted Gross Inc: 488978

Pmt & Rate Info

Cap Rate: 6.1 Down Payment: 1318500 Equity: 4395000 Down Payment %: 30 Monthly Payments: 0 Total Owed: 0 Assessment Balance: 0

Payment Includes

Principal: 1 Interest: 1

Community Features

No Pool: 1 Manager Res/Office: 1

Heating

Electric: 1 Individual: 1

Cooling

Electric: 1 Individual: 1

Exterior Amenities

Landscape Water System: 1 Desert Landscaping: 1

Tenant Pays

Electricity: 1

Appliances Included

Built-In Range: 1 Refrigerator: 1

Source of Fincl Data

Owner: 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1

Parking Features

<1 Space Per Unit: 1

Electric

Individual Meter: 1

Gas

SW Gas: 1

Owner Pays

Water: 1 Sewer: 1 Trash Collection: 1

New Financing

Conventional: 1

Existing 1st Loan

Conventional: 1

Existing 2nd Loan

Treat as Free&Clear: 1

Existing 3rd Loan

Treat as Free&Clear: 1

Reports/Disclosures

None: 1

Environmental

None: 1

Existing Othr Ln Trm

Not Applicable: 1

Contact Info

List Agent Home Phn: 602-735-5634

Efficiency Units

# Efficiency Units: 48 Avg Rent: 560 Avg SqFt: 377 # Baths: 1

1 Bedroom Units

# 1 Bedroom Units: 22 Avg Rent: 660 Avg SqFt: 560 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 2 Avg Rent: 760 Avg SqFt: 700 # Baths: 1

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: N. 27th Avenue and W. Glenrosa Avenue Geo Lat: 33.499105 Geo Lon: -112.115043

Status Change Info

Off Market Date: 2018-09-18 Under Contract Date: 2018-07-26 Close of Escrow Date: 2018-10-31 Sold Price: $4,150,000

Income Expenses

Gross Annual Sch Inc: 515040 Net Operating Income: 267887

Property Features

Project Type: 51 - 99 Units Construction: Wood Frame Const - Finish: Stucco Roofing: Composition Floors: Vinyl; Ceramic Tile Sale Includes: Land & Building Payment Includes: Principal; Interest Community Features: No Pool; Manager Res/Office Exterior Amenities: Landscape Water System; Desert Landscaping Appliances Included: Built-In Range; Refrigerator Heating: Individual Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: Individual Meter Gas: SW Gas Parking Features: <1 Space Per Unit Owner Pays: Water; Trash Collection Tenant Pays: Electricity Source of Fincl Data: Owner Existing 1st Loan: Conventional Existing 2nd Loan: Treat as Free&Clear Existing 3rd Loan: Treat as Free&Clear Existing Othr Ln Trm: Not Applicable New Financing: Conventional Environmental: None
Listing Office: CBRE, Inc
IDX
Last Updated: November - 01 - 2018
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