4750 N 28th Street, Phoenix, AZ 85016 (MLS# 5643626)

Description

Tres Arcos is a 25-unit apartment community located in the heart of Phoenix. Nestled among historic neighborhoods and highly renovated properties, Tres Arcos is located one block from the Arizona Biltmore. Residents enjoy the close proximity to Biltmore Fashion Park and all the amenities within the Camelback Corridor. Tres Arcos is an extremely desirable location for residents and has consistently stayed fully occupied. Tres Arcos is a 1969 block-constructed property consisting of seven single-level buildings. It's vintage charm lends itself to the popular mid-century modern renovation trend that is in high demand by residents and investors alike. The property consists of all two-bedroom units with individual backyards and covered parking for each unit.

Supplements: Tres Arcos is individually metered for electricity and hot water and enjoys an onsite laundry facility and recently renovated swimming pool. Very few properties can provide the location and redevelopment potential that the community has to offer.

Contract Info

Ownership: Fee Simple Current Price: $4,000,000 Sold Price: $4,000,000 Status: Closed List Date: 2017-08-07

Location, Tax & Legal

Assessor's Map #: 18 Assessor's Parcel #: 83 Assessor Parcel Ltr: F Add'l Parcels: No Tax Municipality: Phoenix Taxes: 13110 Legal: see title report Marketing Name: Tres Arcos Map Code/Grid: P35 House Number: 4750 Compass: N Street Name: 28th St Suffix: Street City/Town Code: Phoenix State/Province: AZ Zip Code: 85016 County Code: Maricopa Assessor Number: 163-18-083-F Tax Year: 2016

General Property Description

# of Buildings: 7 Uncvrd Parking Spcs: 12 Lot Size Dimensions: unknown Total # of Units: 25 Elementary School District: Madison Elementary District High School District: Phoenix Union High School District Year Built: 1969 Zoning: R-3

Project Type

25 - 50 Units: 1

Construction

Block: 1

Const - Finish

Painted: 1

Roofing

Composition: 1

Floors

Vinyl: 1 Ceramic Tile: 1 Carpet: 1

Sale Includes

Land & Building: 1 Pool Equipment: 1 Laundry Equipment: 1

Income & Expenses

Annual Elec Exp: 4000 Annual Gas Exp: 850 Annual Ins Exp: 5000 Annual Land Lse Exp: 0 Annual Landscape Exp: 6500 Annual Legal & Acctg: 0 Annual Maint Exp: 7500 Annual Mgmt Exp: 12500 Annual Trash Exp: 3000 Annual Wtr/Swr Exp: 17500 Owner Association: No Annual Ownr Asoc Fee: 0 Annual PAD Fee: 0 Annual Rplcmnt Rsrvs: 7500 Annual Other Expense: 0 Operating Exp: 77460 Other Income: 20550 Vacancy Allowance: 0.05 Adjusted Gross Inc: 361522.5

Pmt & Rate Info

Cap Rate: 5.35 Down Payment: 0 Equity: 3999999 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0 Assessment Balance: 0

Community Features

Pool: 1

Heating

Electric: 1

Cooling

Central Air: 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

Carport: 1 Paved: 1

Electric

SRP: 1

Gas

SW Gas: 1

Owner Pays

Water: 1 Sewer: 1 Trash Collection: 1

New Financing

Other (See Remarks): 1

Existing 1st Loan

Treat as Free&Clear: 1

Existing 2nd Loan

Other (See Remarks): 1

Existing 3rd Loan

Other (See Remarks): 1

Reports/Disclosures

Other (See Remarks): 1

Environmental

None: 1

Existing Othr Ln Trm

Not Applicable: 1

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

2 Bedroom Units

# 2 Bedroom Units: 25 Avg Rent: 1200 Avg SqFt: 803 # Baths: 1

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Sold Info

Loan Type: Conventional Loan Years: 10 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: 28th Street & Camelback Road Directions: South on 28th Street to Property. Geo Lat: 33.507671 Geo Lon: -112.021953

Status Change Info

Off Market Date: 2017-10-11 Under Contract Date: 2017-09-26 Close of Escrow Date: 2017-12-29 Sold Price: $4,000,000

Legal Info

Lot Number: unknown

Income Expenses

Gross Annual Sch Inc: 360000 Net Operating Income: 214061

Property Features

Project Type: 25 - 50 Units Construction: Block Const - Finish: Painted Roofing: Composition Floors: Vinyl; Ceramic Tile; Carpet Sale Includes: Land & Building; Pool Equipment; Laundry Equipment Community Features: Pool Appliances Included: Built-In Range; Refrigerator Cooling: Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: Carport; Paved Owner Pays: Water; Trash Collection Tenant Pays: Electricity Source of Fincl Data: Owner Existing 1st Loan: Treat as Free&Clear Existing 2nd Loan: Other (See Remarks) Existing 3rd Loan: Other (See Remarks) Existing Othr Ln Trm: Not Applicable New Financing: Other (See Remarks) Environmental: None