$3,500,000
Tempe, AZ 85288
MLS# 4871786
Status: Closed
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Property Description
A prime property with excellent cash flow and occupancy. This well maintained 38 unit complex is a rare find in Tempe. Offered with a cap rate at 6.88% and the potential of owner financing for up to five years at 5% interest with a 25% down payment.
Details
Maps
Documents
Contract Info
Ownership: Fee Simple
Current Price: $3,500,000
Sold Price: $3,500,000
Status: Closed
List Date: 2013-01-08
Location, Tax & Legal
Assessor's Map #: 16
Assessor's Parcel #: 101
Assessor Parcel Ltr: B
Add'l Parcels: Yes
Tax Municipality: Tempe
Taxes: 10237.04
Legal: SW4 OF SW4 OF NE4 OF SE4 EX S 205F OF E 210F EX W 30F & EX S 30F RD & EX 15F X 15F TRI IN SW COR TH /OF P/D 83-238766
Marketing Name: Brenda Arms
Map Code/Grid: Q37
House Number: 2435
Compass: N
Street Name: McAllister
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85288
County Code: Maricopa
Assessor Number: 129-16-101-B
Tax Year: 2012
General Property Description
# of Buildings: 4
Uncvrd Parking Spcs: 42
Lot Size Dimensions: Irr
Total # of Units: 38
Elementary School District: Scottsdale Unified District
High School District: Scottsdale Unified District
Year Built: 1984
Zoning: M-H
Project Type
25 - 50 Units: 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Tile: 1
Foam: 1
Floors
Wood: 1
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Personal Property: 1
Pool Equipment: 1
Income & Expenses
Annual Elec Exp: 6545.37
Annual Gas Exp: 1592.34
Annual Ins Exp: 9620
Annual Land Lse Exp: 0
Annual Landscape Exp: 5000
Annual Legal & Acctg: 500
Annual Maint Exp: 10000
Annual Mgmt Exp: 24000
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 12569.96
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 80064.71
Other Income: 9000
Vacancy Allowance: 0.01
Adjusted Gross Inc: 335016
Total Monthly Rental Income: 28000
Pmt & Rate Info
Cap Rate: 6.88
Down Payment: 0
Equity: 3700000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Barbecue: 1
Heating
Electric: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Curb(s) & Gutter(s): 1
Satellite Dish: 1
Cable TV Available: 1
Sidewalk(s): 1
Patio/Balcony: 1
Separate Storage: 1
Security Light(s): 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Vertical Blinds: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
>1 Space Per Unit: 1
Paved: 1
Assigned: 1
Electric
SRP: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Gas: 1
Trash Collection: 1
Landscaping: 1
Pool Maintenance: 1
New Financing
Conventional: 1
Owner May Carry: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 16
Avg Rent: 660
Avg SqFt: 800
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 22
Avg Rent: 768
Avg SqFt: 1025
# Baths: 12
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Carryback
Loan Years: 10
Closing Cost Split: Normal - N
Payment Type: Adjustable
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Scottsdale Road & McKellips St.
Directions: North on Scottsdale road to Filmore Street, West on Filmore to McAllister Ave. North on McAllister to first driveway on right.
Geo Lat: 33.455415
Geo Lon: -111.930255
Status Change Info
Off Market Date: 2013-07-12
Under Contract Date: 2013-07-12
Close of Escrow Date: 2013-08-06
Sold Price: $3,500,000
Income Expenses
Gross Annual Sch Inc: 329400
Net Operating Income: 254495.29
Property Features
Project Type: 25 - 50 Units
Construction: Wood Frame
Const - Finish: Painted; Stucco
Roofing: Tile; Foam
Floors: Wood; Ceramic Tile
Sale Includes: Land & Building; Personal Property; Pool Equipment
Community Features: Pool; Barbecue
Exterior Amenities: Landscape Water System; Green Landscaping; Curb(s) & Gutter(s); Satellite Dish; Cable TV Available; Sidewalk(s); Patio/Balcony; Separate Storage; Security Light(s)
Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal
Cooling: Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking Features: >1 Space Per Unit; Assigned; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; Owner May Carry
Environmental: None
Offer Shell 
Listing Office: RE/MAX Excalibur
Last Updated: July - 06 - 2022
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