103 E BRINKER Drive, Avondale, AZ 85323

$3,750,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $3,750,000 Last Modified: 1/31/2025

Overview

Description

DO NOT DISTURB TENANTS - DO NOT WALK PROPERTY.Uniquely situated within Avondale's central corridor, Parkside Palms Apartments offers a selection of 1/1, 2/1 & 3/1 floor plans surrounded by green-scaped courtyards in a very low-density setting. Significant recently completed capital upgrades incl complete roof repair/resurfacing, parking lot resurfacing, exterior repaint, remodelled leasing office and re-plastered code-compliant swimming pool. Plus, 65% of the units have had cabinets, counters, vanities, tiled tub and shower surrounds, 6-panel doors, tile flooring, appliances & fixtures replaced during 2015-2016. Ownership has significantly upgraded property to result in steady rent growth now at the $1.00/SF mark.

Listing Details MLS# 5539374

Location, Tax & Legal

Map Code/Grid: R32
House Number: 103
Compass: E
Street Name: BRINKER
St Suffix: Drive
City/Town Code: Avondale
State/Province: AZ
Zip Code: 85323
Zip4: 1928
Country: US
County Code: Maricopa
Subdivision: DIECI ESTATES
Assessor Number: 500-18-037
Tax Year: 2015
Assessor's Map #: 18
Legal Description (Abbrev): LOT A DIECI ESTATES
Assessor's Parcel #: 37
Add'l Parcels: Yes
Tax Municipality: Avondale
Census Tract: 61200
Taxes: 11898
Legal: LOT A DIECI ESTATES
Marketing Name: Parkside Palms

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: irreg
Year Built: 1964
Uncvrd Parking Spcs: 122
Total # of Units: 54
# of Buildings: 24
Zoning: M-M, R-3
Elementary School District: Avondale Elementary District
High School District: Agua Fria Union High School District

Remarks Misc

Cross Street: Central and Brinker
Directions: I-10 west to Dysart Road, south on Dysart to Van Buren, West on Van Buren to Central Avenue, south on Central to Brinker, East to property.

Status Change Info

Off Market Date: 2017-02-23
Under Contract Date: 2017-01-08
Close of Escrow Date: 2017-03-13

Legal Info

Township: 1N
Range: 1W
Section: 10
Lot Number: A

More Information

Income Expenses

Gross Annual Sch Inc: 510120
Net Operating Income: 321446

1 Bedroom Units

# 1 Bedroom Units: 12
Avg Rent: 675
Avg SqFt: 448
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 26
Avg Rent: 775
Avg SqFt: 768
# Baths: Yes

3 Bedrooms Units

# 3 Bedroom Units: 16
Avg Rent: 875
Avg SqFt: 960
# Baths: Yes

Contact Info

List Agent Home Phn: 602-243-7499

Sold Info

Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

51 - 99 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes
Brick Veneer: Yes

Roofing

Built-Up: Yes

Floors

Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes
Personal Property: Yes
Pool Equipment: Yes

Income & Expenses

Annual Elec Exp: 9752
Annual Gas Exp: 2586
Annual Ins Exp: 8474
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 17931
Annual Maint Exp: 57074
Annual Mgmt Exp: 15809
Annual Trash Exp: 7137
Annual Wtr/Swr Exp: 34833
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 10800
Annual Other Expense: 0
Operating Exp: 176294
Other Income: 9045
Vacancy Allowance: 0.04
Adjusted Gross Inc: 497360.07

Pmt & Rate Info

Cap Rate: 7.99
Down Payment: 4025000
Equity: 4025000
Down Payment %: 100
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

Pool: Yes
Manager Res/Office: Yes
Play Area: Yes
Barbecue: Yes

Heating

Heat Pump: Yes
Electric: Yes

Cooling

Electric: Yes
Heat Pump: Yes

Exterior Amenities

Landscape Water System: Yes
Green Landscaping: Yes
Desert Landscaping: Yes
Cable TV Available: Yes
Security Light(s): Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes

Tenant Pays

Gas: Yes
Electricity: Yes
Cable TV: Yes

Appliances Included

Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Asphalt: Yes
Concrete: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes
Paved: Yes

Electric

APS: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes
Pool Maintenance: Yes

New Financing

Other (See Remarks): Yes

Existing 1st Loan

Other (See Rmks): Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Other (See Remarks): Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Other (See Remarks): Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 51 - 99 Units Construction: Block Const - Finish: Painted; Brick Veneer Roofing: Built-Up Floors: Ceramic Tile; Carpet Sale Includes: Land & Building; Personal Property; Pool Equipment Community Features: Pool; Manager Res/Office; Play Area; Barbecue Exterior Amenities: Landscape Water System; Green Landscaping; Desert Landscaping; Cable TV Available; Security Light(s) Interior Features: Unfurnished; Fire/Smoke Alarm(s) Appliances Included: Free-Standing Range; Refrigerator Heating: Heat Pump Cooling: Electric; Heat Pump Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: SW Gas Parking Features: >1 Space Per Unit; Paved Road Surface Type: Asphalt; Concrete Owner Pays: Water; Trash Collection; Landscaping; Pool Maintenance Tenant Pays: Electricity; Gas; Cable TV Source of Fincl Data: Owner Existing 1st Loan: Other (See Rmks) Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Other (See Remarks) Environmental: None

Listing Office: Kasten Long Commercial Group

Last Updated: January - 31 - 2025