2325 W GARDEN Drive, Tempe, AZ 85282

$4,900,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $4,900,000 Last Modified: 2/03/2025

Overview

Description

Colonial Park is a twenty-one-unit apartment community centrally located between the highly desirable Ahwatukee + North Tempe submarkets. Developed in 1988, the property is comprised of spacious two- and three-bedroom single family detached homes as well as two-story townhome style units with direct access two-car garages. Five units have undergone interior renovations to include modernized kitchens and bathroom.Additional improvements include new ground-mounted HVAC units, artificialturf landscaping, and a re-paved parking lot. Future ownership will have the opportunity to continue interior renovations in order to achieve a suggested $250 monthly renovation premium. Furthermore, residents are granted access to the thriving employment growth surrounding Phoenix, Sky Harbor and Tempe.

Supplements: 17 of the units are Single Family Homes , 5 of the units are 2 story attached townhomes. See address schedule in documents

Listing Details MLS# 5956710

Location, Tax & Legal

Map Code/Grid: R36
House Number: 2325
Compass: W
Street Name: GARDEN
St Suffix: Drive
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85282
Zip4: 6129
County Code: Maricopa
Subdivision: SVOB PARK TOWNHOMES LOT 1-26 TR A-E
Assessor Number: 123-22-579
Tax Year: 2018
Assessor's Map #: 22
Legal Description (Abbrev): LOT 1 SVOB PARK TOWNHOMES LOT 1-26 TR A-E MCR 032110
Assessor's Parcel #: 579
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 319703
Taxes: 21643
Legal: LOT 1 SVOB PARK TOWNHOMES LOT 1-26 TR A-E MCR 032110
Marketing Name: Colonia park

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 1.92
Year Built: 1988
Uncvrd Parking Spcs: 46
Total # of Units: 21
# of Buildings: 17
Zoning: R1-4
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District

Remarks Misc

Cross Street: 48th street and Baseline

Status Change Info

Off Market Date: 2019-09-04
Under Contract Date: 2019-09-02
Close of Escrow Date: 2019-11-29

Legal Info

Township: 1N
Range: 4E
Section: 32
Lot Number: Yes

More Information

Income Expenses

Gross Annual Sch Inc: 361680
Net Operating Income: 252315

2 Bedroom Units

# 2 Bedroom Units: 3
Avg Rent: 1328
Avg SqFt: 1271
# Baths: 2

3 Bedrooms Units

# 3 Bedroom Units: 18
Avg Rent: 1456
Avg SqFt: 1442
# Baths: 2

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

13 - 24 Units: Yes

Other Type

House + Rental Units: Yes
Packaged Offering: Yes

Construction

Wood Frame: Yes

Const - Finish

Painted: Yes
Siding: Yes

Roofing

Composition: Yes

Floors

Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 4200
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 8400
Annual Maint Exp: 8400
Annual Mgmt Exp: 10524
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 20577
Owner Association: Yes
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 6300
Annual Other Expense: 17850
Operating Exp: 97894
Other Income: 10829
Vacancy Allowance: 0.05
Adjusted Gross Inc: 353883.55

Pmt & Rate Info

Cap Rate: 5
Down Payment: 0
Equity: 5050000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Showing Notification Methods

Text: Yes
Email: Yes
Phone Call: Yes

Lockbox Type

None: Yes

Community Features

Pool: Yes

Heating

Natural Gas: Yes
Individual: Yes

Cooling

Ceiling Fan(s): Yes
Individual: Yes

Exterior Amenities

Green Landscaping: Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes
Vertical Blinds: Yes
Mini Blinds: Yes
Drapes: Yes
Breakfast Bar: Yes

Tenant Pays

Gas: Yes
Water: Yes
Electricity: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Garage: Yes
>1 Space Per Unit: Yes

Electric

SRP: Yes

Gas

SW Gas: Yes

Owner Pays

None: Yes

New Financing

Other (See Remarks): Yes

Existing 1st Loan

Treat as Free&Clear: 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

Other (See Remarks): Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 13 - 24 Units Other Type: House + Rental Units; Packaged Offering Construction: Wood Frame Const - Finish: Painted; Siding Roofing: Composition Floors: Ceramic Tile; Carpet Sale Includes: Land & Building Community Features: Pool Exterior Amenities: Green Landscaping Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds; Drapes; Breakfast Bar Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave Heating: Natural Gas; Individual Cooling: Ceiling Fan(s); Individual Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: Garage; >1 Space Per Unit Road Surface Type: Asphalt Owner Pays: None Tenant Pays: Water; Electricity; Gas Source of Fincl Data: Owner Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Treat as Free&Clear 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: Platinum Living Realty

Last Updated: February - 03 - 2025