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

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

More Information MLS# 5956710

Contract Info

Ownership: Fee Simple Current Price: $4,900,000 Sold Price: $4,900,000 Status: Closed List Date: 2019-07-25

Location, Tax & Legal

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 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

General Property Description

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

Legal Info

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

Project Type

13 - 24 Units: 1

Other Type

House + Rental Units: 1 Packaged Offering: 1

Construction

Wood Frame: 1

Const - Finish

Painted: 1 Siding: 1

Roofing

Composition: 1

Floors

Ceramic Tile: 1 Carpet: 1

Sale Includes

Land & Building: 1

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: 1 Email: 1 Phone Call: 1

Lockbox Type

None: 1

Community Features

Pool: 1

Heating

Natural Gas: 1 Individual: 1

Cooling

Ceiling Fan(s): 1 Individual: 1

Exterior Amenities

Green Landscaping: 1

Interior Features

Unfurnished: 1 Fire/Smoke Alarm(s): 1 Vertical Blinds: 1 Mini Blinds: 1 Drapes: 1 Breakfast Bar: 1

Tenant Pays

Gas: 1 Water: 1 Electricity: 1

Appliances Included

Dishwasher: 1 Disposal: 1 Microwave: 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

Garage: 1 >1 Space Per Unit: 1

Electric

SRP: 1

Gas

SW Gas: 1

Owner Pays

None: 1

New Financing

Other (See Remarks): 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

Other (See Remarks): 1

Existing 2nd Loan Type

Not Applicable: 1

Existing 2nd Loan Terms

Not Applicable: 1

Existing 3rd Loan

Other (See Remarks): 1

Existing 3rd Loan Type

Not Applicable: 1

Reports/Disclosures

Other (See Remarks): 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

Avg Rent: 0

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

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: 48th street and Baseline Geo Lat: 33.385137 Geo Lon: -111.972507

Status Change Info

Off Market Date: 2019-09-04 Under Contract Date: 2019-09-02 Close of Escrow Date: 2019-11-29 Sold Price: $4,900,000

Income Expenses

Gross Annual Sch Inc: 361680 Net Operating Income: 252315

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