2540 W MARYLAND Avenue, Phoenix, AZ 85017

$4,999,950

Property Type: Multiple Dwellings Status: Closed

Current Price: $4,999,950 Last Modified: 9/02/2020

Overview

Description

ATTENTION: $1.2M REDUCTION FOR IMMEDIATE CASH SALE! Priced appx. $27.5k a door, and $37.90 sq/ft. Separately metered. Remodeled from top to bottom in 2011-2012.approximately 131,816 livable sq ft. Great unit mix with 75% large two bedroom, 25% large one bedrooms. 100% HOA control. Appx, 11% cap at 80% occupancy. Best multi-family opportunity in Phoenix today. Compare this property to anything comparable and you will be writing a check.

Listing Details MLS# 4824545

Location, Tax & Legal

Map Code/Grid: N33
House Number: 2540
Compass: W
Street Name: MARYLAND
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85017
Zip4: 6227
County Code: Maricopa
Assessor Number: 156-02-273
Tax Year: 2012
Assessor's Map #: 2
Legal Description (Abbrev): MARIBELA CONDOMINIUMS
Assessor's Parcel #: 273
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 106801
Taxes: 36000
Legal: MARIBELA CONDOMINIUMS MCR 831-02
Marketing Name: Maribela Luxury Condos

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: Irregular
Year Built: 1985
Uncvrd Parking Spcs: 60
Total # of Units: 192
# of Buildings: 12
Zoning: R4
Elementary School District: Washington Elementary District
High School District: Glendale Union High School District

Remarks Misc

Cross Street: 27th ave and Maryland
Directions: Head east on Maryland Ave from 27th Ave. Property is on north side of street.

Status Change Info

Off Market Date: 2012-10-25
Under Contract Date: 2012-10-22
Close of Escrow Date: 2012-11-20

Legal Info

Township: 2N
Range: 2E
Section: 12
Lot Number: 249

More Information

Income Expenses

Gross Annual Sch Inc: 1003800
Net Operating Income: 504000

1 Bedroom Units

# 1 Bedroom Units: 46
Avg Rent: 480
Avg SqFt: 600
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 135
Avg Rent: 650
Avg SqFt: 700
# Baths: Yes

Contact Info

List Agent Home Phn: 602-615-6900

Sold Info

Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

100+ Units: Yes

Construction

Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Foam: Yes

Floors

Wood: Yes
Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes
Pool Equipment: Yes

Income & Expenses

Annual Elec Exp: 8800
Annual Gas Exp: 1464
Annual Ins Exp: 12672
Annual Land Lse Exp: 0
Annual Landscape Exp: 9600
Annual Legal & Acctg: 34000
Annual Maint Exp: 20477
Annual Mgmt Exp: 20000
Annual Trash Exp: 1848
Annual Wtr/Swr Exp: 36000
Owner Association: Yes
Annual Ownr Asoc Fee: 2340
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 183201
Other Income: 11400
Vacancy Allowance: 0.1
Adjusted Gross Inc: 913680

Pmt & Rate Info

Cap Rate: 10.08
Down Payment: 3600000
Equity: 4999950
Down Payment %: 60
Monthly Payments: 20000
Total Owed: 0
Assessment Balance: 0

Payment Includes

Interest: Yes

Community Features

Pool: Yes
Spa(s): Yes
Manager Res/Office: Yes
Barbecue: Yes

Heating

Electric: Yes

Cooling

Ceiling Fan(s): Yes
Electric: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes
Fenced: Yes
Patio/Balcony: Yes
Security Guard: Yes
Security Light(s): Yes

Interior Features

Fire/Smoke Alarm(s): Yes
Mini Blinds: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Refrigerator: Yes
Built-In Range: Yes
Trash Compactor: Yes
Washer/Dryer: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
Free: Yes
>1 Space Per Unit: Yes

Electric

SRP: Yes

Gas

SW Gas: Yes

Owner Pays

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

New Financing

Conventional: Yes
Owner May Carry: Yes

Existing 1st Loan

Private: Yes

Existing 1st Loan Type

Fixed: Yes

Existing 1st Loan Terms

Non Assumable: Yes
No Prepay Penalty: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: 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

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 100+ Units Construction: Wood Frame Const - Finish: Painted; Stucco Roofing: Foam Floors: Wood; Ceramic Tile; Carpet Sale Includes: Land & Building; Pool Equipment Payment Includes: Interest Community Features: Pool; Spa(s); Manager Res/Office; Barbecue Exterior Amenities: Landscape Water System; Desert Landscaping; Fenced; Patio/Balcony; Security Guard; Security Light(s) Interior Features: Fire/Smoke Alarm(s); Mini Blinds Appliances Included: Built-In Range; Refrigerator; Trash Compactor; Washer/Dryer Cooling: Ceiling Fan(s); Electric Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: Carport; >1 Space Per Unit; Free Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping; Pool Maintenance Tenant Pays: Electricity Source of Fincl Data: Owner Existing 1st Loan: Private Existing 1st Loan Type: Fixed Existing 1st Loan Terms: Non Assumable; No Prepay Penalty 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

Listing Office: Realty USA Southwest

Last Updated: September - 02 - 2020