2602 W GLENROSA Avenue, Phoenix, AZ 85017

$4,150,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $4,150,000 Last Modified: 11/01/2018

Overview

Description

Radius is a 72-unit garden-style apartment community located in a desirable Phoenix location. The property is situated on Glenrosa Avenue just west of the Interstate-17 Freeway. Built in 1979, the property is made of wood frame and stucco construction with new built-up foam roofs and is master-metered for electricity with a new chiller system. The unit mix is comprised of studio, one and two-bedroom floor plans that are spacious, very well designed and range in size from ±320 to ±620 square feet. Radius has recently undergone numerous capital improvements including new roofs, smooth stucco with a modern two-toned paint scheme, new gated entry, new boiler & cooling tower and a renovated leasing office.

Listing Details MLS# 5770880

Location, Tax & Legal

Map Code/Grid: P33
House Number: 2602
Compass: W
Street Name: GLENROSA
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85017
Zip4: 4346
County Code: Maricopa
Assessor Number: 154-18-001
Tax Year: 2017
Assessor's Map #: 18
Legal Description (Abbrev): E 166' OF S2 SW4 NW4 SW4 & S 15' OF N2 SW4 NW4 SW4 EX W 58' & EX S 30' RD .78 AC
Assessor's Parcel #: 1
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 109001
Taxes: 15888
Legal: E 166' OF S2 SW4 NW4 SW4 & S 15' OF N2 SW4 NW4 SW4 EX W 58' & EX S 30' RD .78 AC
Marketing Name: Radius

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 232' x 315'+/-
Year Built: 1979
Total # of Units: 72
# of Buildings: 7
Zoning: C-2
Elementary School District: Alhambra Elementary District
High School District: Phoenix Union High School District
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: N. 27th Avenue and W. Glenrosa Avenue

Status Change Info

Off Market Date: 2018-09-18
Under Contract Date: 2018-07-26
Close of Escrow Date: 2018-10-31

Legal Info

Township: 2N
Range: 2E
Section: 24
Lot Number: na

More Information

Income Expenses

Gross Annual Sch Inc: 515040
Net Operating Income: 267887

Efficiency Units

# Efficiency Units: 48
Avg Rent: 560
Avg SqFt: 377
# Baths: Yes

1 Bedroom Units

# 1 Bedroom Units: 22
Avg Rent: 660
Avg SqFt: 560
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 2
Avg Rent: 760
Avg SqFt: 700
# Baths: Yes

Contact Info

List Agent Home Phn: 602-735-5634

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

Wood Frame: Yes

Const - Finish

Stucco: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 15888
Other Income: 13014
Vacancy Allowance: 0.07
Adjusted Gross Inc: 488978

Pmt & Rate Info

Cap Rate: 6.1
Down Payment: 1318500
Equity: 4395000
Down Payment %: 30
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Payment Includes

Principal: Yes
Interest: Yes

Community Features

No Pool: Yes
Manager Res/Office: Yes

Heating

Electric: Yes
Individual: Yes

Cooling

Electric: Yes
Individual: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes

Interior Features

Unfurnished: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Refrigerator: Yes
Built-In Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

<1 Space Per Unit: Yes

Electric

Individual Meter: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Conventional: Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: 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

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 51 - 99 Units Construction: Wood Frame Const - Finish: Stucco Roofing: Composition Floors: Vinyl; Ceramic Tile Sale Includes: Land & Building Payment Includes: Principal; Interest Community Features: No Pool; Manager Res/Office Exterior Amenities: Landscape Water System; Desert Landscaping Interior Features: Unfurnished Appliances Included: Built-In Range; Refrigerator Heating: Individual Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: Individual Meter Gas: SW Gas Parking Features: <1 Space Per Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity Source of Fincl Data: Owner Existing 1st Loan: Conventional 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 Environmental: None

Listing Office: CBRE, Inc

Last Updated: November - 01 - 2018