447 W RIO SALADO Parkway, Mesa, AZ 85201

$3,850,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $3,850,000 Last Modified: 8/12/2016

Overview

Listing Details MLS# 5423290

Location, Tax & Legal

Map Code/Grid: Q38
House Number: 447
Compass: W
Street Name: RIO SALADO
St Suffix: Parkway
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85201
Country: US
County Code: Maricopa
Subdivision: SAN REMO UNIT 101-124 201-224
Assessor Number: 135-24-106
Tax Year: 2015
Assessor's Map #: 24
Assessor's Parcel #: 106
Add'l Parcels: No
Tax Municipality: Mesa
Taxes: 16329
Legal: SAN REMO UNIT 101-124 201-224
Marketing Name: CYPRESS COMMONS APTS

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 2.21 AC
Year Built: 1986
Uncvrd Parking Spcs: 48
Total # of Units: 48
# of Buildings: 4
Zoning: RM-3
Elementary School District: Mesa Unified District
High School District: Mesa Unified District

Remarks Misc

Cross Street: W Rio Salado Pkwy & Country Club Dr in Mesa

Status Change Info

Off Market Date: 2016-06-01
Under Contract Date: 2016-05-31
Close of Escrow Date: 2016-08-10

Legal Info

Lot Number: 135-24-106

More Information

Income Expenses

Gross Annual Sch Inc: 432000
Net Operating Income: 311631

2 Bedroom Units

# 2 Bedroom Units: 48
Avg Rent: 658
Avg SqFt: 817
# Baths: 2

Contact Info

List Agent Home Phn: 480-767-3001

Sold Info

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

Project Type

25 - 50 Units: Yes
RV Park: Yes

Construction

Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Built-Up: Yes

Floors

Vinyl: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes
Pool Equipment: Yes

Income & Expenses

Annual Elec Exp: 3806
Annual Gas Exp: 0
Annual Ins Exp: 4585
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 33600
Annual Mgmt Exp: 13195
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 18694
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 12000
Annual Other Expense: 26000
Operating Exp: 128209
Other Income: 37000
Vacancy Allowance: 0.05
Adjusted Gross Inc: 445550

Pmt & Rate Info

Cap Rate: 7.8
Down Payment: 0
Equity: 3995000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

Pool: Yes

Heating

Electric: Yes

Cooling

Electric: Yes

Exterior Amenities

Landscape Water System: Yes
Green Landscaping: Yes
Desert Landscaping: Yes
Fenced: Yes
Sidewalk(s): Yes
Patio/Balcony: Yes
Guard Gate: Yes

Interior Features

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

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Refrigerator: Yes
Free-Standing Range: Yes
Washer/Dryer: Yes
W/D Hookup: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes
Paved: Yes

Electric

APS: Yes
Individual Meter: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

No Carry: Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Type

Fixed: Yes

Existing 1st Loan Terms

Assume - Qualify: 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

ALTA Survey Availbl: 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

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 25 - 50 Units; RV Park Construction: Wood Frame Const - Finish: Painted; Stucco Roofing: Built-Up Floors: Vinyl; Carpet Sale Includes: Land & Building; Pool Equipment Community Features: Pool Exterior Amenities: Landscape Water System; Green Landscaping; Desert Landscaping; Fenced; Sidewalk(s); Patio/Balcony; Guard Gate Interior Features: Fire/Smoke Alarm(s); Mini Blinds Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Washer/Dryer; W/D Hookup Cooling: Electric Water Source: City Franchise Sewer: Sewer - Public Electric: APS; Individual Meter Gas: None Parking Features: >1 Space Per Unit; Paved Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Cable TV Source of Fincl Data: Projected Proforma Existing 1st Loan: Conventional Existing 1st Loan Type: Fixed Existing 1st Loan Terms: Assume - Qualify 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: No Carry Environmental: None

Listing Office: Keller Williams Arizona Realty

Last Updated: August - 12 - 2016