648 W RAY Road, Chandler, AZ 85225 (MLS# 6546181)

648 W RAY Road, Chandler, AZ 85225

$8,670,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $8,670,000 Last Modified: 7/05/2023

Overview

Listing Details MLS# 6546181

Location, Tax & Legal

Map Code/Grid: T38
House Number: 648
Compass: W
Street Name: RAY
St Suffix: Road
City/Town Code: Chandler
State/Province: AZ
Zip Code: 85225
Zip4: 7268
County Code: Maricopa
Assessor Number: 302-43-005-B
Tax Year: 2022
Assessor's Map #: 43
Legal Description (Abbrev): SE4 SW4 EX S 50F RD & EX ANY PT LY W/IN COLLEGE P ARK VI & EX E 240F TH/OF
Assessor's Parcel #: 5
Assessor Parcel Ltr: B
Add'l Parcels: No
Tax Municipality: Chandler
Census Tract: 523003
Taxes: 14869
Legal: SE4 SW4 EX S 50F RD & EX ANY PT LY W/IN COLLEGE P ARK VI & EX E 240F TH/OF
Marketing Name: Jamestown Apartments

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: Normal
Year Built: 2016
Uncvrd Parking Spcs: 26
Total # of Units: 34
# of Buildings: 10
Zoning: MF-3
Elementary School District: Chandler Unified District
High School District: Chandler Unified District

Status Change Info

Off Market Date: 2023-07-05
Under Contract Date: 2023-03-20
Close of Escrow Date: 2023-06-30

Legal Info

Township: 1S
Range: 5E
Section: 21
Lot Number: -

More Information

Income Expenses

Gross Annual Sch Inc: 269638
Net Operating Income: 64113

2 Bedroom Units

# 2 Bedroom Units: 34
Avg Rent: 860
Avg SqFt: 975
# Baths: Yes

Sold Info

Loan Type: Carryback
Loan Years: 10
Payment Type: Interest Only
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

25 - 50 Units: Yes

Construction

Wood Frame: Yes
Brick: Yes

Const - Finish

Painted: Yes
Brick Veneer: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 10294
Annual Landscape Exp: 5980
Annual Maint Exp: 94000
Annual Trash Exp: 6176
Annual Wtr/Swr Exp: 7744
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 139063
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 256156.1

Pmt & Rate Info

Cap Rate: 0.67
Equity: 9500000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Showing Notification Methods

Text: Yes
Email: Yes
Phone Call: Yes

Lockbox Type

None: Yes

Community Features

No Pool: Yes
Manager Res/Office: Yes

Heating

Heat Pump: Yes
Electric: Yes

Cooling

Individual: Yes

Exterior Amenities

Patio/Balcony: Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes

Tenant Pays

Water: Yes
Electricity: Yes

Appliances Included

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

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes
Individual Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

Free: Yes
>1 Space Per Unit: Yes
Paved: Yes
Add'l Parking Avail: Yes
Assigned: Yes

Electric

SRP: Yes

Gas

None: Yes

Owner Pays

Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Conventional: Yes
Owner May Carry: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Reports/Disclosures

Boundary Survey Avlb: Yes
ALTA Survey Availbl: Yes

Environmental

None: 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 Construction: Wood Frame; Brick Const - Finish: Painted; Brick Veneer Roofing: Composition Floors: Vinyl; Ceramic Tile Sale Includes: Land & Building Community Features: No Pool; Manager Res/Office Exterior Amenities: Patio/Balcony Interior Features: Unfurnished; Fire/Smoke Alarm(s) Appliances Included: Free-Standing Range; Washer/Dryer; W/D Hookup Heating: Heat Pump Cooling: Individual Water Source: City Franchise; Individual Meter Sewer: Sewer - Public Electric: SRP Gas: None Parking Features: >1 Space Per Unit; Add'l Parking Avail; Assigned; Free; Paved Road Surface Type: Asphalt Owner Pays: Trash Collection; Landscaping Tenant Pays: Water; Electricity Source of Fincl Data: Owner Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Treat as Free&Clear New Financing: Conventional; Owner May Carry Environmental: None

Listing Office: Orion Investment Real Estate

Last Updated: July - 05 - 2023