9645 N 11TH Avenue, Phoenix, AZ 85021

$3,500,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $3,500,000 Last Modified: 11/05/2021

Overview

Description

Foothill Acres Apartments is a 30-unit apartment community featuring (14) 1-bedroom/1-bathroom units and (16) 2-bedroom/1-bathroom units. The property is located in the developing Mountain View Acres, surrounded by up-and-coming restaurants, schools, and parks. It is minutes from North Mountain Park, famous for its numerous hiking trails and wildflower viewing, and within walking distance to the Arizona Canal Trail. The property is also just minutes from the I-17 Highway and is within a bike ride's distance to the 19th Avenue and Dunlap light rail station.

Listing Details MLS# 6165999

Location, Tax & Legal

Map Code/Grid: M34
House Number: 9645
Compass: N
Street Name: 11TH
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85021
Zip4: 3067
Country: US
County Code: Maricopa
Subdivision: FOOTHILL ACRES LOTS 33-48 & 58-59
Assessor Number: 158-34-046
Tax Year: 2020
Assessor's Map #: 34
Legal Description (Abbrev): FOOTHILL ACRES MCR 28-30 PT LOT 58 N 250F OF W 15 5F EX N 5F RD P/D 12437-578 & EX W 5F & EX 12F RA
Assessor's Parcel #: 46
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 104501
Taxes: 9501
Legal: FOOTHILL ACRES MCR 28-30 PT LOT 58 N 250F OF W 15 5F EX N 5F RD P/D 12437-578 & EX W 5F & EX 12F RA
Marketing Name: Foothill Acres Apartments

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 150ft x 250ft
Year Built: 1984
Uncvrd Parking Spcs: 45
Total # of Units: 30
# of Buildings: 2
Zoning: R-4
Elementary School District: Washington Elementary District
High School District: Glendale Union High School District

Status Change Info

Off Market Date: 2021-01-21
Under Contract Date: 2021-01-19
Close of Escrow Date: 2021-03-23

Legal Info

Township: 3N
Range: 3E
Section: 30
Lot Number: 58

More Information

Income Expenses

Gross Annual Sch Inc: 325540
Net Operating Income: 213738

1 Bedroom Units

# 1 Bedroom Units: 14
Avg Rent: 684
Avg SqFt: 575
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 16
Avg Rent: 802
Avg SqFt: 645
# Baths: Yes

Sold Info

Loan Type: Conventional
Payment Type: Other
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

Block: Yes

Const - Finish

Painted: Yes
Stone: Yes

Roofing

Composition: Yes
Other: Yes

Floors

Ceramic Tile: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 9501
Other Income: 0
Vacancy Allowance: 0.07
Adjusted Gross Inc: 302752.2

Pmt & Rate Info

Cap Rate: 5.7
Equity: 3750000
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

Heating

Electric: Yes
Individual: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes
Individual: Yes

Interior Features

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

Tenant Pays

Electricity: Yes

Appliances Included

Refrigerator: Yes
Built-In Range: Yes
Other: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes
Other (See Remarks): Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

1 Space/Unit: Yes
Attached: Yes
Paved: Yes

Electric

SRP: Yes
Individual Meter: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Other (See Remarks): Yes

Reports/Disclosures

Other (See Remarks): Yes

Environmental

Other (See Remarks): Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 25 - 50 Units Construction: Block Const - Finish: Painted; Stone Roofing: Composition; Other Floors: Ceramic Tile Sale Includes: Land & Building Community Features: No Pool Interior Features: Fire/Smoke Alarm(s); Fire Sprinklers Appliances Included: Built-In Range; Refrigerator; Other Heating: Individual Cooling: Ceiling Fan(s); Individual; Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: SRP; Individual Meter Gas: None Parking Features: 1 Space/Unit; Attached; Paved Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity Source of Fincl Data: Projected Proforma; Other (See Remarks) Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None New Financing: Other (See Remarks) Environmental: Other (See Remarks)

Listing Office: ABI Multifamily

Last Updated: November - 05 - 2021