1917 E Broadway Road, Tempe, AZ 85282
$4,975,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $4,975,000 Last Modified: 2/15/2025
Description
Situated along the frontage of Broadway Road in the heart of Tempe and the
southeast valley of Metro Phoenix, The Harlow presents a rare opportunity to
acquire a low-density 27-unit, completely renovated, luxury one- and two-story
apartment community that provides today's renters with a truly unique rental
experience. Built in 1963 using block construction, The Harlow consists of
20,550 square feet of rental space with an 761 square foot per unit average.
The property is individually metered for utilities with (19) two-bedroom
townhouse style units, (2) two-bedroom/two-bathroom units and (6)
one-bedroom/one-bathroom units.
Supplements: Each townhouse apartment has an open concept floor plan with expansive nine-foot ceilings, quartz countertops, stainless steel appliances, custom cabinetry, full-size side-by-side washers and dryers, wood plank flooring throughout, designer paint, and many other luxury home touches.The extensive property renovations include all new roofs, dual-pane doors and windows. Other amenities include: ample parking, secure community with code entry gates, enclosed dog park and swimming pools.The property also enjoys an onsite management office allowing for convenient coordination with current and prospective tenants.
More Information MLS# 6029583
Contract Info
Ownership: Fee Simple Current Price: $4,975,000 Sold Price: $4,975,000 Status: Closed List Date: 2020-01-28
Location, Tax & Legal
Assessor's Map #: 51 Assessor's Parcel #: 67 Assessor Parcel Ltr: B Add'l Parcels: Yes Tax Municipality: Tempe Taxes: 15012 Legal: provided by title company Marketing Name: The Harlow Map Code/Grid: R37 House Number: 1917 Compass: E Street Name: Broadway St Suffix: Road City/Town Code: Tempe State/Province: AZ Zip Code: 85282 County Code: Maricopa Assessor Number: 133-51-067-B Tax Year: 2019
General Property Description
# of Buildings: 5 Uncvrd Parking Spcs: 40 Lot Size Dimensions: unknown Total # of Units: 27 Elementary School District: Tempe Elementary School District High School District: Tempe Union High School District Year Built: 1963 Zoning: MF
Project Type
25 - 50 Units: 1
Construction
Block: 1 Wood Frame: 1
Const - Finish
Painted: 1 Stucco: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 2400 Annual Gas Exp: 0 Annual Ins Exp: 3564 Annual Land Lse Exp: 0 Annual Landscape Exp: 4000 Annual Legal & Acctg: 5400 Annual Maint Exp: 6750 Annual Mgmt Exp: 24475 Annual Trash Exp: 2400 Annual Wtr/Swr Exp: 11981 Owner Association: No Annual Ownr Asoc Fee: 0 Annual PAD Fee: 0 Annual Rplcmnt Rsrvs: 6750 Annual Other Expense: 1212 Operating Exp: 83944 Other Income: 43539 Vacancy Allowance: 0.05 Adjusted Gross Inc: 420925.05
Pmt & Rate Info
Cap Rate: 6.17 Down Payment: 0 Equity: 5250000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0 Assessment Balance: 0
Showing Notification Methods
Text: 1 Email: 1 Phone Call: 1
Lockbox Type
None: 1
Community Features
Pool: 1 Manager Res/Office: 1
Heating
Electric: 1
Cooling
Electric: 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1 Disposal: 1 Microwave: 1 Refrigerator: 1 Free-Standing Range: 1 Trash Compactor: 1 Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Garage: 1 >1 Space Per Unit: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Water: 1 Sewer: 1 Trash Collection: 1 Other: 1
New Financing
Conventional: 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 6 Avg Rent: 950 Avg SqFt: 500 # Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 21 Avg Rent: 850 Avg SqFt: 850 # Baths: 15
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional Loan Years: 30 Closing Cost Split: Normal - N Payment Type: Fixed Buyer Concession to Seller: 0 Buyer Concession $/%: $ Seller Concession to Buyer: 0 Seller Concession $/%: $
Remarks Misc
Cross Street: Broadway and McClintock Directions: East to property. Geo Lat: 33.407156 Geo Lon: -111.903426
Status Change Info
Off Market Date: 2020-09-30 Under Contract Date: 2020-09-30 Close of Escrow Date: 2020-10-27 Sold Price: $4,975,000
Legal Info
Lot Number: -
Income Expenses
Gross Annual Sch Inc: 399540 Net Operating Income: 323972
Property Features
Project Type: 25 - 50 Units Construction: Block; Wood Frame Const - Finish: Painted; Stucco Roofing: Composition Floors: Vinyl Sale Includes: Land & Building Community Features: Pool; Manager Res/Office Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Trash Compactor; Microwave; Washer/Dryer Cooling: Electric Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: None Parking Features: Garage; >1 Space Per Unit Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Other Tenant Pays: Electricity Source of Fincl Data: Owner Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Other (See Rmks) Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional Environmental: Other (See Remarks)
Listing Office: ABI Multifamily
Last Updated: February - 15 - 2025
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