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
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.
More Information MLS# 5770880
Contract Info
Ownership: Fee Simple Current Price: $4,150,000 Sold Price: $4,150,000 Status: Closed List Date: 2018-05-24
Location, Tax & Legal
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 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
General Property Description
# of Buildings: 7 Uncvrd Parking Spcs: 0 Lot Size Dimensions: 232' x 315'+/- Total # of Units: 72 Elementary School District: Alhambra Elementary District High School District: Phoenix Union High School District Year Built: 1979 Zoning: C-2
Legal Info
Range: 2E Section: 24 Township: 2N Lot Number: na
Project Type
51 - 99 Units: 1
Construction
Wood Frame: 1
Const - Finish
Stucco: 1
Roofing
Composition: 1
Floors
Vinyl: 1 Ceramic Tile: 1
Sale Includes
Land & Building: 1
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: 1 Interest: 1
Community Features
No Pool: 1 Manager Res/Office: 1
Heating
Electric: 1 Individual: 1
Cooling
Electric: 1 Individual: 1
Exterior Amenities
Landscape Water System: 1 Desert Landscaping: 1
Interior Features
Unfurnished: 1
Tenant Pays
Electricity: 1
Appliances Included
Refrigerator: 1 Built-In Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
<1 Space Per Unit: 1
Electric
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1 Sewer: 1 Trash Collection: 1
New Financing
Conventional: 1
Existing 1st Loan
Conventional: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Contact Info
List Agent Home Phn: 602-735-5634
Efficiency Units
# Efficiency Units: 48 Avg Rent: 560 Avg SqFt: 377 # Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 22 Avg Rent: 660 Avg SqFt: 560 # Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2 Avg Rent: 760 Avg SqFt: 700 # Baths: 1
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: N. 27th Avenue and W. Glenrosa Avenue Geo Lat: 33.499105 Geo Lon: -112.115043
Status Change Info
Off Market Date: 2018-09-18 Under Contract Date: 2018-07-26 Close of Escrow Date: 2018-10-31 Sold Price: $4,150,000
Income Expenses
Gross Annual Sch Inc: 515040 Net Operating Income: 267887
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
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