3625 N 16TH Street, Phoenix, AZ 85016
$5,600,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $5,600,000 Last Modified: 1/28/2024
Description
Playton Place At Biltmore offers style and convenience while raising the bar for urban apartment living in central Phoenix. Originally built in 1963 and 1973 as office space, the subject property went through an extensive adaptive reuse process with the City of Phoenix converting the property's use to apartment living (23-Units). During construction, the building's midcentury modern exterior facade was left intact, while everything else was re-built from top to bottom. Construction was completed in 2022, using high-end finishes and modern contemporary design. With strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Playton Place At Biltmore is well positioned to achieve continual revenue increase.
More Information MLS# 6656567
Contract Info
Ownership: Fee Simple Current Price: $5,600,000 Sold Price: $5,600,000 Status: Closed List Date: 2024-01-26
Location, Tax & Legal
Assessor's Map #: 30 Legal Description (Abbrev): A POR NW4 SEC 27 DAF COM W4 COR OF SD SEC 27 TH N 839 FT TH E 35.50 FT TPOB TH N 356.48 FT TH E 170 Assessor's Parcel #: 63 Assessor Parcel Ltr: A Add'l Parcels: No Tax Municipality: Phoenix Census Tract: 110701 Taxes: 15531 Legal: A POR NW4 SEC 27 DAF COM W4 COR OF SD SEC 27 TH N 839 FT TH E 35.50 FT TPOB TH N 356.48 FT TH E 170 Marketing Name: Playton Place House Number: 3625 Compass: N Street Name: 16TH St Suffix: Street City/Town Code: Phoenix State/Province: AZ Zip Code: 85016 Zip4: 6443 County Code: Maricopa Assessor Number: 119-30-063-A Tax Year: 2023
General Property Description
# of Buildings: 2 Uncvrd Parking Spcs: 34 Lot Size Dimensions: 60,586 SF Total # of Units: 23 Elementary School District: Creighton Elementary District High School District: Phoenix Union High School District Elementary School: Loma Linda Elementary School Jr. High School: Loma Linda Elementary School High School: North High School Year Built: 1963 Zoning: C-2, Phoenix
Legal Info
Range: 3E Section: 27 Township: 2N
Project Type
13 - 24 Units: 1
Construction
Block: 1 Slump Block: 1
Const - Finish
Painted: 1 Stucco: 1
Roofing
Concrete: 1 Foam: 1
Floors
Concrete: 1 Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Ins Exp: 5400 Annual Maint Exp: 21798 Annual Mgmt Exp: 20880 Owner Association: No Annual Ownr Asoc Fee: 0 Annual Other Expense: 35392 Operating Exp: 99001 Other Income: 24875 Vacancy Allowance: 0.05 Adjusted Gross Inc: 441235.1 Total Monthly Rental Income: 30411
Pmt & Rate Info
Cap Rate: 5.93 Equity: 5800000 Down Payment %: 100 Monthly Payments: 0 Total Owed: 0
Showing Notification Methods
Showing Service: Aligned Showings
Lockbox Type
None: 1
Community Features
No Pool: 1 See Remarks: 1
Heating
Electric: 1 Individual: 1
Cooling
Ceiling Fan(s): 1 Electric: 1 Individual: 1
Exterior Amenities
Landscape Water System: 1 Green Landscaping: 1 Desert Landscaping: 1 Fenced: 1 Cable TV Available: 1 Security Light(s): 1 Other (See Remarks): 1
Interior Features
Fire/Smoke Alarm(s): 1 Fire Sprinklers: 1 Mini Blinds: 1
Tenant Pays
Electricity: 1 Cable TV: 1 Other (See Remarks): 1
Appliances Included
Dishwasher: 1 Disposal: 1 Microwave: 1 Refrigerator: 1 Free-Standing Range: 1 Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1 Projected Proforma: 1
Water Source
City Franchise: 1 Master Meter: 1
Sewer
Sewer - Public: 1 Sewer-In & Connected: 1
Parking Features
Carport: 1 >1 Space Per Unit: 1 Paved: 1 Add'l Parking Avail: 1
Electric
APS: 1 Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1 Sewer: 1 Gas: 1 Trash Collection: 1 Landscaping: 1
New Financing
Conventional: 1 No Carry: 1 1031 Exchange: 1
Special
Owner/Agent: 1
Existing 1st Loan
Conventional: 1
Existing 1st Loan Type
Fixed: 1
Existing 1st Loan Terms
Non Assumable: 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
Efficiency Units
# Efficiency Units: 3 Avg Rent: 1250 Avg SqFt: 543 # Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 3 Avg Rent: 1417 Avg SqFt: 704 # Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 17 Avg Rent: 1622 Avg SqFt: 947 # Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Carryback Loan Years: 1 Closing Cost Split: Normal - N Payment Type: Interest Only Buyer Concession to Seller: 0 Buyer Concession $/%: $ Seller Concession to Buyer: 0 Seller Concession $/%: $
Remarks Misc
Cross Street: 16th Street & Indian School Road Directions: From 16th Street & Indian School Road, head south to the Property Geo Lat: 33.490249 Geo Lon: -112.047235
Status Change Info
Off Market Date: 2024-01-28 Under Contract Date: 2024-01-26 Close of Escrow Date: 2024-01-26 Sold Price: $5,600,000
Income Expenses
Gross Annual Sch Inc: 439583 Net Operating Income: 344088
Property Features
Project Type: 13 - 24 Units Construction: Block; Slump Block Const - Finish: Painted; Stucco Roofing: Concrete; Foam Floors: Concrete; Vinyl Sale Includes: Land & Building Community Features: No Pool; See Remarks Exterior Amenities: Landscape Water System; Green Landscaping; Desert Landscaping; Fenced; Cable TV Available; Security Light(s); Other (See Remarks) Interior Features: Fire/Smoke Alarm(s); Fire Sprinklers; Mini Blinds Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer Heating: Individual Cooling: Ceiling Fan(s); Electric; Individual Water Source: City Franchise; Master Meter Sewer: Sewer - Public; Sewer-In & Connected Electric: APS; Individual Meter Gas: SW Gas Parking Features: Carport; >1 Space Per Unit; Add'l Parking Avail; Paved Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection; Landscaping Tenant Pays: Electricity; Cable TV; Other (See Remarks) Source of Fincl Data: Owner; Projected Proforma Special: Owner/Agent Lockbox Type: None Existing 1st Loan: Conventional Existing 1st Loan Type: Fixed Existing 1st Loan Terms: Non Assumable 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; No Carry; 1031 Exchange Environmental: None
Listing Office: Vestis Group
Last Updated: January - 28 - 2024
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