1337 E Polk Street, Phoenix, AZ 85006 - MLS #6327872

images$4,275,000 images******** Beds

images******** Bath images2022

imagesClosed

icon Ask a Question

Description

Polk Bungalows, a currently under construction, boutique 10-unit single family built to rent community situated on a one half acre parcel in Downtown Phoenix, Arizona. This one-of-a-kind property featuring tastefully designed, modern architecture by Aaron Bass of Stance Architecture is located in the rapidly gentrifying historic district of Garfield, minutes away from and 1 mile walking distance to both Downtown Phoenix and nationally recognized Roosevelt Row Arts District - contributing to a high rental demand and strong tenant base for this vibrant urban infill location.

Supplements: The property consists of a single freestanding 1,378 square foot historic house originally built in 1900 offering 2 bedrooms and 2 baths, and currently being rebuilt from the inside out with modern amenities and high end finishes, as well as 9 modern and sleek casita bungalows offering 1 bedroom 1.5 bath spacious floor plans with 884 square feet. Polk Bungalows will provide an attractive and coveted urban rental experience with unique architectural features of: expansive floor to ceiling windows and doors, ground concrete floors, modern finishes and fixtures throughout, vegetation walls, and private patio spaces. Construction is scheduled to be completed by the end of February 2022, with the property manager set to begin pre-leasing in January 2022.

Property Features
Project Type: 5 - 12 Units
Construction: Block; Wood Frame
Const - Finish: Painted; Stucco
Roofing: Composition; Metal
Floors: Concrete; Vinyl
Sale Includes: Land & Building; Laundry Equipment
Community Features: No Pool; Other
Exterior Amenities: Landscape Water System; Desert Landscaping; Partially Fenced; Patio/Balcony
Interior Features: Fire/Smoke Alarm(s); Fire Sprinklers
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Electric; Heat Pump; Individual
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public; Sewer-In & Connected
Electric: APS
Gas: None
Parking Features: Carport; On Street; 1 Space/Unit; >1 Space Per Unit; Assigned
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Water; Sewer; Electricity; Trash Collection
Source of Fincl Data: Projected Proforma
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
New Financing: Conventional; No Carry; 1031 Exchange; Other (See Remarks)
Environmental: None
Contract Info
Current Price: $4,275,000
Sold Price: $4,275,000
Status: Closed
List Date: 2021-12-02
Ownership: Fee Simple
Location Tax Legal
Map Code/Grid: Q34
House Number: 1337
Compass: E
Street Name: Polk
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85006
County Code: Maricopa
Assessor Number: 116-25-174
Tax Year: 2021
General Property Description
Lot Size Dimensions: 200' x 109'
Year Built: 2022
Uncvrd Parking Spcs: 4
Total # of Units: 10
# of Buildings: 10
Zoning: R-5, HP
Flood Zone: No
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Elementary School: Kenilworth Elementary School
Jr. High School: Whittier Elementary School - Phoenix
High School: Central High School
Remarks Misc
Cross Street: 16th St & Van Buren St.
Directions: Wast on Van Buren, North on 14th St, West on Polk. Property on South side.
Geo Lat: 33.452351
Geo Lon: -112.05304
Status Change Info
Off Market Date: 2022-02-25
Under Contract Date: 2022-02-16
Close of Escrow Date: 2022-03-31
Sold Price: $4,275,000
Legal Info
Township: 1N
Range: 3E
Section: 4
Lot Number: 12
Income Expenses
Gross Annual Sch Inc: 240660
Net Operating Income: 190559
1 Bedroom Units
# 1 Bedroom Units: 9
Avg Rent: 1895
Avg SqFt: 885
# Baths: 15
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 3000
Avg SqFt: 1379
# Baths: 2
Contact Info
List Agent Home Phn: 602-793-2753
Sold Info
Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $