2435 N McAllister Avenue, Tempe, AZ 85288 - MLS #4871786

images$3,500,000 images******** Beds

images******** Bath images1984

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Description

A prime property with excellent cash flow and occupancy. This well maintained 38 unit complex is a rare find in Tempe. Offered with a cap rate at 6.88% and the potential of owner financing for up to five years at 5% interest with a 25% down payment.

Property Features
Project Type: 25 - 50 Units
Construction: Wood Frame
Const - Finish: Painted; Stucco
Roofing: Tile; Foam
Floors: Wood; Ceramic Tile
Sale Includes: Land & Building; Personal Property; Pool Equipment
Community Features: Pool; Barbecue
Exterior Amenities: Landscape Water System; Green Landscaping; Curb(s) & Gutter(s); Satellite Dish; Cable TV Available; Sidewalk(s); Patio/Balcony; Separate Storage; Security Light(s)
Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal
Cooling: Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking Features: >1 Space Per Unit; Assigned; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Existing 1st Loan: Treat as Free&Clear
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; Owner May Carry
Environmental: None
Contract Info
Current Price: $3,500,000
Sold Price: $3,500,000
Status: Closed
List Date: 2013-01-08
Ownership: Fee Simple
Location Tax Legal
Map Code/Grid: Q37
House Number: 2435
Compass: N
Street Name: McAllister
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85288
County Code: Maricopa
Assessor Number: 129-16-101-B
Tax Year: 2012
General Property Description
Lot Size Dimensions: Irr
Year Built: 1984
Uncvrd Parking Spcs: 42
Total # of Units: 38
# of Buildings: 4
Zoning: M-H
Elementary School District: Scottsdale Unified District
High School District: Scottsdale Unified District
Remarks Misc
Cross Street: Scottsdale Road & McKellips St.
Directions: North on Scottsdale road to Filmore Street, West on Filmore to McAllister Ave. North on McAllister to first driveway on right.
Geo Lat: 33.455415
Geo Lon: -111.930255
Status Change Info
Off Market Date: 2013-07-12
Under Contract Date: 2013-07-12
Close of Escrow Date: 2013-08-06
Sold Price: $3,500,000
Income Expenses
Gross Annual Sch Inc: 329400
Net Operating Income: 254495.29
1 Bedroom Units
# 1 Bedroom Units: 16
Avg Rent: 660
Avg SqFt: 800
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 22
Avg Rent: 768
Avg SqFt: 1025
# Baths: 12
Sold Info
Loan Type: Carryback
Loan Years: 10
Payment Type: Adjustable
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $