480-442-0779

2922 N 35TH Street, Phoenix, AZ 85018 (MLS# 6077227)

2922 N 35TH Street, Phoenix, AZ 85018

$3,500,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $3,000,000 Last Modified: 10/09/2020

Description

The Vara Apartments are 21-unit garden style apartments located in the highly sought out for neighborhood of ARCADIA LITE. These units have been updated with stainless steel appliances, polished concrete floors, and huge walk in closets. Amenities include a pergola sitting area, BBQ, gated/covered parking and onsite laundry facility for additional income. Most tenants are month to month with room to raise rents. All units have one covered parking space within the gated community. Tenants pay electric, cable and internet. Close to Sky Harbor Airport, Downtown Phoenix, ASU, Biltmore shopping center and Camelback Mountain.

More Information MLS# 6077227

Contract Info

Current Price: $3,000,000 Sold Price: $3,000,000 Status: Closed List Date: 2020-05-12 Ownership: Fee Simple Buyer/Broker: Y Buyer Broker $/%: %

Location, Tax & Legal

Map Code/Grid: P35 House Number: 2922 Compass: N Street Name: 35TH St Suffix: Street City/Town Code: Phoenix State/Province: AZ Zip Code: 85018 Zip4: 7415 Country: USA County Code: Maricopa Legal Description (Abbrev): W CITRUS AC MCR 24/17 LOT 181 EX S 50F OF W 150F & ALSO S 5.17F OF E 102F OF ABAND ALLEY P/D 14849 - Subdivision: WEST CITRUS ACRES Assessor's Map #: 30 Assessor's Parcel #: 4 Add'l Parcels: Yes Assessor Number: 127-30-004 Legal: W CITRUS AC MCR 24/17 LOT 181 EX S 50F OF W 150F & ALSO S 5.17F OF E 102F OF ABAND ALLEY P/D 14849 - Census Tract: 110901 Tax Municipality: Phoenix Taxes: 12899 Tax Year: 2019 Marketing Name: Vara Apartments

General Property Description

Lot Size Dimensions: 21,115 Year Built: 1968 Total # of Units: 21 # of Buildings: 3 Zoning: R-4 Elementary School: Creighton Elementary School Jr. High School: Creighton Elementary School High School: Camelback High School Elementary School District: Creighton Elementary District High School District: Phoenix Union High School District

Remarks & Misc

Cross Street: 35th Street and Thomas Directions: East on Thomas Rd, North on 35th St. Geo Lat: 33.481544 Geo Lon: -112.006843

Status Change Info

Status Change Date: 2020-10-09 Off Market Date: 2020-09-25 Under Contract Date: 2020-08-11 Close of Escrow Date: 2020-10-09 Sold Price: $3,000,000

Legal Info

Township: 2N Range: 3E Section: 25 Lot Number: 181

Income & Expenses

Annual Elec Exp: 1740 Annual Ins Exp: 4100 Annual Landscape Exp: 1200 Annual Mgmt Exp: 13200 Annual Trash Exp: 1200 Annual Wtr/Swr Exp: 8400 Owner Association: No Operating Exp: 42739 Gross Annual Sch Inc: 237300 Other Income: 3000 Vacancy Allowance: 0.03 Adjusted Gross Inc: 233091 Net Operating Income: 190352

Pmt & Rate Info

Cap Rate: 5.22 Equity: 3650000

1 Bedroom Units

# 1 Bedroom Units: 19 Avg Rent: 925 Avg SqFt: 700 # Baths: 1

2 Bedroom Units

# 2 Bedroom Units: 2 Avg Rent: 1100 Avg SqFt: 850 # Baths: 1

Sold Info

Loan Type: Exchange Loan Years: 30 Payment Type: Fixed Closing Cost Split: Normal - N Buyer Concession $/%: $ Seller Concession $/%: $

Property Features

Project Type: 13 - 24 Units Construction: Block Const - Finish: Painted Roofing: Comp Shingle Floors: Concrete; Sealed Sale Includes: Land & Building Community Amenities: No Pool; Barbecue; Other; See Remarks Exterior Amenities: Landscape Wtr System; Desert Landscaping; Partially Fenced; Cable TV Available; Security Light(s) Interior Amenities: Unfurnished; Fire/Smoke Alarm(s) Appliances Included: F/S Oven/Range; Refrigerator; Disposal; Microwave; Washer/Dryer Heating: Central Cooling: Central A/C; Chiller System Water: City Franchise Sewer: Sewer - Public Electric: SRP; Individual Meter Gas: None Parking: 1 Space/Unit; Paved Parking Roads/Streets: Asphalt Owner Pays: Water; Electric; Trash Collection; Landscaping Tenant Pays: Electric; Cable TV Source of Fincl Data: Provided by Owner Lockbox Type: None Existing 1st Loan: Treat as Free&Clear Existing 1st Ln Type: Not Applicable Existing 2nd Ln Trms: Not Applicable New Financing: Conventional; 1031 Exchange Reports/Disclosures: None Environmental: None
Listing Office: Metro Realty
Last Updated: October - 09 - 2020
2922 N 35TH Street, Phoenix, AZ 85018- MLS# 6077227
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