3539 E MONTECITO Avenue, OFC, Phoenix, AZ 85018
$1,095,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,125,000
List Date:
4/18/2021
Last Modified:
2/17/2023
Description
Diverse, lucrative, posh investment opportunity in Arcadia Lite. Located in one of the hottest neighborhoods in the Valley, this unique property features 3- 1100 ft2 units that each feel like a private cottage, perfectly situated in the heart of the city. Renters simply cannot beat the location & swoon over these well appointed homes. One unit has its own private yard & another a private patio. Benefits: Mostly renovated in 2020: Full renovation on Units 2, 3 (see pics), partial renovation on unit 1; Fully occupied, renew the yearly leases or convert property to short term vacation rentals- Tons of potential with this place! Earn a monthly income, while depreciating the asset for taxes*, while taking advantage of increasing property values in this current market.
*consult your tax adviso
Supplements: *******Multiple offers received. Submit highest and best. Offers reviewed with seller on Saturday 4/24/21 at 12noon. Response no sooner than Saturday 9pm. Contact listing agent if writing offer- seller has language pertaining to 1031 exchange, etc. to be included Thank you.******
More Information MLS# 6223123
Contract Info
Current Price: $1,125,000
Sold Price: $1,125,000
Status: Closed
List Date: 2021-04-16
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: P35
House Number: 3539
Compass: E
Street Name: MONTECITO
St Suffix: Avenue
Unit #: OFC
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85018
Zip4: 3984
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 3 DARLEIGH MANOR MCR 007513
Subdivision: DARLEIGH MANOR
Assessor's Map #: 27
Assessor's Parcel #: 114
Add'l Parcels: No
Assessor Number: 170-27-114
Legal: LOT 3 DARLEIGH MANOR MCR 007513
Census Tract: 108302
Tax Municipality: Maricopa - COUNTY
Taxes: 3127
Tax Year: 2020
Marketing Name: Arcadia Lite
General Property Description
Lot Size Dimensions: 89'x133.06'
Year Built: 1961
Total # of Units: 3
# of Buildings: 2
Zoning: R-3
Flood Zone: No
Elementary School: Creighton Elementary School
Jr. High School: Creighton Elementary School
High School: Phoenix Union Cyber High School
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Remarks & Misc
Cross Street: 36th St. & Montecito
Directions: From Indian School Rd: Turn North on 36th Street. Turn left on Montecito Ave. Property is on the left.
From Camelback Rd. Turn south on 36th st. Turn right on Montecito Ave. Property is on the left.
Geo Lat: 33.499527
Geo Lon: -112.005045
Status Change Info
Status Change Date: 2021-05-27
Off Market Date: 2021-05-23
Under Contract Date: 2021-04-24
Close of Escrow Date: 2021-05-26
Sold Price: $1,125,000
Legal Info
Township: 2N
Range: 3E
Section: 24
Lot Number: 3
Income & Expenses
Annual Ins Exp: 1900
Annual Landscape Exp: 2000
Annual Maint Exp: 300
Annual Mgmt Exp: 1500
Annual Wtr/Swr Exp: 2000
Owner Association: No
Operating Exp: 10827
Gross Annual Sch Inc: 47053
Adjusted Gross Inc: 47053
Net Operating Income: 47053
Pmt & Rate Info
Cap Rate: 4.3
Down Payment %: 20
Equity: 1095000
2 Bedroom Units
# 2 Bedroom Units: 3
Avg Rent: 1680
Avg SqFt: 1100
# Baths: 2
Sold Info
Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: Tri-Plex
Other Type: Other (See Remarks)
Construction: Brick
Const - Finish: Painted; Stucco
Roofing: Comp Shingle
Floors: Vinyl; Ceramic Tile
Sale Includes: Land & Building; Laundry Equipment
Community Amenities: No Pool
Exterior Amenities: Landscape Wtr System; Desert Landscaping; Fenced; Partially Fenced; Patio/Balcony; Separate Storage; Security Light(s)
Interior Amenities: Mini Blinds
Appliances Included: BI Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Natural Gas
Cooling: Ceiling Fan(s); Electric; Individual; 2 or More Units
Water: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking: Carport; Street Parking; 1 Space/Unit; Assigned; Paved Parking
Roads/Streets: Asphalt; Alley
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electric; Gas; Cable TV
Source of Fincl Data: Provided by Owner; Projected Proforma
Showing Notification Methods: Text
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
New Financing: Conventional; 1031 Exchange
Reports/Disclosures: None
Environmental: None
Documents
Marketing Packet for Montecito Manor ›Listing Office: eXp Realty
Last Updated: February - 17 - 2023
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.