2325 W GARDEN Drive, Tempe, AZ 85282
$4,900,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$4,900,000
Last Modified:
2/03/2025
Description
Colonial Park is a twenty-one-unit apartment community centrally located between the highly desirable Ahwatukee + North Tempe submarkets.
Developed in 1988, the property is comprised of spacious two- and three-bedroom single family detached homes as well as two-story townhome
style units with direct access two-car garages. Five units have undergone interior renovations to include modernized kitchens and bathroom.Additional improvements include new ground-mounted HVAC units, artificialturf landscaping, and a re-paved parking lot. Future ownership will have the opportunity to continue interior renovations in order to achieve a
suggested $250 monthly renovation premium. Furthermore, residents are granted access to the thriving employment growth surrounding Phoenix,
Sky Harbor and Tempe.
Supplements: 17 of the units are Single Family Homes , 5 of the units are 2 story attached townhomes. See address schedule in documents
More Information MLS# 5956710
Contract Info
Ownership: Fee Simple
Current Price: $4,900,000
Sold Price: $4,900,000
Status: Closed
List Date: 2019-07-25
Location, Tax & Legal
Assessor's Map #: 22
Legal Description (Abbrev): LOT 1 SVOB PARK TOWNHOMES LOT 1-26 TR A-E MCR 032110
Assessor's Parcel #: 579
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 319703
Taxes: 21643
Legal: LOT 1 SVOB PARK TOWNHOMES LOT 1-26 TR A-E MCR 032110
Marketing Name: Colonia park
Map Code/Grid: R36
House Number: 2325
Compass: W
Street Name: GARDEN
St Suffix: Drive
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85282
Zip4: 6129
County Code: Maricopa
Subdivision: SVOB PARK TOWNHOMES LOT 1-26 TR A-E
Assessor Number: 123-22-579
Tax Year: 2018
General Property Description
# of Buildings: 17
Uncvrd Parking Spcs: 46
Lot Size Dimensions: 1.92
Total # of Units: 21
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1988
Zoning: R1-4
Legal Info
Range: 4E
Section: 32
Township: 1N
Lot Number: 1
Project Type
13 - 24 Units: 1
Other Type
House + Rental Units: 1
Packaged Offering: 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1
Siding: 1
Roofing
Composition: 1
Floors
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 4200
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 8400
Annual Maint Exp: 8400
Annual Mgmt Exp: 10524
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 20577
Owner Association: Yes
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 6300
Annual Other Expense: 17850
Operating Exp: 97894
Other Income: 10829
Vacancy Allowance: 0.05
Adjusted Gross Inc: 353883.55
Pmt & Rate Info
Cap Rate: 5
Down Payment: 0
Equity: 5050000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Heating
Natural Gas: 1
Individual: 1
Cooling
Ceiling Fan(s): 1
Individual: 1
Exterior Amenities
Green Landscaping: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Vertical Blinds: 1
Mini Blinds: 1
Drapes: 1
Breakfast Bar: 1
Tenant Pays
Gas: 1
Water: 1
Electricity: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Garage: 1
>1 Space Per Unit: 1
Electric
SRP: 1
Gas
SW Gas: 1
Owner Pays
None: 1
New Financing
Other (See Remarks): 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 3
Avg Rent: 1328
Avg SqFt: 1271
# Baths: 2
3 Bedrooms Units
# 3 Bedroom Units: 18
Avg Rent: 1456
Avg SqFt: 1442
# Baths: 2
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 30
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
Remarks Misc
Cross Street: 48th street and Baseline
Geo Lat: 33.385137
Geo Lon: -111.972507
Status Change Info
Off Market Date: 2019-09-04
Under Contract Date: 2019-09-02
Close of Escrow Date: 2019-11-29
Sold Price: $4,900,000
Income Expenses
Gross Annual Sch Inc: 361680
Net Operating Income: 252315
Property Features
Project Type: 13 - 24 Units
Other Type: House + Rental Units; Packaged Offering
Construction: Wood Frame
Const - Finish: Painted; Siding
Roofing: Composition
Floors: Ceramic Tile; Carpet
Sale Includes: Land & Building
Community Features: Pool
Exterior Amenities: Green Landscaping
Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds; Drapes; Breakfast Bar
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave
Heating: Natural Gas; Individual
Cooling: Ceiling Fan(s); Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking Features: Garage; >1 Space Per Unit
Road Surface Type: Asphalt
Owner Pays: None
Tenant Pays: Water; Electricity; Gas
Source of Fincl Data: Owner
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Other (See Remarks)
Environmental: None
Listing Office: Platinum Living Realty
Last Updated: February - 03 - 2025
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