2602 W GLENROSA Avenue, Phoenix, AZ 85017
$4,150,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$4,150,000
Last Modified:
11/01/2018
Description
Radius is a 72-unit garden-style apartment community located in a desirable Phoenix location. The property is situated on Glenrosa Avenue just west of the Interstate-17 Freeway. Built in 1979, the property is made of wood frame and stucco construction with new built-up foam roofs and is master-metered for electricity with a new chiller system.
The unit mix is comprised of studio, one and two-bedroom floor plans that are spacious, very well designed and range in size from ±320 to ±620 square feet. Radius has recently undergone numerous capital improvements including new roofs, smooth stucco with a modern two-toned paint scheme, new gated entry, new boiler & cooling tower and a renovated leasing office.
More Information MLS# 5770880
Contract Info
Ownership: Fee Simple
Current Price: $4,150,000
Sold Price: $4,150,000
Status: Closed
List Date: 2018-05-24
Location, Tax & Legal
Assessor's Map #: 18
Legal Description (Abbrev): E 166' OF S2 SW4 NW4 SW4 & S 15' OF N2 SW4 NW4 SW4 EX W 58' & EX S 30' RD .78 AC
Assessor's Parcel #: 1
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 109001
Taxes: 15888
Legal: E 166' OF S2 SW4 NW4 SW4 & S 15' OF N2 SW4 NW4 SW4 EX W 58' & EX S 30' RD .78 AC
Marketing Name: Radius
Map Code/Grid: P33
House Number: 2602
Compass: W
Street Name: GLENROSA
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85017
Zip4: 4346
County Code: Maricopa
Assessor Number: 154-18-001
Tax Year: 2017
General Property Description
# of Buildings: 7
Uncvrd Parking Spcs: 0
Lot Size Dimensions: 232' x 315'+/-
Total # of Units: 72
Elementary School District: Alhambra Elementary District
High School District: Phoenix Union High School District
Year Built: 1979
Zoning: C-2
Legal Info
Range: 2E
Section: 24
Township: 2N
Lot Number: na
Project Type
51 - 99 Units: 1
Construction
Wood Frame: 1
Const - Finish
Stucco: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 15888
Other Income: 13014
Vacancy Allowance: 0.07
Adjusted Gross Inc: 488978
Pmt & Rate Info
Cap Rate: 6.1
Down Payment: 1318500
Equity: 4395000
Down Payment %: 30
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Payment Includes
Principal: 1
Interest: 1
Community Features
No Pool: 1
Manager Res/Office: 1
Heating
Electric: 1
Individual: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Desert Landscaping: 1
Interior Features
Unfurnished: 1
Tenant Pays
Electricity: 1
Appliances Included
Refrigerator: 1
Built-In Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
<1 Space Per Unit: 1
Electric
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Conventional: 1
Existing 1st Loan
Conventional: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Contact Info
List Agent Home Phn: 602-735-5634
Efficiency Units
# Efficiency Units: 48
Avg Rent: 560
Avg SqFt: 377
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 22
Avg Rent: 660
Avg SqFt: 560
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 760
Avg SqFt: 700
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
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: N. 27th Avenue and W. Glenrosa Avenue
Geo Lat: 33.499105
Geo Lon: -112.115043
Status Change Info
Off Market Date: 2018-09-18
Under Contract Date: 2018-07-26
Close of Escrow Date: 2018-10-31
Sold Price: $4,150,000
Income Expenses
Gross Annual Sch Inc: 515040
Net Operating Income: 267887
Property Features
Project Type: 51 - 99 Units
Construction: Wood Frame
Const - Finish: Stucco
Roofing: Composition
Floors: Vinyl; Ceramic Tile
Sale Includes: Land & Building
Payment Includes: Principal; Interest
Community Features: No Pool; Manager Res/Office
Exterior Amenities: Landscape Water System; Desert Landscaping
Interior Features: Unfurnished
Appliances Included: Built-In Range; Refrigerator
Heating: Individual
Cooling: Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: Individual Meter
Gas: SW Gas
Parking Features: <1 Space Per Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Owner
Existing 1st Loan: Conventional
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
Environmental: None
Listing Office: CBRE, Inc
Last Updated: November - 01 - 2018
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