813 E MARLETTE Avenue, Phoenix, AZ 85014
$5,115,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$5,115,000
List Date:
4/07/2022
Last Modified:
6/25/2022
Description
Location, Location, Location!
813 Marlette Apartments sits directly in the middle of Uptown Phoenix just off the famed 7th Street Corridor and Restaurant Row. Situated on a quiet street still minutes away from great restaurants, Uptown Plaza, and easy freeway access points to SR51 and I-10.
The property has 14 units. Including (13) 2/2 units, and (1) is a 1/1 unit. It received a full remodel in 2020 with popular modern finishes. All the units include an in-suite washer and dryer. Several units have large outdoor backyards. The property has a new roof, windows, doors, security system, and more. The property has low maintenance desert-scape and a nice courtyard. Each unit is individually metered.
This is a rare and excellent investment in an A location that you don't want to miss!
More Information MLS# 6379688
Contract Info
Ownership: Fee Simple
Current Price: $5,115,000
Sold Price: $5,115,000
Status: Closed
List Date: 2022-04-06
Location, Tax & Legal
Assessor's Map #: 15
Legal Description (Abbrev): ORANGE HEIGHTS N2 N2 LOT 37 EX W 488' EX N 25' & S 8'
Assessor's Parcel #: 35
Assessor Parcel Ltr: F
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 106501
Taxes: 8669
Legal: ORANGE HEIGHTS N2 N2 LOT 37 EX W 488' EX N 25' & S 8'
Marketing Name: 813 Marlette Apartments
Map Code/Grid: N34
House Number: 813
Compass: E
Street Name: MARLETTE
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85014
Zip4: 1507
County Code: Maricopa
Subdivision: ORANGE HEIGHTS LOTS 44, 45 & TR A
Assessor Number: 161-15-035-F
Tax Year: 2021
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 0
Lot Size Dimensions: 146x122
Total # of Units: 14
Elementary School District: Madison Elementary District
High School District: Phoenix Union High School District
Year Built: 1962
Zoning: R4
Legal Info
Range: 3E
Section: 9
Township: 2N
Lot Number: 37
Project Type
13 - 24 Units: 1
Construction
Block: 1
Other: 1
Const - Finish
Painted: 1
Other (See Remarks): 1
Roofing
Other: 1
Floors
Other: 1
Sale Includes
Land & Building: 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Other Expense: 36671
Operating Exp: 45340
Other Income: 11022
Vacancy Allowance: 0.05
Adjusted Gross Inc: 306015.9
Pmt & Rate Info
Cap Rate: 4.75
Equity: 5495990
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Electric: 1
Cooling
Electric: 1
Exterior Amenities
Desert Landscaping: 1
Partially Fenced: 1
Patio/Balcony: 1
Security Light(s): 1
Interior Features
Fire Sprinklers: 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1
Microwave: 1
Refrigerator: 1
Free-Standing Range: 1
Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
Master Meter: 1
Other: 1
Sewer
Sewer - Public: 1
Parking Features
Other: 1
Electric
Individual Meter: 1
Gas
Other (See Remarks): 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 1
Special
Owner/Agent: 1
Existing 1st Loan
Conventional: 1
Reports/Disclosures
Other (See Remarks): 1
Environmental
None: 1
Contact Info
List Agent Cell Phn2: 6127701717
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 1400
Avg SqFt: 550
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 13
Avg Rent: 1684
Avg SqFt: 929
# Baths: 2
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 90000
Seller Concession $/%: $
Remarks Misc
Cross Street: 7th Street & Bethany Home Rd
Directions: North on 7th Street, East on Marlette to property on South side of street.
Geo Lat: 33.528922
Geo Lon: -112.06307
Status Change Info
Off Market Date: 2022-05-25
Under Contract Date: 2022-05-12
Close of Escrow Date: 2022-06-24
Sold Price: $5,115,000
Income Expenses
Gross Annual Sch Inc: 311100
Net Operating Income: 261227
Property Features
Project Type: 13 - 24 Units
Construction: Block; Other
Const - Finish: Painted; Other (See Remarks)
Roofing: Other
Floors: Other
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Desert Landscaping; Partially Fenced; Patio/Balcony; Security Light(s)
Interior Features: Fire Sprinklers
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave; Washer/Dryer
Cooling: Electric
Water Source: Master Meter; Other
Sewer: Sewer - Public
Electric: Individual Meter
Gas: Other (See Remarks)
Parking Features: Other
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity
Source of Fincl Data: Projected Proforma
Special: Owner/Agent
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Conventional
New Financing: Conventional; 1031 Exchange
Environmental: None
Documents
Offering Memorandum ›Listing Office: HomeSmart
Last Updated: June - 25 - 2022
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