$1,450,000
Glendale, AZ 85301
MLS# 5532963
Status: Closed
1 / 13
Property Description
100% OCCUPIED AS OF 03/01/2017!! Myrtle Manor is an 18 unit apartment community located in the heart of Glendale. The complex is located on two parcels and includes three buildings with tile roofs, a central courtyard with swimming pool and a large paved parking area for tenants. All apartments are large (960 SqFt) with two bedrooms and two baths all-on-one level. The apartments feature fireplaces, ceiling fans, kitchen appliances including dishwashers,garbage disposals, separate storage space and also washer/dyers in each unit. All second floor units have vaulted ceilings and skylights. The owner has done major renovations and remodelled the individual units in the property to reduce long-term costs and improve curb appeal. 8% CAP RATE. New rentals are at $750+tax monthly.
Details
Maps
Contract Info
Current Price: $1,450,000
Sold Price: $1,450,000
Status: Closed
List Date: 2016-12-05
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: N32
House Number: 5233
Compass: W
Street Name: MYRTLE
St Suffix: Avenue
City/Town Code: Glendale
State/Province: AZ
Zip Code: 85301
Zip4: 2038
Country: USA
County Code: Maricopa
Legal Description (Abbrev): PARK PLACE BLKS 2,5,6
Subdivision: MYRTLE MANOR APARTMENTS
Assessor's Map #: 16
Assessor's Parcel #: 19
Add'l Parcels: Yes
Assessor Number: 147-16-019
Legal: APN # 147-16-017 & 147-16-019
Census Tract: 92500
Tax Municipality: Glendale
Taxes: 9408
Tax Year: 2016
Marketing Name: MYRTLE MANOR APARTMENTS
General Property Description
Lot Size Dimensions: 137 X 229
Year Built: 1987
Uncvrd Parking Spcs: 30
Total # of Units: 18
# of Buildings: 3
Zoning: Multi
Elementary School: Melvin E Sine School
Jr. High School: Glendale American School
High School: Apollo High School
Elementary School District: Glendale Elementary District
High School District: Glendale Union High School District
Remarks & Misc
Cross Street: 51ST AVE/GLENDALE AVE
Directions: 51ST AVE/GLENDALE AVE Directions: North on 51st Ave from GLENDALE Ave. Turn Left (west) on Myrtle. Proceed to property on left (south) side of street.
Geo Lat: 33.541715
Geo Lon: -112.171931
Status Change Info
Status Change Date: 2017-08-02
Off Market Date: 2017-07-08
Under Contract Date: 2017-07-01
Close of Escrow Date: 2017-08-01
Sold Price: $1,450,000
Legal Info
Township: 2N
Range: 2E
Section: 5
Lot Number: 7
Income & Expenses
Annual Elec Exp: 2400
Annual Ins Exp: 2000
Annual Landscape Exp: 1200
Annual Legal & Acctg: 1000
Annual Maint Exp: 3600
Annual Mgmt Exp: 6000
Annual Wtr/Swr Exp: 9600
Owner Association: No
Annual Other Expense: 1200
Operating Exp: 36408
Gross Annual Sch Inc: 156600
Other Income: 3200
Vacancy Allowance: 0.05
Adjusted Gross Inc: 151810
Net Operating Income: 121402
Pmt & Rate Info
Cap Rate: 8.09
Equity: 1500000
2 Bedroom Units
# 2 Bedroom Units: 18
Avg Rent: 750
Avg SqFt: 960
# Baths: 2
Contact Info
List Agent Home Phn: 623-266-3146
Sold Info
Loan Type: Conventional
Loan Years: 25
Payment Type: Fixed
Closing Cost Split: Buyer - B
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 13 - 24 Units
Construction: Frame - Wood
Const - Finish: Painted; Stucco
Roofing: Tile
Floors: Concrete; Vinyl; Ceramic Tile; Carpet
Sale Includes: Land & Building; Personal Property; Pool Equipment
Community Amenities: Pool; Barbecue
Exterior Amenities: Landscape Wtr System; Fenced; Cable TV Available; Patio/Balcony; Separate Storage
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s); Mini Blinds
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Washer/Dryer; Other (See Remarks)
Heating: Individual
Cooling: Ceiling Fan(s); Electric; Individual
Water: City Franchise
Sewer: Sewer - Public; Sewer-In & Connected
Electric: APS; Individual Meter
Gas: None
Parking: >1 Space Per Unit; Free; Paved Parking
Roads/Streets: Asphalt; Dedicated Street; Curb(s) & Gutter(s); Sidewalk(s)
Owner Pays: Water; Trash Collection; Cable TV; Landscaping; Pool/Spa Maintenance
Tenant Pays: Electric
Source of Fincl Data: Provided by Owner
Special: Incorporated Area
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Non Assumable; Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional
Reports/Disclosures: Seller Prop Disc Stm
Environmental: None
Listing Office: Rapido Realty, LLC
Last Updated: November - 07 - 2017
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.