$2,125,000
Glendale, AZ 85301
MLS# 5260079
Status: Closed
1 / 5
Property Description
Claremont is an attractive 36-unit apartment community located in a desirable Glendale neighborhood. Built in 1975, the property is made of block and stucco construction with pitched built-up roofs, and is individually metered for electricity.
Details
Maps
Contract Info
Current Price: $2,125,000
Sold Price: $2,125,000
Status: Closed
List Date: 2015-04-03
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: N32
House Number: 5820
Compass: W
Street Name: Claremont
St Suffix: Street
City/Town Code: Glendale
State/Province: AZ
Zip Code: 85301
Zip4: 4437
Country: USA
County Code: Maricopa
Legal Description (Abbrev): WOODFORD ADDITION TO GLENDALE MCR 2/54 N2 N2 LOT 8 BLK 3 E 459.8F TH/OF EX P/D 9462/457
Subdivision: WOODFORD ADD BLK 5, LOTS 5&8
Assessor's Map #: 9
Assessor's Parcel #: 28
Assessor Parcel Ltr: B
Add'l Parcels: No
Assessor Number: 146-09-028-B
Legal: WOODFORD ADDITION TO GLENDALE MCR 2/54 N2 N2 LOT 8 BLK 3 E 459.8F TH/OF EX P/D 9462/457
Census Tract: 92900
Tax Municipality: Maricopa - COUNTY
Taxes: 10528.68
Tax Year: 2014
Marketing Name: Claremont
General Property Description
Lot Size Dimensions: 76046
Year Built: 1975
Uncvrd Parking Spcs: 40
Total # of Units: 36
# of Buildings: 6
Zoning: R-4
Elementary School District: Glendale Elementary District
High School District: Glendale Union High School District
Remarks & Misc
Geo Lat: 33.529301
Geo Lon: -112.184694
Status Change Info
Status Change Date: 2016-11-02
Off Market Date: 2016-11-02
Under Contract Date: 2016-08-04
Close of Escrow Date: 2016-11-01
Sold Price: $2,125,000
Legal Info
Township: 2N
Range: 2E
Section: 8
Block: 3
Lot Number: 8
Income & Expenses
Owner Association: No
Annual Other Expense: 116100
Operating Exp: 126628.68
Gross Annual Sch Inc: 302554
Vacancy Allowance: 0.08
Adjusted Gross Inc: 278349.68
Net Operating Income: 148004
Pmt & Rate Info
Cap Rate: 6.96
Equity: 2125000
1 Bedroom Units
# 1 Bedroom Units: 24
Avg Rent: 625
Avg SqFt: 722
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 12
Avg Rent: 750
Avg SqFt: 912
# Baths: 2
Contact Info
List Agent Home Phn: 602-735-5634
Sold Info
Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 25 - 50 Units
Construction: Block; Frame - Wood
Const - Finish: Painted
Roofing: Built-Up
Floors: Ceramic Tile
Sale Includes: Land & Building
Community Amenities: No Pool
Exterior Amenities: Green Landscaping; Patio/Balcony; Security Light(s)
Interior Amenities: Vertical Blinds
Appliances Included: F/S Oven/Range; Dishwasher; Microwave
Cooling: Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking: >1 Space Per Unit; Paved Parking
Roads/Streets: Asphalt
Owner Pays: Water
Tenant Pays: Electric
Source of Fincl Data: Provided by Owner
Existing 1st Loan: Conventional
Existing 1st Ln Type: Fixed
Existing 1st Ln Trms: 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: None
Environmental: None
Supplements
The community has a unit mix consisting of one and two-bedroom floor plans that are spacious and well designed and average approximately 785 square feet. Interior unit features include fully appointed kitchens with electric appliances and dishwashers, ceramic tile flooring, walk-in closets, vertical blinds, security doors and private front and back patios in select units.
Claremont is situated on approximately 1.75 acres and features low water use desert landscaping and mature shade trees. Community amenities include exterior lighting and an on-site laundry facility.
Claremont offers an investor the opportunity to acquire an attractive apartment community located in a desirable Glendale submarket with in-place cash flow and additional value-add potential. Over the last year, the Glendale submarket average occupancy increased by 252 basis points, more than two times that of the metropolitan Phoenix average. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Claremont is well positioned to achieve continual increases in revenue.
Listing Office: CBRE, Inc
Last Updated: November - 02 - 2016
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.