$1,350,000
Glendale, AZ 85303
MLS# 5228725
Status: Closed
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Property Description
Setting Sun is an attractive 28-unit apartment community located in a desirable Glendale neighborhood. Built in 1983, the property is made of wood frame and stucco construction with pitched composition shingle roofs, and is individually metered for electricity. The community has a unit mix consisting of all two-bedroom floor plans that are spacious and well designed and average approximately 750 square feet. The current owner has implemented capital improvements to the majority of the units including new ceramic tile flooring, water heaters, appliances and HVAC units. Additional unit amenities include an open layout and spacious closets, vertical blinds, fully appointed kitchens with electric appliances, breakfast bars, garbage disposals and are cable television ready.
Details
Maps
Contract Info
Current Price: $1,350,000
Sold Price: $1,350,000
Status: Closed
List Date: 2015-01-28
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: N31
House Number: 6923
Compass: N
Street Name: 80TH
St Suffix: Avenue
City/Town Code: Glendale
State/Province: AZ
Zip Code: 85303
Country: USA
County Code: Maricopa
Assessor's Map #: 5
Assessor's Parcel #: 116
Assessor Parcel Ltr: A
Add'l Parcels: No
Assessor Number: 102-05-116-A
Legal: PT NE4 NE4 NW4 DAF COM NW COR OF NE4 NE4 NW4 SEC 11TH S 55.01F T
Census Tract: 92712
Tax Municipality: Maricopa - COUNTY
Taxes: 10805.8
Tax Year: 2014
Marketing Name: Setting Sun
General Property Description
Lot Size Dimensions: 59242
Year Built: 1983
Uncvrd Parking Spcs: 42
Total # of Units: 28
# of Buildings: 7
Zoning: R-5
Elementary School District: Glendale Elementary District
High School District: Glendale Union High School District
Remarks & Misc
Geo Lat: 33.537005
Geo Lon: -112.230603
Status Change Info
Status Change Date: 2015-06-15
Off Market Date: 2015-04-30
Under Contract Date: 2015-04-27
Close of Escrow Date: 2015-06-15
Sold Price: $1,350,000
Legal Info
Township: 2N
Range: 1E
Section: 11
Lot Number: n/a
Income & Expenses
Owner Association: No
Annual Other Expense: 83479
Operating Exp: 94284.8
Gross Annual Sch Inc: 183080
Vacancy Allowance: 0.05
Adjusted Gross Inc: 173926
Net Operating Income: 99601
Pmt & Rate Info
Cap Rate: 7.14
Equity: 1395000
2 Bedroom Units
# 2 Bedroom Units: 28
Avg Rent: 565
Avg SqFt: 750
# Baths: 1
Contact Info
List Agent Home Phn: 602-735-5634
Sold Info
Loan Type: Conventional
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: %
Seller Concession $/%: %
Property Features
Project Type: 25 - 50 Units
Construction: Frame - Wood
Const - Finish: Painted
Roofing: Comp Shingle
Floors: Ceramic Tile
Sale Includes: Land & Building
Community Amenities: Pool; Play Area; Barbecue
Exterior Amenities: Green Landscaping; Desert Landscaping; Patio/Balcony; Security Light(s)
Interior Amenities: Vertical Blinds
Appliances Included: F/S Oven/Range; Dishwasher; Disposal
Heating: Individual
Cooling: Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: SW Gas; Master Meter
Parking: Paved Parking
Roads/Streets: Asphalt
Owner Pays: Water; Gas
Tenant Pays: Electric; Cable TV
Source of Fincl Data: Provided by Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
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
Setting Sun is situated on approximately 1.36 acres and features attractive desert landscaping and mature shade trees. Community amenities include a sparkling swimming pool, exterior lighting and a remodeled on-site laundry facility. Recent exterior capital improvements include deck repairs, paint and trim, parking lot, curbing, playground equipment, landscaping and a renovated common area with new picnic table and barbeque grill.
Setting Sun offers an investor the rare 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. Furthermore, in the fourth quarter of 2014, the submarket rents averaged $0.86 PSF as compared to $0.75 PSF at the subject property. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Setting Sun is well positioned to achieve continual increases in revenue.
Listing Office: CBRE, Inc
Last Updated: June - 15 - 2015
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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