$1,175,000
Glendale, AZ 85301
MLS# 5726591
Status: Closed
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Property Description
In a three mile radius of Casa la Jolla, the average actual rent for a 1BD/1BA unit is $685. The average actual rent for a 2BD/1BA unit is $800. Therefore, the rent gap with this property and its competitors is over $100, indicating plenty of room to increase the rents after renovations. The property is a great value add deal. It is minutes from Downtown Glendale, next to the Caitlin Courthouse Historic District and surrounded by Class B apartments. The roof is newer, A/Cs are newer and most of the property has copper plumbing.
Details
Maps
Contract Info
Current Price: $1,175,000
Sold Price: $1,175,000
Status: Closed
List Date: 2018-02-09
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: N32
House Number: 7107
Compass: N
Street Name: 53RD
St Suffix: Avenue
City/Town Code: Glendale
State/Province: AZ
Zip Code: 85301
Zip4: 2600
Country: USA
County Code: Maricopa
Legal Description (Abbrev): PARK PLACE LOT 9 S 59.5' OF N 119' OF S 180' OF W 127' BLK 1
Subdivision: PARK PLACE BLKS 2,5,6
Assessor's Map #: 16
Assessor's Parcel #: 30
Assessor Parcel Ltr: B
Add'l Parcels: No
Assessor Number: 147-16-030-B
Legal: PARK PLACE LOT 9 S 59.5' OF N 119' OF S 180' OF W 127' BLK 1
Census Tract: 92500
Tax Municipality: Maricopa - COUNTY
Taxes: 5664
Tax Year: 2017
Marketing Name: Casa la Jolla
General Property Description
Lot Size Dimensions: 33474
Year Built: 1960
Uncvrd Parking Spcs: 10
Total # of Units: 18
# of Buildings: 4
Zoning: R-3
Elementary School District: Glendale Elementary District
High School District: Glendale Union High School District
Remarks & Misc
Geo Lat: 33.540183
Geo Lon: -112.172534
Status Change Info
Status Change Date: 2018-05-16
Off Market Date: 2018-05-01
Under Contract Date: 2018-03-16
Close of Escrow Date: 2018-05-15
Sold Price: $1,175,000
Legal Info
Township: 2N
Range: 2E
Section: 5
Block: 1
Lot Number: 9
Income & Expenses
Annual Elec Exp: 2095
Annual Gas Exp: 1712
Annual Ins Exp: 4328
Annual Landscape Exp: 3000
Annual Maint Exp: 9500
Annual Mgmt Exp: 7731
Annual Wtr/Swr Exp: 7895
Owner Association: No
Annual Rplcmnt Rsrvs: 4500
Operating Exp: 46425
Gross Annual Sch Inc: 132900
Other Income: 2592
Vacancy Allowance: 0.05
Adjusted Gross Inc: 128717.4
Net Operating Income: 82422
Pmt & Rate Info
Cap Rate: 7.04
Down Payment: 351000
Down Payment %: 30
Monthly Payments: 4552
Equity: 1170000
Efficiency Units
# Efficiency Units: 1
Avg Rent: 550
Avg SqFt: 425
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 9
Avg Rent: 583
Avg SqFt: 600
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 8
Avg Rent: 653
Avg SqFt: 720
# Baths: 1
Sold Info
Loan Type: Conventional
Loan Years: 10
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted; Brick Trim/Veneer
Roofing: Comp Shingle
Floors: Vinyl; Carpet
Sale Includes: Land & Building; Laundry Equipment
Community Amenities: No Pool
Exterior Amenities: Partially Fenced; Patio/Balcony; Guard Gate
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s); Mini Blinds
Appliances Included: BI Oven/Range; Refrigerator; Disposal
Heating: Natural Gas
Cooling: Ceiling Fan(s); Electric; Central A/C
Water: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking: Carport; Street Parking; 1 Space/Unit; Free
Roads/Streets: Asphalt
Owner Pays: Water; Gas; Trash Collection; Landscaping
Tenant Pays: Electric; Cable TV
Source of Fincl Data: Provided by Owner
Existing 1st Loan: Conventional
Existing 1st Ln Type: Fixed
Existing 1st Ln Trms: Assume - Qualify
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; No Carry
Reports/Disclosures: None
Environmental: None
Listing Office: SVN/Desert Commercial Advisors
Last Updated: June - 12 - 2020
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