$1,900,000
Glendale, AZ 85303
MLS# 5129695
Status: Closed
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Property Description
Glenview Estates is a 32-unit garden-style apartment community located in a desirable Glendale neighborhood with high barriers to entry. Built in 1964, the property is made of block construction with pitched composition shingle roofs and is individually-metered for electricity. The community is comprised up of ten individual tri-plexes and a duplex with a desirable unit mix consisting of 1 one-bedroom, 30 two-bedrooms and 1 three-bedroom floor plans that are extremely spacious and well designed and average approximately 764 square feet.
Details
Maps
Contract Info
Current Price: $1,900,000
Sold Price: $1,900,000
Status: Closed
List Date: 2014-06-12
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: N31
House Number: 7002
Compass: N
Street Name: 76TH
St Suffix: Avenue
City/Town Code: Glendale
State/Province: AZ
Zip Code: 85303
Zip4: 2466
Country: USA
County Code: Maricopa
Legal Description (Abbrev): GLEN VIEW ESTATES 2
Subdivision: Glenview Estates
Assessor's Map #: 43
Assessor's Parcel #: 59
Add'l Parcels: Yes
Assessor Number: 142-43-059
Legal: GLEN VIEW ESTATES 2
Census Tract: 92711
Tax Municipality: Maricopa - COUNTY
Taxes: 4967
Tax Year: 2013
Marketing Name: Glenview Estates
General Property Description
Lot Size Dimensions: IRR
Year Built: 1964
Uncvrd Parking Spcs: 32
Total # of Units: 32
# of Buildings: 11
Zoning: R-4
Elementary School District: Glendale Elementary District
High School District: Glendale Union High School District
Remarks & Misc
Cross Street: North 76th Ave. and West Glendale Ave.
Geo Lat: 33.538186
Geo Lon: -112.222733
Status Change Info
Status Change Date: 2015-01-01
Off Market Date: 2014-12-10
Under Contract Date: 2014-10-01
Close of Escrow Date: 2014-12-31
Sold Price: $1,900,000
Legal Info
Township: 2N
Range: 1E
Section: 2
Lot Number: 57
Income & Expenses
Annual Ins Exp: 4800
Annual Maint Exp: 16000
Annual Mgmt Exp: 12806
Owner Association: No
Operating Exp: 38573
Gross Annual Sch Inc: 288120
Other Income: 8000
Vacancy Allowance: 0.11
Adjusted Gross Inc: 263546.8
Net Operating Income: 164050
Pmt & Rate Info
Cap Rate: 8.63
Equity: 1900000
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 660
Avg SqFt: 650
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 30
Avg Rent: 750
Avg SqFt: 750
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 850
Avg SqFt: 1300
# Baths: 2
Contact Info
List Agent Home Phn: 602-735-5634
Sold Info
Loan Type: Conventional
Loan Years: 7
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Comp Shingle
Floors: Ceramic Tile
Sale Includes: Land & Building; Personal Property
Community Amenities: No Pool; Manager Res/Office
Exterior Amenities: Landscape Wtr System; Desert Landscaping; Patio/Balcony; Separate Storage
Interior Amenities: Unfurnished; Vertical Blinds
Appliances Included: F/S Oven/Range; Refrigerator
Cooling: Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: City Electric; Individual Meter
Gas: None
Parking: Carport; Street Parking; Free
Roads/Streets: Asphalt; Dedicated Street
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electric
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
Unit features include fully appointed kitchens with electric appliances, ceramic tile countertops and backsplashes, ceramic tile flooring, ample closet space, vertical blinds, ceiling fans, solid core front and rear entry doors, spacious private backyards with 6 foot block walls and individual storage units.
Glenview Estates has been owned and operated by the same local entity for the past 10 years. Current ownership has infused substantial capital into the property including completely renovating 18 of the units with new cabinets, countertops, backsplashes, appliances and flooring and HVAC units and re-landscaping the property with attractive low water use plants and trees. Due to the hands-on ownership, Glenview Estates consistently outperforms the Glendale submarket fundamentals.
The property is situated on approximately 2.1 acres and is attractively landscaped with low water use plants and palm trees. Community amenities include ten laundry facilities and exterior lighting and covered parking. Each building within the community has its own water meter and sub-meters for individual units, providing an investor the opportunity to implement a RUBS system in which residents are billed back for their water usage which will further reduce the property's already minimal expenses.
As a potential exit strategy, a seasoned investor has the option of selling the tri-plexes off separately to individual investors. While the average occupancy in metro Phoenix remained unchanged over the past year, the Glendale submarket occupancy improved by 335 basis points. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Glenview Estates is well positioned to achieve continual revenue increases.
Listing Office: CBRE, Inc
Last Updated: January - 01 - 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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