2435 N McAllister Avenue, Tempe, AZ 85288 (MLS# 4871786)

2435 N McAllister Avenue, Tempe, AZ 85288

$3,500,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $3,500,000 Last Modified: 7/06/2022

Overview

Description

A prime property with excellent cash flow and occupancy. This well maintained 38 unit complex is a rare find in Tempe. Offered with a cap rate at 6.88% and the potential of owner financing for up to five years at 5% interest with a 25% down payment.

Listing Details MLS# 4871786

Location, Tax & Legal

Map Code/Grid: Q37
House Number: 2435
Compass: N
Street Name: McAllister
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85288
County Code: Maricopa
Assessor Number: 129-16-101-B
Tax Year: 2012
Assessor's Map #: 16
Assessor's Parcel #: 101
Assessor Parcel Ltr: B
Add'l Parcels: Yes
Tax Municipality: Tempe
Taxes: 10237.04
Legal: SW4 OF SW4 OF NE4 OF SE4 EX S 205F OF E 210F EX W 30F & EX S 30F RD & EX 15F X 15F TRI IN SW COR TH /OF P/D 83-238766
Marketing Name: Brenda Arms

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: Irr
Year Built: 1984
Uncvrd Parking Spcs: 42
Total # of Units: 38
# of Buildings: 4
Zoning: M-H
Elementary School District: Scottsdale Unified District
High School District: Scottsdale Unified District

Remarks Misc

Cross Street: Scottsdale Road & McKellips St.
Directions: North on Scottsdale road to Filmore Street, West on Filmore to McAllister Ave. North on McAllister to first driveway on right.

Status Change Info

Off Market Date: 2013-07-12
Under Contract Date: 2013-07-12
Close of Escrow Date: 2013-08-06

Income Expenses

Gross Annual Sch Inc: 329400
Net Operating Income: 254495.29

More Information

1 Bedroom Units

# 1 Bedroom Units: 16
Avg Rent: 660
Avg SqFt: 800
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: 22
Avg Rent: 768
Avg SqFt: 1025
# Baths: 12

Sold Info

Loan Type: Carryback
Loan Years: 10
Payment Type: Adjustable
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

25 - 50 Units: Yes

Construction

Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Tile: Yes
Foam: Yes

Floors

Wood: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes
Personal Property: Yes
Pool Equipment: Yes

Income & Expenses

Annual Elec Exp: 6545.37
Annual Gas Exp: 1592.34
Annual Ins Exp: 9620
Annual Land Lse Exp: 0
Annual Landscape Exp: 5000
Annual Legal & Acctg: 500
Annual Maint Exp: 10000
Annual Mgmt Exp: 24000
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 12569.96
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 80064.71
Other Income: 9000
Vacancy Allowance: 0.01
Adjusted Gross Inc: 335016
Total Monthly Rental Income: 28000

Pmt & Rate Info

Cap Rate: 6.88
Down Payment: 0
Equity: 3700000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

Pool: Yes
Barbecue: Yes

Heating

Electric: Yes

Cooling

Electric: Yes
Individual: Yes

Exterior Amenities

Landscape Water System: Yes
Green Landscaping: Yes
Curb(s) & Gutter(s): Yes
Satellite Dish: Yes
Cable TV Available: Yes
Sidewalk(s): Yes
Patio/Balcony: Yes
Separate Storage: Yes
Security Light(s): Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes
Vertical Blinds: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

>1 Space Per Unit: Yes
Paved: Yes
Assigned: Yes

Electric

SRP: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Gas: Yes
Trash Collection: Yes
Landscaping: Yes
Pool Maintenance: Yes

New Financing

Conventional: Yes
Owner May Carry: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 25 - 50 Units Construction: Wood Frame Const - Finish: Painted; Stucco Roofing: Tile; Foam Floors: Wood; Ceramic Tile Sale Includes: Land & Building; Personal Property; Pool Equipment Community Features: Pool; Barbecue Exterior Amenities: Landscape Water System; Green Landscaping; Curb(s) & Gutter(s); Satellite Dish; Cable TV Available; Sidewalk(s); Patio/Balcony; Separate Storage; Security Light(s) Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: >1 Space Per Unit; Assigned; Paved Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner Existing 1st Loan: Treat as Free&Clear Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Treat as Free&Clear Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Treat as Free&Clear Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional; Owner May Carry Environmental: None

Documents

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Listing Office: RE/MAX Excalibur

Last Updated: July - 06 - 2022