4750 N 28th Street, Phoenix, AZ 85016 (MLS# 5643626)

4750 N 28th Street, Phoenix, AZ 85016

$4,000,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $4,000,000 Last Modified: 12/27/2024

Overview

Description

Tres Arcos is a 25-unit apartment community located in the heart of Phoenix. Nestled among historic neighborhoods and highly renovated properties, Tres Arcos is located one block from the Arizona Biltmore. Residents enjoy the close proximity to Biltmore Fashion Park and all the amenities within the Camelback Corridor. Tres Arcos is an extremely desirable location for residents and has consistently stayed fully occupied. Tres Arcos is a 1969 block-constructed property consisting of seven single-level buildings. It's vintage charm lends itself to the popular mid-century modern renovation trend that is in high demand by residents and investors alike. The property consists of all two-bedroom units with individual backyards and covered parking for each unit.

Supplements: Tres Arcos is individually metered for electricity and hot water and enjoys an onsite laundry facility and recently renovated swimming pool. Very few properties can provide the location and redevelopment potential that the community has to offer.

Listing Details MLS# 5643626

Location, Tax & Legal

Map Code/Grid: P35
House Number: 4750
Compass: N
Street Name: 28th
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85016
County Code: Maricopa
Assessor Number: 163-18-083-F
Tax Year: 2016
Assessor's Map #: 18
Assessor's Parcel #: 83
Assessor Parcel Ltr: F
Add'l Parcels: No
Tax Municipality: Phoenix
Taxes: 13110
Legal: see title report
Marketing Name: Tres Arcos

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: unknown
Year Built: 1969
Uncvrd Parking Spcs: 12
Total # of Units: 25
# of Buildings: 7
Zoning: R-3
Elementary School District: Madison Elementary District
High School District: Phoenix Union High School District

Remarks Misc

Cross Street: 28th Street & Camelback Road
Directions: South on 28th Street to Property.

Status Change Info

Off Market Date: 2017-10-11
Under Contract Date: 2017-09-26
Close of Escrow Date: 2017-12-29

Legal Info

Lot Number: unknown

More Information

Income Expenses

Gross Annual Sch Inc: 360000
Net Operating Income: 214061

2 Bedroom Units

# 2 Bedroom Units: 25
Avg Rent: 1200
Avg SqFt: 803
# Baths: Yes

Sold Info

Loan Type: Conventional
Loan Years: 10
Payment Type: Fixed
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

Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Vinyl: Yes
Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes
Pool Equipment: Yes
Laundry Equipment: Yes

Income & Expenses

Annual Elec Exp: 4000
Annual Gas Exp: 850
Annual Ins Exp: 5000
Annual Land Lse Exp: 0
Annual Landscape Exp: 6500
Annual Legal & Acctg: 0
Annual Maint Exp: 7500
Annual Mgmt Exp: 12500
Annual Trash Exp: 3000
Annual Wtr/Swr Exp: 17500
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 7500
Annual Other Expense: 0
Operating Exp: 77460
Other Income: 20550
Vacancy Allowance: 0.05
Adjusted Gross Inc: 361522.5

Pmt & Rate Info

Cap Rate: 5.35
Down Payment: 0
Equity: 3999999
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

Pool: Yes

Heating

Electric: Yes

Cooling

Central Air: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Refrigerator: Yes
Built-In Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
Paved: Yes

Electric

SRP: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Other (See Remarks): 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

Other (See Remarks): Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Other (See Remarks): Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Other (See Remarks): Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 25 - 50 Units Construction: Block Const - Finish: Painted Roofing: Composition Floors: Vinyl; Ceramic Tile; Carpet Sale Includes: Land & Building; Pool Equipment; Laundry Equipment Community Features: Pool Appliances Included: Built-In Range; Refrigerator Cooling: Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: Carport; Paved Road Surface Type: Asphalt Owner Pays: Water; Trash Collection Tenant Pays: Electricity 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: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Other (See Remarks) Environmental: None

Listing Office: ABI Multifamily

Last Updated: December - 27 - 2024