12440 N 113TH Avenue, Youngtown, AZ 85363 (MLS# 6203064)

12440 N 113TH Avenue, Youngtown, AZ 85363

$8,400,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $8,400,000 Last Modified: 3/13/2025

Overview

Description

This is a top-quality, low-risk asset, situated in a very strong rental submarket - and it also has significant upside potential. RENTS ARE WAY BELOW MARKET. Property is located in Youngtown, adjacent to the retirement haven of Sun City. As a result, Sun Valley tends to cater to an older, stable resident profile, which has allowed the property to develop a long history of consistently high occupancy, with very low tenant turnover. The exterior of property is in excellent condition. However, the apartment interiors are still quite basic, especially the ones that have had long-term tenants living there - but that creates an enormous opportunity for the Buyer. Note: a total of 59 of the 71 units are currently on month-to-month leases, so rents can potentially be moved up very quickly.

Listing Details MLS# 6203064

Location, Tax & Legal

Map Code/Grid: L30
House Number: 12440
Compass: N
Street Name: 113TH
St Suffix: Avenue
City/Town Code: Youngtown
State/Province: AZ
Zip Code: 85363
Zip4: 1130
Country: US
County Code: Maricopa
Assessor Number: 200-85-003-V
Tax Year: 2020

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 3.16 acres
Year Built: 1983
Uncvrd Parking Spcs: 20
Total # of Units: 71
# of Buildings: 8
Zoning: C-1
Elementary School District: Peoria Unified School District
High School District: Peoria Unified School District

Remarks Misc

Cross Street: 113th Avenue & W. Rhode Island
Directions: South of Grand Avenue on 113th Avenue for 1/2 mile

Status Change Info

Off Market Date: 2021-05-01
Under Contract Date: 2021-03-26
Close of Escrow Date: 2021-05-30

Legal Info

Township: 3N
Range: 1E
Section: 18
Lot Number: 20085003V

More Information

1 Bedroom Units

# 1 Bedroom Units: 69
Avg Rent: 700
Avg SqFt: 615
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: Yes
Avg Rent: 900
Avg SqFt: 900
# Baths: 2

3 Bedrooms Units

# 3 Bedroom Units: Yes
Avg Rent: 1195
Avg SqFt: 1260
# Baths: 2

Income Expenses

Gross Annual Sch Inc: 623520
Net Operating Income: 400659

Sold Info

Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $

Property Features

Project Type: 51 - 99 Units Construction: Block Const - Finish: Brick Veneer Roofing: Composition; Built-Up Floors: Concrete Sale Includes: Land & Building Community Features: Pool; Manager Res/Office; Game/Rec Room; Barbecue Exterior Amenities: Fenced; Curb(s) & Gutter(s); Patio/Balcony Interior Features: Unfurnished; Vertical Blinds Appliances Included: Free-Standing Range; Refrigerator; Disposal Heating: Individual; Heat Pump Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: APS; Individual Meter Gas: SW Gas Parking Features: Carport; 1 Space/Unit; Paved Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance Tenant Pays: Electricity Source of Fincl Data: Projected Proforma Showing Notification Methods: Phone Call Lockbox Type: None New Financing: Other (See Remarks) Environmental: None

Listing Office: Keller Williams Arizona Realty

Last Updated: March - 13 - 2025

12440 N 113TH Avenue, Youngtown, AZ 85363 (MLS# 6203064)