2325 W GARDEN Drive, Tempe, AZ 85282
$4,900,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $4,900,000 Last Modified: 2/03/2025
Description
Colonial Park is a twenty-one-unit apartment community centrally located between the highly desirable Ahwatukee + North Tempe submarkets.
Developed in 1988, the property is comprised of spacious two- and three-bedroom single family detached homes as well as two-story townhome
style units with direct access two-car garages. Five units have undergone interior renovations to include modernized kitchens and bathroom.Additional improvements include new ground-mounted HVAC units, artificialturf landscaping, and a re-paved parking lot. Future ownership will have the opportunity to continue interior renovations in order to achieve a
suggested $250 monthly renovation premium. Furthermore, residents are granted access to the thriving employment growth surrounding Phoenix,
Sky Harbor and Tempe.
Supplements: 17 of the units are Single Family Homes , 5 of the units are 2 story attached townhomes. See address schedule in documents
More Information MLS# 5956710
Contract Info
Ownership: Fee Simple Current Price: $4,900,000 Sold Price: $4,900,000 Status: Closed List Date: 2019-07-25
Location, Tax & Legal
Assessor's Map #: 22 Legal Description (Abbrev): LOT 1 SVOB PARK TOWNHOMES LOT 1-26 TR A-E MCR 032110 Assessor's Parcel #: 579 Add'l Parcels: Yes Tax Municipality: Tempe Census Tract: 319703 Taxes: 21643 Legal: LOT 1 SVOB PARK TOWNHOMES LOT 1-26 TR A-E MCR 032110 Marketing Name: Colonia park Map Code/Grid: R36 House Number: 2325 Compass: W Street Name: GARDEN St Suffix: Drive City/Town Code: Tempe State/Province: AZ Zip Code: 85282 Zip4: 6129 County Code: Maricopa Subdivision: SVOB PARK TOWNHOMES LOT 1-26 TR A-E Assessor Number: 123-22-579 Tax Year: 2018
General Property Description
# of Buildings: 17 Uncvrd Parking Spcs: 46 Lot Size Dimensions: 1.92 Total # of Units: 21 Elementary School District: Tempe Elementary School District High School District: Tempe Union High School District Year Built: 1988 Zoning: R1-4
Legal Info
Range: 4E Section: 32 Township: 1N Lot Number: 1
Project Type
13 - 24 Units: 1
Other Type
House + Rental Units: 1 Packaged Offering: 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1 Siding: 1
Roofing
Composition: 1
Floors
Ceramic Tile: 1 Carpet: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0 Annual Gas Exp: 0 Annual Ins Exp: 4200 Annual Land Lse Exp: 0 Annual Landscape Exp: 0 Annual Legal & Acctg: 8400 Annual Maint Exp: 8400 Annual Mgmt Exp: 10524 Annual Trash Exp: 0 Annual Wtr/Swr Exp: 20577 Owner Association: Yes Annual Ownr Asoc Fee: 0 Annual PAD Fee: 0 Annual Rplcmnt Rsrvs: 6300 Annual Other Expense: 17850 Operating Exp: 97894 Other Income: 10829 Vacancy Allowance: 0.05 Adjusted Gross Inc: 353883.55
Pmt & Rate Info
Cap Rate: 5 Down Payment: 0 Equity: 5050000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0 Assessment Balance: 0
Showing Notification Methods
Text: 1 Email: 1 Phone Call: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Heating
Natural Gas: 1 Individual: 1
Cooling
Ceiling Fan(s): 1 Individual: 1
Exterior Amenities
Green Landscaping: 1
Interior Features
Unfurnished: 1 Fire/Smoke Alarm(s): 1 Vertical Blinds: 1 Mini Blinds: 1 Drapes: 1 Breakfast Bar: 1
Tenant Pays
Gas: 1 Water: 1 Electricity: 1
Appliances Included
Dishwasher: 1 Disposal: 1 Microwave: 1 Refrigerator: 1 Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Garage: 1 >1 Space Per Unit: 1
Electric
SRP: 1
Gas
SW Gas: 1
Owner Pays
None: 1
New Financing
Other (See Remarks): 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 3 Avg Rent: 1328 Avg SqFt: 1271 # Baths: 2
3 Bedrooms Units
# 3 Bedroom Units: 18 Avg Rent: 1456 Avg SqFt: 1442 # Baths: 2
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional Loan Years: 30 Closing Cost Split: Normal - N Payment Type: Fixed Buyer Concession to Seller: 0 Buyer Concession $/%: % Seller Concession to Buyer: 0 Seller Concession $/%: %
Remarks Misc
Cross Street: 48th street and Baseline Geo Lat: 33.385137 Geo Lon: -111.972507
Status Change Info
Off Market Date: 2019-09-04 Under Contract Date: 2019-09-02 Close of Escrow Date: 2019-11-29 Sold Price: $4,900,000
Income Expenses
Gross Annual Sch Inc: 361680 Net Operating Income: 252315
Property Features
Project Type: 13 - 24 Units Other Type: House + Rental Units; Packaged Offering Construction: Wood Frame Const - Finish: Painted; Siding Roofing: Composition Floors: Ceramic Tile; Carpet Sale Includes: Land & Building Community Features: Pool Exterior Amenities: Green Landscaping Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds; Drapes; Breakfast Bar Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave Heating: Natural Gas; Individual Cooling: Ceiling Fan(s); Individual Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking Features: Garage; >1 Space Per Unit Road Surface Type: Asphalt Owner Pays: None Tenant Pays: Water; Electricity; Gas Source of Fincl Data: Owner Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None 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: Platinum Living Realty
Last Updated: February - 03 - 2025
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