2602 W GLENROSA Avenue, Phoenix, AZ 85017 (MLS# 5770880)

2602 W GLENROSA Avenue, Phoenix, AZ 85017

$4,150,000
Property Type: Multiple Dwellings Status: Closed
Current Price: $4,150,000 Last Modified: 11/01/2018

Overview

Description

Radius is a 72-unit garden-style apartment community located in a desirable Phoenix location. The property is situated on Glenrosa Avenue just west of the Interstate-17 Freeway. Built in 1979, the property is made of wood frame and stucco construction with new built-up foam roofs and is master-metered for electricity with a new chiller system. The unit mix is comprised of studio, one and two-bedroom floor plans that are spacious, very well designed and range in size from ±320 to ±620 square feet. Radius has recently undergone numerous capital improvements including new roofs, smooth stucco with a modern two-toned paint scheme, new gated entry, new boiler & cooling tower and a renovated leasing office.

Listing Details MLS# 5770880

Location, Tax & Legal

Assessor's Map #
18
Legal Description (Abbrev)
E 166' OF S2 SW4 NW4 SW4 & S 15' OF N2 SW4 NW4 SW4 EX W 58' & EX S 30' RD .78 AC
Assessor's Parcel #
1
Add'l Parcels
Yes
Tax Municipality
Phoenix
Census Tract
109001
Taxes
15888
Legal
E 166' OF S2 SW4 NW4 SW4 & S 15' OF N2 SW4 NW4 SW4 EX W 58' & EX S 30' RD .78 AC
Marketing Name
Radius

Contract Info

Ownership
Fee Simple

General Property Description

# of Buildings
7
Uncvrd Parking Spcs
0
Lot Size Dimensions
232' x 315'+/-
Total # of Units
72
Elementary School District
Alhambra Elementary District
High School District
Phoenix Union High School District

Legal Info

Range
2E
Section
24

Project Type

51 - 99 Units
Yes

Construction

Wood Frame
Yes

More Information

Const - Finish

Stucco
Yes

Roofing

Composition
Yes

Floors

Vinyl
Yes
Ceramic Tile
Yes

Sale Includes

Land & Building
Yes

Income & Expenses

Annual Elec Exp
0
Annual Gas Exp
0
Annual Ins Exp
0
Annual Land Lse Exp
0
Annual Landscape Exp
0
Annual Legal & Acctg
0
Annual Maint Exp
0
Annual Mgmt Exp
0
Annual Trash Exp
0
Annual Wtr/Swr Exp
0
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
0
Annual Other Expense
0
Operating Exp
15888
Other Income
13014
Vacancy Allowance
0.07
Adjusted Gross Inc
488978

Pmt & Rate Info

Cap Rate
6.1
Down Payment
1318500
Equity
4395000
Down Payment %
30
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Payment Includes

Principal
Yes
Interest
Yes

Community Features

No Pool
Yes
Manager Res/Office
Yes

Heating

Electric
Yes
Individual
Yes

Cooling

Electric
Yes
Individual
Yes

Exterior Amenities

Landscape Water System
Yes
Desert Landscaping
Yes

Interior Features

Unfurnished
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

<1 Space Per Unit
Yes

Electric

Individual Meter
Yes

Gas

SW Gas
Yes

Owner Pays

Water
Yes
Sewer
Yes
Trash Collection
Yes

New Financing

Conventional
Yes

Existing 1st Loan

Conventional
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

Contact Info

List Agent Home Phn
602-735-5634

Efficiency Units

# Efficiency Units
48
Avg Rent
560
Avg SqFt
377
# Baths
Yes

1 Bedroom Units

# 1 Bedroom Units
22
Avg Rent
660
Avg SqFt
560
# Baths
Yes

2 Bedroom Units

# 2 Bedroom Units
2
Avg Rent
760
Avg SqFt
700
# Baths
Yes

3 Bedrooms Units

Avg Rent
0

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 $/%
%
IDX
Listing Office: CBRE, Inc
Last Updated: November - 01 - 2018
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