Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$8,400,000
Last Modified:
5/31/2021
Search
12440 N 113TH Avenue, Youngtown, AZ 85363
$8,400,000
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.
More Information MLS# 6203064
Contract Info
Current Price: $8,400,000
Sold Price: $8,400,000
Status: Closed
List Date: 2021-03-01
Ownership: Fee Simple
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: USA
County Code: Maricopa
Assessor Number: 200-85-003-V
Tax Year: 2020
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
Geo Lat: 33.598211
Geo Lon: -112.302959
Status Change Info
Status Change Date: 2021-05-31
Off Market Date: 2021-05-01
Under Contract Date: 2021-03-26
Close of Escrow Date: 2021-05-30
Sold Price: $8,400,000
Legal Info
Township: 3N
Range: 1E
Section: 18
Lot Number: 20085003V
Income Expenses
Gross Annual Sch Inc: 623520
Net Operating Income: 400659
1 Bedroom Units
# 1 Bedroom Units: 69
Avg Rent: 700
Avg SqFt: 615
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 900
Avg SqFt: 900
# Baths: 2
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1195
Avg SqFt: 1260
# Baths: 2
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 Trim/Veneer
Roofing: Comp Shingle; Built-Up
Floors: Concrete
Sale Includes: Land & Building
Community Amenities: Pool; Manager Res/Office; Game/Rec Room; Barbecue
Exterior Amenities: Fenced; Patio/Balcony
Interior Amenities: Unfurnished; Vertical Blinds
Appliances Included: F/S Oven/Range; Refrigerator; Disposal
Heating: Individual; Heat Pump
Cooling: Electric; Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: SW Gas
Parking: Carport; 1 Space/Unit; Paved Parking
Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool/Spa Maintenance
Tenant Pays: Electric
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: May - 31 - 2021
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