Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$5,600,000
Last Modified:
1/28/2024
Search
3625 N 16TH Street, Phoenix, AZ 85016
$5,600,000
Description
Playton Place At Biltmore offers style and convenience while raising the bar for urban apartment living in central Phoenix. Originally built in 1963 and 1973 as office space, the subject property went through an extensive adaptive reuse process with the City of Phoenix converting the property's use to apartment living (23-Units). During construction, the building's midcentury modern exterior facade was left intact, while everything else was re-built from top to bottom. Construction was completed in 2022, using high-end finishes and modern contemporary design. With strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Playton Place At Biltmore is well positioned to achieve continual revenue increase.
More Information MLS# 6656567
Contract Info
Current Price: $5,600,000
Sold Price: $5,600,000
Status: Closed
List Date: 2024-01-26
Ownership: Fee Simple
Location Tax Legal
House Number: 3625
Compass: N
Street Name: 16TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85016
Zip4: 6443
Country: USA
County Code: Maricopa
Assessor Number: 119-30-063-A
Tax Year: 2023
General Property Description
Lot Size Dimensions: 60,586 SF
Year Built: 1963
Uncvrd Parking Spcs: 34
Total # of Units: 23
# of Buildings: 2
Zoning: C-2, Phoenix
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Elementary School: Loma Linda Elementary School
Jr. High School: Loma Linda Elementary School
High School: North High School
Remarks Misc
Cross Street: 16th Street & Indian School Road
Directions: From 16th Street & Indian School Road, head south to the Property
Geo Lat: 33.490249
Geo Lon: -112.047235
Status Change Info
Status Change Date: 2024-01-28
Off Market Date: 2024-01-28
Under Contract Date: 2024-01-26
Close of Escrow Date: 2024-01-26
Sold Price: $5,600,000
Legal Info
Township: 2N
Range: 3E
Section: 27
Income Expenses
Gross Annual Sch Inc: 439583
Net Operating Income: 344088
Showing Notification Methods
Showing Service: Aligned Showings
Efficiency Units
# Efficiency Units: 3
Avg Rent: 1250
Avg SqFt: 543
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 3
Avg Rent: 1417
Avg SqFt: 704
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 17
Avg Rent: 1622
Avg SqFt: 947
# Baths: 1
Sold Info
Loan Type: Carryback
Loan Years: 1
Payment Type: Interest Only
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 13 - 24 Units
Construction: Block; Slump Block
Const - Finish: Painted; Stucco
Roofing: Concrete; Foam
Floors: Concrete; Vinyl
Sale Includes: Land & Building
Community Amenities: No Pool; See Remarks
Exterior Amenities: Landscape Wtr System; Green Landscaping; Desert Landscaping; Fenced; Cable TV Available; Security Light(s); Other (See Remarks)
Interior Amenities: Fire/Smoke Alarm(s); Fire Sprinklers; Mini Blinds
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Ceiling Fan(s); Electric; Individual
Water: City Franchise; Master Meter
Sewer: Sewer - Public; Sewer-In & Connected
Electric: APS; Individual Meter
Gas: SW Gas
Parking: Carport; >1 Space Per Unit; Add'l Parking Avail; Paved Parking
Owner Pays: Water; Gas; Trash Collection; Landscaping
Tenant Pays: Electric; Cable TV; Other (See Remarks)
Source of Fincl Data: Provided by Owner; Projected Proforma
Special: Owner/Agent
Lockbox Type: None
Existing 1st Loan: Conventional
Existing 1st Ln Type: Fixed
Existing 1st Ln Trms: Non Assumable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; No Carry; 1031 Exchange
Environmental: None
Listing Office: Vestis Group
Last Updated: January - 28 - 2024
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