$6,400,000
Tempe, AZ 85281
MLS# 6143749
Status: Closed
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Property Description
Park Terrace is a 40-unit, garden-style apartment community located within two blocks of Arizona State University's Tempe Campus where more than 50,000 ''in-person'' students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is on the ''Orbit'' shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Additionally, numerous dining and shopping options are in close proximity to the property including Tempe Marketplace, one of the most popular destinations in the Phoenix Metro, with 1.3 Million square feet housing over 100 local and national retailers and restaurants.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $6,400,000
Sold Price: $6,400,000
Status: Closed
List Date: 2020-10-08
Location, Tax & Legal
Assessor's Map #: 73
Legal Description (Abbrev): TRACT B TERRACE PARK 1 MCR 009420
Assessor's Parcel #: 158
Assessor Parcel Ltr: B
Add'l Parcels: No
Tax Municipality: Tempe
Census Tract: 319101
Taxes: 26815
Legal: provided at title
Marketing Name: Park Terrace
Map Code/Grid: R37
House Number: 1011
Compass: E
Street Name: ORANGE
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 4048
County Code: Maricopa
Subdivision: TERRACE PARK 1
Assessor Number: 132-73-158-B
Tax Year: 2020
General Property Description
# of Buildings: 4
Uncvrd Parking Spcs: 2
Lot Size Dimensions: unknown
Total # of Units: 40
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1963
Zoning: R-4
Legal Info
Range: 4E
Section: 23
Township: 1N
Lot Number: unknown
Project Type
25 - 50 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Other: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 26815
Other Income: 26773
Vacancy Allowance: 0.05
Adjusted Gross Inc: 641649.95
Pmt & Rate Info
Cap Rate: 7.32
Equity: 6800000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Electric: 1
Cooling
Chiller System: 1
Tenant Pays
Electricity: 1
Other (See Remarks): 1
Appliances Included
None: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Other: 1
Electric
Individual Meter: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
Other: 1
New Financing
Other (See Remarks): 1
Reports/Disclosures
Other (See Remarks): 1
Environmental
Other (See Remarks): 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 22
Avg Rent: 1200
Avg SqFt: 453
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 18
Avg Rent: 1450
Avg SqFt: 781
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 10
Closing Cost Split: Normal - N
Payment Type: Interest Only
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Orange & Terrace
Geo Lat: 33.417462
Geo Lon: -111.922637
Status Change Info
Off Market Date: 2021-02-02
Under Contract Date: 2021-02-01
Close of Escrow Date: 2021-04-30
Sold Price: $6,400,000
Income Expenses
Gross Annual Sch Inc: 648648
Net Operating Income: 497678
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Other
Floors: Vinyl
Sale Includes: Land & Building
Community Features: No Pool
Appliances Included: None
Cooling: Chiller System
Water Source: City Franchise
Sewer: Sewer - Public
Electric: Individual Meter
Gas: None
Parking Features: Other
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping; Other
Tenant Pays: Electricity; Other (See Remarks)
Source of Fincl Data: Owner
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
New Financing: Other (See Remarks)
Environmental: Other (See Remarks)
Supplements
Significant employers in proximity to the property include Arizona State University, State Farm, Salt River Project, Honeywell, Express Scripts, and First Solar. All of these aspects make Park Terrace a highly desirable community for all of its residents.
Park Terrace has an attractive mix of one and two-bedroom unit types. All units are individually metered for electricity. Park Terrace is an irreplaceable asset in an iconic multifamily neighborhood offering tenants the convenience of an on-site laundry facility and covered parking while being located within walking distance of Arizona State University. The property offers the investor a unique value-add opportunity through additional interior and exterior renovations located on a parcel zoned R-4 with seven-story student housing properties on two sides.
Listing Office: ABI Multifamily
Last Updated: March - 03 - 2025
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