$4,275,000
Phoenix, AZ 85006
MLS# 6327872
Status: Closed
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Property Description
Polk Bungalows, a currently under construction, boutique 10-unit single family built to rent community situated on a one half acre parcel in Downtown Phoenix, Arizona. This one-of-a-kind property featuring tastefully designed, modern architecture by Aaron Bass of Stance Architecture is located in the rapidly gentrifying historic district of Garfield, minutes away from and 1 mile walking distance to both Downtown Phoenix and nationally recognized Roosevelt Row Arts District - contributing to a high rental demand and strong tenant base for this vibrant urban infill location.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $4,275,000
Sold Price: $4,275,000
Status: Closed
List Date: 2021-12-02
Location, Tax & Legal
Assessor's Map #: 25
Assessor's Parcel #: 174
Add'l Parcels: Yes
Tax Municipality: Phoenix
Taxes: 3312
Legal: GERMANIA PL PT LOT 12 E2 & GERMANIA PL PT LOT 12 W2
Marketing Name: Polk Bungalows
Map Code/Grid: Q34
House Number: 1337
Compass: E
Street Name: Polk
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85006
County Code: Maricopa
Assessor Number: 116-25-174
Tax Year: 2021
General Property Description
# of Buildings: 10
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 200' x 109'
Flood Zone: No
Total # of Units: 10
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Elementary School: Kenilworth Elementary School
Jr. High School: Whittier Elementary School - Phoenix
High School: Central High School
Year Built: 2022
Zoning: R-5, HP
Legal Info
Range: 3E
Section: 4
Township: 1N
Lot Number: 12
Project Type
5 - 12 Units: 1
Construction
Block: 1
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Composition: 1
Metal: 1
Floors
Concrete: 1
Vinyl: 1
Sale Includes
Land & Building: 1
Laundry Equipment: 1
Income & Expenses
Annual Elec Exp: 2000
Annual Ins Exp: 3000
Annual Legal & Acctg: 1000
Annual Maint Exp: 6000
Annual Mgmt Exp: 11911
Annual Wtr/Swr Exp: 8000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Rplcmnt Rsrvs: 200
Annual Other Expense: 1250
Operating Exp: 36673
Other Income: 12000
Vacancy Allowance: 0.06
Adjusted Gross Inc: 237500.4
Pmt & Rate Info
Cap Rate: 4.43
Equity: 4300000
Down Payment %: 50
Monthly Payments: 7656
Total Owed: 0
Lockbox Type
None: 1
Community Features
No Pool: 1
Other: 1
Heating
Electric: 1
Individual: 1
Cooling
Electric: 1
Heat Pump: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Desert Landscaping: 1
Partially Fenced: 1
Patio/Balcony: 1
Interior Features
Fire/Smoke Alarm(s): 1
Fire Sprinklers: 1
Tenant Pays
Water: 1
Sewer: 1
Electricity: 1
Trash Collection: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Free-Standing Range: 1
Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Sewer-In & Connected: 1
Parking Features
Carport: 1
On Street: 1
1 Space/Unit: 1
>1 Space Per Unit: 1
Assigned: 1
Electric
APS: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
No Carry: 1
1031 Exchange: 1
Other (See Remarks): 1
Existing 1st Loan
Treat as Free&Clear: 1
Reports/Disclosures
Seller Prop Disc Stm: 1
ALTA Survey Availbl: 1
Environmental
None: 1
Contact Info
List Agent Home Phn: 602-793-2753
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 9
Avg Rent: 1895
Avg SqFt: 885
# Baths: 15
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 3000
Avg SqFt: 1379
# Baths: 2
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 $/%: $
Remarks Misc
Cross Street: 16th St & Van Buren St.
Directions: Wast on Van Buren, North on 14th St, West on Polk. Property on South side.
Geo Lat: 33.452351
Geo Lon: -112.05304
Status Change Info
Off Market Date: 2022-02-25
Under Contract Date: 2022-02-16
Close of Escrow Date: 2022-03-31
Sold Price: $4,275,000
Income Expenses
Gross Annual Sch Inc: 240660
Net Operating Income: 190559
Property Features
Project Type: 5 - 12 Units
Construction: Block; Wood Frame
Const - Finish: Painted; Stucco
Roofing: Composition; Metal
Floors: Concrete; Vinyl
Sale Includes: Land & Building; Laundry Equipment
Community Features: No Pool; Other
Exterior Amenities: Landscape Water System; Desert Landscaping; Partially Fenced; Patio/Balcony
Interior Features: Fire/Smoke Alarm(s); Fire Sprinklers
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Electric; Heat Pump; Individual
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public; Sewer-In & Connected
Electric: APS
Gas: None
Parking Features: Carport; On Street; 1 Space/Unit; >1 Space Per Unit; Assigned
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Water; Sewer; Electricity; Trash Collection
Source of Fincl Data: Projected Proforma
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
New Financing: Conventional; No Carry; 1031 Exchange; Other (See Remarks)
Environmental: None
Supplements
The property consists of a single freestanding 1,378 square foot historic house originally built in 1900 offering 2 bedrooms and 2 baths, and currently being rebuilt from the inside out with modern amenities and high end finishes, as well as 9 modern and sleek casita bungalows offering 1 bedroom 1.5 bath spacious floor plans with 884 square feet. Polk Bungalows will provide an attractive and coveted urban rental experience with unique architectural features of: expansive floor to ceiling windows and doors, ground concrete floors, modern finishes and fixtures throughout, vegetation walls, and private patio spaces.
Construction is scheduled to be completed by the end of February 2022, with the property manager set to begin pre-leasing in January 2022.
Listing Office: Urban Luxe Real Estate
Last Updated: July - 29 - 2024
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