$4,582,890
Thatcher, AZ 85552
MLS# 5525663
Status: Closed
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Property Description
8th Street Apartments & Fitness Club. Historic 10+% CAP Rate. 11 buildings, 5.17 acres. 93 income units: 88 residential,fitness club,3 office & laundry. Option (see documents) to purchase 75 Apts Laundry for $4.0 million (Divide residential & commercial). Fitness Club built 1981 & newer constructed Apts added since 2003 (average age 5 years). Additional 5,250sf expansion to Fitness Club + 3 commercial offices completed 2016. Club open to public Includes:heated indoor pool, spa, sauna, racketball, gym etc. Steady cash flow & history 95% occupancy. Zoned C-M commercial, residential, retail. Additional $ growth opportunity: 1/2 acre shovel ready land for new construction of 10-12 2BR Apts (in place-power, water, sewer). On site managers will stay. Prospectus + financials to qualified Buyer
Details
Maps
Documents
Contract Info
Ownership: Other (See Remarks)
Current Price: $4,582,890
Sold Price: $4,582,890
Status: Closed
List Date: 2016-11-15
Location, Tax & Legal
Assessor's Map #: 40
Assessor's Parcel #: 20
Add'l Parcels: Yes
Tax Municipality: Thatcher
Taxes: 0
Legal: THAT PT OF NE4 NW4 NE4 SE4 14 T7S
R25E LYNG N OF N R/W LINE OF THE OLD GOLF COURSE ROAD and N 451.05' OF NE4 NW4 NE4
Marketing Name: 8th Street Apartments
Map Code/Grid: C74
House Number: 3333
Compass: W
Street Name: 8TH
St Suffix: Street
City/Town Code: Thatcher
State/Province: AZ
Zip Code: 85552
County Code: Graham
Subdivision: 2 parcels totaling 5.17 acres
Assessor Number: 104-40-020
Tax Year: 2015
General Property Description
# of Buildings: 11
Uncvrd Parking Spcs: 100
Lot Size Dimensions: 5.17 acres
Total # of Units: 93
Year Built: 1981
Zoning: C-M
Project Type
51 - 99 Units: 1
Other (See Remarks): 1
Other Type
House + Rental Units: 1
Packaged Offering: 1
Other (See Remarks): 1
Construction
Block: 1
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Other: 1
Floors
Other: 1
Sale Includes
Building(s) Only: 1
Land & Building: 1
Pool Equipment: 1
Laundry Equipment: 1
Other (See Remarks): 1
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: 0
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 777411.6
Pmt & Rate Info
Cap Rate: 10.61
Down Payment: 0
Equity: 3500000
1st Encumbrance: 1300000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 1300000
Assessment Balance: 0
Community Features
Heated Pool(s): 1
Heated Spa(s): 1
Sauna: 1
Manager Res/Office: 1
General Store: 1
Community Showers: 1
Clubhouse: 1
Exercise Room: 1
Play Area: 1
Sport Court: 1
Barbecue: 1
Other: 1
See Remarks: 1
Heating
Electric: 1
Central: 1
Cooling
Electric: 1
Exterior Amenities
Landscape Water System: 1
Desert Landscaping: 1
Partially Fenced: 1
Cable TV Available: 1
Patio/Balcony: 1
Interior Features
Unfurnished: 1
Partially Furnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Other (See Remarks): 1
Appliances Included
Refrigerator: 1
Built-In Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Books Shwn Accpt Ofr: 1
Other (See Remarks): 1
Water Source
Other: 1
See Remarks: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
<1 Space Per Unit: 1
Paved: 1
Add'l Parking Avail: 1
Assigned: 1
Electric
Other (See Remarks): 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
New Financing
Conventional: 1
Other (See Remarks): 1
Existing 1st Loan
Conventional: 1
Existing 1st Loan Type
Fixed: 1
Existing 1st Loan Terms
Assume - Qualify: 1
No Prepay Penalty: 1
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Fixed: 1
Existing 2nd Loan Terms
Non Assumable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Appraisal: 1
Existing 3rd Loan Terms
Non Assumable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
# Efficiency Units: 31
Avg Rent: 500
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 23
Avg Rent: 700
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 33
Avg Rent: 775
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1100
# Baths: 1
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 15
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: : Route 70 and Reay Lane in Thatcher, Arizona
Directions: Proceed south on Reay Lane, turn left (east) on West 8th Street to property. Located 160 miles East of Phoenix on Route 70 in Thatcher near Safford in high sonoran desert & Mount Graham, Graham County
Geo Lat: 32.831381
Geo Lon: -109.755757
Status Change Info
Off Market Date: 2017-11-10
Under Contract Date: 2017-07-19
Close of Escrow Date: 2017-11-09
Sold Price: $4,582,890
Legal Info
Lot Number: 104-40-020 & 38
Income Expenses
Gross Annual Sch Inc: 818328
Net Operating Income: 509077
Property Features
Project Type: 51 - 99 Units; Other (See Remarks)
Other Type: House + Rental Units; Packaged Offering; Other (See Remarks)
Construction: Block; Wood Frame
Const - Finish: Painted; Stucco
Roofing: Other
Floors: Other
Sale Includes: Building(s) Only; Land & Building; Pool Equipment; Laundry Equipment; Other (See Remarks)
Community Features: Heated Pool(s); Heated Spa(s); Sauna; Manager Res/Office; General Store; Community Showers; Clubhouse; Exercise Room; Play Area; Sport Court; Barbecue; Other; See Remarks
Exterior Amenities: Landscape Water System; Desert Landscaping; Partially Fenced; Cable TV Available; Patio/Balcony
Interior Features: Unfurnished; Partially Furnished; Fire/Smoke Alarm(s)
Appliances Included: Built-In Range; Refrigerator
Heating: Central
Cooling: Electric
Water Source: Other; See Remarks
Sewer: Sewer - Public
Electric: Other (See Remarks)
Gas: None
Parking Features: Carport; <1 Space Per Unit; Add'l Parking Avail; Assigned; Paved
Road Surface Type: Asphalt
Owner Pays: Water
Tenant Pays: Other (See Remarks)
Source of Fincl Data: Owner; Projected Proforma; Books Shwn Accpt Ofr; Other (See Remarks)
Existing 1st Loan: Conventional
Existing 1st Loan Type: Fixed
Existing 1st Loan Terms: Assume - Qualify; No Prepay Penalty; Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Fixed
Existing 2nd Loan Terms: Non Assumable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Non Assumable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; Other (See Remarks)
Environmental: None
Property Flyer 
Listing Office: HomeSmart
Last Updated: December - 18 - 2024
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