$4,000,000
Phoenix, AZ 85016
MLS# 5643626
Status: Closed
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Property Description
Tres Arcos is a 25-unit apartment community located in the heart of Phoenix. Nestled among historic neighborhoods and highly renovated properties, Tres Arcos is located one block from the Arizona Biltmore. Residents enjoy the close proximity to Biltmore Fashion Park and all the amenities within the Camelback Corridor. Tres Arcos is an extremely desirable location for residents and has consistently stayed fully occupied. Tres Arcos is a 1969 block-constructed property consisting of seven single-level buildings. It's vintage charm lends itself to the popular mid-century modern renovation trend that is in high demand by residents and investors alike. The property consists of all two-bedroom units with individual backyards and covered parking for each unit.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $4,000,000
Sold Price: $4,000,000
Status: Closed
List Date: 2017-08-07
Location, Tax & Legal
Assessor's Map #: 18
Assessor's Parcel #: 83
Assessor Parcel Ltr: F
Add'l Parcels: No
Tax Municipality: Phoenix
Taxes: 13110
Legal: see title report
Marketing Name: Tres Arcos
Map Code/Grid: P35
House Number: 4750
Compass: N
Street Name: 28th
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85016
County Code: Maricopa
Assessor Number: 163-18-083-F
Tax Year: 2016
General Property Description
# of Buildings: 7
Uncvrd Parking Spcs: 12
Lot Size Dimensions: unknown
Total # of Units: 25
Elementary School District: Madison Elementary District
High School District: Phoenix Union High School District
Year Built: 1969
Zoning: R-3
Project Type
25 - 50 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Pool Equipment: 1
Laundry Equipment: 1
Income & Expenses
Annual Elec Exp: 4000
Annual Gas Exp: 850
Annual Ins Exp: 5000
Annual Land Lse Exp: 0
Annual Landscape Exp: 6500
Annual Legal & Acctg: 0
Annual Maint Exp: 7500
Annual Mgmt Exp: 12500
Annual Trash Exp: 3000
Annual Wtr/Swr Exp: 17500
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 7500
Annual Other Expense: 0
Operating Exp: 77460
Other Income: 20550
Vacancy Allowance: 0.05
Adjusted Gross Inc: 361522.5
Pmt & Rate Info
Cap Rate: 5.35
Down Payment: 0
Equity: 3999999
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Heating
Electric: 1
Cooling
Central Air: 1
Tenant Pays
Electricity: 1
Appliances Included
Refrigerator: 1
Built-In Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Paved: 1
Electric
SRP: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Other (See Remarks): 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 25
Avg Rent: 1200
Avg SqFt: 803
# 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: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: 28th Street & Camelback Road
Directions: South on 28th Street to Property.
Geo Lat: 33.507671
Geo Lon: -112.021953
Status Change Info
Off Market Date: 2017-10-11
Under Contract Date: 2017-09-26
Close of Escrow Date: 2017-12-29
Sold Price: $4,000,000
Legal Info
Lot Number: unknown
Income Expenses
Gross Annual Sch Inc: 360000
Net Operating Income: 214061
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl; Ceramic Tile; Carpet
Sale Includes: Land & Building; Pool Equipment; Laundry Equipment
Community Features: Pool
Appliances Included: Built-In Range; Refrigerator
Cooling: Central Air
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking Features: Carport; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Other (See Remarks)
Environmental: None
Supplements
Tres Arcos is individually metered for electricity and hot water and enjoys an onsite laundry facility and recently renovated swimming pool. Very few properties can provide the location and redevelopment potential that the community has to offer.
Listing Office: ABI Multifamily
Last Updated: December - 27 - 2024
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