$3,562,000
Phoenix, AZ 85014
MLS# 6170432
Status: Closed
1 / 34
Property Description
Venture on Marlette consists of 14 units, (13) of which are two-bed/ two-bath units along with (1) one-bed/one-bath unit. The property has been completely remodeled from top-to-bottom with nothing left untouched. Full interior renovations have been done with popular, cutting-edge finishes. All units are spacious for this era of building and each include an in-suite washer and dryer. Several of the units have large outdoor backyards. The property has a new roof, windows, doors, and new paint inside and out. Full exterior upgrades include professionally installed landscaping and more. The property surrounds an inviting courtyard with beautiful outdoor amenity space. Each unit is individually metered for electricity. Additionally, the property went through lease-up while under cons
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $3,562,000
Sold Price: $3,562,000
Status: Closed
List Date: 2020-12-11
Location, Tax & Legal
Assessor's Map #: 15
Legal Description (Abbrev): ORANGE HEIGHTS N2 N2 LOT 37 EX W 488' EX N 25' & S 8'
Assessor's Parcel #: 35
Assessor Parcel Ltr: F
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 106501
Taxes: 8534
Legal: ORANGE HEIGHTS N2 N2 LOT 37 EX W 488' EX N 25' & S 8'
Marketing Name: Venture on Marlette
Map Code/Grid: N34
House Number: 813
Compass: E
Street Name: MARLETTE
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85014
Zip4: 1507
County Code: Maricopa
Subdivision: ORANGE HEIGHTS LOTS 44, 45 & TR A
Assessor Number: 161-15-035-F
Tax Year: 2020
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 0
Lot Size Dimensions: 146x122
Total # of Units: 14
Elementary School District: Madison Elementary District
High School District: Phoenix Union High School District
Year Built: 1962
Zoning: R4
Legal Info
Range: 3E
Section: 9
Township: 2N
Lot Number: 37
Project Type
13 - 24 Units: 1
Construction
Block: 1
Other: 1
Const - Finish
Painted: 1
Other (See Remarks): 1
Roofing
Other: 1
Floors
Other: 1
Sale Includes
Land & Building: 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 8534
Other Income: 8660
Vacancy Allowance: 0.04
Adjusted Gross Inc: 244185.6
Pmt & Rate Info
Cap Rate: 5.12
Equity: 3750000
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
Other: 1
See Remarks: 1
Heating
Electric: 1
Cooling
Electric: 1
Tenant Pays
Electricity: 1
Appliances Included
Other: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
Master Meter: 1
Other: 1
Sewer
Sewer - Public: 1
Parking Features
Other: 1
Electric
Individual Meter: 1
Gas
Other (See Remarks): 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 1
Special
Owner/Agent: 1
Reports/Disclosures
Other (See Remarks): 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 1250
Avg SqFt: 550
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 13
Avg Rent: 1340
Avg SqFt: 929
# Baths: 2
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
Remarks Misc
Cross Street: 7th Street & Bethany Home Rd
Directions: North on 7th Street, East on Marlette to property on South side of street.
Geo Lat: 33.528923
Geo Lon: -112.06307
Status Change Info
Off Market Date: 2021-04-17
Under Contract Date: 2021-02-12
Close of Escrow Date: 2021-04-20
Sold Price: $3,562,000
Income Expenses
Gross Annual Sch Inc: 245700
Net Operating Income: 192104
Property Features
Project Type: 13 - 24 Units
Construction: Block; Other
Const - Finish: Painted; Other (See Remarks)
Roofing: Other
Floors: Other
Sale Includes: Land & Building
Community Features: Other; See Remarks
Appliances Included: Other
Cooling: Electric
Water Source: Master Meter; Other
Sewer: Sewer - Public
Electric: Individual Meter
Gas: Other (See Remarks)
Parking Features: Other
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity
Source of Fincl Data: Projected Proforma
Special: Owner/Agent
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
New Financing: Conventional; 1031 Exchange
Environmental: None
Supplements
so many rents are below
market and could be raised as leases expire. Not to mention, with
housing prices skyrocketing, rent growth should continue increasing
while those who cannot afford to purchase look to rent. There are not
a lot of properties that come available that are this attractive and well
located. This is a phenomenal bite-sized opportunity in an A location
that should continue to improve as things continue to happen in the
heart of Uptown Phoenix. Venture on Marlette is the latest offering from the amazing
Neighborhood Ventures team! The property sits directly in the middle
of Uptown Phoenix, just off of the famed 7th Street Corridor and
Restaurant Row. It is 3/4 of a mile to the original The Yard and
Culinary Dropout concept that was the impetus for the massive 7th
Street and Restaurant Row growth. The property sits on a quiet street,
minutes away from the Crown Plaza development with Wildflower and
Rito's Mexican Food. The Womack, an amazing tribute to the iconic
Phoenix bar, Chez Nous, is also a short bike ride/walk away, as well
as MORA Italian, Cold Beer & Cheeseburgers, and Bevvy, just to name
a few. This property really sits in the heart of it all. The location is as
popular as it gets, and allows residents to enjoy, with ease, so much
of what Central Phoenix has to offer. With many dining, shopping
(Uptown Plaza is just a bike ride away), and entertainment options,
as well as multiple freeway access points within minutes, Venture on
Marlette is an extremely desirable property for residents.
Listing Office: ABI Multifamily
Last Updated: April - 21 - 2021
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