$3,750,000
Avondale, AZ 85323
MLS# 5539374
Status: Closed
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Property Description
DO NOT DISTURB TENANTS - DO NOT WALK PROPERTY.Uniquely situated within Avondale's central corridor, Parkside Palms Apartments offers a selection of 1/1, 2/1 & 3/1 floor plans surrounded by green-scaped courtyards in a very low-density setting. Significant recently completed capital upgrades incl complete roof repair/resurfacing, parking lot resurfacing, exterior repaint, remodelled leasing office and re-plastered code-compliant swimming pool. Plus, 65% of the units have had cabinets, counters, vanities, tiled tub and shower surrounds, 6-panel doors, tile flooring, appliances & fixtures replaced during 2015-2016. Ownership has significantly upgraded property to result in steady rent growth now at the $1.00/SF mark.
Details
Contract Info
Ownership: Fee Simple
Current Price: $3,750,000
Sold Price: $3,750,000
Status: Closed
List Date: 2016-12-27
Location, Tax & Legal
Assessor's Map #: 18
Legal Description (Abbrev): LOT A DIECI ESTATES
Assessor's Parcel #: 37
Add'l Parcels: Yes
Tax Municipality: Avondale
Census Tract: 61200
Taxes: 11898
Legal: LOT A DIECI ESTATES
Marketing Name: Parkside Palms
Map Code/Grid: R32
House Number: 103
Compass: E
Street Name: BRINKER
St Suffix: Drive
City/Town Code: Avondale
State/Province: AZ
Zip Code: 85323
Zip4: 1928
County Code: Maricopa
Subdivision: DIECI ESTATES
Assessor Number: 500-18-037
Tax Year: 2015
General Property Description
# of Buildings: 24
Uncvrd Parking Spcs: 122
Lot Size Dimensions: irreg
Total # of Units: 54
Elementary School District: Avondale Elementary District
High School District: Agua Fria Union High School District
Year Built: 1964
Zoning: M-M, R-3
Legal Info
Range: 1W
Section: 10
Township: 1N
Lot Number: A
Project Type
51 - 99 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Brick Veneer: 1
Roofing
Built-Up: 1
Floors
Ceramic Tile: 1
Carpet: 1
Sale Includes
Land & Building: 1
Personal Property: 1
Pool Equipment: 1
Income & Expenses
Annual Elec Exp: 9752
Annual Gas Exp: 2586
Annual Ins Exp: 8474
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 17931
Annual Maint Exp: 57074
Annual Mgmt Exp: 15809
Annual Trash Exp: 7137
Annual Wtr/Swr Exp: 34833
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 10800
Annual Other Expense: 0
Operating Exp: 176294
Other Income: 9045
Vacancy Allowance: 0.04
Adjusted Gross Inc: 497360.07
Pmt & Rate Info
Cap Rate: 7.99
Down Payment: 4025000
Equity: 4025000
Down Payment %: 100
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Manager Res/Office: 1
Play Area: 1
Barbecue: 1
Heating
Heat Pump: 1
Electric: 1
Cooling
Electric: 1
Heat Pump: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Desert Landscaping: 1
Cable TV Available: 1
Security Light(s): 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Gas: 1
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Concrete: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
>1 Space Per Unit: 1
Paved: 1
Electric
APS: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
Pool Maintenance: 1
New Financing
Other (See Remarks): 1
Existing 1st Loan
Other (See Rmks): 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
Seller Prop Disc Stm: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Contact Info
List Agent Home Phn: 602-243-7499
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 12
Avg Rent: 675
Avg SqFt: 448
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 26
Avg Rent: 775
Avg SqFt: 768
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 16
Avg Rent: 875
Avg SqFt: 960
# Baths: 1
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: Central and Brinker
Directions: I-10 west to Dysart Road, south on Dysart to Van Buren, West on Van Buren to Central Avenue, south on Central to Brinker, East to property.
Geo Lat: 33.440339
Geo Lon: -112.348583
Status Change Info
Off Market Date: 2017-02-23
Under Contract Date: 2017-01-08
Close of Escrow Date: 2017-03-13
Sold Price: $3,750,000
Income Expenses
Gross Annual Sch Inc: 510120
Net Operating Income: 321446
Property Features
Project Type: 51 - 99 Units
Construction: Block
Const - Finish: Painted; Brick Veneer
Roofing: Built-Up
Floors: Ceramic Tile; Carpet
Sale Includes: Land & Building; Personal Property; Pool Equipment
Community Features: Pool; Manager Res/Office; Play Area; Barbecue
Exterior Amenities: Landscape Water System; Green Landscaping; Desert Landscaping; Cable TV Available; Security Light(s)
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Free-Standing Range; Refrigerator
Heating: Heat Pump
Cooling: Electric; Heat Pump
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking Features: >1 Space Per Unit; Paved
Road Surface Type: Asphalt; Concrete
Owner Pays: Water; Trash Collection; Landscaping; Pool Maintenance
Tenant Pays: Electricity; Gas; Cable TV
Source of Fincl Data: Owner
Existing 1st Loan: Other (See Rmks)
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
Listing Office: Kasten Long Commercial Group
Last Updated: January - 31 - 2025
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