$3,500,000
Phoenix, AZ 85014
MLS# 5928893
Status: Closed
1 / 10
Property Description
28 on Thomas is a 27 unit community built in 1959, and then extensively upgraded in 2015. The ''heavy lifting' of major capital improvements includes new roofs, new AC, new hot water heaters, plumbing and electrical. Ongoing interior upgrades include new kitchens - some with granite countertops, tile floors, and new appliances. The property has a new asphalt parking lot off Thomas Road as well as covered tenant parking at the rear of the buildings. The community features a diverse unit mix between two buildings, each comprised of spacious floor plans and solid block construction around a central grassy courtyard and on site laundry. The property is ideally located within minutes to a light rail station. There is also easy access to the Piestewa Freeway, Interstate 10 and Interstate 17.
Details
Contract Info
Ownership: Fee Simple
Current Price: $3,500,000
Sold Price: $3,500,000
Status: Closed
List Date: 2019-05-21
Location, Tax & Legal
Assessor's Map #: 21
Legal Description (Abbrev): LOT 6 SOUTH COUNTRY CLUB MANOR MCR 003218
Assessor's Parcel #: 6
Assessor Parcel Ltr: A
Add'l Parcels: Yes
Tax Municipality: Maricopa - COUNTY
Census Tract: 111700
Taxes: 7423
Legal: LOT 6 SOUTH COUNTRY CLUB MANOR MCR 003218
Marketing Name: 28 on Thomas
Map Code/Grid: P34
House Number: 1225
Compass: E
Street Name: THOMAS
St Suffix: Road
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85014
County Code: Maricopa
Subdivision: SOUTH COUNTRY CLUB MANOR
Assessor Number: 117-21-006-A
Tax Year: 2018
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 0
Lot Size Dimensions: .70
Total # of Units: 27
Elementary School District: Osborn Elementary District
High School District: Phoenix Union High School District
Year Built: 1959
Zoning: R5
Legal Info
Range: 3E
Section: 33
Township: 2N
Lot Number: 6
Project Type
25 - 50 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Ceramic Tile: 1
Sale Includes
Land & Building: 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: 7423
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 0
Pmt & Rate Info
Down Payment: 0
Equity: 3575000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
No Pool: 1
Heating
Individual: 1
Cooling
Individual: 1
Exterior Amenities
Green Landscaping: 1
Fenced: 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1
Microwave: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Other (See Remarks): 1
Water Source
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Electric
Individual Meter: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 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
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Other (See Remarks): 1
Efficiency Units
# Efficiency Units: 1
Avg Rent: 685
Avg SqFt: 660
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 16
Avg Rent: 782
Avg SqFt: 748
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 10
Avg Rent: 975
Avg SqFt: 925
# Baths: 1
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
Directions: From 51 South, take Thomas Rd exit west. Property is on south side of street.
Geo Lat: 33.479911
Geo Lon: -112.054941
Status Change Info
Off Market Date: 2019-09-05
Under Contract Date: 2019-06-19
Close of Escrow Date: 2019-09-05
Sold Price: $3,500,000
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Ceramic Tile
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Green Landscaping; Fenced
Appliances Included: Free-Standing Range; Dishwasher; Microwave
Heating: Individual
Cooling: Individual
Water Source: Master Meter
Sewer: Sewer - Public
Electric: Individual Meter
Gas: None
Parking Features: Carport
Road Surface Type: Asphalt
Owner Pays: Water
Tenant Pays: Electricity
Source of Fincl Data: Other (See Remarks)
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: Other (See Remarks)
New Financing: Other (See Remarks)
Environmental: None
Supplements
28 on Thomas presents a solid opportunity for an investor looking to focus on operations and with minor capital expenditure build on the positive momentum from existing upgrades to better leverage its location and improve returns.
Listing Office: REI Marketing
Last Updated: September - 06 - 2019
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