$4,975,000
1917 E Broadway Road
Tempe, AZ 85282
MLS# 6029583
Status: Closed

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Property Description
Situated along the frontage of Broadway Road in the heart of Tempe and the southeast valley of Metro Phoenix, The Harlow presents a rare opportunity to acquire a low-density 27-unit, completely renovated, luxury one- and two-story apartment community that provides today's renters with a truly unique rental experience. Built in 1963 using block construction, The Harlow consists of 20,550 square feet of rental space with an 761 square foot per unit average. The property is individually metered for utilities with (19) two-bedroom townhouse style units, (2) two-bedroom/two-bathroom units and (6) one-bedroom/one-bathroom units.

Details
Contract Info
Ownership: Fee Simple
Current Price: $4,975,000
Sold Price: $4,975,000
Status: Closed
List Date: 2020-01-28
Location, Tax & Legal
Assessor's Map #: 51
Assessor's Parcel #: 67
Assessor Parcel Ltr: B
Add'l Parcels: Yes
Tax Municipality: Tempe
Taxes: 15012
Legal: provided by title company
Marketing Name: The Harlow
Map Code/Grid: R37
House Number: 1917
Compass: E
Street Name: Broadway
St Suffix: Road
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85282
County Code: Maricopa
Assessor Number: 133-51-067-B
Tax Year: 2019
General Property Description
# of Buildings: 5
Uncvrd Parking Spcs: 40
Lot Size Dimensions: unknown
Total # of Units: 27
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1963
Zoning: MF
Project Type
25 - 50 Units: 1
Construction
Block: 1
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 2400
Annual Gas Exp: 0
Annual Ins Exp: 3564
Annual Land Lse Exp: 0
Annual Landscape Exp: 4000
Annual Legal & Acctg: 5400
Annual Maint Exp: 6750
Annual Mgmt Exp: 24475
Annual Trash Exp: 2400
Annual Wtr/Swr Exp: 11981
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 6750
Annual Other Expense: 1212
Operating Exp: 83944
Other Income: 43539
Vacancy Allowance: 0.05
Adjusted Gross Inc: 420925.05
Pmt & Rate Info
Cap Rate: 6.17
Down Payment: 0
Equity: 5250000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Manager Res/Office: 1
Heating
Electric: 1
Cooling
Electric: 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Free-Standing Range: 1
Trash Compactor: 1
Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Garage: 1
>1 Space Per Unit: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Other: 1
New Financing
Conventional: 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
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 6
Avg Rent: 950
Avg SqFt: 500
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 21
Avg Rent: 850
Avg SqFt: 850
# Baths: 15
3 Bedrooms Units
Avg Rent: 0
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: Broadway and McClintock
Directions: East to property.
Geo Lat: 33.407156
Geo Lon: -111.903426
Status Change Info
Off Market Date: 2020-09-30
Under Contract Date: 2020-09-30
Close of Escrow Date: 2020-10-27
Sold Price: $4,975,000
Legal Info
Lot Number: -
Income Expenses
Gross Annual Sch Inc: 399540
Net Operating Income: 323972
Property Features
Project Type: 25 - 50 Units
Construction: Block; Wood Frame
Const - Finish: Painted; Stucco
Roofing: Composition
Floors: Vinyl
Sale Includes: Land & Building
Community Features: Pool; Manager Res/Office
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Trash Compactor; Microwave; Washer/Dryer
Cooling: Electric
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: None
Parking Features: Garage; >1 Space Per Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Other
Tenant Pays: Electricity
Source of Fincl Data: Owner
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
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: Conventional
Environmental: Other (See Remarks)
Supplements
Each townhouse apartment has an open concept floor plan with expansive nine-foot ceilings, quartz countertops, stainless steel appliances, custom cabinetry, full-size side-by-side washers and dryers, wood plank flooring throughout, designer paint, and many other luxury home touches.The extensive property renovations include all new roofs, dual-pane doors and windows. Other amenities include: ample parking, secure community with code entry gates, enclosed dog park and swimming pools.The property also enjoys an onsite management office allowing for convenient coordination with current and prospective tenants.
IDX
Listing Office: ABI Multifamily

Last Updated: February - 15 - 2025

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