$3,750,000
Phoenix, AZ 85018
MLS# 6022435
Status: Closed
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Property Description
Flower 22 is a turn-key, fully renovated 22-unit community consisting of (14) two-bedroom / two-bathroom units and (8) one-bedroom / one-bathroom units. Each spacious unit is appointed with modern finishes which include new cabinets, counters, flooring, and appliances. Each unit is individually metered for electricity and enjoys an interior washer and dryer. The property recently received new roofs, landscaping, exterior paint and a resurfaced parking lot. Flower 22 is conveniently located near the Biltmore, Phoenix Sky Harbor International Airport and all the employment, shopping and dining located on 24th & Camelback.
Details
Contract Info
Ownership: Fee Simple
Current Price: $3,750,000
Sold Price: $3,750,000
Status: Closed
List Date: 2020-01-10
Location, Tax & Legal
Assessor's Map #: 32
Legal Description (Abbrev): VALENCIA AC LOT 8 EX W 200' .70 AC
Assessor's Parcel #: 20
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 110901
Taxes: 12356
Legal: VALENCIA AC LOT 8 EX W 200' .70 AC
Marketing Name: Flower 22
Map Code/Grid: P35
House Number: 3208
Compass: E
Street Name: FLOWER
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85018
Zip4: 6271
County Code: Maricopa
Subdivision: VALENCIA ACRES
Assessor Number: 127-32-020
Tax Year: 2019
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 25
Lot Size Dimensions: unknown
Total # of Units: 22
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Year Built: 1986
Zoning: R-4
Legal Info
Range: 3E
Section: 25
Township: 2N
Lot Number: 8
Project Type
13 - 24 Units: 1
Construction
Wood Frame: 1
Const - Finish
Stucco: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 3000
Annual Gas Exp: 0
Annual Ins Exp: 4400
Annual Land Lse Exp: 0
Annual Landscape Exp: 1800
Annual Legal & Acctg: 0
Annual Maint Exp: 7700
Annual Mgmt Exp: 16364
Annual Trash Exp: 2750
Annual Wtr/Swr Exp: 7000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 5500
Annual Other Expense: 7230
Operating Exp: 68100
Other Income: 15950
Vacancy Allowance: 0.05
Adjusted Gross Inc: 326486.5
Pmt & Rate Info
Cap Rate: 6.71
Down Payment: 1188000
Equity: 3860000
Down Payment %: 30
Monthly Payments: 12995.33
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Email: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Heating
Other: 1
See Remarks: 1
Cooling
Other: 1
See Remarks: 1
Exterior Amenities
Guard Gate: 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Free-Standing Range: 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
>1 Space Per Unit: 1
Electric
Other (See Remarks): 1
Gas
Other (See Remarks): 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Other: 1
See Remarks: 1
New Financing
Conventional: 1
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
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Other (See Remarks): 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 8
Avg Rent: 1095
Avg SqFt: 625
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 14
Avg Rent: 1325
Avg SqFt: 745
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 25
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: 32nd Street & Indian School
Directions: South to Flower and East to Property.
Geo Lat: 33.486514
Geo Lon: -112.012012
Status Change Info
Off Market Date: 2020-01-28
Under Contract Date: 2020-01-24
Close of Escrow Date: 2020-05-07
Sold Price: $3,750,000
Income Expenses
Gross Annual Sch Inc: 327720
Net Operating Income: 259184
Property Features
Project Type: 13 - 24 Units
Construction: Wood Frame
Const - Finish: Stucco
Roofing: Composition
Floors: Vinyl
Sale Includes: Land & Building
Community Features: Pool
Exterior Amenities: Guard Gate
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Other; See Remarks
Cooling: Other; See Remarks
Water Source: City Franchise
Sewer: Sewer - Public
Electric: Other (See Remarks)
Gas: Other (See Remarks)
Parking Features: >1 Space Per Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Other; See Remarks
Tenant Pays: Electricity
Source of Fincl Data: Owner
Showing Notification Methods: Email
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: Other (See Remarks)
New Financing: Conventional; Other (See Remarks)
Environmental: None
Listing Office: ABI Multifamily
Last Updated: August - 23 - 2023
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