$5,600,000
Phoenix, AZ 85016
MLS# 6656567
Status: Closed
1 / 30
Property Description
Playton Place At Biltmore offers style and convenience while raising the bar for urban apartment living in central Phoenix. Originally built in 1963 and 1973 as office space, the subject property went through an extensive adaptive reuse process with the City of Phoenix converting the property's use to apartment living (23-Units). During construction, the building's midcentury modern exterior facade was left intact, while everything else was re-built from top to bottom. Construction was completed in 2022, using high-end finishes and modern contemporary design. With strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Playton Place At Biltmore is well positioned to achieve continual revenue increase.
Details
Contract Info
Ownership: Fee Simple
Current Price: $5,600,000
Sold Price: $5,600,000
Status: Closed
List Date: 2024-01-26
Location, Tax & Legal
Assessor's Map #: 30
Legal Description (Abbrev): A POR NW4 SEC 27 DAF COM W4 COR OF SD SEC 27 TH N 839 FT TH E 35.50 FT TPOB TH N 356.48 FT TH E 170
Assessor's Parcel #: 63
Assessor Parcel Ltr: A
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 110701
Taxes: 15531
Legal: A POR NW4 SEC 27 DAF COM W4 COR OF SD SEC 27 TH N 839 FT TH E 35.50 FT TPOB TH N 356.48 FT TH E 170
Marketing Name: Playton Place
House Number: 3625
Compass: N
Street Name: 16TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85016
Zip4: 6443
County Code: Maricopa
Assessor Number: 119-30-063-A
Tax Year: 2023
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 34
Lot Size Dimensions: 60,586 SF
Total # of Units: 23
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Elementary School: Loma Linda Elementary School
Jr. High School: Loma Linda Elementary School
High School: North High School
Year Built: 1963
Zoning: C-2, Phoenix
Legal Info
Range: 3E
Section: 27
Township: 2N
Project Type
13 - 24 Units: 1
Construction
Block: 1
Slump Block: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Concrete: 1
Foam: 1
Floors
Concrete: 1
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Ins Exp: 5400
Annual Maint Exp: 21798
Annual Mgmt Exp: 20880
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Other Expense: 35392
Operating Exp: 99001
Other Income: 24875
Vacancy Allowance: 0.05
Adjusted Gross Inc: 441235.1
Total Monthly Rental Income: 30411
Pmt & Rate Info
Cap Rate: 5.93
Equity: 5800000
Down Payment %: 100
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: Aligned Showings
Lockbox Type
None: 1
Community Features
No Pool: 1
See Remarks: 1
Heating
Electric: 1
Individual: 1
Cooling
Ceiling Fan(s): 1
Electric: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Desert Landscaping: 1
Fenced: 1
Cable TV Available: 1
Security Light(s): 1
Other (See Remarks): 1
Interior Features
Fire/Smoke Alarm(s): 1
Fire Sprinklers: 1
Mini Blinds: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Other (See Remarks): 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
Projected Proforma: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Sewer-In & Connected: 1
Parking Features
Carport: 1
>1 Space Per Unit: 1
Paved: 1
Add'l Parking Avail: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
No Carry: 1
1031 Exchange: 1
Special
Owner/Agent: 1
Existing 1st Loan
Conventional: 1
Existing 1st Loan Type
Fixed: 1
Existing 1st Loan Terms
Non Assumable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 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
Not Applicable: 1
Efficiency Units
# Efficiency Units: 3
Avg Rent: 1250
Avg SqFt: 543
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 3
Avg Rent: 1417
Avg SqFt: 704
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 17
Avg Rent: 1622
Avg SqFt: 947
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Carryback
Loan Years: 1
Closing Cost Split: Normal - N
Payment Type: Interest Only
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: 16th Street & Indian School Road
Directions: From 16th Street & Indian School Road, head south to the Property
Geo Lat: 33.490249
Geo Lon: -112.047235
Status Change Info
Off Market Date: 2024-01-28
Under Contract Date: 2024-01-26
Close of Escrow Date: 2024-01-26
Sold Price: $5,600,000
Income Expenses
Gross Annual Sch Inc: 439583
Net Operating Income: 344088
Property Features
Project Type: 13 - 24 Units
Construction: Block; Slump Block
Const - Finish: Painted; Stucco
Roofing: Concrete; Foam
Floors: Concrete; Vinyl
Sale Includes: Land & Building
Community Features: No Pool; See Remarks
Exterior Amenities: Landscape Water System; Green Landscaping; Desert Landscaping; Fenced; Cable TV Available; Security Light(s); Other (See Remarks)
Interior Features: Fire/Smoke Alarm(s); Fire Sprinklers; Mini Blinds
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Ceiling Fan(s); Electric; Individual
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public; Sewer-In & Connected
Electric: APS; Individual Meter
Gas: SW Gas
Parking Features: Carport; >1 Space Per Unit; Add'l Parking Avail; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Gas; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV; Other (See Remarks)
Source of Fincl Data: Owner; Projected Proforma
Special: Owner/Agent
Lockbox Type: None
Existing 1st Loan: Conventional
Existing 1st Loan Type: Fixed
Existing 1st Loan Terms: Non Assumable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; No Carry; 1031 Exchange
Environmental: None
Listing Office: Vestis Group
Last Updated: January - 28 - 2024
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