$1,050,000
Phoenix, AZ 85014
MLS# 6670257
Status: Closed
1 / 4
Property Description
Advantageously placed just north of the 7th Street and Bethany Home Road intersection and immediately across the street from Madison Traditional Academy, Rose Lane is primely located in the heart of the historic neighborhoods of North Central Phoenix (Uptown). Its nearby proximity to one of The Valley's major transportation arteries, State Route 51, affords residents direct access to simple passage to nearly any destination across The Valley. Some of those nearby destinations include a number of the most prominent employment and entertainment corridors in the state. Primely positioned near the Innovation Employment Corridor, which runs down Central Avenue, presents employment opportunities from some of the most prolific companies in Arizona such as Banner Health and IBM.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,050,000
Sold Price: $1,050,000
Status: Closed
List Date: 2024-02-27
Location, Tax & Legal
Assessor's Map #: 15
Assessor's Parcel #: 68
Assessor Parcel Ltr: G
Add'l Parcels: No
Tax Municipality: Phoenix
Taxes: 2371
Legal: ROSE LANE PARK TR A S 118.75' OF W 107' OF E 191'
Marketing Name: Rose Lane
House Number: 822
Compass: E
Street Name: Rose
St Suffix: Lane
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85014
County Code: Maricopa
Assessor Number: 161-15-068-G
Tax Year: 2023
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 0.29
Total # of Units: 4
Elementary School District: Madison Elementary District
High School District: Phoenix Union High School District
Year Built: 1960
Zoning: R-3
Project Type
5 - 12 Units: 1
Construction
Block: 1
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Ceramic Tile: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 6389
Annual Gas Exp: 0
Annual Ins Exp: 2000
Annual Land Lse Exp: 0
Annual Landscape Exp: 948
Annual Legal & Acctg: 1000
Annual Maint Exp: 2500
Annual Mgmt Exp: 3269
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 1500
Annual Other Expense: 1750
Operating Exp: 21727
Other Income: 0
Vacancy Allowance: 0.06
Adjusted Gross Inc: 81728.3
Pmt & Rate Info
Cap Rate: 5.65
Equity: 1050000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: Aligned Showings
Text: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Individual: 1
Cooling
Ceiling Fan(s): 1
Electric: 1
Individual: 1
Exterior Amenities
Green Landscaping: 1
Desert Landscaping: 1
Interior Amenities
Unfurnished: 1
Tenant Pays
Electricity: 1
Appliances Included
Free-Standing Range: 1
Refrigerator: 1
Dishwasher: 1
Microwave: 1
Roads/Streets
Asphalt: 1
Sidewalk(s): 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
On Street: 1
>1 Space Per Unit: 1
Add'l Parking Avail: 1
Electric
SRP: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 4
Avg Rent: 1216
Avg SqFt: 665
# Baths: 4
2 Bedroom Units
Avg Rent: 0
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
Geo Lat: 33.527599
Geo Lon: -112.062322
Status Change Info
Off Market Date: 2024-07-02
Under Contract Date: 2024-04-10
Close of Escrow Date: 2024-06-28
Sold Price: $1,050,000
Legal Info
Lot Number: -
Income Expenses
Gross Annual Sch Inc: 86945
Net Operating Income: 59330
Property Features
Project Type: 5 - 12 Units
Construction: Block; Wood Frame
Const - Finish: Painted; Stucco
Roofing: Composition
Floors: Vinyl; Ceramic Tile
Sale Includes: Land & Building
Community Features: No Pool
Exterior Amenities: Green Landscaping; Desert Landscaping
Interior Amenities: Unfurnished
Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave
Heating: Individual
Cooling: Ceiling Fan(s); Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking Features: Carport; On Street; >1 Space Per Unit; Add'l Parking Avail
Owner Pays: Water; Gas; Trash Collection; Landscaping
Tenant Pays: Electricity
Source of Fincl Data: Owner
Showing Notification Methods: Text
Lockbox Type: None
New Financing: Conventional; 1031 Exchange
Environmental: None
Supplements
Additionally, the Biltmore Employment Corridor where names such as Cisco and Charles Schwab are stationed, also offers numerous dining and entertainment amenities. Together, the Innovation and Biltmore Corridors showcase over ±117,000 employees and ±3,300 employers.
Built in 1960, Rose Lane is comprised of 4 units with the entire community's exterior upgraded. Future ownership will have the enticing opportunity to capitalize on 100% of the units primed for an elevated upgrade package resulting in an expected premium of ±$200 per month already proven in the immediate submarket.
Listing Office: Marcus & Millichap
Last Updated: July - 03 - 2024
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