704 W 5TH Street, Tempe, AZ 85281
$2,520,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$2,520,000
Last Modified:
7/05/2018
Description
Parkview on 5th is a 17-unit garden-style apartment community located in a highly desirable north Tempe location that has recently been extensively renovated and repositioned with premium finishes. The property is made of block construction with pitched composition shingle roofs and is individually-metered for electricity.
The unit mix is comprised of studio, one and two-bedroom floor plans that are spacious, well designed and range in size from 375 to 805 square feet. Unit interiors feature fully appointed kitchens with white shaker style cabinetry, breakfast bars, granite counter tops, decorative glass tile backsplashes, full-size stainless steel appliances, including gas cookstop stoves, dishwashers and built-I microwaves.
More Information MLS# 5736033
Contract Info
Ownership: Fee Simple
Current Price: $2,520,000
Sold Price: $2,520,000
Status: Closed
List Date: 2018-03-01
Location, Tax & Legal
Assessor's Map #: 31
Legal Description (Abbrev): LOT 38 MONTERREY VILLAGE MCR 009935
Assessor's Parcel #: 74
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 318800
Taxes: 5532.91
Legal: LOT 38 MONTERREY VILLAGE MCR 009935
Marketing Name: Parkview on 5th
Map Code/Grid: R36
House Number: 704
Compass: W
Street Name: 5TH
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 3525
County Code: Maricopa
Subdivision: MONTERREY VILLAGE
Assessor Number: 124-31-074
Tax Year: 2017
General Property Description
# of Buildings: 17
Uncvrd Parking Spcs: 20
Lot Size Dimensions: 316.34' x 101'
Total # of Units: 17
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Year Built: 1961
Zoning: R-3
Legal Info
Range: 4E
Section: 16
Township: 1N
Lot Number: 38
Project Type
13 - 24 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
Other Income: 5000
Vacancy Allowance: 0.07
Adjusted Gross Inc: 191580
Pmt & Rate Info
Cap Rate: 5.85
Down Payment: 733500
Equity: 2445000
Down Payment %: 30
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Payment Includes
Principal: 1
Interest: 1
Community Features
No Pool: 1
Heating
Individual: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Interior Features
Unfurnished: 1
Vertical Blinds: 1
Tenant Pays
Electricity: 1
Appliances Included
Microwave: 1
Refrigerator: 1
Built-In 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
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
New Financing
Conventional: 1
Existing 1st Loan
Conventional: 1
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 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
Contact Info
List Agent Home Phn: 602-735-5634
Efficiency Units
# Efficiency Units: 2
Avg Rent: 800
Avg SqFt: 475
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 11
Avg Rent: 950
Avg SqFt: 650
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 1150
Avg SqFt: 850
# Baths: 1
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: W. 5th Street and S. Roosevelt Street
Geo Lat: 33.425728
Geo Lon: -111.948612
Status Change Info
Off Market Date: 2018-05-15
Under Contract Date: 2018-05-07
Close of Escrow Date: 2018-07-05
Sold Price: $2,520,000
Income Expenses
Gross Annual Sch Inc: 201000
Net Operating Income: 143138
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Ceramic Tile
Sale Includes: Land & Building
Payment Includes: Principal; Interest
Community Features: No Pool
Exterior Amenities: Landscape Water System
Interior Features: Unfurnished; Vertical Blinds
Appliances Included: Built-In Range; Refrigerator; Microwave; Washer/Dryer
Heating: Individual
Cooling: Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: Individual Meter
Gas: SW Gas
Parking Features: <1 Space Per Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Owner
Existing 1st Loan: Conventional; Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
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
Environmental: None
Listing Office:
CBRE, Inc
Last Updated: July - 05 - 2018
Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.