1214 S Farmer Avenue

    Tempe, AZ 85281
    • $1,150,000
    • STATUS: Active
    • ON SITE: 428 days
    • MLS #: 5806503
    UPDATED: 99 min ago
    $1,150,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Multi-Family
    Built:
    1947
    County:
    Area:

    School Ratings & Info

    School District:

    Description

    7 Units walking distance to Mill Ave and Arizona State University. 100% occupied. Recent fully completed unit addition in the ''A'' building from two units to three units, a new separate studio driving a new incremental $7,000 year in NOI. Raised rents 9.5% across all the units since purchase in line with Tempe rental market increases, the ''B'' loft units at $810/month are still below market. Vacancies have ran sub ~3.75% simultaneously. Large documented capital expenditures ($50k+), studio conversion, numerous capital improvements (new water heaters, AC units and plumbing) and interior renovations. Pro forma NOI for the property this year will be $58,800 (full occupancy at listing and leased through Q2'19) at a 5% plus cap rate. Building A was built in 1947, Building B was built in 1958.

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    © 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Keller Williams Biltmore Partners - Lifestyle Partners Team. Data last updated 2019-10-17T00:11:04.493.
    www.melindamurphy.com/homes/86541082

    1214 S Farmer Avenue Tempe, AZ 85281

    • Price: $1,150,000
    • Status: Active
    • Updated: 99 min ago
    • MLS #: 5806503
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1947
    Built
    Neighborhood:
    State College Homes Lots 33-40
    County:
    Maricopa
    Area:
    Tempe
    School District:
    003 - Tempe School District
    Property Description
    7 Units walking distance to Mill Ave and Arizona State University. 100% occupied. Recent fully completed unit addition in the ''A'' building from two units to three units, a new separate studio driving a new incremental $7,000 year in NOI. Raised rents 9.5% across all the units since purchase in line with Tempe rental market increases, the ''B'' loft units at $810/month are still below market. Vacancies have ran sub ~3.75% simultaneously. Large documented capital expenditures ($50k+), studio conversion, numerous capital improvements (new water heaters, AC units and plumbing) and interior renovations. Pro forma NOI for the property this year will be $58,800 (full occupancy at listing and leased through Q2'19) at a 5% plus cap rate. Building A was built in 1947, Building B was built in 1958.
    Exterior Features

    Construction Block Construction Finish Stucco Covered Parking Spaces 4.00 Lot Size Dimensions 50X190 Parking 1 Space/Unit Roads Asphalt/Blacktop Roofing Comp ShingleFoam Total Parking Spaces 7.00

    Interior Features

    1 Bedroom Unit Avg Sq Ft 0 1 Bedroom Unit Baths 0 2 Bedroom Unit Avg Sq Ft 0 2 Bedroom Units Baths 0 3 Bedroom Unit Avg Sq Ft 0 3 Bedroom Unit Baths 0 4 Bedroom Unit Avg Sq Ft 0 4 Bedroom Unit Baths 0 Appliances Included RefrigeratorDishwasherWasher/Dryer Cooling Electric Refrigeratd Efficiency Unit Avg Sq Ft 0 Efficiency Unit Baths 0 Floors CarpetCeramic Tile Heating Gas Interior Amenities Unfurnished

    Property Features

    1 Bedroom Unit Avg Rent 0.00 1 Bedroom Units 0 2 Bedroom Unit Avg Rent 0.00 2 Bedroom Units 0 3 Bedroom Unit Avg Rent 0.00 3 Bedroom Units 0 4 Bedroom Unit Avg Rent 0.00 4 Bedroom Units 0 Adjusted Gross Inc 0.00 Annual Elec Exp 0.00 Annual Gas Exp 0.00 Annual Ins Exp 0.00 Annual Land Lse Exp 0.00 Annual Landscape Exp 0.00 Annual Legal And Acctg 0.00 Annual Maint Exp 0.00 Annual Mgmt Exp 0.00 Annual Other Expense 0.00 Annual Ownr Asoc Fee 0.00 Annual Pad Fee 0.00 Annual Rplcmnt Rsrvs 0.00 Annual Trash Exp 0.00 Annual Wtr Swr Exp 0.00 Community Amenities No Pool Cross Street Mill And University Efficiency Unit Avg Rent 0.00 Efficiency Units 0 Electric ApsIndividual Meter Gas Sw Gas Gross Annual Sch Inc 0.00 Hoa YN No Net Operating Income 58800.00 New Financing Conventional1031 Exchange Operating Exp 1804.00 Other Income 0.00 Other Type Other (See Remarks) Owner Pays WaterSewerGasTrashLandscaping Project Type 5 - 12 Units Sale Includes Land & Building Sewer Sewer - Public Source Of Financial Data Provided By Owner Special Owner/Agent Tax Municipality Tempe Taxes 1804.00 Tenant Pays Other (See Remarks) Vacancy Allowance 0.00 Water City Franchise Zoning R-3

    Listing courtesy of Homesmart.


    © 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Keller Williams Biltmore Partners - Lifestyle Partners Team. Data last updated 2019-10-17T00:11:04.493.
     
    Keller Williams Biltmore Partners - Lifestyle Partners Team
    2920 E Camelback Rd
    Phoenix AZ, 85016