$4,100,000
Phoenix, AZ 85016
MLS# 5342481
Status: Closed
1 / 16
Property Description
The North Point Condominiums are located in a dynamic infill Phoenix location just south Maryland Avenue on 16th Street, a highly visible arterial through metropolitan Phoenix. This offering is for 60 of the 86 total units, allowing an investor to have majority control of the HOA. Built in 1969, the property is made of block and wood frame construction with built-up foam and pitched composition shingle roofs, and is individually-metered for electricity with roof-mounted HVAC units.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $4,100,000
Sold Price: $4,100,000
Status: Closed
List Date: 2015-10-01
Location, Tax & Legal
Unit #: 101
Assessor's Map #: 37
Legal Description (Abbrev): NORTH POINT CONDOMINIUM/ AKA WILLOWS CONDOMINIUM MCR 240-19 UNIT 101 (PLEASE NOTE: FOR LEGAL DESCRIP
Assessor's Parcel #: 174
Add'l Parcels: Yes
Tax Municipality: Maricopa - CITY
Census Tract: 106400
Taxes: 16926.32
Legal: NORTH POINT CONDOMINIUM/ AKA WILLOWS CONDOMINIUM MCR 240-19 UNIT 101 (PLEASE NOTE: FOR LEGAL DESCRIP
Marketing Name: North Point Condominiums
Map Code/Grid: N35
House Number: 6315
Compass: N
Street Name: 16TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85016
Zip4: 1539
County Code: Maricopa
Subdivision: NORTH POINT CONDOMINIUM /AKA WILLOWS CONDOMINIUM
Assessor Number: 164-37-174
Tax Year: 2014
General Property Description
# of Buildings: 12
Uncvrd Parking Spcs: 45
Lot Size Dimensions: 54492
Total # of Units: 60
Elementary School District: Madison Elementary District
High School District: Phoenix Union High School District
Year Built: 1969
Zoning: R-3
Project Type
51 - 99 Units: 1
Construction
Block: 1
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Composition: 1
Foam: 1
Floors
Wood: 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: Yes
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 222904
Other Income: 0
Vacancy Allowance: 0.04
Adjusted Gross Inc: 487423.68
Pmt & Rate Info
Cap Rate: 6.74
Down Payment: 0
Equity: 4225000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Community Features
Pool: 1
Play Area: 1
Barbecue: 1
Heating
Individual: 1
Cooling
Individual: 1
Exterior Amenities
Green Landscaping: 1
Patio/Balcony: 1
Interior Amenities
Unfurnished: 1
Tenant Pays
Electricity: 1
Appliances Included
Free-Standing Range: 1
Dishwasher: 1
Microwave: 1
Roads/Streets
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
Paved: 1
Electric
Individual Meter: 1
Gas
Master Meter: 1
Owner Pays
Water: 1
Sewer: 1
New Financing
Conventional: 1
Existing 1st Loan
Conventional: 1
Existing 1st Ln Type
Not Applicable: 1
Existing 1st Ln Trms
Not Applicable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Ln Type
Not Applicable: 1
Existing 2nd Ln Trms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Ln Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Ln Trms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Contact Info
List Agent Home Phn: 602-735-5634
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 52
Avg Rent: 745
Avg SqFt: 885
# Baths: 15
3 Bedrooms Units
# 3 Bedroom Units: 8
Avg Rent: 875
Avg SqFt: 1059
# Baths: 2
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 1
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Geo Lat: 33.529643
Geo Lon: -112.046363
Status Change Info
Off Market Date: 2015-11-30
Under Contract Date: 2015-11-23
Close of Escrow Date: 2016-03-25
Sold Price: $4,100,000
Income Expenses
Gross Annual Sch Inc: 507733
Net Operating Income: 284829
Property Features
Project Type: 51 - 99 Units
Construction: Block; Wood Frame
Const - Finish: Painted; Stucco
Roofing: Composition; Foam
Floors: Wood
Sale Includes: Land & Building
Community Features: Pool; Play Area; Barbecue
Exterior Amenities: Green Landscaping; Patio/Balcony
Interior Amenities: Unfurnished
Appliances Included: Free-Standing Range; Dishwasher; Microwave
Heating: Individual
Cooling: Individual
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: Individual Meter
Gas: Master Meter
Parking Features: Carport; Paved
Owner Pays: Water
Tenant Pays: Electricity
Source of Fincl Data: Owner
Existing 1st Loan: Conventional
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional
Environmental: None
Supplements
North Point Condominiums have a desirable unit mix consisting of all two and three-bedroom floor plans that average approximately 908 square feet and are extremely spacious and well designed. Over half of the units have been renovated with stacked washers and dryers, stainless steel appliances, new cabinetry, faux-wood vinyl flooring, granite countertops, ceiling fans and new vanities and sinks. Additional unit amenities include microwaves, dishwasher, garbage disposals, walk-in closets and security screen doors.
Situated on 3.25 acres, North Point Condominiums have attractive landscaping consisting of lush turf and mature trees. The current HOA in place at North Point Condominiums is generally responsible for common-area expenses including, but not limited to, water, sewer, and trash collections. The building have been recently painted, as the parking lot is newly paved. Exterior amenities include an on-site laundry facility, large sparkling swimming pool, gazebos, barbeques, children's playground and covered parking spaces.
North Point Condominiums offers an investor the rare opportunity to acquire an extensively renovated urban core asset located in an irreplaceable central Phoenix location priced at a fraction of replacement cost. Over the last year, the average submarket rent has increased by 14%, significantly greater than the metropolitan Phoenix average. Additionally, since the first of quarter 2015, the average submarket vacancy has decreased by 154 basis points. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, North Point Condominiums are well positioned to achieve continual revenue increase.
Listing Office: CBRE, Inc
Last Updated: March - 28 - 2016
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