$700,000
Tempe, AZ 85281
MLS# 6172846
Status: Closed
1 / 35
Property Description
Welcome to Monterrey Village Place Apartments. This fully occupied apartments are all two bedroom 1 bath all with private yards and parking. Corner lot with a new block wall. All units have been updated with Ikea kitchens and some units have new flooring. The property has a washer and dryer that are leased on site. Property is self managed and rents are below market from the 600-850 range current cap is around a 3.74. Market rents are 1,100-1,250 proforma cap 5.73 after raised rents. Property is close to Tempe Town Lake ASU and freeways. All facts and figures are approximate buyer verify MLS information. Drive by only tenants are unware of sale.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $700,000
Sold Price: $700,000
Status: Closed
List Date: 2020-12-18
Location, Tax & Legal
Assessor's Map #: 31
Legal Description (Abbrev): LOT 22 MONTERREY VILLAGE PLAT 3 UNIT 2 MCR 010245
Assessor's Parcel #: 120
Add'l Parcels: No
Tax Municipality: Maricopa - COUNTY
Census Tract: 318800
Taxes: 1772
Legal: LOT 22 MONTERREY VILLAGE PLAT 3 UNIT 2 MCR 010245
Marketing Name: MONTERREY VILLAGE PLACE
Map Code/Grid: R36
House Number: 828
Compass: W
Street Name: 2ND
St Suffix: Street
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2640
Country: US
County Code: Maricopa
Subdivision: MONTERREY VILLAGE PLAT 3 UNIT 2
Assessor Number: 124-31-120
Tax Year: 2020
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 4
Lot Size Dimensions: 6853
Total # of Units: 4
High School District: Tempe Union High School District
Year Built: 1963
Zoning: R-3
Legal Info
Range: 4E
Section: 16
Township: 1N
Lot Number: 22
Project Type
Four Plex: 1
Other Type
Other (See Remarks): 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Foam: 1
Floors
Concrete: 1
Vinyl: 1
Wood: 1
Ceramic Tile: 1
Sale Includes
Other (See Remarks): 1
Income & Expenses
Annual Elec Exp: 550
Annual Ins Exp: 1410
Annual Landscape Exp: 1000
Annual Maint Exp: 3000
Annual Trash Exp: 1000
Annual Wtr/Swr Exp: 2500
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 11232
Other Income: 0
Vacancy Allowance: 0.05
Adjusted Gross Inc: 52440
Total Monthly Rental Income: 4600
Pmt & Rate Info
Cap Rate: 5.73
Equity: 719000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Lockbox Type
None: 1
Community Features
Other: 1
See Remarks: 1
Heating
Electric: 1
Central: 1
Cooling
Central Air: 1
Exterior Amenities
Other (See Remarks): 1
Interior Features
Other (See Remarks): 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Other: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
1 Space/Unit: 1
Electric
APS: 1
Gas
Other (See Remarks): 1
Owner Pays
Water: 1
Trash Collection: 1
New Financing
Cash to Loan: 1
VA: 1
Conventional: 1
FHA: 1
1031 Exchange: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 4
Avg Rent: 1150
Avg SqFt: 632
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: VA
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: Priest and 1st street
Geo Lat: 33.427984
Geo Lon: -111.951041
Status Change Info
Off Market Date: 2021-03-20
Under Contract Date: 2021-01-30
Close of Escrow Date: 2021-03-19
Sold Price: $700,000
Income Expenses
Gross Annual Sch Inc: 55200
Net Operating Income: 41208
Property Features
Project Type: Four Plex
Other Type: Other (See Remarks)
Construction: Block
Const - Finish: Painted
Roofing: Foam
Floors: Concrete; Vinyl; Wood; Ceramic Tile
Sale Includes: Other (See Remarks)
Community Features: Other; See Remarks
Exterior Amenities: Other (See Remarks)
Interior Features: Other (See Remarks)
Appliances Included: Other
Heating: Central
Cooling: Central Air
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: Other (See Remarks)
Parking Features: Carport; 1 Space/Unit
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner; Projected Proforma
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Cash to Loan; VA; FHA; Conventional; 1031 Exchange
Environmental: Other (See Remarks)
Listing Office: Grace CRE
Last Updated: May - 04 - 2026
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