4001 E Monte Vista Drive, Tucson, AZ 85712

$1,175,000
Property Type: Multi-Family Square Footage: 14,080 Lot Size (sq. ft.): 42,000 Status: Closed
Current Price: $1,175,000 List Date: 9/15/2017 Last Modified: 12/09/2024

Overview

Description

This property is now open for bid with a bid deadline of October 16th. The list price is no way reflective of what the seller may be willing to accept and will consider all offers. 32 unit multi-family ripe with potential. Convert 16 units into full one bedroom units, lease up to stabilization at market rates and purchase at an expected 11% cap rate based on resulting income and expenses central strong rental market location.

Listing Details MLS# 21700516

Address Information

Street #
4001
Direction
E
Street Name
Monte Vista
Suffix
Drive
State/Province
AZ
Zip Code
85712
County
Pima
Country
USA

Location, Tax & Legal

Tax Code
110-06-080A
Area
Central
Subdivision
N/A

General Property Information

Attached/Detached
Attached
Construction Status
Existing
Lot Dimensions
rectangle
Lot Acres
0.96
Lot Sqft
42000
Lot Size Source
Assessor
Combined SqFt
14080
Year Built
1978
School District
Other
Elementary School
Other
Middle School
Other
High School
Other
Horse Property
No
Horse Facilities
No
List Price/SqFt
142.05
Lot Size Price/SqFt
47.62

Property Features

Construction: Frame; Frame - Stucco Style: Contemporary Roof: Shingle Living Areas: Living Room Dining Areas: Eat-In Kitchen Dining Room: None Breakfast: None Kitchen Features: Electric Range; Prep Sink; Refrigerator Bathroom Features: Shower & Tub/Hall Laundry: Facility Extra Room: None Interior Features: Ceiling Fan(s); Smoke Detector; Walk-In Closet(s) Floor Covering: Carpet; Vinyl Window Covering: Some Technology: High Speed Internet Main Cooling: Central Air Main Heating: Electric; Forced Air Water Heater: Electric Gas: Natural Sewer: Connected Water: Public Accessibility Option: Wide Doorways Security: None Pool: Community Spa: None Fence: Block; Chain Link; Wrought Iron Landscape - Front: Grass Landscape - Rear: Grass; Shrubs; Sprinkler/Drip; Trees View: Residential Road Type: Paved RV Parking: Space Available Exterior Feature: Built-in Barbecue; Courtyard Lot Features: Adjacent to Alley Neighborhood Features: Paved Street; Pool Terms: Cash; Conventional; Exchange; Submit Submit With Offer: Proof of Funds Property Disclosures: Public Report; Unknown Special Conditions: Public Report

Contract Information

Method of Title
Fee (Simple)
Distressed Info
None

Status Change Info

Off Market Date
2017-10-10
Pending Date
2017-11-08
Sold Date
2017-11-09
Sold Price/SqFt
83.45
Lot Sz Sold Prc/SqFt
27.98
How Sold
Cash

More Information

Showing Information

Directions
from downtown east on Broadway, north (left) on Alvernon then east (right) on Monte Vista to address (property on left)

Unit Info

# of Units/1 BR
32
Avg Mo Rent/1 BR
450

Unit 1 Information

Monthly Rent
395
# Full Baths
Yes
SqFt
425
Occupancy
Yes
Stories
Two
Floor
1st
Furnished
No
Parking
On Property

Analysis

Cap Rate %
10.79
Gross Rent Multi
7.47
Vacancy Rate %
5
Exp/SqFt
2.16
Exp % of Gross
19.31

Income

Gross Scheduled Rent
162240
Vacancy Loss
8112
Other Income
3063
Adjusted Gross
157191
Total Expenses
30354
Net Opp Income
126837

Expenses

Admin Expenses
2373
Gas/Electric
1800
Insurance
4813
Maintenance Supplies
500
Taxes/Assessments
9964
Water/Sewer
10904
Figures Presented
Proforma

Electric

Electric Company
TEP

Utilities Paid

Cable TV
Tenant
Electric
Owner
Gas
Owner
Insurance
Owner
Sewer
Owner
Taxes
Owner
Trash
Owner
Water
Owner

Driveway

Paved
Asphalt

Subdivision Restrict

Age Restrictions
No
Deed Restrictions
No
CC&Rs
No

Home Protection

Offered
No
IDX
Listing Office: Equilibrium Realty
Last Updated: December - 09 - 2024
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