1114 E Adams Street, Tucson, AZ 85719 (MLS# 21920673)

1114 E Adams Street, Tucson, AZ 85719

$1,550,000

Property Type: Commercial Square Footage: 5,733 Lot Size (sq. ft.): 91 Status: Closed

Current Price: $1,550,000 List Date: 8/07/2019 Last Modified: 12/12/2024

Overview

Description

NEXT DOOR TO THE JUST COMPLETED U OF A NEW HONORS VILLAGE CAMPUS AND DORMS https://www.honors.arizona.edu/honors-village AND JUST A COUPLE OF BLKS FROM THE U OF A MEDICAL SCHOOL/CAMPUS.AT U OF A. THIS 5 UNIT COMPLEX IS COMPOSED OF 3 BEDROOM 2 BATH UNITS. ALL UNITS RENTED FOR $1,975 PER MONTH.. PROPERTY HAS HAD A GUT REHAB WITH 5 NEW WATER METERS(SO NO UTILITY EXPENSES), CORRUGATED METAL SIDING, NEW ROOFS, KITCHENS, WASHERS/DRYERS, A/C UNITS WITH EXPOSED SPIRAL DUCTING, PRIVATE FENCED REAR YARDS, ETC. SEE PHOTOS. RENTS CUIRRENTLY ARE AT $1.72 PER SF AND AVERAGE RENTS IN THE AREA ARE $1.83 PER SFR OR $2,100 PER UNIT. SO GREAT UPSIDE

Listing Details MLS# 21920673

Address Information

Street #: 1114
Direction: E
Street Name: Adams
Suffix: Street
State/Province: AZ
Zip Code: 85719
County: Pima
Country: USA

Location, Tax & Legal

Tax Code: 123-15-164A
Area: Central
Tax Year: 2018
Taxes: 4020.97
Assessments: 0
Legal Description: UNIVERSITY HOME LOTS 7 & 8 & W30' LOT 6 BLK 14
Municipality/Zoning: Tucson - R3
Fire Protection: Included in Taxes
FEMA Flood Zone: No
Municipal Flood Zone: No

General Property Information

Property Sub-Type: Apartment
Construction Status: Existing
# Units: 5
Total Parking: 15
Multi-Tenant: Yes
Year Built: 1966
Lot Dimensions: 120X150
Lot Acres: 0.41
Lot Sqft: 18000
Lot Size Source: Assessor
Combined SqFt: 5733
Source of SqFt: Assessor
List Price/SqFt: 287.81
Lot Size Price/SqFt: 91.67

Property Features

Construction: Concrete Block Roof: Built-Up Fenced Storage: Yes Main Cooling: Central Air Main Heating: Forced Air; Natural Gas Water Heater: Natural Gas Gas: Natural Sewer: Connected Water: Public Fence: Block Landscape - Front: Low Care Landscape - Rear: Low Care Road Type: Paved Parking: Free Lot Features: Adjacent to Alley Terms: Cash Submit With Offer: Digital Signature Accepted; Dual Agency Consent; Earnest Check; Income Property Addendum; Lender Pre-Approval; Loan Pre-Qualifiaction; Proof of Funds Special Conditions: None

Contract Information

Method of Title: Fee (Simple)
Short Sale: No

Status Change Info

Off Market Date: 2019-10-25
Pending Date: 2019-10-25
Sold Date: 2019-11-25
Sold Price/SqFt: 270.36
Lot Sz Sold Prc/SqFt: 86.11
Financing: Cash

More Information

Showing Information

Directions: MOUNTAIN ADAMS WEST TO ADDRESS.

Income

Gross Scheduled Rent: 118500
Adjusted Gross: 118500
Total Expenses: 17161
Net Opp Income: 101339
Vacancy Loss: 0
Other Income: 0

Analysis

Cap Rate %: 6.54
Gross Rent Multi: 13.08
Exp/SqFt: 2.99
Exp % of Gross: 14.48
Vacancy Rate %: 0

Expenses

Captial Expenses: 1000
Figures Presented: Proforma
Insurance: 1000
Maintenance Supplies: 2500
Management: 8640
Taxes/Assessments: 4021
Admin Expenses: 0
Contract Services: 0
Gas/Electric: 0
Resident Manager: 0
Water/Sewer: 0
Other Expenses: 0

Apartment Unit Information

# of Units/3 BR: 5
Avg Mo Rent/3 BR: 1800

Space Information

Ceiling Height: 10ft

Electric

Electric Company: TEP

Submit With Offer

Seller Title Company: BARBI STEWART- FNF
Digital Signature Accepted: Yes
Dual Agency Consent: Yes
Earnest Check: Yes
Income Property Addendum: Yes
Lender Pre-Approval: Yes
Loan Pre-Qualifiaction: Yes
Proof of Funds: Yes

Gas

Natural: Yes

Construction

Concrete Block: Yes

Sewer

Connected: Yes

Roof

Built-Up: Yes

Water

Public: Yes

Fence

Block: Yes

Road Type

Paved: Yes

Fenced Storage

Yes: Yes

Lot Features

Adjacent to Alley: Yes

Main Cooling

Central Air: Yes

Main Heating

Forced Air: Yes
Natural Gas: Yes

Water Heater

Natural Gas: Yes

Terms

Cash: Yes

Sold Info

Seller Concessions: 0

Landscape - Front

Low Care: Yes

Landscape - Rear

Low Care: Yes

Parking

Free: Yes

Special Conditions

None: Yes

Documents

PROFORMA ›

Listing Office: Long Realty Company

Last Updated: December - 12 - 2024

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