1423 N Venice Avenue, Tucson, AZ 85712 (MLS# 22417043)

1423 N Venice Avenue, Tucson, AZ 85712

$1,410,000

Property Type: Commercial Square Footage: 8,658 Lot Size (sq. ft.): 40 Status: Closed

Current Price: $1,410,000 List Date: 10/25/2024 Last Modified: 12/26/2024

Overview

Description

Midtown Garden Style Venice Arms Apartment Complex with 6% cap rate. Exterior brick construction, (8) one-bedroom units and (4) two-bedroom units, plus on-site laundry facilities. Each unit has own mini-splits, tile floors, small patio area and great central location. Each tenant gets one carport space. Storage room could be converted to a studio unit or repurposed as rentable storage space.10 minutes to the University of Arizona

Listing Details MLS# 22417043

Address Information

Street #: 1423
Direction: N
Street Name: Venice
Suffix: Avenue
State/Province: AZ
Zip Code: 85712
County: Pima
Country: USA

Location, Tax & Legal

Tax Code: 122-12-184A
Area: Central
Tax Year: 2023
Taxes: 6271.98
Assessments: 0
Legal Description: Speedway N150' Lots 1 & Lot 2 S20' N190' W2 Lot 2 Blk 10
Municipality/Zoning: Tucson - R2
Fire Protection: Included in Taxes
FEMA Flood Zone: No
Municipal Flood Zone: No

General Property Information

Property Sub-Type: Apartment
Construction Status: Existing
# Units: 12
Multi-Tenant: Yes
Year Built: 1963
Lot Dimensions: irr
Lot Acres: 0.82
Lot Sqft: 35719
Lot Size Source: Assessor
Combined SqFt: 8658
Source of SqFt: Assessor
List Price/SqFt: 167.48
Lot Size Price/SqFt: 40.59

Property Features

Property Features: Smoke Detector Construction: Brick Roof: Built-Up Fenced Storage: No Main Cooling: Heat Pump Main Heating: Forced Air; Natural Gas Water Heater: Natural Gas Gas: Natural Sewer: Connected Water: Public Security: Alarm Installed Fence: Chain Link; Slump Block; Wood Landscape - Front: Low Care Landscape - Rear: Low Care Road Type: Gravel Lot Features: North/South Exposure Traffic Count: Unknown Terms: Cash; Conventional Possession: Negotiable Submit With Offer: Proof of Funds Property Disclosures: Military Airport Vct; Unknown Special Conditions: None Restrictions: CC&R; Deed

Contract Information

Short Sale: No

Status Change Info

Off Market Date: 2024-10-28
Pending Date: 2024-11-20
Sold Date: 2024-12-05
Sold Price/SqFt: 162.86
Lot Sz Sold Prc/SqFt: 39.47
Financing: Cash Owner Carryback

More Information

Showing Information

Directions: Speedway / Swan (West) Venice ( North) to Address DO NOT DISTURB ANY TENANTS

Income

Gross Scheduled Rent: 145200
Vacancy Loss: 3600

Analysis

Cap Rate %: 6
Vacancy Rate %: 2.48

Expenses

Contract Services: 1200
Gas/Electric: 545
Insurance: 4523
Management: 9600
Taxes/Assessments: 6272
Water/Sewer: 7200
Other Expenses: 14400

Unit Information

Apartment: Low Rise

Apartment Unit Information

# of Units/1 BR: 8
Avg Mo Rent/1 BR: 950
# of Units/2 BR: 4
Avg Mo Rent/2 BR: 1100

Main Cooling

Other: Mini Split
Heat Pump: Yes

Electric

Electric Company: TEP

Parking

# Covered Parking: 12

Sold Info

Est. Closing Date: 2024-12-05
Seller Concessions: 0
Seller Paid Repairs: 0

Gas

Natural: Yes

Construction

Brick: Yes

Sewer

Connected: Yes

Roof

Built-Up: Yes

Water

Public: Yes

Property Features

Smoke Detector: Yes

Fence

Chain Link: Yes
Slump Block: Yes
Wood: Yes

Road Type

Gravel: Yes

Fenced Storage

No: Yes

Lot Features

North/South Exposure: Yes

Main Heating

Forced Air: Yes
Natural Gas: Yes

Water Heater

Natural Gas: Yes

Terms

Cash: Yes
Conventional: Yes

Submit With Offer

Proof of Funds: Yes

Security

Alarm Installed: Yes

Landscape - Front

Low Care: Yes

Landscape - Rear

Low Care: Yes

Freeway/Highway

2.1 - 5 Mile: Yes

Traffic Count

Unknown: Yes

Possession

Negotiable: Yes

Restrictions

CC&R: Yes
Deed: Yes

Property Disclosures

Military Airport Vct: Yes
Unknown: Yes

Special Conditions

None: Yes

Documents

Lead Paint Discl ›

Listing Office: Tierra Antigua Realty

Last Updated: December - 26 - 2024

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