1423 N Venice Avenue, Tucson, AZ 85712

$1,410,000
Property Type: Commercial Square Footage: 8,658 Lot Size (sq. ft.): 35,719 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

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

Electric

Electric Company
TEP

Parking

# Covered Parking
12

Sold Info

Est. Closing Date
2024-12-05
IDX
Listing Office: Tierra Antigua Realty
Last Updated: December - 26 - 2024
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