2620 N 14Th Avenue, Tucson, AZ 85705 (MLS# 22312213)

2620 N 14Th Avenue, Tucson, AZ 85705

$1,650,000

Property Type: Commercial Square Footage: 6,979 Lot Size (sq. ft.): 41 Status: Closed

Current Price: $1,650,000 List Date: 6/06/2023 Last Modified: 12/22/2024

Overview

Description

This address is sold together with 2630 North 14th Avenue (107-09-015A) for a total price of $2,200,000 Value add has excellent opportunity. • Turn-Key opportunity • Recent capital improvements • In-place management • On-site laundry facility Capital improvements made over the past year have dropped NOI significantly. Gross monthly potential is just under $20k at full occupancy

Listing Details MLS# 22312213

Address Information

Street #: 2620
Direction: N
Street Name: 14Th
Suffix: Avenue
State/Province: AZ
Zip Code: 85705
County: Pima
Country: USA

Location, Tax & Legal

Tax Code: 107-09-013A
Area: Central
Tax Year: 2022
Taxes: 5259.2
Assessments: 0
Legal Description: Miracle Mile Lot 14 & 15 blk 2 exc alley and Miracle Mile Lot 16 blk 2 exc alley
Municipality/Zoning: Tucson - C2
Fire Protection: Included in Taxes

General Property Information

Property Sub-Type: Apartment
Construction Status: Existing
# Units: 19
Total Parking: 25
Multi-Tenant: Yes
Year Built: 1948
Lot Dimensions: 105x286
Lot Acres: 1.06
Lot Sqft: 45978
Lot Size Source: Assessor
Combined SqFt: 6979
Source of SqFt: Assessor
List Price/SqFt: 271.53
Lot Size Price/SqFt: 41.22

Property Features

Property Features: Smoke Detector Construction: Brick Roof: Rolled Fenced Storage: No Main Cooling: Ceiling Fan(s); Evaporative Cooling; Wall Unit(s) Main Heating: Baseboard; Electric; Natural Gas Water Heater: Electric; Natural Gas Gas: Natural Sewer: Connected Water: Public Accessibility Option: None Security: None Fence: Block; Shared Fence Landscape - Front: Low Care; Shrubs; Trees Landscape - Rear: Low Care; Shrubs; Trees Road Type: Gravel Parking: Common Lot Features: Adjacent to Alley; North/South Exposure Business Location: Free Standing Bldg Traffic Count: Unknown Terms: Cash; Conventional; Exchange; Owner Carry; Submit Possession: Recording Submit With Offer: Loan Status; Proof of Funds Property Disclosures: Lead Based Paint; Seller Prop Disclosure Special Conditions: None

Contract Information

Short Sale: No

Status Change Info

Off Market Date: 2023-06-06
Pending Date: 2023-07-13
Sold Date: 2023-07-13
Sold Price/SqFt: 236.42
Lot Sz Sold Prc/SqFt: 35.89
Financing: Cash Owner Carryback

More Information

Showing Information

Directions: From Oracle and Grant, West to 14th Avenue, North to property.

Income

Gross Scheduled Rent: 16900
Vacancy Loss: 1800
Other Income: 2047
Adjusted Gross: 17147

Analysis

Cap Rate %: 6.5
Gross Rent Multi: 96.23
Vacancy Rate %: 10.65

Expenses

Captial Expenses: 16524
Gas/Electric: 6149
Maintenance Supplies: 20992
Management: 12085
Taxes/Assessments: 5259
Water/Sewer: 13719

Unit Information

Apartment: Low Rise

Apartment Unit Information

# of Units/1 BR: 11
Avg Mo Rent/1 BR: 700
# of Units/2 BR: 4
Avg Mo Rent/2 BR: 850
# of Units/Other: 4
Avg Mo Rent/Other: 1100

Space Information

Ceiling Height: 8ft

Electric

Electric Company: TEP

Gas

Natural: Yes

Construction

Brick: Yes

Sewer

Connected: Yes

Roof

Rolled: Yes

Water

Public: Yes

Property Features

Smoke Detector: Yes

Fence

Block: Yes
Shared Fence: Yes

Road Type

Gravel: Yes

Fenced Storage

No: Yes

Lot Features

Adjacent to Alley: Yes
North/South Exposure: Yes

Main Cooling

Ceiling Fan(s): Yes
Evaporative Cooling: Yes
Wall Unit(s): Yes

Main Heating

Baseboard: Yes
Electric: Yes
Natural Gas: Yes

Water Heater

Electric: Yes
Natural Gas: Yes

Terms

Cash: Yes
Conventional: Yes
Exchange: Yes
Owner Carry: Yes
Submit: Yes

Submit With Offer

Loan Status: Yes
Proof of Funds: Yes

Accessibility Option

None: Yes

Security

None: Yes

Sold Info

Seller Concessions: 0

Landscape - Front

Low Care: Yes
Shrubs: Yes
Trees: Yes

Landscape - Rear

Low Care: Yes
Shrubs: Yes
Trees: Yes

Parking

Common: Yes

Business Location

Free Standing Bldg: Yes

Freeway/Highway

2.1 - 5 Mile: Yes

Traffic Count

Unknown: Yes

Possession

Recording: Yes

Property Disclosures

Lead Based Paint: Yes
Seller Prop Disclosure: Yes

Special Conditions

None: Yes

Listing Office: Pinnacle Realty and Investment Advisors LLC

Last Updated: December - 22 - 2024

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