814 E 9Th Street, Tucson, AZ 85719

$2,000,000
Property Type: Multi-Family Square Footage: 23,522 Lot Size (sq. ft.): 79 Status: Closed
Current Price: $2,000,000 List Date: 7/11/2016 Last Modified: 12/09/2024

Overview

Description

The Mark Hall Apartments, 29 brick units only 3 blocks from the University of Arizona. Apartment complexes in this area rarely come on the market. Well built UNDER RENTED (by approximately 20%-30%) property in prime location between downtown and the U of A. Only 4 blocks to 4th Ave. shops and restaurants. 24- 850-950 sq. ft. 2 bd. units, 2-studios , 2- 1 bd, and 1 -1075 sq. ft. 3 bd/2ba. 4 -2 bd. units and 1 -3bd/2ba have been totally remodeled with high-end materials. Community pool & owned laundry, Units are individually metered for gas & elec. Property is master metered for water and has two central hot water boilers. Gross income is based on current rents. Expenses are performa based on actual 2014 expenses. Longtime owner does majority of maintenance.repairs and management.

Listing Details MLS# 21619102

Address Information

Street #
814
Direction
E
Street Name
9Th
Suffix
Street
State/Province
AZ
Zip Code
85719
County
Pima
Country
USA

Location, Tax & Legal

Tax Code
124-07-080B
Area
Central
Subdivision
Rieckers Addition
Tax Year
2015
Taxes
17089.64
Assessments
0
Legal Description
Rieckers Lots 4,5 & 6 Blk 5
Township
14
Community
None
Range
14
Section
7
Municipality/Zoning
Tucson - R3
Fire Protection
Included in Taxes

General Property Information

Lot Dimensions
Irregular
Lot Acres
0.62
Lot Sqft
27017
Lot Size Source
Assessor
Combined SqFt
23522
Year Built
1969
List Price/SqFt
91.83
Lot Size Price/SqFt
79.95

Property Features

Construction: Brick Main Cooling: Central Air Main Heating: Forced Air; Natural Gas Sewer: Connected Water: Public Security: None Terms: Cash; Conventional Property Disclosures: Unknown

Contract Information

Distressed Info
None

Status Change Info

Off Market Date
2016-07-15
Pending Date
2016-08-06
Sold Date
2016-09-30
Sold Price/SqFt
85.03
Lot Sz Sold Prc/SqFt
74.03
How Sold
Conventional

More Information

Showing Information

Directions
6th Ave & Euclid S to 9th. Left t property

Unit Info

# of Units/Studios
2
Avg Mo Rent/Studios
412
# of Units/1 BR
2
Avg Mo Rent/1 BR
462
# of Units/2 BR
24
Avg Mo Rent/2 BR
663
# of Units/3 BR
Yes
Avg Mo Rent/3 BR
990
# of Units/Other
29
Avg Mo Rent/Other
0

Analysis

Cap Rate %
6.75
Gross Rent Multi
9.75
Vacancy Rate %
19.21
Exp/SqFt
2.98
Exp % of Gross
34.19

Income

Gross Scheduled Rent
246450
Vacancy Loss
47342
Other Income
6000
Adjusted Gross
205108
Total Expenses
70117
Net Opp Income
134991

Expenses

Contract Services
5700
Gas/Electric
3600
Insurance
5404
Maintenance Supplies
8324
Taxes/Assessments
17089
Water/Sewer
20000
Other Expenses
10000
Figures Presented
Proforma
Admin Expenses
0
Capital Expenses
0
Management
0
Resident Manager
0

Interior Features

Interior Steps
Yes

Sold Info

Selling Comments
AS IS Sale

Miscellaneous

Master Water Meter
Yes
Package Available
Yes

Construction

Brick
Yes

Sewer

Connected
Yes

Water

Public
Yes

Main Cooling

Central Air
Yes

Main Heating

Forced Air
Yes
Natural Gas
Yes

Terms

Cash
Yes
Conventional
Yes

Security

None
Yes

Property Disclosures

Unknown
Yes
Listing Office: Tierra Antigua Realty
IDX
Last Updated: December - 09 - 2024
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