819 N 1st Avenue, Tucson, AZ 85719 (MLS# 21825168)

819 N 1st Avenue, Tucson, AZ 85719

$5,250,000

Virtual Tour

https://my.matterport.com/show/?m=LmKu6CUjZgC

Property Type: Commercial Square Footage: 21,722 Lot Size (sq. ft.): 300 Status: Closed

Current Price: $5,250,000 List Date: 1/04/2019 Last Modified: 12/10/2024

Overview

Description

This is a rare once in a lifetime opportunity to own prime property directly next to a major university, which is turnkey and does not need renovation. Superb existing financing must be assumed by Buyer. FNMA loan: $3,000,000 @3.99% 10 year stop (from 12/17). Non-recourse AND Assumable! Major capital improvements have been done including all new windows, HVAC units, water heater, exterior paint and trim, landscaping & security cameras. 20 ''A'' units have granite, hardwood, mirrored doors on closets and dishwashers. Six units have upgraded flooring and B-level cosmetics. 15 ''B'' units feature tasteful carpeting in bedroom and living area and tile or VCT in baths and kitchen. All units have modern, tasteful cosmetics. B units are easily & inexpensively converted to ''A'' units. Owner/Agent

Listing Details MLS# 21825168

Address Information

Street #: 819
Direction: N
Street Name: 1st
Suffix: Avenue
State/Province: AZ
Zip Code: 85719
County: Pima
Country: USA

Location, Tax & Legal

Tax Code: 117-03-0100
Area: Central
Tax Year: 2017
Taxes: 20180.61
Assessments: 0
Taxes For: Building & Land
Legal Description: Tucson Lots 8 & 9 Blk 23
Municipality/Zoning: Tucson - HR3
Fire Protection: Included in Taxes
FEMA Flood Zone: No
Municipal Flood Zone: No

General Property Information

Property Sub-Type: Apartment
# Units: 41
Multi-Tenant: Yes
Year Built: 1971
Lot Dimensions: 188 x 100
Lot Acres: 0.42
Lot Sqft: 18295
Lot Size Source: Assessor
Combined SqFt: 21722
Source of SqFt: Assessor
List Price/SqFt: 253.2
Lot Size Price/SqFt: 300.63

Property Features

Property Features: Fire Sprinklers; Furnished; Smoke Detector; Storage Construction: Masonry Stucco Roof: Built-Up - Reflect Main Cooling: Ceiling Fan(s); Central Air Main Heating: Electric; Forced Air Water Heater: Electric Gas: Natural Sewer: Connected Water: Public Security: Closed Circuit Camera(s); Security Lights; Window Bars Fence: Stucco Finish; Wrought Iron Landscape - Front: Desert Plantings; Low Care Landscape - Rear: Desert Plantings; Low Care Road Type: Paved Parking: Parking Lights; Paved Parking Terms: Assumption Property Disclosures: Lead Based Paint; Seller Prop Disclosure

Contract Information

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

Status Change Info

Off Market Date: 2019-01-04
Pending Date: 2019-01-28
Sold Date: 2019-05-22
Sold Price/SqFt: 241.69
Lot Sz Sold Prc/SqFt: 286.96
Financing: Exchange

More Information

Showing Information

Directions: From Euclid and University Blvd, West on University Blvd to 1st Ave, North on 1st Ave to address on Left.

Income

Gross Scheduled Rent: 461820
Vacancy Loss: 4618
Other Income: 120758
Adjusted Gross: 577960
Net Opp Income: 330334

Analysis

Cap Rate %: 6
Gross Rent Multi: 9.08
Vacancy Rate %: Yes
Exp % of Gross: 29.5

Expenses

Figures Presented: Proforma
Other Expenses: 138432

Apartment Unit Information

# of Units/1 BR: 40
Avg Mo Rent/1 BR: 900
# of Units/2 BR: Yes
Avg Mo Rent/2 BR: 1425

Electric

Electric Company: TEP

Security

Other: Gated Community
Closed Circuit Camera(s): Yes
Security Lights: Yes
Window Bars: Yes

Parking

# Covered Parking: 12
Other: 10 Uncovered Spaces
Parking Lights: Yes
Paved Parking: Yes

Gas

Natural: Yes

Construction

Masonry Stucco: Yes

Sewer

Connected: Yes

Roof

Built-Up - Reflect: Yes

Water

Public: Yes

Property Features

Fire Sprinklers: Yes
Furnished: Yes
Smoke Detector: Yes
Storage: Yes

Fence

Stucco Finish: Yes
Wrought Iron: Yes

Road Type

Paved: Yes

Main Cooling

Ceiling Fan(s): Yes
Central Air: Yes

Main Heating

Electric: Yes
Forced Air: Yes

Water Heater

Electric: Yes

Terms

Assumption: Yes

Sold Info

Seller Concessions: 0

Landscape - Front

Desert Plantings: Yes
Low Care: Yes

Landscape - Rear

Desert Plantings: Yes
Low Care: Yes

Property Disclosures

Lead Based Paint: Yes
Seller Prop Disclosure: Yes

Listing Office: Bright Properties

Last Updated: December - 10 - 2024

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