$3,500,000
2922 N 35TH StreetPhoenix, AZ 85018
MLS# 6077227
23 beds | 21 baths
1 / 11
Property DescriptionThe Vara Apartments are 21-unit garden style apartments located in the highly sought out for neighborhood of ARCADIA LITE. These units have been updated with stainless steel appliances, polished concrete floors, and huge walk in closets. Amenities include a pergola sitting area, BBQ, gated/covered parking and onsite laundry facility for additional income. Most tenants are month to month with room to raise rents. All units have one covered parking space within the gated community. Tenants pay electric, cable and internet. Close to Sky Harbor Airport, Downtown Phoenix, ASU, Biltmore shopping center and Camelback Mountain.
Details
Contract Info
Current Price: $3,000,000
List Price: $3,500,000
Status: Closed
List Date: 2020-05-12
Ownership: Fee Simple
Location, Tax & Legal
Map Code/Grid: P35
House Number: 2922
Compass: N
Street Name: 35TH
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85018
Zip4: 7415
Country: US
County Code: Maricopa
Subdivision: WEST CITRUS ACRES
Assessor Number: 127-30-004
Tax Year: 2019
General Property Description
Lot Size Dimensions: 21,115
Year Built: 1968
Total # of Units: 21
# of Buildings: 3
Zoning: R-4
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Elementary School: Creighton Elementary School
Jr. High School: Creighton Elementary School
High School: Camelback High School
Legal Info
Township: 2N
Range: 3E
Section: 25
Lot Number: 181
1 Bedroom Units
# 1 Bedroom Units: 19
Avg Rent: 925
Avg SqFt: 700
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 2
Avg Rent: 1100
Avg SqFt: 850
# Baths: 1
Structure
Bedrooms Total: 23
Bathrooms Total: 21
Income & Expenses
Gross Annual Sch Inc: 237,300
Net Operating Income: 190,352
Sold Info
Loan Type: Exchange
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Remarks Misc
Cross Street: 35th Street and Thomas
Directions: East on Thomas Rd, North on 35th St.
Geo Lat: 33.481544
Geo Lon: -112.006843
Status Change Info
Off Market Date: 2020-09-25
Under Contract Date: 2020-08-11
Close of Escrow Date: 2020-10-09
Sold Price: $3,000,000
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Concrete; Sealed
Sale Includes: Land & Building
Community Features: No Pool; Barbecue; Other; See Remarks
Exterior Amenities: Landscape Water System; Desert Landscaping; Partially Fenced; Cable TV Available; Security Light(s)
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Disposal; Microwave; Refrigerator; Free-Standing Range; Washer/Dryer
Heating: Central
Cooling: Central Air; Chiller System
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP; Individual Meter
Gas: None
Parking Features: 1 Space/Unit; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Sewer; Electric; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
New Financing: Conventional; 1031 Exchange
Environmental: None
Listing Office: Metro Realty
Last Updated: April - 29 - 2024
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