12440 N 113TH Avenue, Youngtown, AZ 85363

$8,400,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $8,400,000 Last Modified: 3/13/2025

Overview

Description

This is a top-quality, low-risk asset, situated in a very strong rental submarket - and it also has significant upside potential. RENTS ARE WAY BELOW MARKET. Property is located in Youngtown, adjacent to the retirement haven of Sun City. As a result, Sun Valley tends to cater to an older, stable resident profile, which has allowed the property to develop a long history of consistently high occupancy, with very low tenant turnover. The exterior of property is in excellent condition. However, the apartment interiors are still quite basic, especially the ones that have had long-term tenants living there - but that creates an enormous opportunity for the Buyer. Note: a total of 59 of the 71 units are currently on month-to-month leases, so rents can potentially be moved up very quickly.

Listing Details MLS# 6203064

Location, Tax & Legal

Map Code/Grid: L30
House Number: 12440
Compass: N
Street Name: 113TH
St Suffix: Avenue
City/Town Code: Youngtown
State/Province: AZ
Zip Code: 85363
Zip4: 1130
County Code: Maricopa
Assessor Number: 200-85-003-V
Tax Year: 2020
Assessor's Map #: 85
Legal Description (Abbrev): COM INTERSEC C/L TENNESSEE AVE & 113TH AVE S 385.16F TPOB S 108.37F SWLY ALG CUR TO R 96.86F S 88
Assessor's Parcel #: 3
Assessor Parcel Ltr: V
Add'l Parcels: No
Tax Municipality: Youngtown
Census Tract: 71600
Taxes: 18406
Legal: COM INTERSEC C/L TENNESSEE AVE & 113TH AVE S 385.16F TPOB S 108.37F SWLY ALG CUR TO R 96.86F S 88
Marketing Name: Sun Valley Apartments

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 3.16 acres
Year Built: 1983
Uncvrd Parking Spcs: 20
Total # of Units: 71
# of Buildings: 8
Zoning: C-1
Elementary School District: Peoria Unified School District
High School District: Peoria Unified School District

Remarks Misc

Cross Street: 113th Avenue & W. Rhode Island
Directions: South of Grand Avenue on 113th Avenue for 1/2 mile

Status Change Info

Off Market Date: 2021-05-01
Under Contract Date: 2021-03-26
Close of Escrow Date: 2021-05-30

Legal Info

Township: 3N
Range: 1E
Section: 18
Lot Number: 20085003V

More Information

Income Expenses

Gross Annual Sch Inc: 623520
Net Operating Income: 400659

1 Bedroom Units

# 1 Bedroom Units: 69
Avg Rent: 700
Avg SqFt: 615
# Baths: Yes

2 Bedroom Units

# 2 Bedroom Units: Yes
Avg Rent: 900
Avg SqFt: 900
# Baths: 2

3 Bedrooms Units

# 3 Bedroom Units: Yes
Avg Rent: 1195
Avg SqFt: 1260
# Baths: 2

Sold Info

Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

51 - 99 Units: Yes

Construction

Block: Yes

Const - Finish

Brick Veneer: Yes

Roofing

Composition: Yes
Built-Up: Yes

Floors

Concrete: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 18406
Other Income: 5000
Vacancy Allowance: 0.03
Adjusted Gross Inc: 609664.4

Pmt & Rate Info

Cap Rate: 4.8
Equity: 8342500
Down Payment %: 35
Monthly Payments: 24248
Total Owed: 0

Showing Notification Methods

Phone Call: Yes

Lockbox Type

None: Yes

Community Features

Pool: Yes
Manager Res/Office: Yes
Game/Rec Room: Yes
Barbecue: Yes

Heating

Heat Pump: Yes
Electric: Yes
Individual: Yes

Cooling

Electric: Yes
Individual: Yes

Exterior Amenities

Fenced: Yes
Curb(s) & Gutter(s): Yes
Patio/Balcony: Yes

Interior Features

Unfurnished: Yes
Vertical Blinds: Yes

Tenant Pays

Electricity: Yes

Appliances Included

Disposal: Yes
Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
1 Space/Unit: Yes
Paved: Yes

Electric

APS: Yes
Individual Meter: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Gas: Yes
Trash Collection: Yes
Landscaping: Yes
Pool Maintenance: Yes

New Financing

Other (See Remarks): Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 51 - 99 Units Construction: Block Const - Finish: Brick Veneer Roofing: Composition; Built-Up Floors: Concrete Sale Includes: Land & Building Community Features: Pool; Manager Res/Office; Game/Rec Room; Barbecue Exterior Amenities: Fenced; Curb(s) & Gutter(s); Patio/Balcony Interior Features: Unfurnished; Vertical Blinds Appliances Included: Free-Standing Range; Refrigerator; Disposal Heating: Individual; Heat Pump Cooling: Electric; Individual Water Source: City Franchise Sewer: Sewer - Public Electric: APS; Individual Meter Gas: SW Gas Parking Features: Carport; 1 Space/Unit; Paved Road Surface Type: Asphalt Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance Tenant Pays: Electricity Source of Fincl Data: Projected Proforma Showing Notification Methods: Phone Call Lockbox Type: None New Financing: Other (See Remarks) Environmental: None

Listing Office: Keller Williams Arizona Realty

Last Updated: March - 13 - 2025

480.335.2355

realestateRAY@Ymail.com

12440 N 113TH Avenue, Youngtown, AZ 85363 (MLS# 6203064)