2922 N 35TH Street, Phoenix, AZ 85018
$3,000,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$3,000,000
Last Modified:
4/29/2024
Description
The 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.
More Information MLS# 6077227
Contract Info
Ownership: Fee Simple
Current Price: $3,000,000
Sold Price: $3,000,000
Status: Closed
List Date: 2020-05-12
Location, Tax & Legal
Assessor's Map #: 30
Legal Description (Abbrev): W CITRUS AC MCR 24/17 LOT 181 EX S 50F OF W 150F & ALSO S 5.17F OF E 102F OF ABAND ALLEY P/D 14849 -
Assessor's Parcel #: 4
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 110901
Taxes: 12899
Legal: W CITRUS AC MCR 24/17 LOT 181 EX S 50F OF W 150F & ALSO S 5.17F OF E 102F OF ABAND ALLEY P/D 14849 -
Marketing Name: Vara Apartments
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
County Code: Maricopa
Subdivision: WEST CITRUS ACRES
Assessor Number: 127-30-004
Tax Year: 2019
General Property Description
# of Buildings: 3
Uncvrd Parking Spcs: 0
Lot Size Dimensions: 21,115
Total # of Units: 21
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
Year Built: 1968
Zoning: R-4
Legal Info
Range: 3E
Section: 25
Township: 2N
Lot Number: 181
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Concrete: 1
Sealed: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 1740
Annual Gas Exp: 0
Annual Ins Exp: 4100
Annual Land Lse Exp: 0
Annual Landscape Exp: 1200
Annual Legal & Acctg: 0
Annual Mgmt Exp: 13200
Annual Trash Exp: 1200
Annual Wtr/Swr Exp: 8400
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 42739
Other Income: 3000
Vacancy Allowance: 0.03
Adjusted Gross Inc: 233091
Pmt & Rate Info
Cap Rate: 5.22
Down Payment: 0
Equity: 3650000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Lockbox Type
None: 1
Community Features
No Pool: 1
Barbecue: 1
Other: 1
See Remarks: 1
Heating
Central: 1
Cooling
Central Air: 1
Chiller System: 1
Exterior Amenities
Landscape Water System: 1
Desert Landscaping: 1
Partially Fenced: 1
Cable TV Available: 1
Security Light(s): 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Free-Standing Range: 1
Refrigerator: 1
Disposal: 1
Microwave: 1
Washer/Dryer: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Paved: 1
Electric
SRP: 1
Individual Meter: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Electric: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
1031 Exchange: 1
Existing 1st Loan
Treat as Free&Clear: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
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
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Exchange
Loan Years: 30
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
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
Income Expenses
Gross Annual Sch Inc: 237300
Net Operating Income: 190352
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)
Appliances Included: Free-Standing Range; Refrigerator; Disposal; Microwave; 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
Owner Pays: Water; Electric; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
New Financing: Conventional; 1031 Exchange
Environmental: None
Listing Office:
Metro Realty
Last Updated: April - 29 - 2024
Copyright 2025 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.