$8,400,000
12440 N 113TH Avenue
Youngtown, AZ 85363
MLS# 6203064
Status: Closed

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Property 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.

Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $8,400,000
Sold Price: $8,400,000
Status: Closed
List Date: 2021-03-01
Location, Tax & Legal
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
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
General Property Description
# of Buildings: 8
Uncvrd Parking Spcs: 20
Lot Size Dimensions: 3.16 acres
Total # of Units: 71
Elementary School District: Peoria Unified School District
High School District: Peoria Unified School District
Year Built: 1983
Zoning: C-1
Legal Info
Range: 1E
Section: 18
Township: 3N
Lot Number: 20085003V
Project Type
51 - 99 Units: 1
Construction
Block: 1
Const - Finish
Brick Veneer: 1
Roofing
Composition: 1
Built-Up: 1
Floors
Concrete: 1
Sale Includes
Land & Building: 1
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: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Manager Res/Office: 1
Game/Rec Room: 1
Barbecue: 1
Heating
Heat Pump: 1
Electric: 1
Individual: 1
Cooling
Electric: 1
Individual: 1
Exterior Amenities
Fenced: 1
Curb(s) & Gutter(s): 1
Patio/Balcony: 1
Interior Features
Unfurnished: 1
Vertical Blinds: 1
Tenant Pays
Electricity: 1
Appliances Included
Disposal: 1
Refrigerator: 1
Free-Standing Range: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
1 Space/Unit: 1
Paved: 1
Electric
APS: 1
Individual Meter: 1
Gas
SW Gas: 1
Owner Pays
Water: 1
Sewer: 1
Gas: 1
Trash Collection: 1
Landscaping: 1
Pool Maintenance: 1
New Financing
Other (See Remarks): 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 69
Avg Rent: 700
Avg SqFt: 615
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 900
Avg SqFt: 900
# Baths: 2
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1195
Avg SqFt: 1260
# Baths: 2
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Cash
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: 113th Avenue & W. Rhode Island
Directions: South of Grand Avenue on 113th Avenue for 1/2 mile
Geo Lat: 33.598211
Geo Lon: -112.302959
Status Change Info
Off Market Date: 2021-05-01
Under Contract Date: 2021-03-26
Close of Escrow Date: 2021-05-30
Sold Price: $8,400,000
Income Expenses
Gross Annual Sch Inc: 623520
Net Operating Income: 400659
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
IDX
Listing Office: Keller Williams Arizona Realty

Last Updated: March - 13 - 2025

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