$4,470,000
2122 E FAIRMOUNT Avenue
Phoenix, AZ 85016
MLS# 5983835
Status: Closed

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Modern-Retro-Living-Exterior-16 (1) MRL2 MRL13 MRL11 MRL7 MRL5 MRL3 MRL1 Modern-Retro-Living-Exterior-18 (1) Modern-Retro-Living-Exterior-12 Modern-Retro-Living-Exterior-10 Modern-Retro-Living-Exterior-07 Modern-Retro-Living-Drone-1 (1) MRL15 MRL12 MRL4

Property Description
Each building of the Modern Retro Living is of single-story block construction with pitched roofs. The fully renovated property features in-suite laundry machines, private patios in select units, extra storage, and covered parking. The community also features attractive resort-style grounds with a large swimming pool and mature landscaping around the property.The units at the Modern Retro Living have been extensively renovated in 2016. They feature modern shaker-style cabinetry with brushed nickel hardware, new countertops with subway tile backsplashes, polished concrete flooring, full-size stainless-steel appliances with dishwashers and built-in microwaves, contemporary bathroom vanities, subway tile shower surrounded with new brushed nickel fixtures, ceiling

Details
Maps
Documents
Contract Info
Ownership: Fee Simple
Current Price: $4,470,000
Sold Price: $4,470,000
Status: Closed
List Date: 2019-08-30
Location, Tax & Legal
Assessor's Map #: 21
Legal Description (Abbrev): S 285' OF E 154' OF W 352' OF NE4 NW4 NE4 EX S 25' RD .92 AC
Assessor's Parcel #: 21
Assessor Parcel Ltr: E
Add'l Parcels: Yes
Tax Municipality: Phoenix
Census Tract: 110702
Taxes: 8695
Legal: S 285' OF E 154' OF W 352' OF NE4 NW4 NE4 EX S 25' RD .92 AC
Marketing Name: Modern Retro Living
Map Code/Grid: P35
House Number: 2122
Compass: E
Street Name: FAIRMOUNT
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85016
Zip4: 6189
Country: US
County Code: Maricopa
Assessor Number: 119-21-021-E
Tax Year: 2019
General Property Description
# of Buildings: 8
Uncvrd Parking Spcs: 0
Lot Size Dimensions: 285 x 267
Total # of Units: 23
Elementary School District: Creighton Elementary District
High School District: Phoenix Union High School District
Year Built: 1956
Zoning: R-3
Legal Info
Range: 3E
Section: 27
Township: 2N
Lot Number: -
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Concrete: 1
Sale Includes
Land & Building: 1
Pool Equipment: 1
Laundry Equipment: 1
Income & Expenses
Annual Elec Exp: 4224
Annual Gas Exp: 0
Annual Ins Exp: 4740
Annual Land Lse Exp: 0
Annual Landscape Exp: 8790
Annual Legal & Acctg: 0
Annual Maint Exp: 5400
Annual Mgmt Exp: 12840
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 20856
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 38699
Operating Exp: 104244
Other Income: 23843
Vacancy Allowance: 0.05
Adjusted Gross Inc: 335252.15
Total Monthly Rental Income: 27421
Pmt & Rate Info
Cap Rate: 5.65
Down Payment: 0
Equity: 4554000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Heating
Electric: 1
Cooling
Ceiling Fan(s): 1
Central Air: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Cable TV Available: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Electricity: 1
Other (See Remarks): 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Other (See Remarks): 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
1 Space/Unit: 1
Electric
APS: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Landscaping: 1
Pool Maintenance: 1
Other: 1
See Remarks: 1
New Financing
Conventional: 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 1
Avg Rent: 935
Avg SqFt: 549
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 22
Avg Rent: 1192
Avg SqFt: 769
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
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: Indian School & 22nd Street
Geo Lat: 33.493402
Geo Lon: -112.035842
Status Change Info
Off Market Date: 2020-05-01
Under Contract Date: 2020-03-31
Close of Escrow Date: 2020-05-29
Sold Price: $4,470,000
Income Expenses
Gross Annual Sch Inc: 329054
Net Operating Income: 257347
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Concrete
Sale Includes: Land & Building; Pool Equipment; Laundry Equipment
Community Features: Pool
Exterior Amenities: Landscape Water System; Green Landscaping; Cable TV Available
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Built-In Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Cooling: Ceiling Fan(s); Central Air
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: None
Parking Features: Carport; 1 Space/Unit
Road Surface Type: Asphalt
Owner Pays: Water; Landscaping; Pool Maintenance; Other; See Remarks
Tenant Pays: Electricity; Other (See Remarks)
Source of Fincl Data: Other (See Remarks)
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Other (See Rmks)
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional
Environmental: Other (See Remarks)
IDX
Listing Office: ABI Multifamily

Last Updated: August - 17 - 2022

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