2325 W GARDEN Drive, Tempe, AZ 85282

$4,900,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $4,900,000 Last Modified: 10/15/2020

Description

Colonial Park is a twenty-one-unit apartment community centrally located between the highly desirable Ahwatukee + North Tempe submarkets. Developed in 1988, the property is comprised of spacious two- and three-bedroom single family detached homes as well as two-story townhome style units with direct access two-car garages. Five units have undergone interior renovations to include modernized kitchens and bathroom.Additional improvements include new ground-mounted HVAC units, artificialturf landscaping, and a re-paved parking lot. Future ownership will have the opportunity to continue interior renovations in order to achieve a suggested $250 monthly renovation premium. Furthermore, residents are granted access to the thriving employment growth surrounding Phoenix, Sky Harbor and Tempe.

Supplements: 17 of the units are Single Family Homes , 5 of the units are 2 story attached townhomes. See address schedule in documents

More Information MLS# 5956710

Contract Info

Current Price: $4,900,000 Sold Price: $4,900,000 Status: Closed List Date: 2019-07-25 Ownership: Fee Simple

Location Tax Legal

Map Code/Grid: R36 House Number: 2325 Compass: W Street Name: GARDEN St Suffix: Drive City/Town Code: Tempe State/Province: AZ Zip Code: 85282 Zip4: 6129 Country: USA County Code: Maricopa Subdivision: SVOB PARK TOWNHOMES LOT 1-26 TR A-E Assessor Number: 123-22-579 Tax Year: 2018

General Property Description

Lot Size Dimensions: 1.92 Year Built: 1988 Uncvrd Parking Spcs: 46 Total # of Units: 21 # of Buildings: 17 Zoning: R1-4 Elementary School District: Tempe Elementary School District High School District: Tempe Union High School District

Remarks Misc

Cross Street: 48th street and Baseline Geo Lat: 33.385137 Geo Lon: -111.972507

Status Change Info

Status Change Date: 2019-11-30 Off Market Date: 2019-09-04 Under Contract Date: 2019-09-02 Close of Escrow Date: 2019-11-29 Sold Price: $4,900,000

Legal Info

Township: 1N Range: 4E Section: 32 Lot Number: 1

Income Expenses

Gross Annual Sch Inc: 361680 Net Operating Income: 252315

2 Bedroom Units

# 2 Bedroom Units: 3 Avg Rent: 1328 Avg SqFt: 1271 # Baths: 2

3 Bedrooms Units

# 3 Bedroom Units: 18 Avg Rent: 1456 Avg SqFt: 1442 # Baths: 2

Sold Info

Loan Type: Conventional Loan Years: 30 Payment Type: Fixed Closing Cost Split: Normal - N Buyer Concession $/%: % Seller Concession $/%: %

Property Features

Project Type: 13 - 24 Units Other Type: House + Rental Units; Packaged Offering Construction: Frame - Wood Const - Finish: Painted; Siding Roofing: Comp Shingle Floors: Ceramic Tile; Carpet Sale Includes: Land & Building Community Amenities: Pool Exterior Amenities: Green Landscaping Interior Amenities: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds; Drapes; Breakfast Bar Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave Heating: Natural Gas; Individual Cooling: Ceiling Fan(s); Individual Water: City Franchise Sewer: Sewer - Public Electric: SRP Gas: SW Gas Parking: Garage; >1 Space Per Unit Owner Pays: None Tenant Pays: Water; Electric; Gas Source of Fincl Data: Provided by Owner Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Treat as Free&Clear Existing 1st Ln Type: Not Applicable Existing 1st Ln Trms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Ln Type: Not Applicable Existing 2nd Ln Trms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Ln Type: Not Applicable Existing 3rd Ln Trms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Other (See Remarks) Environmental: None

Listing Office: Platinum Living Realty

Last Updated: October - 15 - 2020

2325 W GARDEN Drive, Tempe, AZ 85282 (MLS# 5956710)