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Michael R. Ginnaty

Margie and Mike Ginnaty
agents for DPR Realty
Mesa / Scottsdale, AZ

602-573-9000
Contact Us

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Listing 10 out of 251
$1,150,000 For Sale

1214 Farmer Avenue
Tempe, AZ 85281

7 units | Multi Family Home - MLS# 5806503
Property Photo
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Description

7 Units walking distance to Mill Ave and Arizona State University. 100% occupied. Recent fully completed unit addition in the ''A'' building from two units to three units, a new separate studio driving a new incremental $7,000 year in NOI. Raised rents 9.5% across all the units since purchase in line with Tempe rental market increases, the ''B'' loft units at $810/month are still below market. Vacancies have ran sub ~3.75% simultaneously. Large documented capital expenditures ($50k+), studio conversion, numerous capital improvements (new water heaters, AC units and plumbing) and interior renovations. Pro forma NOI for the property this year will be $58,800 (full occupancy at listing and leased through Q2'19) at a 5% plus cap rate. Building A was built in 1947, Building B was built in 1958. There are 3 uncovered tandem parking spaces and 4 covered tandem parking spaces. 1 Tandem space per unit. With exception of unit A-101, all tenants are students enrolled in advanced degrees. All units have gas heat and electric cooling. Students at ASU have to pay $800 per semester in order to obtain a campus parking permit. By leasing these apartments - it's like getting two months free rent because they don't have to pay the parking fee. Disclosure: the Co-Listing agent holds interest in F/O/K PROPERTIES LLC and is a licensed real estate agent in the state of Arizona. Buyer to verify all information. New exterior paint and landscaping as of 1/2019.

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Listing Status: Active
  • County/Area: Maricopa County
  • Zip Code: 85281
  • Year Built: 1947
  • Subdivision/Neighborhood: State College Homes Lots 33-40
  • School District: 003 - Tempe School District
  • Units: 7 units
  • # of Parking Spaces: 7
  • Zoning: R-3
  • Appliances Included: Refrigerator, Washer/Dryer, Dishwasher
  • Complex Features: No Pool
  • Const - Finish: Stucco
  • Construction: Block
  • Cooling: Electric Refrigeratd
  • Covered Parking Spcs: 4.00
  • Electric: APS, Individual Meter
  • Floors: Carpet, Ceramic Tile
  • Gas: SW Gas
  • Heating: Gas
  • High School Dist #: 003 - Tempe School District
  • Interior Features: Unfurnished
  • Lot Dimensions: 50x190
  • Marketing Name: State College Homes
  • Net Income: 58800.00
  • Owner Pays: Water, Landscaping, Trash, Gas, Sewer
  • Parking: 1 Space/Unit
  • Property Description: 5 - 12 Units
  • Roads/Streets: Asphalt/Blacktop
  • Roofing: Comp Shingle, Foam
  • Sale Includes: Land & Building
  • Sewer: Sewer - Public
  • Special Listing Conditions: Owner/Agent
  • Water: City Franchise
Courtesy of HomeSmart
 

Margie and Mike Ginnaty | 602-573-9000 | Contact Us 

3850 E. Baseline Rd. #120, Mesa, AZ 85206 - Branch Office
14811 N. Kierland Blvd #700, Scottsdale, AZ 85254 - Corporate Office    
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