Listing ID6257614
Sold For$2,100,000
StatusClosed
Sold Date8/31/2021
CountyMaricopa
Year Built1961
Property TypeMultiple Dwellings
C O LT E R is a eight-unit apartment community located northwest of the intersection of Central Avenue and Camelback Road, one-half mile from a Valley
METRO Light Rail station, offering outstanding connectivity to the growing lifestyle and economic opportunities of Midtown & Downtown Phoenix. Positioned near the northern boundary of Midtown Phoenix, Colter has access to approximately 171,000
employees housed at companies such as Freeport McMoRan, Bank of America, and IBM Corporation among others as well as a number of award-winning medical centers including Dignity Health and Banner Health-led facilities. The property's unparalleled
location is greatly enhanced by proximity to several incoming developments, including The Central Park, Creighton Medical School, and Astra Phoenix, which will impact the economic and academic trajectory of this innovative region immensely. Additionally, Colter maintains walkability to several nearby dining hotspots, such as Windsor
and Postino, as well as Uptown Plaza, a collection of local favorite retail and dining anchored by AJ's Fine Foods. Developed in 1961, Colter is comprised of 100% two bedroom floorplans - all units averaging 850 square feet. Future ownership will
have the opportunity to upgrade 2 classic interiors with an associated renovation premium of $150 per month .
County
Maricopa
Property Type
Multiple Dwellings
Year Built
1961
Zoning
R4
2 Bedroom Units # Baths
1
2 Bedroom Units Avg SqFt
850
Cooling
Heat Pump
Cooling
yes
Heating
Individual, Electric
Heating
yes
Community Features
Other, No Pool
Country
US
Elementary School District
Madison Elementary District
General Property Description Elementary School District2
Madison Elementary District
General Property Description High School District
Phoenix Union High School District
High School District
Phoenix Union High School District
Postal City
Phoenix
Water Source
City Franchise
Attached Garage
no
Construction Materials
Painted, Brick, Slump Block
Electric
APS, Individual Meter
General Property Description # of Buildings
2
General Property Description Flood Zone
No
General Property Description Lot Size Dimensions
IRR
General Property Description Total # of Units
8
General Property Description Uncvrd Parking Spcs
8
Lot Size Dimensions
IRR
Number Of Buildings
2
Number Of Units Total
8
Open Parking Spaces
8
Parking Assigned
1
Parking Carport
1
Parking Features
Paved Parking, Assigned, >1 Space Per Unit, Common
Parking Total
8
Road Surface Type
Asphalt, Alley
Roof
Foam
Sewer
Public Sewer
Buyer Agency Compensation
2.00
Mls Status
Closed
2 Bedroom Units Avg Rent
1166
Cap Rate
3.52
Disclosures
Seller Prop Disc Stm
Gardener Expense
1090
Gross Income
108087.2
Gross Scheduled Income
111936
Insurance Expense
3200
Listing Terms
Conventional
Maintenance Expense
3000
Net Operating Income
77535
Operating Expense
29451
Other Expense
1800
Owner Pays
Gas, Trash Collection, Water, Sewer, Cable TV, Landscaping
Professional Management Expense
5353
Tax Annual Amount
4406
Tax Book Number
162.00
Tax Lot
4 and 5
Tax Year
2020
Tenant Pays
Electricity
Water Sewer Expense
7402
Contact - Listing ID 6257614
Michael Bohlman
2425 S. Stearman Dr. Suite 120
Chandler, AZ 85286
Phone: 480-797-3800
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