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3024 N 39th Street
Phoenix, Arizona AZ 85018
Price: $4,350,000
Listing ID 6389753
Status Active
Year Built 1957

Property Description:

Tower Villa is a 14-unit apartment community located in the Arcadia Lite neighborhood just south of the 39th Street and Earll Drive intersection, an area defined by its centrality among the high-profile professional & lifestyle prospects of the Camelback, Innovation, and 44thStreet/Gateway Corridors. Positioned between bustling downtown Phoenix, burgeoning midtown, and the posh communities of Arcadia and Biltmore, Tower Villa achieves an optimal balance between live, work, and play.Developed in 1957, the property offers 10 one- and 4 two-bedroom units, with a total average unit size of 771 square feet. Future ownership will have the luxury of acquiring a turn-key asset with immediate cash flow, while also having room for rent growth as turnover provides the ability to mark to market.

Primary Features

County: Maricopa
Property Sub Type: 13 - 24 Units
Property Type: Multifamily Residential
Year Built: 1957
Zoning: R-3

Interior Features

1 Bedroom Units: 10
1 Bedroom Units: Average SqFt: 750
1 Bedroom Units: Number of Baths: 10
2 Bedroom Units: 4
2 Bedroom Units: Average SqFt: 825
2 Bedroom Units: Number of Baths: 4
Appliances Included: BI Oven/Range, Refrigerator
Cooling: Window/Wall Unit
Floors: Vinyl
Heating: Wall Furnace
Total Units: 14

External Features

Construction: Block
Covered Parking Spaces: 15
Exterior Amenities: Fenced, Green Landscaping, Patio/Balcony
Exterior Finish: Painted
Lot Size Dimensions: 40,383.00
Parking: >1 Space Per Unit
Roads/Streets: Asphalt
Roofing: Comp Shingle
Total Parking Spaces: 24

Location Information

Country: USA
High School District Number: 210 - Phoenix Union High School District
Lot Number: 142
Map Code/Grid: P35
School District: 014 - Creighton Elementary District


Community Amenities: No Pool
Electric: Individual Meter, SRP
Entry Timestamp: 2022-04-26T20:36:15+00:00
Gas: SW Gas
Marketing Name: Tower Villa
Owner Association: No
Sewer: Sewer - Public
Vacancy Allowance: 0.05
Water: Master Meter

Financial Details

1 Bedroom Units: Average Rent: 1475
2 Bedroom Units: Average Rent: 1675
Adjusted Gross Income: 254847.95
Annual Electric Expense: 13797
Annual Insurance Expense: 2207
Annual Landscape Expense: 4200
Annual Legal and Accounting: 4200
Annual Maintenance Expense: 9450
Annual Management Expense: 11795
Annual Other Expense: 1750
Annual Replacement Reserves: 4200
Contingency Type: No
Financial Data Source: Projected Proforma
Gross Annual Scheduled Income: 248455
Net Operating Income: 195759
New Financing: 1031 Exchange, Conventional, No Carry
Operating Expense: 59362
Other Income: 19806
Owner Pays: Electric, Sewer, Trash Collection, Water
Sale Includes: Land & Building
Tax Municipality: Phoenix
Taxes: 7763
Tenant Pays: Electric

Zoning Info

© 2022 Arizona Regional Multiple Listing Service, Inc. All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Arizona Elite Properties are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Elite Properties shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing courtesy of Marcus & Millichap. Listing data last updated Sunday, August 7th, 2022 03:21:30 PM.

Contact - Listing ID 6389753

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Michael Bohlman

2425 S. Stearman Dr. Suite 120
Chandler, AZ 85286
Phone: 480-797-3800

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