2014 W BERRIDGE Lane, Phoenix, AZ 85015
$5,760,000
Property Type:
Multiple Dwellings
Status:
Active
Current Price:
$5,760,000
Last Modified:
5/29/2024
Description
Signature 18, a fully occupied gated complex in Phoenix, offers a stellar investment with a 6.15% cap rate and a net operating income of $354,339. Located near Abrazo Hospital, Christown Spectrum Mall, and transit, it blends city access with quiet living. Recent capital improvements have boosted aesthetics, efficiency, and security, including desert landscaping to cut water costs, repaved parking, and refreshed exteriors. Security upgrades feature LED motion lights and cameras, alongside modern gate locks. Units are enhanced with stainless steel appliances and new roof sealing, plus a swimming pool pump upgrade. A new dog run adds to the community vibe. This turn-key property ensures immediate income and potential for appreciation, making it an outstanding choice for Phoenix investors.
More Information MLS# 6688318
Contract Info
Current Price: $5,760,000
List Price: $5,760,000
Status: Active
List Date: 2024-04-07
Ownership: Fee Simple
Subagents: N
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
House Number: 2014
Compass: W
Street Name: BERRIDGE
St Suffix: Lane
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Zip4: 2141
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 10 PARK MARYLAND AMD MCR 007625
Subdivision: PARK MARYLAND AMD
Assessor's Map #: 13
Assessor's Parcel #: 86
Assessor Parcel Ltr: A
Add'l Parcels: No
Assessor Number: 156-13-086-A
Legal: LOT 10 PARK MARYLAND AMD MCR 007625
Census Tract: 106802
Tax Municipality: Phoenix
Taxes: 7188
Tax Year: 2023
Marketing Name: Signature 18 Apartments
General Property Description
Lot Size Dimensions: 130' x 215'
Year Built: 1961
Uncvrd Parking Spcs: 1
Total # of Units: 18
# of Buildings: 1
Zoning: R-4
Flood Zone: No
Elementary School District: Washington Elementary District
High School District: Glendale Union High School District
Remarks & Misc
Cross Street: N 19th Ave & W. Berridge Ln
Directions: I17, exit at Camelback Road. Head west on Camelback Road until you reach 19th Avenue. Take a right onto 19th Avenue and proceed north for about half a mile. Then, take a left onto W. Berridge Lane.
Geo Lat: 33.526676
Geo Lon: -112.102362
Status Change Info
Status Change Date: 2024-04-07
Legal Info
Township: 2N
Range: 2E
Section: 12
Lot Number: 10
Income & Expenses
Annual Elec Exp: 1940
Annual Ins Exp: 5409
Annual Landscape Exp: 3000
Annual Maint Exp: 5400
Annual Mgmt Exp: 270
Annual Trash Exp: 1626
Annual Wtr/Swr Exp: 11479
Owner Association: No
Annual Other Expense: 12498
Operating Exp: 48810
Gross Annual Sch Inc: 378504
Other Income: 36000
Vacancy Allowance: 0.03
Adjusted Gross Inc: 402068.88
Net Operating Income: 365695
Pmt & Rate Info
Cap Rate: 6.35
Down Payment: 2304000
Down Payment %: 40
Monthly Payments: 11993.75
Equity: 5760000
Showing Notification Methods
Showing Service: No Showing Service Used
1 Bedroom Units
# 1 Bedroom Units: 4
Avg Rent: 1550.75
Avg SqFt: 600
# Baths: 4
2 Bedroom Units
# 2 Bedroom Units: 6
Avg Rent: 1863.83
Avg SqFt: 800
# Baths: 6
3 Bedrooms Units
# 3 Bedroom Units: 8
Avg Rent: 2144.5
Avg SqFt: 1000
# Baths: 16
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted; Stucco; Brick Trim/Veneer; Stone
Roofing: Built-Up
Floors: Vinyl
Sale Includes: Land & Building; Personal Property; Pool Equipment
Payment Includes: Interest
Community Amenities: Pool; Manager Res/Office; Clubhouse
Exterior Amenities: Desert Landscaping; Fenced; Security Light(s)
Interior Amenities: Unfurnished
Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Electric; Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: Individual Meter
Gas: SW Gas
Parking: 1 Space/Unit
Roads/Streets: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electric
Source of Fincl Data: Provided by Owner
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
New Financing: Cash; Conventional; No Carry; 1031 Exchange
Reports/Disclosures: None
Environmental: None
Listing Office: HomeSmart
Last Updated: May - 29 - 2024
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