1337 E Polk Street, Phoenix, AZ 85006 (MLS# 6327872)

1337 E Polk Street, Phoenix, AZ 85006

$4,275,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $4,275,000 Last Modified: 7/29/2024

Overview

Description

Polk Bungalows, a currently under construction, boutique 10-unit single family built to rent community situated on a one half acre parcel in Downtown Phoenix, Arizona. This one-of-a-kind property featuring tastefully designed, modern architecture by Aaron Bass of Stance Architecture is located in the rapidly gentrifying historic district of Garfield, minutes away from and 1 mile walking distance to both Downtown Phoenix and nationally recognized Roosevelt Row Arts District - contributing to a high rental demand and strong tenant base for this vibrant urban infill location.

Supplements: The property consists of a single freestanding 1,378 square foot historic house originally built in 1900 offering 2 bedrooms and 2 baths, and currently being rebuilt from the inside out with modern amenities and high end finishes, as well as 9 modern and sleek casita bungalows offering 1 bedroom 1.5 bath spacious floor plans with 884 square feet. P ... (Read more)

Listing Details MLS# 6327872

Location, Tax & Legal

Map Code/Grid: Q34
House Number: 1337
Compass: E
Street Name: Polk
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85006
County Code: Maricopa
Assessor Number: 116-25-174
Tax Year: 2021
Assessor's Map #: 25
Assessor's Parcel #: 174
Add'l Parcels: Yes
Tax Municipality: Phoenix
Taxes: 3312
Legal: GERMANIA PL PT LOT 12 E2 & GERMANIA PL PT LOT 12 W2
Marketing Name: Polk Bungalows

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 200' x 109'
Year Built: 2022
Uncvrd Parking Spcs: 4
Total # of Units: 10
# of Buildings: 10
Zoning: R-5, HP
Flood Zone: No
Elementary School District: Phoenix Elementary District
High School District: Phoenix Union High School District
Elementary School: Kenilworth Elementary School
Jr. High School: Whittier Elementary School - Phoenix
High School: Central High School

Remarks Misc

Cross Street: 16th St & Van Buren St.
Directions: Wast on Van Buren, North on 14th St, West on Polk. Property on South side.

Status Change Info

Off Market Date: 2022-02-25
Under Contract Date: 2022-02-16
Close of Escrow Date: 2022-03-31

Legal Info

Township: 1N
Range: 3E
Section: 4
Lot Number: 12

More Information

Income Expenses

Gross Annual Sch Inc: 240660
Net Operating Income: 190559

1 Bedroom Units

# 1 Bedroom Units: 9
Avg Rent: 1895
Avg SqFt: 885
# Baths: 15

2 Bedroom Units

# 2 Bedroom Units: Yes
Avg Rent: 3000
Avg SqFt: 1379
# Baths: 2

Contact Info

List Agent Home Phn: 602-793-2753

Sold Info

Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

5 - 12 Units: Yes

Construction

Block: Yes
Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Composition: Yes
Metal: Yes

Floors

Concrete: Yes
Vinyl: Yes

Sale Includes

Land & Building: Yes
Laundry Equipment: Yes

Income & Expenses

Annual Elec Exp: 2000
Annual Ins Exp: 3000
Annual Legal & Acctg: 1000
Annual Maint Exp: 6000
Annual Mgmt Exp: 11911
Annual Wtr/Swr Exp: 8000
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual Rplcmnt Rsrvs: 200
Annual Other Expense: 1250
Operating Exp: 36673
Other Income: 12000
Vacancy Allowance: 0.06
Adjusted Gross Inc: 237500.4

Pmt & Rate Info

Cap Rate: 4.43
Equity: 4300000
Down Payment %: 50
Monthly Payments: 7656
Total Owed: 0

Lockbox Type

None: Yes

Community Features

No Pool: Yes
Other: Yes

Heating

Electric: Yes
Individual: Yes

Cooling

Electric: Yes
Heat Pump: Yes
Individual: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes
Partially Fenced: Yes
Patio/Balcony: Yes

Interior Features

Fire/Smoke Alarm(s): Yes
Fire Sprinklers: Yes

Tenant Pays

Water: Yes
Sewer: Yes
Electricity: Yes
Trash Collection: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Free-Standing Range: Yes
Washer/Dryer: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes
Sewer-In & Connected: Yes

Parking Features

Carport: Yes
On Street: Yes
1 Space/Unit: Yes
>1 Space Per Unit: Yes
Assigned: Yes

Electric

APS: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Conventional: Yes
No Carry: Yes
1031 Exchange: Yes
Other (See Remarks): Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes
ALTA Survey Availbl: Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 5 - 12 Units Construction: Block; Wood Frame Const - Finish: Painted; Stucco Roofing: Composition; Metal Floors: Concrete; Vinyl Sale Includes: Land & Building; Laundry Equipment Community Features: No Pool; Other Exterior Amenities: Landscape Water System; Desert Landscaping; Partially Fenced; Patio/Balcony Interior Features: Fire/Smoke Alarm(s); Fire Sprinklers Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer Heating: Individual Cooling: Electric; Heat Pump; Individual Water Source: City Franchise; Master Meter Sewer: Sewer - Public; Sewer-In & Connected Electric: APS Gas: None Parking Features: Carport; On Street; 1 Space/Unit; >1 Space Per Unit; Assigned Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Water; Sewer; Electricity; Trash Collection Source of Fincl Data: Projected Proforma Lockbox Type: None Existing 1st Loan: Treat as Free&Clear New Financing: Conventional; No Carry; 1031 Exchange; Other (See Remarks) Environmental: None

Listing Office: Urban Luxe Real Estate

Last Updated: July - 29 - 2024