219 W Fort Lowell Road, Tucson, AZ 85705 (MLS# 21816042)

219 W Fort Lowell Road, Tucson, AZ 85705

$1,350,000
Property Type: Commercial Square Footage: 18,148 Lot Size (sq. ft.): 33 Status: Closed
Current Price: $1,350,000 List Date: 6/07/2018 Last Modified: 12/10/2024

Description

Having been purchased out of foreclosure in 2012, Westview has undergone a tremendous amount of renovation over the past several years, including replacement of all plumbing, roof replacement, exterior trim painting, resurfacing of entire parking lot, and interior unit replacements, including all flooring. Further opportunity of undergoing unit upgrades (kitchen and bath) In order to possibly garner a higher rent than current market rates for 1 BR units in the area ($550/mo.) The complex consists of 38 spacious 1 bedroom units.

More Information MLS# 21816042

Address Information

Country: USA Street #: 219 Direction: W Street Name: Fort Lowell Suffix: Road State/Province: AZ Zip Code: 85705 County: Pima

Location, Tax & Legal

Tax Year: 2017 Taxes: 8518.07 Assessments: 77274 Legal Description: Coronado Heights Lot 2 and W2 Lot 6 Blk 7 Development Name: Coronado Heights Municipality/Zoning: Tucson - C2 Fire Protection: Included in Taxes FEMA Flood Zone: TBD Municipal Flood Zone: TBD Tax Code: 107-11-1200 Area: Central

Contract Information

Short Sale: No Current Price: $1,350,000 Sold Price: $1,350,000 Listing Date: 2018-06-06 Status: Closed

Status Change Info

Off Market Date: 2018-08-03 Sold Price/SqFt: 74.39 Lot Sz Sold Prc/SqFt: 30.99 Financing: Other Pending Date: 2018-10-22 Sold Date: 2018-10-29 Sold Price: $1,350,000

Showing Information

Directions: From Downtown North on Stone to Fort Lowell then West on Fort Lowell to Property which sits on the south side of the street.

General Property Information

Property Sub-Type: Apartment Construction Status: Existing # Units: 38 Lot Dimensions: 311.35 X 143.78 Lot Acres: 1 Total Parking: 43 Lot Sqft: 43560 Multi-Tenant: Yes Lot Size Source: Assessor Source of SqFt: Assessor List Price/SqFt: 79.9 Lot Size Price/SqFt: 33.29 Year Built: 1985 Combined SqFt: 18148

Electric

Electric Company: TEP

Income

Vacancy Loss: 22572 Other Income: 18400 Adjusted Gross: 246628 Total Expenses: 68803 Gross Scheduled Rent: 250800 Net Opp Income: 177825

Gas

Natural: 1

Analysis

Gross Rent Multi: 5.47 Vacancy Rate %: 9 Exp/SqFt: 3.79 Exp % of Gross: 27.9 Cap Rate %: 13.17

Construction

Frame - Stucco: 1

Expenses

Admin Expenses: 380 Captial Expenses: 0 Contract Services: 0 Figures Presented: Proforma Gas/Electric: 7000 Insurance: 5040 Maintenance Supplies: 15000 Management: 9865 Resident Manager: 0 Taxes/Assessments: 8518 Water/Sewer: 23000 Other Expenses: 0

Sewer

Connected: 1

Unit Information

Adult Housing: Independent Living Residences Apartment: Low Rise

Apartment Unit Information

# of Units/1 BR: 38 Avg Mo Rent/1 BR: 475

Roof

Built-Up: 1

Water

Public: 1

Property Features

A.D.A. Compliant: Yes Smoke Detector: 1

Fence

Block: 1

Road Type

Paved: 1

Lot Features

East/West Exposure: 1

Main Cooling

Central Air: 1

Main Heating

Heat Pump: 1

Water Heater

Electric: 1

Terms

Submit: 1

Submit With Offer

Proof of Funds: 1

Accessibility Option

Level: 1

Security

Security Lights: 1

Sold Info

Seller Concessions: 0

Landscape - Front

Low Care: 1

Landscape - Rear

Low Care: 1

Parking

Paved Parking: 1

Business Location

Multiple Locations: 1

Freeway/Highway

Access: 1

Traffic Count

Unknown: 1

Remarks Misc

Geo Lat: 32.26419 Geo Lon: -110.975018

Property Features

Property Features: Smoke Detector Construction: Frame - Stucco Roof: Built-Up Main Cooling: Central Air Main Heating: Heat Pump Water Heater: Electric Gas: Natural Sewer: Connected Water: Public Accessibility Option: Level Security: Security Lights Fence: Block Landscape - Front: Low Care Landscape - Rear: Low Care Road Type: Paved Parking: Paved Parking Lot Features: East/West Exposure Business Location: Multiple Locations Traffic Count: Unknown Terms: Submit Submit With Offer: Proof of Funds
Listing Office: Equilibrium Realty
Last Updated: December - 10 - 2024
219 W Fort Lowell Road, Tucson, AZ 85705- MLS# 21816042
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