819 N 1st Avenue, Tucson, AZ 85719 (MLS# 21825168)

819 N 1st Avenue, Tucson, AZ 85719

$5,250,000
Property Type: Commercial Square Footage: 21,722 Lot Size (sq. ft.): 300 Status: Closed
Current Price: $5,250,000 List Date: 1/04/2019 Last Modified: 12/10/2024

Description

This is a rare once in a lifetime opportunity to own prime property directly next to a major university, which is turnkey and does not need renovation. Superb existing financing must be assumed by Buyer. FNMA loan: $3,000,000 @3.99% 10 year stop (from 12/17). Non-recourse AND Assumable! Major capital improvements have been done including all new windows, HVAC units, water heater, exterior paint and trim, landscaping & security cameras. 20 ''A'' units have granite, hardwood, mirrored doors on closets and dishwashers. Six units have upgraded flooring and B-level cosmetics. 15 ''B'' units feature tasteful carpeting in bedroom and living area and tile or VCT in baths and kitchen. All units have modern, tasteful cosmetics. B units are easily & inexpensively converted to ''A'' units. Owner/Agent

More Information MLS# 21825168

Address Information

Country: USA Street #: 819 Direction: N Street Name: 1st Suffix: Avenue State/Province: AZ Zip Code: 85719 County: Pima

Location, Tax & Legal

Tax Year: 2017 Taxes: 20180.61 Assessments: 0 Taxes For: Building & Land Legal Description: Tucson Lots 8 & 9 Blk 23 Municipality/Zoning: Tucson - HR3 Fire Protection: Included in Taxes FEMA Flood Zone: No Municipal Flood Zone: No Tax Code: 117-03-0100 Area: Central

Contract Information

Method of Title: Fee (Simple) Short Sale: No Current Price: $5,250,000 Sold Price: $5,250,000 Listing Date: 2018-09-17 Status: Closed

Status Change Info

Off Market Date: 2019-01-04 Sold Price/SqFt: 241.69 Lot Sz Sold Prc/SqFt: 286.96 Financing: Exchange Pending Date: 2019-01-28 Sold Date: 2019-05-22 Sold Price: $5,250,000

Showing Information

Directions: From Euclid and University Blvd, West on University Blvd to 1st Ave, North on 1st Ave to address on Left.

General Property Information

Property Sub-Type: Apartment # Units: 41 Lot Dimensions: 188 x 100 Lot Acres: 0.42 Lot Sqft: 18295 Multi-Tenant: Yes Lot Size Source: Assessor Source of SqFt: Assessor List Price/SqFt: 253.2 Lot Size Price/SqFt: 300.63 Year Built: 1971 Combined SqFt: 21722

Electric

Electric Company: TEP

Income

Vacancy Loss: 4618 Other Income: 120758 Adjusted Gross: 577960 Gross Scheduled Rent: 461820 Net Opp Income: 330334

Gas

Natural: 1

Analysis

Gross Rent Multi: 9.08 Vacancy Rate %: 1 Exp % of Gross: 29.5 Cap Rate %: 6

Construction

Masonry Stucco: 1

Expenses

Figures Presented: Proforma Other Expenses: 138432

Sewer

Connected: 1

Apartment Unit Information

# of Units/1 BR: 40 Avg Mo Rent/1 BR: 900 # of Units/2 BR: 1 Avg Mo Rent/2 BR: 1425

Roof

Built-Up - Reflect: 1

Water

Public: 1

Property Features

Fire Sprinklers: 1 Furnished: 1 Smoke Detector: 1 Storage: 1

Fence

Stucco Finish: 1 Wrought Iron: 1

Road Type

Paved: 1

Main Cooling

Ceiling Fan(s): 1 Central Air: 1

Main Heating

Electric: 1 Forced Air: 1

Water Heater

Electric: 1

Terms

Assumption: 1

Security

Closed Circuit Camera(s): 1 Security Lights: 1 Window Bars: 1 Other: Gated Community

Sold Info

Seller Concessions: 0

Landscape - Front

Desert Plantings: 1 Low Care: 1

Landscape - Rear

Desert Plantings: 1 Low Care: 1

Parking

# Covered Parking: 12 Parking Lights: 1 Paved Parking: 1 Other: 10 Uncovered Spaces

Property Disclosures

Lead Based Paint: 1 Seller Prop Disclosure: 1

Remarks Misc

Geo Lat: 32.232256 Geo Lon: -110.961479

Property Features

Property Features: Fire Sprinklers; Furnished; Smoke Detector; Storage Construction: Masonry Stucco Roof: Built-Up - Reflect Main Cooling: Ceiling Fan(s); Central Air Main Heating: Electric; Forced Air Water Heater: Electric Gas: Natural Sewer: Connected Water: Public Security: Closed Circuit Camera(s); Security Lights; Window Bars Fence: Stucco Finish; Wrought Iron Landscape - Front: Desert Plantings; Low Care Landscape - Rear: Desert Plantings; Low Care Road Type: Paved Parking: Parking Lights; Paved Parking Terms: Assumption Property Disclosures: Lead Based Paint; Seller Prop Disclosure
Listing Office: Bright Properties
Last Updated: December - 10 - 2024
819 N 1st Avenue, Tucson, AZ 85719- MLS# 21825168
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