6824 E 4TH Street, Scottsdale, AZ 85251 (MLS# 5814645)

6824 E 4TH Street, Scottsdale, AZ 85251

$4,051,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $4,051,000 Last Modified: 6/03/2020

Overview

Description

***38-U PORTFOLIO SALE: CAN BE ACQUIRED SEPARATELY (MLS#5814726- Royal Palms)*** OUTSTANDING LOCATION! Unique 26-unit boutique garden apt complex within highly desirable Downtown Scottsdale (DTS). R-5 and in DT Overlay for REDEVELOPMENT. Each unit individually metered for electric and with separate HVAC. Situated on a quiet 1+ acre cul-de-sac parcel, within walking distance to DTS Jobs, Restaurants, Shops, and Entertainment District. The property offers residents Spacious Floor Plans, Lush Landscaping, Beautiful Pool, and Covered Parking. VERY FEW MF OFFERINGS IN DTS, an INCREDIBLE OPPORTUNITY to acquire a Well-Maintained 38-unit Portfolio with Rental Upside (Shalimar 10-unit LURA in place until APR 2024; Royal 8-unit LURA in place until May 202

Listing Details MLS# 5814645

Location, Tax & Legal

Map Code/Grid: P37
House Number: 6824
Compass: E
Street Name: 4TH
St Suffix: Street
City/Town Code: Scottsdale
State/Province: AZ
Zip Code: 85251
Zip4: 5532
County Code: Maricopa
Subdivision: AZURA SCOTTSDALE
Assessor Number: 130-10-037-C
Tax Year: 2017
Assessor's Map #: 10
Legal Description (Abbrev): LOT 3 AZURA SCOTTSDALE MCR 007710
Assessor's Parcel #: 37
Assessor Parcel Ltr: C
Add'l Parcels: No
Tax Municipality: Scottsdale
Census Tract: 217502
Taxes: 6737
Legal: LOT 3 AZURA SCOTTSDALE MCR 007710
Marketing Name: DT Scottsdale MFPortfolio

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 44383
Year Built: 1959
Uncvrd Parking Spcs: 5
Total # of Units: 26
# of Buildings: 7
Zoning: R-5, DO
Elementary School District: Scottsdale Unified District
High School District: Scottsdale Unified District

Remarks Misc

Cross Street: 68th Street & Indian School Rd

Status Change Info

Off Market Date: 2019-01-23
Under Contract Date: 2018-10-07
Close of Escrow Date: 2019-02-28

Legal Info

Lot Number: 3

More Information

1 Bedroom Units

# 1 Bedroom Units: 20
Avg SqFt: 825
# Baths: Yes
Avg Rent: 0

2 Bedroom Units

# 2 Bedroom Units: 4
Avg SqFt: 1075
# Baths: 2
Avg Rent: 0

3 Bedrooms Units

# 3 Bedroom Units: 2
Avg SqFt: 1600
# Baths: 2
Avg Rent: 0

Sold Info

Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

25 - 50 Units: Yes

Construction

Block: Yes
Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Foam: Yes

Floors

Wood: Yes
Ceramic Tile: Yes
Carpet: Yes

Sale Includes

Land & Building: Yes

Income & Expenses

Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 6737
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 0

Pmt & Rate Info

Down Payment: 0
Equity: 4400000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0

Community Features

Pool: Yes

Heating

Electric: Yes

Cooling

Electric: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Disposal: Yes
Refrigerator: Yes
Free-Standing Range: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Projected Proforma: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes

Electric

APS: Yes

Gas

City Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes
Pool Maintenance: Yes

New Financing

Conventional: Yes
1031 Exchange: Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Type

Not Applicable: Yes

Existing 1st Loan Terms

Not Applicable: Yes

Existing 2nd Loan

Other (See Remarks): Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Other (See Remarks): Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

None: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 25 - 50 Units Construction: Block; Wood Frame Const - Finish: Painted; Stucco Roofing: Foam Floors: Wood; Ceramic Tile; Carpet Sale Includes: Land & Building Community Features: Pool Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal Cooling: Electric Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: City Gas Parking Features: Carport Road Surface Type: Asphalt Owner Pays: Water; Trash Collection; Landscaping; Pool Maintenance Tenant Pays: Electricity; Cable TV Source of Fincl Data: Projected Proforma Existing 1st Loan: Conventional Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional; 1031 Exchange Environmental: None

Documents

38-Unit Downtown Scottsdale MF - Flyer ›

Listing Office: Orion Investment Real Estate

Last Updated: June - 03 - 2020

6824 E 4TH Street, Scottsdale, AZ 85251 (MLS# 5814645)