Seller's Agent in 2015
Jeff Seaman
CBRE, Inc
(602) 295-1660
96
Beds
--
Bath
850
Sq Ft
1981
Built
Highlights
- Wood Flooring
- Community Playground
- Ceiling Fan
- Cooling System Mounted To A Wall/Window
- Resident Manager or Management On Site
About This Home
As of December 2015Westview Apartments is a 48-unit garden-style apartment community located in a supply-constrained Page, AZ, neighborhood. Built in 1981, the property is made of wood frame and stucco construction with pitched composition shingle roofs and is individually-metered for electricity. The unit mix consists of all two-bedroom floor plans that are spacious and well designed and average approximately 850 square feet. Interior unit features include fully appointed kitchens with electric appliances, garbage disposals, stainless-steel sinks, vinyl wood-plank flooring in select units, ample closet space, vertical blinds, fiberglass shower surrounds and ceiling fans.
The property is situated on a large lot of approximately 3.81 acres and is attractively landscaped with lush turf and mature shade trees. Community amenities include a children's playground, leasing office and an on-site laundry facility. Westview Apartments shows great pride of ownership and has a strong occupancy history with many long-term residents benefiting from the proximity to the Salt River Project-Navajo Generating Station, the largest coal power plant in the country.
Approximately 10%-15% of the units currently have faux wood plank vinyl flooring and are achieving rents of $50 higher than the standard units. This presents significant value-add potential for an investor to continue the interior unit upgrades and raise revenue. Additionally, With only 2 other multifamily properties in the city, the property stays very well occupied and is insulated from market vacancy fluctuations.
Furthermore, this offering allows a seasoned investor the opportunity to convert the property into condominiums and sell the units individually, or develop the unfinished land on the east side of the lot and build additional units.
Last Listed By
Jeff Seaman
CBRE, Inc License #SA551921000 Listed on: 07/15/2015
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $16,458
Year Built
- Built in 1981
Home Design
- Wood Frame Construction
- Composition Roof
Interior Spaces
- Ceiling Fan
- Wood Flooring
Parking
- 70 Open Parking Spaces
- 70 Parking Spaces
Utilities
- Cooling System Mounted To A Wall/Window
Listing and Financial Details
- The owner pays for water, sewer
- Legal Lot and Block 1 / 40
- Assessor Parcel Number 800-51-051-E
Community Details
Overview
- 9 Buildings
- 48 Units
- Building Dimensions are 165964
Recreation
- Community Playground
Building Details
- Gross Income $394,800
- Net Operating Income $188,196
Security
- Resident Manager or Management On Site
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 12/31/2015 12/31/15 | Sold | $2,050,000 | -6.8% | $2,412 / Sq Ft |
| 09/24/2015 09/24/15 | Pending | -- | -- | -- |
| 07/15/2015 07/15/15 | For Sale | $2,200,000 | -- | $2,588 / Sq Ft |
Source: Arizona Regional Multiple Listing Service (ARMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
Map
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 5307580
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS
Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393
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