NOT LISTED FOR SALE
23 Beds
-- Bath
1,240 Sq Ft
1968 Built

Sale Details

Date Sold: October 9, 2020

Last sale price $3,000,000 $2,419 Per Sq Ft

91 Days on Market

Highlights

  • Community Barbecue Grill
  • Stone Flooring
  • Central Heating and Cooling System
  • Phoenix Coding Academy Rated A
  • Chilled Water System

About This Home

As of October 2020

The Vara Apartments are 21-unit garden style apartments located in the highly sought out for neighborhood of ARCADIA LITE. These units have been updated with stainless steel appliances, polished concrete floors, and huge walk in closets. Amenities include a pergola sitting area, BBQ, gated/covered parking and onsite laundry facility for additional income. Most tenants are month to month with room to raise rents. All units have one covered parking space within the gated community. Tenants pay electric, cable and internet. Close to Sky Harbor Airport, Downtown Phoenix, ASU, Biltmore shopping center and Camelback Mountain.

Last Agent to Sell the Property

Eric Lambert

Versatile Properties License #SA680077000 Listed on: 05/12/2020

Last Buyer's Agent

Erik Kelly

eXp Realty License #SA538275000

eXp Realty

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $12,899

Year Built

  • Built in 1968

Home Design

  • Composition Roof
  • Block Exterior

Flooring

  • Stone
  • Concrete

Parking

  • 21 Parking Spaces
  • 21 Covered Spaces
  • Paved Parking

Schools

  • Creighton Elementary School
  • Camelback High School

Additional Features

  • Chilled Water System
  • Additional Parcels
  • Central Heating and Cooling System

Listing and Financial Details

  • Tenant pays for electricity, cable TV
  • The owner pays for electricity, trash collection, water, sewer, landscaping
  • Tax Lot 181
  • Assessor Parcel Number 127-30-004

Community Details

Overview

  • 3 Buildings
  • 21 Units
  • Building Dimensions are 21,115
  • West Citrus Acres Subdivision

Amenities

  • Community Barbecue Grill

Building Details

  • Operating Expense $42,739
  • Gross Income $233,091
  • Net Operating Income $190,352

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$12,899

Year Built

Built in 1968

Listing Details

  • Cross Street: 35th Street and Thomas
  • Legal Info Range: 3E
  • Property Type: Multiple Dwellings
  • Zoning: R-4
  • Number Of Buildings: 3
  • Ownership: Fee Simple
  • Year Built: 1968
  • Tax Year: 2019
  • Road Surface Type: Asphalt
  • Professional Management Expense: 13200.0
  • Subdivision Name: WEST CITRUS ACRES
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Stone, Concrete
  • Appliances: F/S Oven/Range, Microwave, Washer/Dryer
  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:Microwave2: Yes
  • Appliances Included:WasherDryer: Yes
  • Appliances Included:Refrigerator2: Yes
  • Appliances Included:Disposal2: Yes

Exterior Features

  • Disclosures: None
  • Construction Type: Painted, Block
  • Roof: Composition
  • Construction:Block: Yes

Garage/Parking

  • Total Covered Spaces: 21.0
  • Parking Features: Paved Parking, 1 Space/Unit
  • Attached Garage: No
  • Total Parking Spaces: 21.0
  • General Property Description:Covered Parking Spcs: 21.0
  • General Property Description:Total Parking Spcs: 21.0
  • Parking:Paved Parking: Yes
  • Parking:_one_ SpaceUnit: Yes

Utilities

  • Electric: SRP, Individual Meter
  • Cooling: Chiller System, Central A/C
  • Heating: Central
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise
  • Heating:Central: Yes

Condo/Co-op/Association

  • Community Features: Other, See Remarks, Barbecue, No Pool

Association/Amenities

  • Exterior Amenities:Landscape Wtr System: Yes
  • Exterior Amenities:Cable TV Available: Yes
  • Exterior Amenities:Security Light(s)3: Yes
  • Interior Amenities:FireSmoke Alarm(s): Yes
  • Community Amenities:No Pool: Yes
  • Exterior Amenities:Partially Fenced: Yes
  • Exterior Amenities:Desert Landscaping: Yes
  • Interior Amenities:Unfurnished: Yes
  • Community Amenities:Barbecue: Yes

Fee Information

  • Trash Expense: 1200.0
  • Annual Water Sewer Expense: 8400.0

Schools

  • Elementary School: Creighton Elementary School
  • High School: Camelback High School
  • Junior High Dist: Phoenix Union High School District
  • Middle Or Junior School: Creighton Elementary School

Lot Info

  • Lot Size: 21,115
  • Additional Parcels: Yes
  • Parcel #: 127-30-004

Multi Family

  • Owner Pays: Electricity, Trash Collection, Water, Sewer, Landscaping
  • Tenant Pays: Electricity, Cable TV
  • Number Of Units Total: 21
  • Electric Expense: 1740.0
  • Annual Gross Income: 233091.0
  • Insurance Expense: 4100.0
  • Property Net Operating Income: 190352.0
  • Annual Operating Expense: 42739.0
  • Vacancy Allowance Rate: 0.03

Tax Info

  • Tax Annual Amount: 12899.0
  • Tax Book Number: 127.00
  • Tax Lot: 181
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
10/09/2020 10/09/20 Sold $3,000,000 -14.3% $2,419 / Sq Ft
08/11/2020 08/11/20 Pending -- -- --
06/29/2020 06/29/20 Price Changed $3,500,000 -4.1% $2,823 / Sq Ft
05/12/2020 05/12/20 For Sale $3,650,000 +436.8% $2,944 / Sq Ft
09/12/2013 09/12/13 Sold $680,000 -2.7% $548 / Sq Ft View Prior Sale
07/15/2013 07/15/13 Pending -- -- --
06/12/2013 06/12/13 For Sale $699,000 -- $564 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $14,220 $105,276 -- --
2024 $13,528 $100,263 -- --
2023 $13,528 $311,180 $48,460 $262,720
2022 $12,997 $285,350 $44,440 $240,910
2021 $13,314 $151,000 $30,200 $120,800
2020 $12,990 $134,780 $20,990 $113,790
2019 $12,899 $120,000 $24,000 $96,000
2018 $12,634 $102,490 $15,960 $86,530
2017 $9,922 $76,560 $11,920 $64,640
2016 $9,538 $78,660 $12,250 $66,410
2015 $8,874 $67,360 $10,490 $56,870
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6077227

Arizona Regional Multiple Listing Service (ARMLS)
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