Seller's Agent in 2016
Jeff Seaman
CBRE, Inc
(602) 295-1660
4130 N 12th St Phoenix, AZ 85014
1
Bed
--
Bath
1,095
Sq Ft
1973
Built
Highlights
- Heated Community Pool
- Cooling System Mounted To A Wall/Window
- Individual Controls for Heating
- Phoenix Coding Academy Rated A
- Community Barbecue Grill
About This Home
As of June 2016The Studio on 12th Street is a 41-unit retro-style apartment community located in a desirable central Phoenix location that was completely renovated and repositioned in 2014. The property is made of block construction with flat roofs and is individually-metered for electricity. The unit mix is composed of studios and one bedroom floor plans that are spacious and very well designed and range in size from 495 to 600 square feet. The units have been completely renovated with 18" porcelain tile flooring, new countertops and cabinets with brushed nickel hardware, decorative glass tile backsplashes, ceramic tile shower surrounds with new brushed nickel fixtures, brushed-nickel lighting fixtures and Retro accent wall decorations.
The property is situated on approximately two-thirds of an acre and has attractive, professionally designed low water use desert landscaping. Exterior renovations include an artistic two-tone exterior paint scheme with rustic wood siding, a contemporary metal monument sign, secured entry gates, upgraded lighting and courtyard pavers with inlaid faux turf.
The Studio on 12th Street offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic central Phoenix location priced substantially below replacement cost. In the second quarter of 2015, the submarket rents averaged $1.15 per square foot, 15% greater than the metropolitan Phoenix average. Additionally, ownership has recently implemented a RUBS system in which residents are billed back for a portion of the water usage, further reducing the property's already minimal expenses and reducing water costs by nearly 80% by the end of the year. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, The Studio on 12th Street is well positioned to achieve continual revenue increase.
Last Listed By
Jeff Seaman
CBRE, Inc License #SA551921000 Listed on: 08/21/2015
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $4,832
Year Built
- Built in 1973
Home Design
- Built-Up Roof
- Block Exterior
Parking
- 41 Open Parking Spaces
- 41 Parking Spaces
Utilities
- Cooling System Mounted To A Wall/Window
- Individual Controls for Heating
- Master Water Meter
Listing and Financial Details
- The owner pays for water, sewer
- Assessor Parcel Number 155-16-049
Community Details
Overview
- 41 Units
- Building Dimensions are 27878
Amenities
- Community Barbecue Grill
Recreation
- Heated Community Pool
Building Details
- Operating Expense $124,222
- Gross Income $257,086
- Net Operating Income $150,670
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 06/27/2016 06/27/16 | Sold | $2,080,000 | -5.5% | $1,900 / Sq Ft |
| 04/29/2016 04/29/16 | Pending | -- | -- | -- |
| 08/21/2015 08/21/15 | For Sale | $2,200,000 | -- | $2,009 / Sq Ft |
Source: Arizona Regional Multiple Listing Service (ARMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
-
David Johnson
D
Buyer's Agent in 2016
David Johnson
Dave Johnson Realty
(520) 906-8111
57 Total Sales
Map
Source: Arizona Regional Multiple Listing Service (ARMLS)
MLS Number: 5324189
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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