$6,200,000
1518 W COLTER Street
Phoenix, AZ 85015
MLS# 5946049



1518 W COLTER Street, Phoenix, AZ 85015
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1518 W COLTER Street, Phoenix, AZ 85015 1518 W COLTER Street, Phoenix, AZ 85015 1518 W COLTER Street, Phoenix, AZ 85015 1518 W COLTER Street, Phoenix, AZ 85015 1518 W COLTER Street, Phoenix, AZ 85015 1518 W COLTER Street, Phoenix, AZ 85015 1518 W COLTER Street, Phoenix, AZ 85015

Property Description
The DC is a 35-unit apartment community located in the heart of North Central Phoenix on a nice, clean, quiet street where many revitalization efforts are taking place. It is less than 1 mile from 3 different light rail stations with the closest one being less than a half-mile away. The Christown Spectrum Shopping Center is approximately 3/5 of a mile away, featuring Costco, Target, Walmart, Harkins Theaters, and the light rail Park & Ride. The property's central location allows residents to enjoy, with ease, so much of what Phoenix has to offer. With many dining (the famed 7th Street Restaurant Row is less than 2 miles away), shopping, and entertainment options, as well as multiple freeway access points within minutes, The DC is an extremely desirable property for residents.

Details
Maps
Documents
Contract Info
Current Price: $6,200,000
List Price: $6,200,000
List Date: 2019-06-26
Location, Tax & Legal
Map Code/Grid: N34
House Number: 1518
Compass: W
Street Name: COLTER
St Suffix: Street
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85015
Zip4: 3008
Country: USA
County Code: Maricopa
Subdivision: NILE TRACT BLK 2
Assessor Number: 156-39-044
Taxes: 14978.5
Marketing Name: The DC Apartments
General Property Description
Apx Lot Size Range: IRR
Year Built: 1963
Zoning: R-3
Elem School Dist #: 001 - Phoenix Elementary District
High School Dist #: 001 - Phoenix Elementary District
Remarks & Misc
Geo Lat: 33.514063
Geo Lon: -112.092042
Status Change Info
Status Change Date: 2019-06-28
Status: Active
Legal Info
Lot Number: 11
Income & Expenses
Owner Association: No
Operating Exp: 14978.5
Gross Annual Sch Inc: 441592
Vacancy Allowance: 0.05
Adjusted Gross Inc: 419512.4
Net Operating Income: 342754
Pmt & Rate Info
Cap Rate: 5.53
Equity: 6200000
Showing Instructions
Permission Required to Show: Yes
To Schedule Showing: Contact Via Email
ARMLS Lockbox: No
Non-ARMLS Lockbox: No
2 Bedroom Units
# 2 Bedroom Units: 35
Avg Rent: 1080
Avg SqFt: 913
# Baths: 1
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Painted
Roofing: Rock; Foam; Rolled
Floors: Vinyl/Composition; Ceramic Tile
Sale Includes: Land & Building; Laundry Equipment
Community Amenities: No Pool
Exterior Amenities: Landscape Wtr System; Desert Landscaping; Fenced; Security Guard; Security Light(s)
Interior Amenities: Unfurnished
Appliances Included: BI Oven/Range; Refrigerator; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Individual
Water: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking: Carport; 1 Space/Unit
Roads/Streets: Asphalt/Blacktop
Owner Pays: Water; Trash
Tenant Pays: Electric; Gas
Source of Fincl Data: Provided by Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional
Reports/Disclosures: None
Environmental: None
Supplements
The DC sits in a very well-located neighborhood in the midst of revitalization and just underwent an extensive interior and exterior renovation. All but 4 units have been fully remodeled. The renovation model in place is proven and provides an opportunity for an investor to add value by executing that proven model on the 4 unrenovated units. The remodel consisted of new tile/wood vinyl flooring, cabinets, tubs and bath surrounds, fixtures, appliances, windows, some new roofs and A/Cs, exterior landscaping, and more. All units have an in-suite full-size washer & dryer and many have private, fenced yards. The property was built in 1963 and its vintage, mid-century charm is becoming increasingly more popular, especially in this north central submarket. The property features block construction and all of the units are large two-bedroom, 910+ square foot apartments. They are all individually metered for electricity. Additionally, the property is equipped with security gates for both automobile and pedestrian traffic, offering tenants an extra sense of security. This opportunity offers an investor a phenomenal asset with a solid in-place cap rate/income stream in a great location.

Listing Office: ABI Multifamily

Last Updated: September - 10 - 2019

1518 W COLTER Street, Phoenix, AZ 85015 - MLS# 5946049

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Sunday 15th of September 2019 02:10 PM