1011 E ORANGE Street, Tempe, AZ 85281
$6,400,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$6,400,000
Last Modified:
3/03/2025
Overview
Description
Park Terrace is a 40-unit, garden-style apartment community located within two blocks of Arizona State University's Tempe Campus where more than 50,000 ''in-person'' students are enrolled. Park Terrace is adjacent to the Valley Metro Light Rail and is on the ''Orbit'' shuttle route, which provides free rides connecting people to Downtown Tempe and other employment, retail, and entertainment venues within the city. Additionally, numerous dining and shopping options are in close proximity to the property including Tempe Marketplace, one of the most popular destinations in the Phoenix Metro, with 1.3 Million square feet housing over 100 local and national retailers and restaurants.
Supplements: ... (Read more)
Listing Details MLS# 6143749
Location, Tax & Legal
- Map Code/Grid
- R37
- House Number
- 1011
- Compass
- E
- Street Name
- ORANGE
- St Suffix
- Street
- City/Town Code
- Tempe
- State/Province
- AZ
- Zip Code
- 85281
- Zip4
- 4048
- County Code
- Maricopa
- Subdivision
- TERRACE PARK 1
- Assessor Number
- 132-73-158-B
- Tax Year
- 2020
- Assessor's Map #
- 73
- Legal Description (Abbrev)
- TRACT B TERRACE PARK 1 MCR 009420
- Assessor's Parcel #
- 158
- Assessor Parcel Ltr
- B
- Add'l Parcels
- No
- Tax Municipality
- Tempe
- Census Tract
- 319101
- Taxes
- 26815
- Legal
- provided at title
- Marketing Name
- Park Terrace
Contract Info
- Ownership
- Fee Simple
General Property Description
- Lot Size Dimensions
- unknown
- Year Built
- 1963
- Uncvrd Parking Spcs
- 2
- Total # of Units
- 40
- # of Buildings
- 4
- Zoning
- R-4
- Elementary School District
- Tempe Elementary School District
- High School District
- Tempe Union High School District
Remarks Misc
- Cross Street
- Orange & Terrace
Status Change Info
- Off Market Date
- 2021-02-02
- Under Contract Date
- 2021-02-01
- Close of Escrow Date
- 2021-04-30
Legal Info
- Township
- 1N
- Range
- 4E
- Section
- 23
- Lot Number
- unknown
More Information
Income Expenses
- Gross Annual Sch Inc
- 648648
- Net Operating Income
- 497678
1 Bedroom Units
- # 1 Bedroom Units
- 22
- Avg Rent
- 1200
- Avg SqFt
- 453
- # Baths
- Yes
2 Bedroom Units
- # 2 Bedroom Units
- 18
- Avg Rent
- 1450
- Avg SqFt
- 781
- # Baths
- Yes
Sold Info
- Loan Type
- Conventional
- Loan Years
- 10
- Payment Type
- Interest Only
- 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
Const - Finish
- Painted
- Yes
Roofing
- Other
- Yes
Floors
- Vinyl
- Yes
Sale Includes
- Land & Building
- Yes
Income & Expenses
- Owner Association
- No
- Annual Ownr Asoc Fee
- 0
- Operating Exp
- 26815
- Other Income
- 26773
- Vacancy Allowance
- 0.05
- Adjusted Gross Inc
- 641649.95
Pmt & Rate Info
- Cap Rate
- 7.32
- Equity
- 6800000
- Down Payment %
- 0
- Monthly Payments
- 0
- Total Owed
- 0
Showing Notification Methods
- Text
- Yes
- Yes
- Phone Call
- Yes
Lockbox Type
- None
- Yes
Community Features
- No Pool
- Yes
Heating
- Electric
- Yes
Cooling
- Chiller System
- Yes
Tenant Pays
- Electricity
- Yes
- Other (See Remarks)
- Yes
Appliances Included
- None
- Yes
Road Surface Type
- Asphalt
- Yes
Source of Fincl Data
- Owner
- Yes
Water Source
- City Franchise
- Yes
Sewer
- Sewer - Public
- Yes
Parking Features
- Other
- Yes
Electric
- Individual Meter
- Yes
Gas
- None
- Yes
Owner Pays
- Water
- Yes
- Sewer
- Yes
- Trash Collection
- Yes
- Landscaping
- Yes
- Other
- Yes
New Financing
- Other (See Remarks)
- Yes
Reports/Disclosures
- Other (See Remarks)
- Yes
Environmental
- Other (See Remarks)
- Yes
Efficiency Units
- Avg Rent
- 0
3 Bedrooms Units
- Avg Rent
- 0
4 Bedrooms Units
- Avg Rent
- 0
Property Features
Project Type:
25 - 50 Units
Construction:
Block
Const - Finish:
Painted
Roofing:
Other
Floors:
Vinyl
Sale Includes:
Land & Building
Community Features:
No Pool
Appliances Included:
None
Cooling:
Chiller System
Water Source:
City Franchise
Sewer:
Sewer - Public
Electric:
Individual Meter
Gas:
None
Parking Features:
Other
Road Surface Type:
Asphalt
Owner Pays:
Water; Trash Collection; Landscaping; Other
Tenant Pays:
Electricity; Other (See Remarks)
Source of Fincl Data:
Owner
Showing Notification Methods:
Text; Email; Phone Call
Lockbox Type:
None
New Financing:
Other (See Remarks)
Environmental:
Other (See Remarks)
Listing Office:
ABI Multifamily
Last Updated: March - 03 - 2025
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