2325 W GARDEN Drive, Tempe, AZ 85282
$4,900,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$4,900,000
Last Modified:
2/03/2025
Overview
Description
Colonial Park is a twenty-one-unit apartment community centrally located between the highly desirable Ahwatukee + North Tempe submarkets.
Developed in 1988, the property is comprised of spacious two- and three-bedroom single family detached homes as well as two-story townhome
style units with direct access two-car garages. Five units have undergone interior renovations to include modernized kitchens and bathroom.Additional improvements include new ground-mounted HVAC units, artificialturf landscaping, and a re-paved parking lot. Future ownership will have the opportunity to continue interior renovations in order to achieve a
suggested $250 monthly renovation premium. Furthermore, residents are granted access to the thriving employment growth surrounding Phoenix,
Sky Harbor and Tempe.
Supplements:
Listing Details MLS# 5956710
Location, Tax & Legal
- Map Code/Grid
- R36
- House Number
- 2325
- Compass
- W
- Street Name
- GARDEN
- St Suffix
- Drive
- City/Town Code
- Tempe
- State/Province
- AZ
- Zip Code
- 85282
- Zip4
- 6129
- County Code
- Maricopa
- Subdivision
- SVOB PARK TOWNHOMES LOT 1-26 TR A-E
- Assessor Number
- 123-22-579
- Tax Year
- 2018
- Assessor's Map #
- 22
- Legal Description (Abbrev)
- LOT 1 SVOB PARK TOWNHOMES LOT 1-26 TR A-E MCR 032110
- Assessor's Parcel #
- 579
- Add'l Parcels
- Yes
- Tax Municipality
- Tempe
- Census Tract
- 319703
- Taxes
- 21643
- Legal
- LOT 1 SVOB PARK TOWNHOMES LOT 1-26 TR A-E MCR 032110
- Marketing Name
- Colonia park
Contract Info
- Ownership
- Fee Simple
General Property Description
- Lot Size Dimensions
- 1.92
- Year Built
- 1988
- Uncvrd Parking Spcs
- 46
- Total # of Units
- 21
- # of Buildings
- 17
- Zoning
- R1-4
- Elementary School District
- Tempe Elementary School District
- High School District
- Tempe Union High School District
Remarks Misc
- Cross Street
- 48th street and Baseline
Status Change Info
- Off Market Date
- 2019-09-04
- Under Contract Date
- 2019-09-02
- Close of Escrow Date
- 2019-11-29
Legal Info
- Township
- 1N
- Range
- 4E
- Section
- 32
- Lot Number
- Yes
More Information
Income Expenses
- Gross Annual Sch Inc
- 361680
- Net Operating Income
- 252315
2 Bedroom Units
- # 2 Bedroom Units
- 3
- Avg Rent
- 1328
- Avg SqFt
- 1271
- # Baths
- 2
3 Bedrooms Units
- # 3 Bedroom Units
- 18
- Avg Rent
- 1456
- Avg SqFt
- 1442
- # Baths
- 2
Sold Info
- Loan Type
- Conventional
- Loan Years
- 30
- Payment Type
- Fixed
- Closing Cost Split
- Normal - N
- Buyer Concession $/%
- %
- Seller Concession $/%
- %
- Buyer Concession to Seller
- 0
- Seller Concession to Buyer
- 0
Project Type
- 13 - 24 Units
- Yes
Other Type
- House + Rental Units
- Yes
- Packaged Offering
- Yes
Construction
- Wood Frame
- Yes
Const - Finish
- Painted
- Yes
- Siding
- Yes
Roofing
- Composition
- Yes
Floors
- Ceramic Tile
- Yes
- Carpet
- Yes
Sale Includes
- Land & Building
- Yes
Income & Expenses
- Annual Elec Exp
- 0
- Annual Gas Exp
- 0
- Annual Ins Exp
- 4200
- Annual Land Lse Exp
- 0
- Annual Landscape Exp
- 0
- Annual Legal & Acctg
- 8400
- Annual Maint Exp
- 8400
- Annual Mgmt Exp
- 10524
- Annual Trash Exp
- 0
- Annual Wtr/Swr Exp
- 20577
- Owner Association
- Yes
- Annual Ownr Asoc Fee
- 0
- Annual PAD Fee
- 0
- Annual Rplcmnt Rsrvs
- 6300
- Annual Other Expense
- 17850
- Operating Exp
- 97894
- Other Income
- 10829
- Vacancy Allowance
- 0.05
- Adjusted Gross Inc
- 353883.55
Pmt & Rate Info
- Cap Rate
- 5
- Down Payment
- 0
- Equity
- 5050000
- Down Payment %
- 0
- Monthly Payments
- 0
- Total Owed
- 0
- Assessment Balance
- 0
Showing Notification Methods
- Text
- Yes
- Yes
- Phone Call
- Yes
Lockbox Type
- None
- Yes
Community Features
- Pool
- Yes
Heating
- Natural Gas
- Yes
- Individual
- Yes
Cooling
- Ceiling Fan(s)
- Yes
- Individual
- Yes
Exterior Amenities
- Green Landscaping
- Yes
Interior Features
- Unfurnished
- Yes
- Fire/Smoke Alarm(s)
- Yes
- Vertical Blinds
- Yes
- Mini Blinds
- Yes
- Drapes
- Yes
- Breakfast Bar
- Yes
Tenant Pays
- Gas
- Yes
- Water
- Yes
- Electricity
- Yes
Appliances Included
- Dishwasher
- Yes
- Disposal
- Yes
- Microwave
- Yes
- Refrigerator
- Yes
- Free-Standing Range
- Yes
Road Surface Type
- Asphalt
- Yes
Source of Fincl Data
- Owner
- Yes
Water Source
- City Franchise
- Yes
Sewer
- Sewer - Public
- Yes
Parking Features
- Garage
- Yes
- >1 Space Per Unit
- Yes
Electric
- SRP
- Yes
Gas
- SW Gas
- Yes
Owner Pays
- None
- Yes
New Financing
- Other (See Remarks)
- Yes
Existing 1st Loan
- Treat as Free&Clear
- Yes
Existing 1st Loan Type
- Not Applicable
- Yes
Existing 1st Loan Terms
- Not Applicable
- Yes
Existing 2nd Loan
- Other (See Remarks)
- Yes
Existing 2nd Loan Type
- Not Applicable
- Yes
Existing 2nd Loan Terms
- Not Applicable
- Yes
Existing 3rd Loan
- Other (See Remarks)
- Yes
Existing 3rd Loan Type
- Not Applicable
- Yes
Reports/Disclosures
- Other (See Remarks)
- Yes
Existing 3rd Loan Terms
- Not Applicable
- Yes
Environmental
- None
- Yes
Existing Othr Ln Trm
- Not Applicable
- Yes
Efficiency Units
- Avg Rent
- 0
1 Bedroom Units
- Avg Rent
- 0
4 Bedrooms Units
- Avg Rent
- 0
Property Features
Project Type:
13 - 24 Units
Other Type:
House + Rental Units; Packaged Offering
Construction:
Wood Frame
Const - Finish:
Painted; Siding
Roofing:
Composition
Floors:
Ceramic Tile; Carpet
Sale Includes:
Land & Building
Community Features:
Pool
Exterior Amenities:
Green Landscaping
Interior Features:
Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds; Drapes; Breakfast Bar
Appliances Included:
Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave
Heating:
Natural Gas; Individual
Cooling:
Ceiling Fan(s); Individual
Water Source:
City Franchise
Sewer:
Sewer - Public
Electric:
SRP
Gas:
SW Gas
Parking Features:
Garage; >1 Space Per Unit
Road Surface Type:
Asphalt
Owner Pays:
None
Tenant Pays:
Water; Electricity; Gas
Source of Fincl Data:
Owner
Showing Notification Methods:
Text; Email; Phone Call
Lockbox Type:
None
Existing 1st Loan:
Treat as Free&Clear
Existing 1st Loan Type:
Not Applicable
Existing 1st Loan Terms:
Not Applicable
Existing 2nd Loan:
Other (See Remarks)
Existing 2nd Loan Type:
Not Applicable
Existing 2nd Loan Terms:
Not Applicable
Existing 3rd Loan:
Other (See Remarks)
Existing 3rd Loan Type:
Not Applicable
Existing 3rd Loan Terms:
Not Applicable
Existing Othr Ln Trm:
Not Applicable
New Financing:
Other (See Remarks)
Environmental:
None
Listing Office:
Platinum Living Realty
Last Updated: February - 03 - 2025
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