3625 N 16TH Street, Phoenix, AZ 85016
$5,600,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$5,600,000
Last Modified:
1/28/2024
Overview
Description
Playton Place At Biltmore offers style and convenience while raising the bar for urban apartment living in central Phoenix. Originally built in 1963 and 1973 as office space, the subject property went through an extensive adaptive reuse process with the City of Phoenix converting the property's use to apartment living (23-Units). During construction, the building's midcentury modern exterior facade was left intact, while everything else was re-built from top to bottom. Construction was completed in 2022, using high-end finishes and modern contemporary design. With strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Playton Place At Biltmore is well positioned to achieve continual revenue increase.
Listing Details MLS# 6656567
Location, Tax & Legal
- House Number
- 3625
- Compass
- N
- Street Name
- 16TH
- St Suffix
- Street
- City/Town Code
- Phoenix
- State/Province
- AZ
- Zip Code
- 85016
- Zip4
- 6443
- County Code
- Maricopa
- Assessor Number
- 119-30-063-A
- Tax Year
- 2023
- Assessor's Map #
- 30
- Legal Description (Abbrev)
- A POR NW4 SEC 27 DAF COM W4 COR OF SD SEC 27 TH N 839 FT TH E 35.50 FT TPOB TH N 356.48 FT TH E 170
- Assessor's Parcel #
- 63
- Assessor Parcel Ltr
- A
- Add'l Parcels
- No
- Tax Municipality
- Phoenix
- Census Tract
- 110701
- Taxes
- 15531
- Legal
- A POR NW4 SEC 27 DAF COM W4 COR OF SD SEC 27 TH N 839 FT TH E 35.50 FT TPOB TH N 356.48 FT TH E 170
- Marketing Name
- Playton Place
Contract Info
- Ownership
- Fee Simple
General Property Description
- Lot Size Dimensions
- 60,586 SF
- Year Built
- 1963
- Uncvrd Parking Spcs
- 34
- Total # of Units
- 23
- # of Buildings
- 2
- Zoning
- C-2, Phoenix
- Elementary School District
- Creighton Elementary District
- High School District
- Phoenix Union High School District
- Elementary School
- Loma Linda Elementary School
- Jr. High School
- Loma Linda Elementary School
- High School
- North High School
Remarks Misc
- Cross Street
- 16th Street & Indian School Road
- Directions
- From 16th Street & Indian School Road, head south to the Property
Status Change Info
- Off Market Date
- 2024-01-28
- Under Contract Date
- 2024-01-26
- Close of Escrow Date
- 2024-01-26
Legal Info
- Township
- 2N
- Range
- 3E
- Section
- 27
More Information
Income Expenses
- Gross Annual Sch Inc
- 439583
- Net Operating Income
- 344088
Showing Notification Methods
- Showing Service
- Aligned Showings
Efficiency Units
- # Efficiency Units
- 3
- Avg Rent
- 1250
- Avg SqFt
- 543
- # Baths
- Yes
1 Bedroom Units
- # 1 Bedroom Units
- 3
- Avg Rent
- 1417
- Avg SqFt
- 704
- # Baths
- Yes
2 Bedroom Units
- # 2 Bedroom Units
- 17
- Avg Rent
- 1622
- Avg SqFt
- 947
- # Baths
- Yes
Sold Info
- Loan Type
- Carryback
- Loan Years
- Yes
- 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
- 13 - 24 Units
- Yes
Construction
- Block
- Yes
- Slump Block
- Yes
Const - Finish
- Painted
- Yes
- Stucco
- Yes
Roofing
- Concrete
- Yes
- Foam
- Yes
Floors
- Concrete
- Yes
- Vinyl
- Yes
Sale Includes
- Land & Building
- Yes
Income & Expenses
- Annual Ins Exp
- 5400
- Annual Maint Exp
- 21798
- Annual Mgmt Exp
- 20880
- Owner Association
- No
- Annual Ownr Asoc Fee
- 0
- Annual Other Expense
- 35392
- Operating Exp
- 99001
- Other Income
- 24875
- Vacancy Allowance
- 0.05
- Adjusted Gross Inc
- 441235.1
- Total Monthly Rental Income
- 30411
Pmt & Rate Info
- Cap Rate
- 5.93
- Equity
- 5800000
- Down Payment %
- 100
- Monthly Payments
- 0
- Total Owed
- 0
Lockbox Type
- None
- Yes
Community Features
- No Pool
- Yes
- See Remarks
- Yes
Heating
- Electric
- Yes
- Individual
- Yes
Cooling
- Ceiling Fan(s)
- Yes
- Electric
- Yes
- Individual
- Yes
Exterior Amenities
- Landscape Water System
- Yes
- Green Landscaping
- Yes
- Desert Landscaping
- Yes
- Fenced
- Yes
- Cable TV Available
- Yes
- Security Light(s)
- Yes
- Other (See Remarks)
- Yes
Interior Features
- Fire/Smoke Alarm(s)
- Yes
- Fire Sprinklers
- Yes
- Mini Blinds
- Yes
Tenant Pays
- Electricity
- Yes
- Cable TV
- Yes
- Other (See Remarks)
- Yes
Appliances Included
- Dishwasher
- Yes
- Disposal
- Yes
- Microwave
- Yes
- Refrigerator
- Yes
- Free-Standing Range
- Yes
- Washer/Dryer
- Yes
Road Surface Type
- Asphalt
- Yes
Source of Fincl Data
- Owner
- Yes
- Projected Proforma
- Yes
Water Source
- City Franchise
- Yes
- Master Meter
- Yes
Sewer
- Sewer - Public
- Yes
- Sewer-In & Connected
- Yes
Parking Features
- Carport
- Yes
- >1 Space Per Unit
- Yes
- Paved
- Yes
- Add'l Parking Avail
- Yes
Electric
- APS
- Yes
- Individual Meter
- Yes
Gas
- SW Gas
- Yes
Owner Pays
- Water
- Yes
- Sewer
- Yes
- Gas
- Yes
- Trash Collection
- Yes
- Landscaping
- Yes
New Financing
- Conventional
- Yes
- No Carry
- Yes
- 1031 Exchange
- Yes
Special
- Owner/Agent
- Yes
Existing 1st Loan
- Conventional
- Yes
Existing 1st Loan Type
- Fixed
- Yes
Existing 1st Loan Terms
- Non Assumable
- Yes
Existing 2nd Loan
- Treat as Free&Clear
- Yes
Existing 2nd Loan Type
- Not Applicable
- Yes
Existing 2nd Loan Terms
- Not Applicable
- Yes
Existing 3rd Loan
- Treat as Free&Clear
- Yes
Existing 3rd Loan Type
- Not Applicable
- Yes
Reports/Disclosures
- None
- Yes
Existing 3rd Loan Terms
- Not Applicable
- Yes
Environmental
- None
- Yes
Existing Othr Ln Trm
- Not Applicable
- Yes
3 Bedrooms Units
- Avg Rent
- 0
4 Bedrooms Units
- Avg Rent
- 0
Property Features
Project Type:
13 - 24 Units
Construction:
Block; Slump Block
Const - Finish:
Painted; Stucco
Roofing:
Concrete; Foam
Floors:
Concrete; Vinyl
Sale Includes:
Land & Building
Community Features:
No Pool; See Remarks
Exterior Amenities:
Landscape Water System; Green Landscaping; Desert Landscaping; Fenced; Cable TV Available; Security Light(s); Other (See Remarks)
Interior Features:
Fire/Smoke Alarm(s); Fire Sprinklers; Mini Blinds
Appliances Included:
Free-Standing Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Heating:
Individual
Cooling:
Ceiling Fan(s); Electric; Individual
Water Source:
City Franchise; Master Meter
Sewer:
Sewer - Public; Sewer-In & Connected
Electric:
APS; Individual Meter
Gas:
SW Gas
Parking Features:
Carport; >1 Space Per Unit; Add'l Parking Avail; Paved
Road Surface Type:
Asphalt
Owner Pays:
Water; Gas; Trash Collection; Landscaping
Tenant Pays:
Electricity; Cable TV; Other (See Remarks)
Source of Fincl Data:
Owner; Projected Proforma
Special:
Owner/Agent
Lockbox Type:
None
Existing 1st Loan:
Conventional
Existing 1st Loan Type:
Fixed
Existing 1st Loan Terms:
Non Assumable
Existing 2nd Loan:
Treat as Free&Clear
Existing 2nd Loan Type:
Not Applicable
Existing 2nd Loan Terms:
Not Applicable
Existing 3rd Loan:
Treat as Free&Clear
Existing 3rd Loan Type:
Not Applicable
Existing 3rd Loan Terms:
Not Applicable
Existing Othr Ln Trm:
Not Applicable
New Financing:
Conventional; No Carry; 1031 Exchange
Environmental:
None
Listing Office:
Vestis Group
Last Updated: January - 28 - 2024
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