219 W Fort Lowell Road, Tucson, AZ 85705
$1,350,000
Property Type:
Commercial
Square Footage:
18,148
Lot Size (sq. ft.):
43,560
Status:
Closed
Current Price:
$1,350,000
List Date:
6/07/2018
Last Modified:
12/10/2024
Description
Having been purchased out of foreclosure in 2012, Westview has undergone a tremendous amount of renovation over the past several years, including replacement of all plumbing, roof replacement, exterior trim painting, resurfacing of entire parking lot, and interior unit replacements, including all flooring.
Further opportunity of undergoing unit upgrades (kitchen and bath) In order to possibly garner a higher rent than current market rates for 1 BR units in the area ($550/mo.) The complex consists of 38 spacious 1 bedroom units.
More Information MLS# 21816042
Address Information
Street #: 219
Direction: W
Street Name: Fort Lowell
Suffix: Road
State/Province: AZ
Zip Code: 85705
County: Pima
Country: USA
Location Tax Legal
Tax Code: 107-11-1200
Area: Central
Contract Information
Current Price: $1,350,000
Sold Price: $1,350,000
Listing Date: 2018-06-06
Status: Closed
Short Sale: No
Status Change Info
Off Market Date: 2018-08-03
Pending Date: 2018-10-22
Sold Date: 2018-10-29
Sold Price: $1,350,000
Sold Price/SqFt: 74.39
Lot Sz Sold Prc/SqFt: 30.99
Financing: Other
General Property Information
Property Sub-Type: Apartment
Construction Status: Existing
# Units: 38
Total Parking: 43
Multi-Tenant: Yes
Year Built: 1985
Lot Dimensions: 311.35 X 143.78
Lot Acres: 1
Lot Sqft: 43560
Lot Size Source: Assessor
Combined SqFt: 18148
Source of SqFt: Assessor
List Price/SqFt: 79.9
Lot Size Price/SqFt: 33.29
Remarks Misc
Geo Lat: 32.26419
Geo Lon: -110.975018
Showing Information
Directions: From Downtown North on Stone to Fort Lowell then West on Fort Lowell to Property which sits on the south side of the street.
Income
Gross Scheduled Rent: 250800
Vacancy Loss: 22572
Other Income: 18400
Adjusted Gross: 246628
Total Expenses: 68803
Net Opp Income: 177825
Analysis
Cap Rate %: 13.17
Gross Rent Multi: 5.47
Vacancy Rate %: 9
Exp/SqFt: 3.79
Exp % of Gross: 27.9
Expenses
Admin Expenses: 380
Figures Presented: Proforma
Gas/Electric: 7000
Insurance: 5040
Maintenance Supplies: 15000
Management: 9865
Taxes/Assessments: 8518
Water/Sewer: 23000
Unit Information
Adult Housing: Independent Living Residences
Apartment: Low Rise
Apartment Unit Information
# of Units/1 BR: 38
Avg Mo Rent/1 BR: 475
Property Features
A.D.A. Compliant: Yes
Electric
Electric Company: TEP
Property Features
Property Features: Smoke Detector
Construction: Frame - Stucco
Roof: Built-Up
Main Cooling: Central Air
Main Heating: Heat Pump
Water Heater: Electric
Gas: Natural
Sewer: Connected
Water: Public
Accessibility Option: Level
Security: Security Lights
Fence: Block
Landscape - Front: Low Care
Landscape - Rear: Low Care
Road Type: Paved
Parking: Paved Parking
Lot Features: East/West Exposure
Business Location: Multiple Locations
Traffic Count: Unknown
Terms: Submit
Submit With Offer: Proof of Funds
Offering Memorandum ›Listing Office: Equilibrium Realty
Last Updated: December - 10 - 2024
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