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1337 E Polk Street, Phoenix, AZ 85006

$4,300,000
Property Type: Multiple Dwellings Status: Active
Current Price: $4,300,000 List Date: 12/03/2021 Last Modified: 12/22/2021

Description

Polk Bungalows, a currently under construction, boutique 10-unit single family built to rent community situated on a one half acre parcel in Downtown Phoenix, Arizona. This one-of-a-kind property featuring tastefully designed, modern architecture by Aaron Bass of Stance Architecture is located in the rapidly gentrifying historic district of Garfield, minutes away from and 1 mile walking distance to both Downtown Phoenix and nationally recognized Roosevelt Row Arts District - contributing to a high rental demand and strong tenant base for this vibrant urban infill location.

Suppliments: The property consists of a single freestanding 1,378 square foot historic house originally built in 1900 offering 2 bedrooms and 2 baths, and currently being rebuilt from the inside out with modern amenities and high end finishes, as well as 9 modern and sleek casita bungalows offering 1 bedroom 1.5 bath spacious floor plans with 884 square feet. Polk Bungalows will provide an attractive and coveted urban rental experience with unique architectural features of: expansive floor to ceiling windows and doors, ground concrete floors, modern finishes and fixtures throughout, vegetation walls, and private patio spaces. Construction is scheduled to be completed by the end of February 2022, with the property manager set to begin pre-leasing in January 2022.

More Information MLS# 6327872

Contract Info

Current Price: $4,300,000 List Price: $4,300,000 Status: Active List Date: 2021-12-02 Ownership: Fee Simple

Location, Tax & Legal

Map Code/Grid: Q34 House Number: 1337 Compass: E Street Name: Polk St Suffix: Street City/Town Code: Phoenix State/Province: AZ Zip Code: 85006 Country: USA County Code: Maricopa Assessor's Map #: 25 Assessor's Parcel #: 174 Add'l Parcels: Yes Assessor Number: 116-25-174 Legal: GERMANIA PL PT LOT 12 E2 & GERMANIA PL PT LOT 12 W2 Tax Municipality: Phoenix Taxes: 3312 Tax Year: 2021 Marketing Name: Polk Bungalows

General Property Description

Lot Size Dimensions: 200' x 109' Year Built: 2022 Uncvrd Parking Spcs: 4 Total # of Units: 10 # of Buildings: 10 Zoning: R-5, HP Flood Zone: No Elementary School: Kenilworth Elementary School Jr. High School: Whittier Elementary School - Phoenix High School: Central High School Elem School Dist #: 001 - Phoenix Elementary District High School Dist #: 210 - Phoenix Union High School District

Remarks & Misc

Cross Street: 16th St & Van Buren St. Directions: Wast on Van Buren, North on 14th St, West on Polk. Property on South side. Geo Lat: 33.452351 Geo Lon: -112.05304

Status Change Info

Status Change Date: 2021-12-02

Legal Info

Township: 1N Range: 3E Section: 4 Lot Number: 12

Income & Expenses

Annual Elec Exp: 2000 Annual Ins Exp: 3000 Annual Legal & Acctg: 1000 Annual Maint Exp: 6000 Annual Mgmt Exp: 11911 Annual Wtr/Swr Exp: 8000 Owner Association: No Annual Rplcmnt Rsrvs: 200 Annual Other Expense: 1250 Operating Exp: 36673 Gross Annual Sch Inc: 240660 Other Income: 12000 Vacancy Allowance: 0.06 Adjusted Gross Inc: 237500.4 Net Operating Income: 190559

Pmt & Rate Info

Cap Rate: 4.43 Down Payment %: 50 Monthly Payments: 7656 Equity: 4300000

1 Bedroom Units

# 1 Bedroom Units: 9 Avg Rent: 1895 Avg SqFt: 885 # Baths: 15

2 Bedroom Units

# 2 Bedroom Units: 1 Avg Rent: 3000 Avg SqFt: 1379 # Baths: 2

Contact Info

List Agent Home Phn: 602-793-2753

Property Features

Project Type: 5 - 12 Units Construction: Block; Frame - Wood Const - Finish: Painted; Stucco Roofing: Comp Shingle; Metal Floors: Concrete; Vinyl Sale Includes: Land & Building; Laundry Equipment Community Amenities: No Pool; Other Exterior Amenities: Landscape Wtr System; Desert Landscaping; Partially Fenced; Patio/Balcony Interior Amenities: Fire/Smoke Alarm(s); Fire Sprinklers Appliances Included: F/S Oven/Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer Heating: Individual Cooling: Electric; Heat Pump; Individual Water: City Franchise; Master Meter Sewer: Sewer - Public; Sewer-In & Connected Electric: APS Gas: None Parking: Carport; Street Parking; 1 Space/Unit; >1 Space Per Unit; Assigned Roads/Streets: Asphalt Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Water; Sewer; Electric; Trash Source of Fincl Data: Projected Proforma Existing 1st Loan: Treat as Free&Clear New Financing: Conventional; No Carry; 1031 Exchange; Other (See Remarks) Reports/Disclosures: Seller Prop Disc Stm; ALTA Survey Availbl Environmental: None

Supplements

The property consists of a single freestanding 1,378 square foot historic house originally built in 1900 offering 2 bedrooms and 2 baths, and currently being rebuilt from the inside out with modern amenities and high end finishes, as well as 9 modern and sleek casita bungalows offering 1 bedroom 1.5 bath spacious floor plans with 884 square feet. Polk Bungalows will provide an attractive and coveted urban rental experience with unique architectural features of: expansive floor to ceiling windows and doors, ground concrete floors, modern finishes and fixtures throughout, vegetation walls, and private patio spaces. Construction is scheduled to be completed by the end of February 2022, with the property manager set to begin pre-leasing in January 2022.
Listing Office: Urban Luxe Real Estate
Last Updated: December - 22 - 2021
1337 E Polk Street, Phoenix, AZ 85006- MLS# 6327872
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