Hidden Court Apartments

Incredible location.  For Sale By Owner.  The owner is not a realtor.  Looking to connect with potential buyers.  NO SELLER FINANCING.  Listing price is $2,840,000.  All the information is listed here and in the property description. Hidden Court Apts are 9 units located in one of the best, upscale, affluent neighborhoods of the valley.  Hidden in the middle of multi-million dollar homes of doctors, lawyers, business owners, etc.  Located 6/10th of a mile south of the former estate of Senator McCain and 4/10th of a mile south of the former estate of Jerry Colangelo (Former owner of NBA Phx Suns) The apartments are not visible from N. Central Ave and utilize a shared driveway with the house in front and the 16 rental units next door to the west.  The 16 unit complex sold April 2022 without ever being listed for $5 million.  A nearby Tri-plex on 13th Place sold June 2023 for $945,000 and a Tri-plex on 12th Place just sold in March 2024 for over $1 million. The owner is hands on and has managed and maintained the property himself for over 21 years.  At closing,  neighborhood information will be disclosed which could be profitable for buyer.  Please do NOT talk with tenants as they do not know the complex is for sale.

 

Property Description

Horseshoe shape, 3 buildings, with courtyard, built in the 1950's.  Building 1 is Apts 1, 2, 3, and the on-site laundry and Building 1 is master metered for SW Gas.  All other units are individually metered for gas. Building 2 is Apts 4 & 5.  Building 3 is Apts 6, 7, 8, & 9.  Apt 9's electric is master metered with the complex.  ////////////////   Apt #1 is 2 bedroom, 2 bathroom with stack washer / gas dryer in unit - 925 sq ft - Kitchen is maple cabinets and white appliances.  Gas stove, gas heat, & gas dryer - Current rent $1750 (includes SW gas & TPT sales tax).  Tenant moved in July 2021 and currently is on a Month-to-month lease.  ///////////  Apt #2 is 1 bedroom, 1 bathroom. 650 sq ft.  Recently updated with new stainless steel appliances, stack washer / gas dryer in apt., new kitchen quartz countertops, Kitchen cabinets are maple, new vinyl flooring, new ceiling fans, new lights, and new blinds. Bathtub converted to shower.  Freshly painted.  Gas stove, gas dryer, & gas heat.  Numerous applications upon listing as available. Rented within 3 days after posting sign on N. Central Ave.  Current Rent $1600 (includes SWgas & TPT sales tax). Tenant rented October 2023 and lease runs through 10/31/2024.  ///////////   Apt #3 is 1 bedroom, 1 bathroom.  650 sq ft.  Kitchen is Maple cabinets and White Appliances.  Gas stove & gas heat.  Current rent $1200 (includes SW gas & TPT sales tax).  Tenant moved in July 2020 and currently is on a Month-to-month lease.  Tenants will move to #8 upon its renovation and then this unit will be renovated and rented for $1650.   ///////////////  Apt #4 is 1 bedroom, 1 bathroom.  650 sq ft.  Kitchen is Maple cabinets and White Appliances.  Unique built-in cabinets in bedroom.  Gas stove & gas heat.  Current rent $1100 (includes TPT sales tax).  Tenant moved in July 2016 and currently is on a Month-to-month lease.   ///////////////  Apt #5 is 1 bedroom, 1 bathroom.  650 sq ft.  Owner's former unit.  Kitchen is Cherry cabinets and White Appliances.  Stack washer / gas dryer in apt.  Unique built-in cabinets in bedroom. Bathroom was converted to a shower.  Gas stove, gas heat, & gas dryer.  Current rent $1150 (includes TPT sales tax).  Tenant moved in March 2019 and currently is on a Month-to-month lease.   /////////////  Apt #6 is 1 bedroom, 1 bathroom.  650 sq ft.  Kitchen is Maple cabinets and White Appliances.  Unique built-in cabinets in bedroom.  Gas stove & gas heat.  Current rent $1100 (includes TPT sales tax).  Tenant moved in October 2019 and currently is on a Month-to-month lease.   /////////////// Apt #7 is 1 bedroom, 1 bathroom.  650 sq ft.  Kitchen is Maple cabinets and White Appliances.  Unique built-in cabinets in bedroom.  Gas stove & gas heat.  Current rent $1100 (includes TPT sales tax).  Tenant has been on property for over 15 years and currently is on a Month-to-month lease.   ///////   Apt #8 is 2 bedroom, 2 bathroom.  925 sq ft.  Tenant just moved out and unit is being totally renovated and will be rented for $2100 (#3 Tenants want to move into it) //////////   Apt #9 is 1 bedroom, 1 bathroom.  460 sq ft.  #9 was converted from storage rooms / original laundry room to a dwelling unit.  The City of Phoenix issued a Certificate of Occupancy May 2022, Certificate #2203034.  #9 is all electric (except stove) and is master metered with the complex APS meter.  Stove is gas and is connected to Apt #6 gas line.  Bathroom is a shower.  Current rent $900  (includes electric & TPT sales tax).   Tenant has lived on property for over 21 years and is currently on a Month-to-month lease.   ////////     2023 Yearly Expenses Grand Total: $30,140   ///  2023 Yearly Expenses Breakdown:::   City of Phoenix Water services:  $2,070    ///  APS Electric:  $1,560   ///   SW Gas: $2,140   ///   Waste Services (trash):  $2,635  ///  AZ Sales (TPT) Sales Tax:  $2,710   ///    Maintenance & Repairs:  $6,460   ///   Insurance:  $7,415   ///   Maricopa Property Tax:  $5,150  //////  Additional Expenses Spent in 2023 that are not Regular Yearly Expenses: Approximately $4,500 were upgrades to #9 and $8,500 were remodeling #2.  Total:  $13,000   ////  At Current Rents, Expected 2024 Income:  $138,000   /////  Proforma Raising Rents with no upgrades or remodels -- #1  $1950  // $2  $1750  //  #3  $1550  //  #4  $1500  //  #5  $1550  //  #6  $1500  //  #7  $1500  //  #8  $1850  //  #9  $1200  //  Monthly Proforma Total = $14,350  //  Yearly Proforma (No Remodels or Upgrades) Total = $172,200  ////// The following Proforma numbers are based on what realtors say the complex should be getting for rents with Unit upgrades / remodels and also based on what the 16 unit complex next door is currently getting for rent on their 2 bedrooms  ----     #1  $2,150  // #2  $1,750  //  #3  $1,750   //  #4  $1,700  //  #5  $1,700  //  #6  $1700  //  #7  $1700  //   #8  $2,100  // #9  $1,400  //  Monthly Proforma (Remodeled or upgraded) Total $15,950 //  Yearly Proforma (with Remodels or Upgrades) Total:  $191,400  //////  Cap Rates on list price of $2.84 million:    At yearly current rents minus expenses:   3.8%  /////  At Proforma Rents with no remodels / no upgrades minus expenses:   5%  /////   At Proforma Rents with Remodels / Upgrades minus expenses:   5.6%