East Speedway Development, LLC of Tucson (Ray Schneider) acquired the home and 12.5 acres at 8200 E Speedway in Tucson after the passing of his friend, Jane Robb, who left a first right of refusal for it to him. Once the Trustee of the Estate, Wells Fargo Bank, had determined an appraised value, Schneider paid $820,000 for the 2,686 square foot house on 12.5 acres ($65,600 per acre) located between Pantano and Camino Seco on the eastside of Tucson.

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[mepr-show rules=”58038″]Schneider told us the property is currently zoned RX-1 allowing one unit per 36,000-square-feet, so he is considering rezoning it to a higher density. The home is in need of repairs, but functionally sound, and he is also considering fixing it up to live there. For the time being, he is exploring options by meeting with neighbors and Tucson Development Services to discuss possibilities. He knows the neighbors would like to keep it open desert but they know that isn’t realistic, with the property surrounded by higher density residential, something the appraisal also took into account when valuing the property.

When asked the possibility of a commercial use, Schneider responded that he didn’t think anything other than a higher density residential use would be a practical use. He wants to keep it residential, that will please the neighbors and in remembrance of his good friends who lived there for more than 30 years.

For the time being, Schneider says he just wants to get a feel of the land and the neighbors’ wishes, before making any decision.

Schneider is a real estate broker with Ray Schneider Company of Tucson and self-represented himself in the transaction.  Schneider can be reached at (520) 869-1544 for more information.

Sale date: 8/23/2013. Buyer put $220,000 down and financed the balance with a private lender.[/mepr-show]

The following sales were compiled from public records of closings in August for the Central, Northeast, Eastern and South submarkets. They have not been confirmed and are published for informational purposes only. These smaller multifamily sales represent an aggregate of $2.25 million for 54-units in 13 transactions in the month of August, 2013.

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[mepr-show rules=”58038″]EAST SUBMARKET
11-Units at 947 N Alvernon Way, Tucson, AZ 85711 sold for $325,000 ($29,545 per unit). The seller was Robert & June Logan of the Logan Family Trust, the buyer was AJAR Investing, LLC (Alan & JoAnne Simmons). The 5,930 sq. ft. building (built 1947) is on a .77 acre lot. Al Gould and Peter Canacakos of Long Realty represented the seller and Robert Grant of Keller Williams represented the buyer.

CENTRAL SUBMARKET
A duplex at 3314-3316 E Presidio Road, Tucson, AZ 85716 sold for $88,000 ($44,000 per unit). The seller, Tucson Acquisition and Development Corporation (Jeffrey Utsch) of Tucson sold to Roxy Properties of Los Angeles (Michael Morris). The 1,560 sq. ft building (built 1979) has two two-bedroom units is on a .15 acre lot. The seller is a licensed real estate broker.

Tucson Acquisition and Development also sold 10-units at 427-441 E Delano, Tucson AZ 85705 for $178,000 to Delano Investments of Tucson (Brett Josephson). The 6,042 sq. ft. in nine buildings (built 1976) is on a .66 acre lot.

A duplex at 1702 E 10th Street and 40 N Warren Street, Tucson, AZ 85719 sold for $169,800 ($84,900 per unit). The seller was the Peggy A Hughes Trust of Tucson and the investor, Jaylon Reynolds of Tucson. The 1,448 sq. ft. building (built 1946) on a .17 acre lot. The two units were each one-bedroom and rented at time of sale, with no vacancies since 1999. Teresa Robison of Long Realty represented the seller and Danny Roth of Keller William of Southern Arizona represented the buyer.

A duplex at 534 E 2nd Street in Tucson, AZ 85705 sold for $285,000 ($142,500 per unit). Seller was William and Roberta Weiss of Tucson and the investor is Jeffrey Scott Willson of Tucson. The 1,825 sq. ft. building (built 1914) has two two-bedroom units and is on a .24 acre lot.

3-units at 110 W 21st Street, Tucson, AZ 85701 sold for $282,500 ($94,167 per unit). The seller was Raima Chaimers of Tucson and the buyer, Linda Benyak of Tucson. The 3-units are in three separate casitas (built 1929-1943) and total 1,734 sq. ft. on a .14 acre lot.

A duplex at 1150 & 1152 E Haven Lane, Tucson, AZ 85719 sold for $111,886 ($55,943 per unit). The seller was Cherry Lane Properties (Mary Wilson) of Tucson and the buyer, Grizzly Properties (Eric Freeman). The 2,120 sq. ft. building (built 1973) sits on a .21 acre lot.

A duplex at 3202 E Lee Street, Tucson, AZ 85716 sold for $105,000 ($52,500 per unit). The seller was Austin Horan of Tucson and the buyer Billie Kay Gearin of Tucson. The 1,394 sq. ft. building (built 1952) is on a .18 acre lot. The two units were two-bedrooms. Dave Eazer of Keller Williams of Southern Arizona was the listing agent and Peggy Gay of Long Realty represented the buyer.

4-units at 205 W Laguna Street, Tucson, AZ 85705 sold for $141,730 ($35,433 per unit). The seller was Wildcat Equities, LLC of Tucson (Brandon Matheson) and the buyer. Terek Khaled of Staten Island, NY. The four units were one-bedrooms in two buildings totaling 1,643 sq. ft. on a .25 acre lot. The property prior sale was on 1/24/2013 in “as is” condition for $49,900. Lou Parrish of Keller Williams of Southern Arizona represented the seller and Lisa Larkin of Re/Max Trends represented the buyer.

4-units at 3735-3745 E Fairmount Street, Tucson, AZ 85716 sold for $150,000 ($37,500 per unit). The sale was an estate sale, heirs of the Estate of Jon Kouba and the buyer Gary and Susan Sharp of Oro Valley. The 2,373 sq. ft. in three buildings was effectively built in 1959 on a .41 acre lot.

NORTHEAST SUBMARKET
4-units at 4159 E Desert Place, Tucson, AZ 85712 sold for $165,000 ($41,250 per unit). The seller was Lee Thorn of Tucson and the buyer Rio Flores of Tucson (William Wissler, et al). The 3,072 sq. ft. building (built 1972) is on a .28 acre lot. James Robertson of Realty Executives Tucson Elite represented the buyer and the seller in the transaction.

4-units at 1623-1629 N Santa Rosa Ave, Tucson, AZ 85712 sold for $300,000 ($75,000 per unit). The seller was Gordon and Sonia Vernon Revocable Trust and the buyer, BWI Anklam, LLC of Tucson (James Baker). The 4,590 sq. ft. building (built 1968) is on a .33 acre lot.

SOUTH SUBMARKET
A duplex at 4325 S 7th Avenue, Tucson, AZ 85714 sold for $37,500 ($18,750 per unit) in an online auction sale. The seller was lender, Nationstar Mortgage, LLC of Lewisville, TX and the buyer Juan Alvarez of Tucson. The 1,386 sq. ft. building (built 1952) was vacant when it sold and is on a .11 acre lot. Bridgett Baldwin of Prudential Arizona Properties represented the seller and Auction. Com represented the buyer.

4-units sold at 113-119 E Aviation Dr, Tucson, AZ 85714 for $60,000 ($15,000 per unit). The seller was Francisco & Artemisa Lopez of Tucson and the buyer Gilbert & Mary Robles. The two duplexes total 2,076 sq. ft. (built 1950) on a .30 acre lot.
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(947 N Alvernon Way Sale date: 8/9/2013. Escrow time 30 days, market time 60 days. Down Payment was $117,982 and loan assumption of existing loan. GSI was $63,708 plus other income of $500. Adjusted gross income totaled $64,208. Total operating expense was $36,400. Property sold with an NOI of $27,808 and an 8.56% cap rate. Unit mix was 7 studios ($450 rent), 3 one-bedrooms ($475 rent), and 1 two-bedroom ($795 rent).)

(3314-3316 E Presidio Road Sale date: 8/7/2013. Documents show the transaction was all-cash. APN: 111-05-142H and 427-441 E Delano Sale date: 8/6/2013. Documents showed zero down and buyer assumed existing loan. APN: 107-11-0260)

(1702 E 10th Street and 40 N Warren Street Sale date: 8/29/2013. Escrow time was 30 days. Down payment was $33,960 financed conventionally. Property sold with a GSI of $14,400 and operating expenses of $7,354. Property sold at an 4.15% cap rate and an NOI of $7,046.)

(534 E 2nd Street Sale date: 8/7/2013. Down payment: $140,000. APN: 117-03-0190)

(110 W 21st Street, Sale date: 8/21/2013. All cash deal. APN: 117-09-0640)

(1150 & 1152 E Haven Lane Sale date: 8/14/2013. Unable to determine down payment, documents show zero down. APN: 113-04-042K)

(3202 E Lee Street Sale date was 8/8/2013. Escrow time was 75 days. The GSI was $12,000 and a $600 vacancy loss reported. Total operating expenses were $5,632. Property sold with a 5.49% cap rate and a $5,768 NOI.)

(205 W Laguna Street Sale date: 8/22/2013. Down payment was $35,433, balance financed conventionally. GSI was $22,020, expenses of $1,127 were reported, property sold with an NOI of $20,893 and a 14.74 cap rate. APN: 107-12-1920. R-3 zoning.)

(4159 E Desert Place Sale date: 8/19/2013. Escrow time was about 30 days. All cash deal. GSI was $27,312 with $2,731 vacancy loss reported. Total operating expenses of $9,221. Property sold with an NOI of $15,360 and a 9.31% cap rate. APN: 110-07-3320. R-2 zoning)

(1623-1629 N Santa Rosa Ave Sale date: 8/23/2013. Zero shown down, conventional financing. APN: 121-11-1950)

(4325 S 7th Avenue Sale date: 8/16/2013. All cash deal. APN: 120-07-459A)

(113-119 E Aviation Dr Sale date: 8/19/2013. All cash deal. APN: 120-06-3340)

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Wash Depot Holdings, Inc. of Malden, MA dba Simoniz Car Wash is selling a portfolio of 30 car washes of the company’s 80 total properties. Twenty of these have sold or are under contract within the one month of coming on the market; properties are located in AZ, TN, TX, GA, MN, MO, IA, IL and FL.

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[mepr-show rules=”58038″]Mister Car Wash of Tucson (Ron Peterson, Chairman) acquired two Simoniz locations and businesses from Wash Depot at 4941 N Oracle Rd in Tucson for $2 million ($430 PSF) and 2409 N Kolb Road in Tucson for $832,000 ($126 PSF).

“This deal is going to strengthen our position in Tucson and allow us to better serve a very strategic market for us” said Peterson in a press release. Mister Car Wash now operates six carwashes in Tucson and 123 carwashes nationwide. Mister Car Wash has added 21 locations in 2013. It was Mister Car Wash that also acquired the four local Capin car washes last year, making Mister the largest car wash owner in the country based here in Tucson.

The third Simoniz location was at 3410 N 1st Avenue in Tucson. It sold to UC Associates, LLC of Tucson dba Octopus Car Wash  for $425,000 ($192 PSF). This will be car wash number four for Octopus in Tucson.

Vinny Carfora with Car Wash King of Florida is a licensed real estate broker in 38 states. In an exclusive interview with the editor of Real Estate Daily News, Carfora  told us he is marketing the Wash Depot portfolio and represented seller and both buyers in these transactions. Carfora told us there are three other properties as part of the portfolio in Tucson and one in Phoenix, of these, two are under contract and expected to close at the end of month. Carfora also handled the sale of the four Capin properties last year.

For more information contact Carfora at (954) 540-3330 or at visit www.carwashking.com

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4941 N Oracle: sale date: 9/12/2013. APN: 105-08-014E, lot size 66,706 SF. All cash transaction. 2409 N Kolb: sale date 9/12/2013, APN: 135-10-150X and 150W, lot size 32,094 SF. All cash transaction. 3410 N 1st Ave: sale date: 9/11/2013. APN: 13-04-227 thru 229 and 230 and 231. Lots size was 30,208 SF. All cash transaction.[/mepr-show]