Listing ID6302804
Sold For$1,083,333
StatusClosed
Sold Date2/01/2022
CountyMaricopa
SubdivisionOasis Plaza
Year Built1962
Property TypeMultiple Dwellings
Welcome to Eight on Avalon. This four plex is part of a portfolio and is in the heart of Old Town Scottsdale. This property is an amazing opportunity to do a full remodel! Property has been self managed with month to month tenants. Currently below market rents 500-600. Market rate once renovated 1500-1900. One 1 bedroom 1 bath and Three 2 bedroom 1 bath units. Once remodel proforma cap 5.5-6 cap. Could also make into a Air B&B for even a higher return. Must purchase with 6622 E Avalon for additional $1,150,000 for a total of $2,300,000 8 units. All facts and figures are approximate buyer verify MLS information. Drive by only tenants are unware of sale. Also available as part of a portfolio sale with same owners and unit mix and rent are 6631 E Cherry Lynn, and 6628 E Avalon also available for $1,150,000 each
County
Maricopa
Property Type
Multiple Dwellings
Subdivision
Oasis Plaza
Year Built
1962
Zoning
Multi
1 Bedroom Units # Baths
1
1 Bedroom Units Avg SqFt
734
2 Bedroom Units # Baths
1
2 Bedroom Units Avg SqFt
915
Cooling
yes
Flooring
Carpet, Vinyl
Heating
yes
Community Features
No Pool
Country
US
Directions
East on Thomas to 67 PL. North to Avalon. West to property
Elementary School
Other
Elementary School District
Scottsdale Unified District
General Property Description Elementary School
Other
General Property Description Elementary School District2
Scottsdale Unified District
General Property Description High School
Other
General Property Description High School District
Scottsdale Unified District
General Property Description Jr High School
Other
High School
Other
High School District
Scottsdale Unified District
Middle Or Junior School
Other
Postal City
Scottsdale
Township
2N
Water Source
City Franchise
Attached Garage
no
Construction Materials
Painted, Block
Covered Spaces
4
Electric
SRP
General Property Description # of Buildings
1
General Property Description Lot Size Dimensions
IRR
General Property Description Total # of Units
4
Lot Size Dimensions
IRR
Number Of Buildings
1
Number Of Units Total
4
Parking Carport
1
Parking Features
Free, 1 Space/Unit, Street Parking, Common
Parking Free
1
Parking Total
4
Road Surface Type
Asphalt
Roof
Composition
Sewer
Public Sewer
Buyer Agency Compensation
2.50
Mls Status
Closed
Public Survey Range
4E
Public Survey Section
27
1 Bedroom Units Avg Rent
1500
2 Bedroom Units Avg Rent
1850
Cap Rate
6.17
Current Financing
Not Applicable
Disclosures
Seller Prop Disc Stm
Gardener Expense
1200
Gross Income
80370
Gross Scheduled Income
84600
Insurance Expense
1600
Listing Terms
Conventional
Maintenance Expense
2000
Net Operating Income
70969
Operating Expense
8989
Owner Pays
Trash Collection, Water, Sewer
Tax Annual Amount
1689
Tax Book Number
130.00
Tax Lot
108
Tax Year
2020
Tenant Pays
Gas, Electricity
Trash Expense
1000
Water Sewer Expense
1500
Contact - Listing ID 6302804
Michael Bohlman
2425 S. Stearman Dr. Suite 120
Chandler, AZ 85286
Phone: 480-797-3800
Data services provided by IDX Broker