Listing ID6325134
Sold For$700,000
StatusClosed
Sold Date6/10/2022
CountyMaricopa
Year Built1960
Property TypeMultiple Dwellings
Here we go!! Value Add, 4 unit on 0.4 Acres in Biltmore/Midtown, right off the AZ51 and Indian School Rd. This is a unique property with many extras including unit patios, covered parking, laundry in most units, on a large 0.4 Ac lot (66'Wx271'D) with secure storage and wired workshop. Potential commercial use or redevelopment should also be considered.
The rear structure (3+/2) is an attached manufactured home (1988 built) with it's own gated parking that includes 4 covered spaces, a private back yard, covered patio, and container sized work-shed and extras.
The front building is a triplex including a 2/1, a S+/1, and second 2/1.
All units are on month to month leases and under market rent. All tenants are aware of the sale.
Rents listed below are projected, not actual.
County
Maricopa
Property Type
Multiple Dwellings
Year Built
1960
Zoning
M-M/R-3
1 Bedroom Units # Baths
1
1 Bedroom Units Avg SqFt
400
2 Bedroom Units # Baths
1
2 Bedroom Units Avg SqFt
700
3 Bedrooms Units # Baths
2
3 Bedrooms Units Avg SqFt
1800
Cooling
Central A/C, Electric, Ceiling Fan(s)
Cooling
yes
Heating
Central, Electric
Heating
yes
Country
US
Directions
West to 22nd St. South to Fairmount Ave. West to property.
Elementary School District
Creighton Elementary District
General Property Description Elementary School District2
Creighton Elementary District
General Property Description High School District
Phoenix Union High School District
High School District
Phoenix Union High School District
Postal City
Phoenix
Township
2N
Water Source
City Franchise
Attached Garage
no
Construction Materials
Painted, Block
Covered Spaces
7
Electric
APS, Individual Meter
General Property Description # of Buildings
2
General Property Description Lot Size Dimensions
66' x 271'
General Property Description Total # of Units
4
General Property Description Uncvrd Parking Spcs
5
Lot Size Dimensions
66' x 271'
Number Of Buildings
2
Number Of Units Total
4
Open Parking Spaces
5
Parking Assigned
1
Parking Carport
1
Parking Features
Paved Parking, Free, RV/Boat Parking, Assigned, >1 Space Per Unit, 1 Space/Unit, Common
Parking Free
1
Parking Total
12
Road Surface Type
Concrete
Roof
Composition, Foam
Sewer
Public Sewer
Buyer Agency Compensation
2.50
Mls Status
Closed
Public Survey Range
3E
Public Survey Section
27
1 Bedroom Units Avg Rent
800
2 Bedroom Units Avg Rent
1200
3 Bedrooms Units Avg Rent
2000
Cap Rate
6.19
Disclosures
None
Gardener Expense
300
Gross Income
59280
Gross Scheduled Income
62400
Insurance Expense
2000
Listing Terms
Other (See Remarks), No Carry, 1031 Exchange, Trade
Maintenance Expense
1800
Net Operating Income
46392
Operating Expense
12888
Owner Pays
Other, Trash Collection, Water, Sewer
Professional Management Expense
4992
Tax Annual Amount
1196
Tax Book Number
119.00
Tax Lot
NA
Tax Year
2021
Tenant Pays
Electricity
Water Sewer Expense
2600
Contact - Listing ID 6325134
Michael Bohlman
2425 S. Stearman Dr. Suite 120
Chandler, AZ 85286
Phone: 480-797-3800
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