Listing ID6480724
Sold For$1,050,000
StatusClosed
Sold Date4/05/2023
CountyMaricopa
SubdivisionKENSINGTON PLACE
Year Built1980
Property TypeMultiple Dwellings
This fully remodeled fourplex located in central Phoenix is being offered as a fantastic turnkey investment opportunity. Built in 1980, the unit mix consists of four (2 bed/1 bath) units. The extensive professional renovations were completed in 2022. Just some of the interior upgrades include: fresh paint; new shaker kitchen cabinets; new quartz kitchen countertops; new plank flooring; new stainless-steel appliances; and new in-suite washer/dryers. Exterior amenities consist of: a new metal roof; new windows; fresh paint; walk-out private patios; private parking at the rear; and upgraded low cost/maintenance desert landscaping.
Demand is high for units that are centrally located in Phoenix, have been fully renovated with quality materials, and are located within a mixed residential area. The nearby employment base is vast which consists of large & small employers from both the private & public sectors. The district serves its residents well by providing an abundance of choices related to shopping, dining, entertainment, schools and hospitals. Investors have realized the potential within the area, and as such, newer commercial buildings have been completed and new projects seemingly continue to be advanced along the more active nearby corridors.
Thus, this investment offers a hassle-free investment opportunity as it is fully occupied, stable, fully renovated and has a strong revenue stream right at acquisition. Buyer to verify all facts and figures.
Drive by only...please do not disturb residents.
County
Maricopa
Property Type
Multiple Dwellings
Subdivision
KENSINGTON PLACE
Year Built
1980
Zoning
[R-5]
2 Bedroom Units # Baths
4
2 Bedroom Units Avg SqFt
650
Cooling
Central A/C, Electric
Cooling
yes
Heating
Central, Electric
Heating
yes
Community Features
Other, No Pool
Country
US
Elementary School District
Phoenix Elementary District
General Property Description Elementary School District2
Phoenix 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
1N
Water Source
City Franchise, Master Meter
Attached Garage
no
Construction Materials
Painted, Stucco, Frame - Wood
Electric
APS, Individual Meter
General Property Description # of Buildings
1
General Property Description Lot Size Dimensions
134x50
General Property Description Total # of Units
4
General Property Description Uncvrd Parking Spcs
5
Lot Size Dimensions
134x50
Number Of Buildings
1
Number Of Units Total
4
Open Parking Spaces
5
Parking Assigned
1
Parking Features
Paved Parking, Free, Assigned, 1 Space/Unit, Street Parking
Parking Free
1
Parking Total
5
Road Surface Type
Asphalt, Curb(s) & Gutter(s), Sidewalk(s)
Roof
See Remarks, Metal
Sewer
Public Sewer
Buyer Agency Compensation
2.50
Mls Status
Closed
Public Survey Range
3E
Public Survey Section
6
2 Bedroom Units Avg Rent
1591.25
Cap Rate
5.84
Disclosures
Seller Prop Disc Stm
Gardener Expense
840
Gross Income
74088.6
Gross Scheduled Income
76380
Insurance Expense
2009
Listing Terms
No Carry, Conventional, VA Loan
Maintenance Expense
2000
Net Operating Income
65657
Operating Expense
8432
Owner Pays
Trash Collection, Water, Sewer, Landscaping
Tax Annual Amount
1027
Tax Block
2
Tax Book Number
111.00
Tax Lot
18
Tax Year
2022
Tenant Pays
Electricity, Cable TV
Trash Expense
1691
Water Sewer Expense
865
Contact - Listing ID 6480724
Michael Bohlman
2425 S. Stearman Dr. Suite 120
Chandler, AZ 85286
Phone: 480-797-3800
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