Listing ID6508813
Sold For$607,000
StatusClosed
Sold Date3/22/2023
CountyMaricopa
Year Built1950
Property TypeMultiple Dwellings
Amazing investment opportunity. Fully occupied 5 plex with MAXIMUM flexibility. All 5 units are month to month with below market rent. HUGE 18,000+ SF lot zoned R-3. Build on the back of the lot while you collect rents from the front or leave property as it is and cash flow. New roof (2021) and the 2BR unit was renovated in fall of 2022 with all new flooring, bathroom and kitchen. Highly desirable neighborhood for rental properties with a central location and close to Biltmore, Arcadia, the 202 freeway, Sky Harbor, and Downtown Phoenix. So much upside on this property.
County
Maricopa
Property Type
Multiple Dwellings
Year Built
1950
Zoning
R-3
1 Bedroom Units # Baths
1
1 Bedroom Units Avg SqFt
400
2 Bedroom Units # Baths
1
2 Bedroom Units Avg SqFt
800
3 Bedrooms Units # Baths
1
3 Bedrooms Units Avg SqFt
1000
Cooling
Wall/Window Unit(s)
Cooling
yes
Efficiency Units # Baths
1
Efficiency Units # Efficiency Units
1
Efficiency Units Avg SqFt
300
Flooring
Concrete
Heating
Window/Wall Unit(s)
Heating
yes
Community Features
No Pool
Country
US
Directions
North from McDowell on 32nd. Property is on your left. Driveway is to the north of the building with additional parking in the back.
Elementary School
Creighton Elementary School
Elementary School District
Creighton Elementary District
General Property Description Elementary School
Creighton Elementary School
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, Stone, Brick
Electric
City Electric
General Property Description # of Buildings
1
General Property Description Lot Size Dimensions
60 x 305
General Property Description Total # of Units
5
General Property Description Uncvrd Parking Spcs
10
Lot Size Dimensions
60 x 305
Number Of Buildings
1
Number Of Units Total
5
Open Parking Spaces
10
Parking Total
10
Road Surface Type
Asphalt, Concrete
Roof
Tile
Sewer
Public Sewer
Mls Status
Closed
Public Survey Range
3E
Public Survey Section
35
1 Bedroom Units Avg Rent
600
2 Bedroom Units Avg Rent
1000
3 Bedrooms Units Avg Rent
900
Cap Rate
4.67
Disclosures
None
Efficiency Units Avg Rent
586
Gross Income
39798.72
Gross Scheduled Income
41457
Insurance Expense
1100
Listing Terms
Conventional, 1031 Exchange
Maintenance Expense
2800
Net Operating Income
30300
Operating Expense
10461
Owner Pays
Trash Collection, Water, Sewer
Professional Management Expense
1200
Tax Annual Amount
1761
Tax Book Number
120.00
Tax Year
2022
Tenant Pays
Gas, Electricity
Trash Expense
2000
Water Sewer Expense
1600
Contact - Listing ID 6508813
Michael Bohlman
2425 S. Stearman Dr. Suite 120
Chandler, AZ 85286
Phone: 480-797-3800
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