OfferMarket

5038 N 18th Ave, Phoenix, AZ 85015, USA

$425,000

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Photos of the property

OfferMarket Exclusive Listing

  • Fully leased 3-unit investment property: house + duplex
  • Property has been professionally managed
  • Value-add opportunity to optimize rent: would need cosmetic finishes
  • Seller has no structural or systems related deferred maintenance to report
  • All units are 2 BR
  • 96% 5-yr occupancy
  • Month to Month Leases, Easy to Increase Rental Income
  • Stained Concrete Floors in Two Units
  • Washer/dryer in each unit
  • Copper plumbing
  • Copper electric
  • Roof Redone in 2011
  • Block fencing on 3 sides
  • 2 new HVACs in 2011
  • Separately metered
  • Long term seller financing available
  • Photos are from 2017-18

Deal Terms

  • Must provide credit report with credit score of 700+ in order to tour property and submit qualified offer
  • Property inspection will only occur with a legitimate offer by a qualified buyer
  • Title work is completed (Pioneer Title, can close within a week)

Financials: Current

  • Current rents:
  • Unit 1: $920/month
  • Unit 2: $818/month
  • Unit 3: $818/month
  • NOI: $22,874/year

Financials: Pro Forma with cosmetic upgrades

  • Unit 1: $1,250/month
  • Unit 2: $1,150/month
  • Unit 3: $1,150/month
  • NOI: $34,802/year
  • Cap Rate: 8.28%

Taxes

  • 2020: $1,486
  • Land assessment:  $44,100
  • Improvements assessment:  $176,600

Utilities

  • Electric: tenants
  • Water, sewer, trash: owner

Location

  • Half block from Light Rail Transportation Station at 19th Ave and Camelback
  • Easy Light Rail to: Christown Spectrum Mall, Christown YMCA, Solano Park