18227 N 40th Place
$889,000
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Phoenix, 85032 |
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Cross Streets: 40th St & Union Hills |
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Huge 4 unit complex |
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Value-Add with low rents |
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Sought-after unit mix |
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Only $222/sf-hard to match |
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Near Paradise Valley Park |
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Long-term high ceiling |
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1980 build on jumbo lot |
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Rare offering in a quiet North Central PHX neighborhood. Very hard to find $222/SF. Minutes to Paradise Valley Village, Desert Ridge & Scottsdale. No HOA. Huge units! Three 2 bed/1 bath units (950 sf /-) paired with a 3 bed/2 bath unit (1150 sf /-). 4000 total sf. 11,975 sf lot. R-3 zoning. 20 year local owner has self-managed. Rents are very low at $1000/$850/$850 (2 bed units) & $1450 (3 bed unit). $49,800/yr +$1200 seller-owned w/d units/late/pet/misc = $51,000 gross/yr. 5+ CAP. $1500/unit or more rents are viable. 100% occupied with all month-to-month leases. All long-term tenants with no recent rent increases. This complex has great bones with some upgrades. Two units had kitchen/bath/lighting/painting upgrades in 2022. Newer HVAC/WH in 1 unit. Value-add opportunity.
Cass (James) Stephens |
SJ Fowler Investment RE |
6360 E. Brown Rd |
Mesa, AZ 85205 |
602-672-3526 |
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www.phoenixmulti-family.com |