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18227 N 40th Place
$889,000
  Phoenix, 85032
  Cross Streets: 40th St & Union Hills
  Huge 4 unit complex   Value-Add with low rents  
  Sought-after unit mix   Only $222/sf-hard to match  
  Near Paradise Valley Park   Long-term high ceiling  
  1980 build on jumbo lot    
MLS #: 6865522
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.
For more info contact:
Cass (James) Stephens
SJ Fowler Investment RE
6360 E. Brown Rd
Mesa, AZ 85205
602-672-3526
www.phoenixmulti-family.com