5038 N 18th Ave - Phoenix 3 Units!

  • Thread starter Michael Reed
  • Start date
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Michael Reed

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Joined
Jun 2, 2021
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  • #1
Price
420000
City
Phoenix
State
Arizona - AZ
Zip Code
85015
5038 N 18th Ave Phoenix AZ 85015
3 Unit Apartment Building Offered at $420,000 at a 5.44% Cap Rate in Phoenix, AZ​
Investment Highlights

  • Great Unit Mix - House + Duplex
  • Value Add Opportunity Increase Rents to Market Rate!
  • All Occupied Two Bedrooms and 96% Occupied Over the Last Five Years
  • 100% Leased, Month to Month Leases, Easy to Increase Rental Income
  • Stained Concrete Floors in Two Units
  • Washer And Dryers in Each Unit
  • Seller Has Updated to Copper Plumbing, Copper Electric, Roof Redone in 2011, Block Fencing On 3 Sides and Two New HVACs in 2011
  • Individually Metered
  • Just Half a Block From the Light Rail Transportation Station at 19th Ave and Camelback
  • Easy Light Rail to: Christown Spectrum Mall, Christown YMCA, Solano Park
  • Long Term Seller Financing Available. Down, Interest Rate and Balloon Negotiable. Not Required However.
  • Tenant Paid Electric. Owner Paid W/S/T. Some Expenses Estimated. Buyer to Complete/Rely On Own Due Diligence.


Executive Summary

This triplex is in the heart of central Phoenix. Most of the units have undergone major improvements over the years and two units have stained concrete and one vinyl and carpet flooring. All of the units are individually metered for electricity, and all of the A/C’s and most hot water heaters and appliances are newer. Affordable, safe and clean apartment housing is in huge demand right now, and this is a perfect investment opportunity to fulfill that need. This triplex has been 96% occupied over the last five years and 100% occupied over the last three years. High quality block wall fencing surrounds the property.


These units included three 2 bedroom one bath units. Rents are 920, 818 and 818. Units need updating but collecting under market value rents. Nice off street parking and have newer central air conditioners in 2 units. Tenants are month to month. Value add or owner occupy in front house. Washer and dryer in each unit. All facts and figures are approximate buyer verify ALL information. Drive by only tenants are unaware of the sale. Seller is an inactive licensed real estate agent in the state of Arizona and is selling property as-is. Buyer to verify all MLS information, as facts and figures are approximate. Do Not Disturb Tenants.
Property Facts

Price $420,000 Apartment Style Garden

Price Per Unit $140,000 Building (s) Size 2,276 SF

Sale Type Investment Average Occupancy 100%

Cap Rate 5.44% No. Stories 1

No. Units 3 Year Built 1952 & 1984

Property Type Multifamily

Property Subtype Apartment

Site Amenities

  • Laundry Facilities
Unit Mix Information

Description No. Units Actual Rent/Mo Pro forma Rent/Mo SF

2+1 House 1 $920 $1,250 899

2+1 Duplex 2 $818 $1,150 688

Totals 3 $2,556 $3,550 2,276





Financial Summary (Actual - 2020) Annual Annual Per SF



Gross Rental Income $30,832 $13.54

Other Income - -

Vacancy Loss $0.00 $0.00

Effective Gross Income $30,832 $13.54

Taxes $1,486 $0.65

Operating Expenses $6,472 $2.84

Total Expenses $7,958 $3.49

Net Operating Income $22,874 $10.05

PROPERTY TAXES

Parcel Number 156-37-054 LPV Assessment $97,458

Land Assessment $ 44,100 Annual Taxes $1,486 ($0.65/sf)

Improvements Assessment $176,600 Tax Year 2020



Michael Reed

602-380-5040

[email protected]

P.O. Box 2295
Phoenix, AZ 85002
 
Last edited by a moderator:
5038 N 18th Ave - Phoenix 3 Units! was posted on 06-02-2021 by Michael Reed in the Houses forum.

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