5038 N 18th Ave, Phoenix, AZ 85015, USA
$425,000

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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
Repair Interior Walls

Paint

Fixture
Frontyard
Siding
Floor
Windows
Plumbing
Air Conditioning
Furnace
Heat Pump
Water Heater
Fence
Range
Oven
Stove
Refrigerator
Washing Machine
Dryer
Countertops
Type
Age
Brand
Model
Size
Wood
Not sure
Aluminum
Rigid Copper
Central
10
Electric
10
Air-to-air
10
Electric
Composite
Electric
1
Electric
1
Electric
1
1
Top Load
1
Side Load
1
Solid-surface material