5038 N 18th Ave

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