INVESTMENT OPPORTUNITY – Multiple Offers Received, please submit your highest and best by 5PM on Wednesday, October 16 - currently yielding $34,387 Net Operating Income. A $475,000 purchase price generates a 7.24% as-is return, with rental rate upside. Great stabilized, fully renovated and cash-flowing investment opportunity near Downtown Phoenix, 10 minutes from Arcadia and Old Town Scottsdale, minutes from 202 Freeway, ASU and the 1Billion $ data center potentially slated for development at 40th Street and McDowell Rd. 1 year leases in place for all 3 units with automatic renewal and rental increases at 5%/year on the anniversary of the original lease date. Regarding financing, seller may consider a Seller Carryback if buyer prefers not to deal with conventional lenders for the initial acquisition. See attached proforma for actual income & expense figures along with potential proforma market rent increases. Each unit was leased within days of being advertised in this very high demand rental market. Value and ROI are expected to continue increasing with market and scheduled rent escalations.
Recent 2018/2019 renovations included: new paint, appliances, brand new AC units, hot water heaters, drywall, fixtures, gates, landscaping, windows, doors, locks, etc... Assuming a 5.5% market area cap rate and the actual $34,387 NOI the property should currently be valued closer to $625,000. Major discount relative to cap rate analysis and market area comps. Seller liquidating portfolio at discount.