$1,480,000
Phoenix, AZ 85032
MLS# 6663975
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Property Description
Welcome to an extraordinary real estate investment opportunity that offers both immediate returns and long-term potential. These eight remodeled condo units are not just properties; they represent a strategic step towards building a robust and reliable real estate portfolio. Recently refurbished with a keen eye for modern elegance, these units offer a comfortable and enticing living space for current and potential tenants. Nestled in a prime location and with in-demand amenities, they boast low monthly expenses while offering a fantastic cap rate of 6.72% % for investors. The appeal doesn't end here; these units are not only warrantable and VA-approved but also offer access to guaranteed subsidized rental programs. This unique investment package allows...
Details
Maps
Contract Info
Current Price: $1,480,000
List Price: $1,480,000
Status: Active
List Date: 2024-02-14
Ownership: Condominium
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
House Number: 18202
Compass: N
Street Name: CAVE CREEK
St Suffix: Road
Unit #: MULTI
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85032
Zip4: 1062
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 119 MOUNTAIN SPRINGS TERRACE CONDOMINIUM MCR 033448
Subdivision: MOUNTAIN SPRINGS TERRACE CONDOMINIUM
Assessor's Map #: 7
Assessor's Parcel #: 52
Add'l Parcels: No
Assessor Number: 214-07-052
Legal: LOT 119 MOUNTAIN SPRINGS TERRACE CONDOMINIUM MCR 033448
Census Tract: 619300
Tax Municipality: Phoenix
Taxes: 248
Tax Year: 2023
Marketing Name: Mountain Springs Terrace
General Property Description
Lot Size Dimensions: Unknown
Year Built: 1983
Uncvrd Parking Spcs: 1
Total # of Units: 8
# of Buildings: 1
Zoning: MF
Elementary School: Echo Mountain Primary School
Jr. High School: Vista Verde Middle School
High School: North Canyon High School
Elementary School District: Paradise Valley Unified District
High School District: Paradise Valley Unified District
Remarks & Misc
Cross Street: Cave Creek & Union Hills
Directions: South on Cave Creek to Michigan Ave. Complex will be on the right.
Geo Lat: 33.651835
Geo Lon: -112.03173
Status Change Info
Status Change Date: 2024-02-14
Legal Info
Township: 4N
Range: 3E
Section: 34
Lot Number: 119
Income & Expenses
Annual Ins Exp: 4090
Annual Maint Exp: 600
Owner Association: Yes
Annual Ownr Asoc Fee: 33120
Annual Other Expense: 5310
Operating Exp: 43368
Gross Annual Sch Inc: 145320
Vacancy Allowance: 1
Totl Mnth Rntal Inc: 12110
Net Operating Income: 102200
Pmt & Rate Info
Cap Rate: 6.72
Equity: 1520000
Showing Notification Methods
Showing Service: Aligned Showings
3 Bedrooms Units
# 3 Bedroom Units: 8
Avg Rent: 1513.75
Avg SqFt: 836
# Baths: 2
Property Features
Project Type: 100+ Units
Other Type: Packaged Offering; Other (See Remarks)
Construction: Frame - Wood
Const - Finish: Painted; Stucco
Roofing: Foam
Floors: Vinyl
Sale Includes: Other (See Remarks)
Community Amenities: Pool
Exterior Amenities: Cable TV Available
Interior Amenities: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: F/S Oven/Range; Refrigerator; Disposal; Microwave; Washer/Dryer
Cooling: Electric; Central A/C
Water: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: None
Parking: Carport; 1 Space/Unit; Add'l Parking Avail; Assigned; Other (See Remarks)
Roads/Streets: Asphalt
Owner Pays: See Remarks
Tenant Pays: Electric; Cable TV
Source of Fincl Data: Provided by Owner
Lockbox Type: None
Existing 1st Loan: Conventional
Existing 1st Ln Type: Fixed
Existing 1st Ln Trms: Non Assumable
New Financing: CTL; Conventional
Reports/Disclosures: Seller Prop Disc Stm
Environmental: None
Listing Office: RE/MAX Fine Properties
Last Updated: April - 11 - 2024
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