323 S Elden Street, Flagstaff, AZ 86001 (MLS# 6251462)

Project Type: Four Plex

Construction: Other (See Remarks)

Const - Finish: Painted

Roofing: Comp Shingle

Floors: Other

Sale Includes: Land & Building

Community Amenities: No Pool

Appliances Included: Other (See Remarks)

Heating: Natural Gas

Cooling: None

Water: City Franchise

Sewer: Sewer - Public

Electric: APS

Gas: SW Gas; Other (See Remarks)

Parking: Garage; Street Parking; >1 Space Per Unit

Roads/Streets: Asphalt

Owner Pays: Other

Tenant Pays: Other (See Remarks)

Source of Fincl Data: Provided by Owner; Projected Proforma

Showing Notification Methods: Text; Email; Phone Call

Lockbox Type: None

New Financing: Conventional

Reports/Disclosures: None

Environmental: None

... one of the top 10 hottest second home markets in the nation (the only city listed that was not on the east coast). Flagstaff is both a regional destination for rock climbers, mountain bikers, snowboarders, and cross-country skiing as well. Arizona Snowbowl sits in the Arizona foothills of the San Francisco Peaks approximately 30 minutes away from the property and offers a great day or weekend escape for regional visitors. There are more than 40 km of trails through aspen and ponderosa forests all machine groomed for classic or skate skiing and 15 km of marked snowshoe trails. The new owner of this investment property will have a prime opportunity to take advantage of Flagstaff's popularity with a mix of short-term or long-term rental opportunities. The location in the Southside neighborhood continues to be one of the preferred areas in the city. It is only a 0.3 mile walk to the very popular 43-acre Sawmill District with many popular businesses: Whole Foods, REI Sporting Goods, and Wildflower Restaurant to name a few. It is only 4 blocks from NAU Campus and the historic San Francisco retail/restaurant corridor leading to Heritage Square in Downtown Flagstaff. In the summer, Heritage Square anchors the downtown area activities with family movie nights, musical events, art walks, and wine tasting strolls. This property is perfectly located at the crossroads to the beautiful Red Rock canyons of Sedona (30 miles south) and the Grand Canyon National Park (82 miles north). The four rental units are located on an oversized city lot of 11,806 SF on the periphery of the historic Southside area. This beautiful lot includes mature apple trees, large ponderosa pines, and plum trees surrounding the three separate buildings of this investment property. The main two-story house has 4 bedrooms with an ability to expand to five if needed. There are plenty of spaces to relax and enjoy the home, whether it be a large family or a group of travelers sharing the home. First floor highlights include: a large living room/dining room with a wood burning fireplace, an eat-in kitchen that leads to a spacious deck, a south-facing sunroom with a 12+ foot wall built of stones from the San Francisco Peaks, and a cozy den. Positioned midway between the first and second floors is a sunny loft offering a quiet respite from the main floor. The second floor has two full bedrooms with views of the San Francisco Peaks to the north. The second unit is a private guest quarters at the rear of the main house with one bedroom and one bath, a full size kitchen and an attached one-car garage. This unit has loads of character with built-in bookshelves, exposed brick, and a wood burning stove, giving it a charming, homey feel. The third unit at the rear of the lot is a private cottage with 2 bedrooms and 1 bath, built-in shelves in both bedrooms, and a perfect eating area for two in the kitchen. There is a generous private fenced yard with mature fruit trees. This cottage has a storage space attached and parking right outside the front door. The fourth unit is a one-bed/one-bath artist's studio with plenty of storage for two to share. This home is popular with travel nurses and other professionals who want access to everything the Southside offers while enjoying the peace and quiet of non-apartment living. These four high-demand units have been 100% occupied for 17 years and conscientiously managed by the current owner of the property. The current owner has maintained the property extremely well, investing approximately 6% of gross rentals annually. Recent improvements include new hot water heaters, new high-end zero or low VOC interior paints, and exterior paint that is specially chosen for the changing climate of northern Arizona. In 2020 and 2021 new roofs were added, one bathroom was renovated in the main house, there are newer appliances in most units, new cupboards installed in 3 units, insulation was added, and more. When repairs were needed, they were completed by licensed tradespeople or supervised by general contractors. All units have interior washer/dryer hookups with three newer sets of laundry appliances included in the sale. The large house and the two-bedroom unit are individually metered for all appliances. The new owner of this property will earn immediate rental income and have the potential for increased revenues by capitalizing on future redevelopment opportunities. The zoning has changed from RMM (Medium Density Residential) to HR (High Density Residential Zoning) in the past few years. The Southside of Flagstaff is a community rich with families, churches, businesses, architecture, handball courts, and gathering spaces. The people of the Southside worked in railroad, lumber, sheepherding, tourism, and education. The Southside is a central location between Downtown and the Northern Arizona University Campus. It attracts residents and businesses seeking the benefits of a mixed-use, walkable neighborhood. When asked how they would describe the values of the Southside, the residents named unity, friendship, kindness, innovation, and creativity as strong drivers for this community. For all of these reasons, the Southside is one of the most popular areas in Flagstaff. Housing in the city is limited and expensive, making it a phenomenal place to invest in property for both long and short-term rentals. Recent reports show that Flagstaff has the least affordable rental housing of all major cities in Arizona with a severe shortage of new and quality residential rental units. 323 South Elden is an amazing rental property exuding the qualities of a community-like feeling and architectural charm. All this makes it an extremely desirable place for people to live. The city of Flagstaff is one of the most popular areas in Arizona to visit and to love due to its high elevation, moderate temperatures, and natural beauty. It is surrounded by the 1.8+ million-acre Coconino National Forest, the largest contiguous ponderosa pine forest in the world. Flagstaff offers a wealth of year-round activities and is a favorite of rock climbers, skiers, snowboarders, hikers, mountain bikers, and more. With an average of 288 days of sunshine per year, Flagstaff is an extremely desirable location for residents and tourists throughout the seasons.