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Deanne Olivas
Your Home Matters!
Keller Williams Realty
East Valley Luxre Group

2077 East Warner Road

Tempe, AZ 85284

(480) 452-5567
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Listing 1 out of 198
$695,000 For Sale

18041 40th Place
Phoenix, AZ 85032

4 units | Multi Family Home - MLS# 5944023
Property Photo
1/29

Description

Villa Paradise is a 4-unit quiet Garden Style Apartment Community located in the Highly Desirable Union Hills area, Close to Scottsdale & Paradise Valley, in PV School District that has recently been Renovated & Repositioned with Premium Finishes. The property is made of Solid Block Construction with Pitched Composition Shingle Roofs. The unit mix is comprised of all two bedroom floor plans that are Spacious and Well Designed. The Renovated Units Feature Open Living Areas, Modern Cabinetry & New Appliances, A/C Units, New Electrical Panel, New Countertops with Dishwashers, Microwaves & Eat In Areas. No carpet for easy unit turns! The upgraded Units w/ Ceiling Fans, Contemporary Bathroom Vanities & Premium Plumbing and Light Fixtures. Also Included are New Hot Water Heaters. Additional... Each of the units includes Updated Tile Flooring, Window Coverings, Cabinet Pulls and New Baseboards Throughout! 3 of the Units Feature Washer/Dryer Hook Ups! The property is located on over a 1/4 Acre Corner Lot and has Attractive Landscaping with Low Water Use Desert Landscaping. The exterior of the buildings have been Updated with New Paint. A recent Roof Repair on one of the Buildings Includes over 50% Replacement. Villa Paradise offers the Savvy Investor a Rare Opportunity to acquire an Extensively Renovated Asset located in a Prime and Much Sought After Union Hills Location! This submarket location has rents averaging $1.28 per square foot and enjoys a significantly low vacancy rate. In fact, this property has experienced a ZERO physical & economic vacancy rate in the past 24 months! When there is a rare vacancy, units rent within a few days of advertising. Quiet yet close to the freeway. Long-term tenants that tend to stay long. Easy to finance, as the rents are "seasoned" and the historicals are exactly what the lenders are looking for! Next turn will bring all rents to $1,150.00 which will bring this package to a cap rate of 7.00%

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Listing Status: Active
  • County/Area: Maricopa County
  • Zip Code: 85032
  • Year Built: 1974
  • Subdivision/Neighborhood: Villa Paradise
  • School District: 069 - Paradise Valley Unified District
  • Units: 4 units
  • # of Parking Spaces: 8
  • Zoning: R3
  • 2 Bedroom Units: # 2 Bedroom Units: 4
  • 2 Bedroom Units: # Baths: 1
  • 2 Bedroom Units: Avg Rent: 1120.00
  • 2 Bedroom Units: Avg SqFt: 896
  • Appliances Included: Refrigerator, Disposal, Microwave, W/D Hookup
  • Complex Features: No Pool
  • Const - Finish: Painted
  • Construction: Block
  • Cooling: Electric Refrigeratd
  • Covered Parking Spcs: 4.00
  • Electric: APS
  • Exterior Features: Landscape Wtr System, Desert Landscaping, Partially Fenced, Cable TV Available, Patio/Balcony, Separate Storage
  • Floors: Ceramic Tile
  • Heating: Electric, Heat Pump, Ceiling Fan(s)
  • High School Dist #: 069 - Paradise Valley Unified District
  • Interior Features: Unfurnished, Vertical Blinds, Fire/Smoke Alarm(S)
  • Lot Dimensions: 107.8 x 102.56 x 119.89 x 94.32
  • Marketing Name: Villa Paradise
  • Net Income: 43426.00
  • Owner Pays: Water, Sewer, Trash
  • Parking: 1 Space/Unit, Carport
  • Property Description: Other (See Remarks), Four Plex
  • Roads/Streets: Asphalt/Blacktop
  • Roofing: Comp Shingle
  • Sale Includes: Land & Building
  • Sewer: Sewer - Public, Sewer-In & Connected
  • Tenant Pays: Electric, Cable TV
  • Water: City Franchise
Courtesy of Keller Williams Arizona Realty

Deanne Olivas   |   480-452-5567   |  Contact Me
2077 East Warner Road   |   Tempe, AZ 85284
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