18227 N 40TH Place new Save Request In-Person Tour Request Virtual Tour
Phoenix,AZ 85032
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision Gentle Acres
MLS Listing ID 6865522
Year Built 1980
Annual Tax Amount $1,796
Tax Year 2024
Property Description
Rare offering in a quiet North Central PHX neighborhood. Very hard to find $225/SF. Minutes to Paradise Valley Village, Desert Ridge & Scottsdale. No HOA. Huge units! Three 2 bed/1 bath units (950 sf /-) paired with a 3 bed/2 bath unit (1150 sf /-). 4000 total sf. 11,975 sf lot. R-3 zoning. 20 year local owner has self-managed. Rents are very low at $1000/$850/$850 (2 bed units) & $1450 (3 bed unit). $49,800/yr +$1200 seller-owned w/d units/late/pet/misc = $51,000 gross/yr. 5 CAP +/-. $1500/unit or more rents are viable. 100% occupied with all month-to-month leases. All long-term tenants with no recent rent increases. This complex has great bones with some upgrades. Two units had kitchen/bath/lighting/painting upgrades in 2022. Newer HVAC/WH in 1 unit. Value-add opportunity.
Location
State AZ
County Maricopa
Community Gentle Acres
Zoning R-3
Interior
Heating See Remarks,Individual,Heat Pump,Electric
Cooling Electric,Heat Pump,Individual
Flooring Other,Ceramic Tile,Vinyl
Exterior
Parking Features Free,Assigned,>1 Space Per Unit
Community Features See Remarks
Roof Type Other,Built-Up
Building
Sewer Public Sewer
Water City Franchise
New Construction No
Schools
School District Paradise Valley Unified District
Others
Acceptable Financing Other (See Remarks),Conventional
Listing Terms Other (See Remarks),Conventional