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$2,400,000
498 N Arizona Ave, Chandler, AZ 85225
0 Beds
0 Baths
n/a SqFt

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A stabilized 12 unit property with a diverse unit mix of 8 1bedroom/1bathroom units, 3 2bedroom/1bathroom units, and 1 3bedroom/2bathroom units. The property has seen extensive capital improvements in the last 30 days, including new sewer lines, new exterior stucco and paint, a freshly renovated courtyard, new windows on all units, a redone parking lot, and two units fully renovated. The remaining tenants are on Month to Month leases or have leases that will be expiring soon. Opportunity to raise rents immediately or continue interior unit renovations to achieve highest market rents in desirable submarket of Chandler.
  • Price:
  • $2,400,000
  • Year Built:
  • 1948
  • Listing ID #:
  • 6463975
  • Street Address:
  • 498 N Arizona Ave
  • City:
  • Chandler
  • State:
  • Arizona
  • Postal Code:
  • 85225
  • County:
  • Maricopa
  • Listing Status:
  • Active
  • Listing Type:
  • ResidentialMultiFamily
  • Construction Description:
  • Block
  • Flooring:
  • Ceramic Tile, Vinyl
  • Interior Features:
  • Fire/Smoke Alarm(s), Unfurnished
  • Number Of Units:
  • 12.00
  • Siding:
  • Painted, Stucco
  • Type Of Roof:
  • Rolled
  • Year Built:
  • 1948
  • Adjusted Gross Income:
  • 212080.80
  • Annual Electric Expenses:
  • 20000.00
  • Annual Insurance Expenses:
  • 6500.00
  • Annual Maintenance Expenses:
  • 20000.00
  • Annual Management Expenses:
  • 12000.00
  • Annual Water/Sewer Expenses:
  • 7200.00
  • Net Operating Income:
  • 145000.00
  • Operating Expense:
  • 69556.00
  • Conforms To Zoning:
  • C-3
  • Community Features:
  • No Pool
  • Included In Sale:
  • Land & Building
  • Terms:
  • 1031 Exchange, Conventional
  • Owner Pays:
  • Electric, Gas, Sewer, Trash Collection, Water
  • Property Taxes:
  • $3,856
  • Tenant Pays:
  • Other (see Remarks)
  • Parking Description:
  • >1 Space Per Unit, Street Parking
  • Parking Spaces:
  • 16.00
  • Appliances:
  • Bi Oven/Range, Dishwasher, Disposal, F/S Oven/Range, Microwave, Refrigerator, W/D Hookup, Washer/Dryer
  • Cooling System:
  • Ceiling Fan(s), Electric, Individual
  • Electricity:
  • Aps, Master Meter
  • Existing Water:
  • City Franchise
  • Gas:
  • Sw Gas
  • Heating:
  • Electric
  • Sewage Type:
  • Sewer - Public
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.

Your Payment
$1,400/mo

Source: CINC

  • Listing Provided By: Jackson Everhart with Orion Investment Real Estate
  • ARMLS

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