498 N Arizona Avenue, Chandler, AZ 85225

$2,450,000
List Price
$2,450,000
Status
ACTIVE
Days on Market
18
MLS#
6463975
City
Chandler
Year Built
1948

Property Description

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.

Additional Information

Gross Annual Sch Inc
192000
Other Income
26640
Adjusted Gross Inc
212080
Taxes
$3,856
Annual Ins Exp
6500
Annual Mgmt Exp
12000
Annual Maint Exp
20000
Annual Elec Exp
20000
Annual Water Sewer Exp
7200
Operating Exp
69556
Net Operating Income
$145,000
Units
12
Project Type
5 - 12 Units
Construction
Block
Roofing
Rolled
Parking
>1 Space Per Unit, Street Parking
Cooling
Ceiling Fan(s), Electric, Individual
Heating
Electric
Floors
Ceramic Tile, Vinyl
Interior Amenities
Fire/Smoke Alarm(s), Unfurnished
Zoning
C-3
Community Amenities
No Pool
Electric
APS, Master Meter
Gas
SW Gas
Water
City Franchise
Sewer
Sewer - Public
Tenant Pays
Other (See Remarks)
New Financing
1031 Exchange, Conventional
School District
080 - Chandler Unified District

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Orion Investment Real Estate.

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2022 Arizona Regional Multiple Listing Service, Inc. All rights reserved.