1845 E Illini Street, Phoenix, AZ 85040
- $499,900
- 5
- BD
- 3
- BA
- List Price
- $499,900
- Status
- ACTIVE
- Price Change
- ▼ $10,000 1782178403
- Days on Market
- 77
- MLS#
- 7040008
- City
- Phoenix
- Bedrooms
- 5
- Bathrooms
- 3
- Year Built
- 2025
Property Description
Outstanding investment opportunity! Built in 2024 and located in a designated Opportunity Zone, this fully leased duplex offers immediate cash flow with approximately $34,000 in annual income and an attractive 7% CAP rate. Quality workforce housing with dependable tenants who pay on time and cover their own electric; landlord pays only water and sewer. Also available is the adjacent duplex at 1905 E. Illini, creating a rare opportunity to acquire a side-by-side 4-plex. Each unit features wood-look tile flooring, Samsung appliances, 42'' espresso cabinetry, 2'' wood blinds, and contemporary finishes throughout. Ample parking, low-maintenance construction, and excellent condition make this a true turnkey investment.
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Additional Information
- Taxes
- $4,228
- Net Operating Income
- $35,673
- Cap Rate
- 7.14
- Units
- 2
- Parking Features
- Carport, >1 Space Per Unit, Attached Carport
- Construction
- Wood Frame, Stucco
- Roofing
- Composition
- Cooling
- Central Air, Heat Pump, Varies by Unit, Ceiling Fan(s)
- Heating
- Electric
- Zoning
- R3
- Subdivision
- Progress Place
- Community Features
- No Pool
- Electric
- Individual Meter, SRP
- Water
- City Franchise
- Tenant Pays
- Electricity, Landscaping
- New Financing
- Conventional, 1031 Exchange, Cash
- Elementary School
- Percy L Julian School
- Middle School
- Percy L Julian School
- High School
- South Mountain High School
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Listing courtesy of RE/MAX Excalibur.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.