18202 N CAVE CREEK Road MULTI, Phoenix, AZ 85032 (MLS# 6663975)

18202 N CAVE CREEK Road MULTI, Phoenix, AZ 85032

$1,440,000

Property Type: Multiple Dwellings Status: Closed

Current Price: $1,440,000 Last Modified: 10/07/2024

Overview

Description

Welcome to an extraordinary real estate investment opportunity that offers both immediate returns and long-term potential. These eight remodeled condo units are not just properties; they represent a strategic step towards building a robust and reliable real estate portfolio. Recently refurbished with a keen eye for modern elegance, these units offer a comfortable and enticing living space for current and potential tenants. Nestled in a prime location and with in-demand amenities, they boast low monthly expenses while offering a fantastic cap rate of 6.72% % for investors. The appeal doesn't end here; these units are not only warrantable and VA-approved but also offer access to guaranteed subsidized rental programs. This unique investment package allows...

Listing Details MLS# 6663975

Location, Tax & Legal

House Number: 18202
Compass: N
Street Name: CAVE CREEK
St Suffix: Road
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85032
Zip4: 1062
Country: US
County Code: Maricopa
Subdivision: MOUNTAIN SPRINGS TERRACE CONDOMINIUM
Assessor Number: 214-07-052
Tax Year: 2023
Unit #: MULTI
Assessor's Map #: 7
Legal Description (Abbrev): LOT 119 MOUNTAIN SPRINGS TERRACE CONDOMINIUM MCR 033448
Assessor's Parcel #: 52
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 619300
Taxes: 248
Legal: LOT 119 MOUNTAIN SPRINGS TERRACE CONDOMINIUM MCR 033448
Marketing Name: Mountain Springs Terrace

Contract Info

Ownership: Condominium

General Property Description

Lot Size Dimensions: Unknown
Year Built: 1983
Uncvrd Parking Spcs: Yes
Total # of Units: 8
# of Buildings: Yes
Zoning: MF
Elementary School District: Paradise Valley Unified District
High School District: Paradise Valley Unified District
Elementary School: Echo Mountain Primary School
Jr. High School: Vista Verde Middle School
High School: North Canyon High School

Remarks Misc

Cross Street: Cave Creek & Union Hills
Directions: South on Cave Creek to Michigan Ave. Complex will be on the right.

Status Change Info

Off Market Date: 2024-04-30
Under Contract Date: 2024-04-30
Close of Escrow Date: 2024-05-31

Legal Info

Township: 4N
Range: 3E
Section: 34
Lot Number: 119

More Information

Income Expenses

Gross Annual Sch Inc: 145320
Net Operating Income: 102200

Showing Notification Methods

Showing Service: Aligned Showings

3 Bedrooms Units

# 3 Bedroom Units: 8
Avg Rent: 1513.75
Avg SqFt: 836
# Baths: 2

Sold Info

Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

100+ Units: Yes

Other Type

Packaged Offering: Yes
Other (See Remarks): Yes

Construction

Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Foam: Yes

Floors

Vinyl: Yes

Sale Includes

Other (See Remarks): Yes

Income & Expenses

Annual Ins Exp: 4090
Annual Maint Exp: 600
Owner Association: Yes
Annual Ownr Asoc Fee: 33120
Annual Other Expense: 5310
Operating Exp: 43368
Other Income: 0
Vacancy Allowance: 1
Adjusted Gross Inc: 0
Total Monthly Rental Income: 12110

Pmt & Rate Info

Cap Rate: 6.72
Equity: 1520000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

None: Yes

Community Features

Pool: Yes

Heating

Electric: Yes

Cooling

Central Air: Yes
Electric: Yes

Exterior Amenities

Cable TV Available: Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Free-Standing Range: Yes
Washer/Dryer: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
1 Space/Unit: Yes
Add'l Parking Avail: Yes
Assigned: Yes
Other: Yes

Electric

APS: Yes

Gas

None: Yes

Owner Pays

See Remarks: Yes

New Financing

Cash to Loan: Yes
Conventional: Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Type

Fixed: Yes

Existing 1st Loan Terms

Non Assumable: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Environmental

None: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

2 Bedroom Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Property Features

Project Type: 100+ Units Other Type: Packaged Offering; Other (See Remarks) Construction: Wood Frame Const - Finish: Painted; Stucco Roofing: Foam Floors: Vinyl Sale Includes: Other (See Remarks) Community Features: Pool Exterior Amenities: Cable TV Available Interior Features: Unfurnished; Fire/Smoke Alarm(s) Appliances Included: Free-Standing Range; Refrigerator; Disposal; Microwave; Washer/Dryer Cooling: Electric; Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: None Parking Features: Carport; 1 Space/Unit; Add'l Parking Avail; Assigned; Other Road Surface Type: Asphalt Owner Pays: See Remarks Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner Lockbox Type: None Existing 1st Loan: Conventional Existing 1st Loan Type: Fixed Existing 1st Loan Terms: Non Assumable New Financing: Cash to Loan; Conventional Environmental: None

Listing Office: RE/MAX Fine Properties

Last Updated: October - 07 - 2024