Superb Location: Phoenix Fourplex in Arcadia
The location of this fourplex is one of the best possible. Arcadia is a very in demand neighborhood in East Phoenix. It’s in between major entertainment and employment centers. The demand for housing is strong from both home buyers and tenants.
What attracts people here is the unique established atmoshphere: the lush greenery, the beautiful surrounding mountains, the old and new homes from starter to luxury homes. There are unique complexes like Three Fountains or the superb local grocery and restaurant Le Grande Orange, Postinos and Radio Milano all of which are within walking distance.
The location commends a premium rent and since it is an established neighborhood in the floodway of the urban living trend there is lower risk of both economic and physical vacancy. In fact this neighborhood provides many opportunities for savvy investors. The current status as long term residential apartment rentals can be changed to increase total income. There are a few creative things that can be done which the location affords that could not be done as successfully elsewhere.
This is also a great property for an owner occupant or as a vacation home. There’s enough room to create private yards and the covered carport in the back could be expanded to add parking.
Snow bird can leaves one unit for theselves to remain vacant while generating income from the other units or the owners unit can function as a short term furnished corporate rental when not in use by the owners.
Location: 3637 E. Glenrosa Ave. Phoenix, AZ 85018.
This is the western end of the Arcadia neighborhood. Read more about the Phoenix Arcadia neighborhood.
The property is priced at $399,000. There are two identical fourplexes side by side. Each is priced at $399,000 Both together have a lot size of just over half an acre (22,401 Sf).
4 units.
3 one bedroom units
1 two bedroom unit.
|
Potential Rent |
$ 33,600 |
| Vacancy | 4% |
| Other Income | $ 120 |
| Gross Operating Income | $ 32,376 |
| Expenses | |
| Electricity | $ 350 |
| Insurance | $ 850 |
| Landscaping | $ 1,200 |
| Maintenance | $ 1,300 |
| Water/Sewer Trash | $ 2,100 |
| Taxes | $ 2,763 |
| Total Expenses | $ 8,563 |
| Net Operating Income | $ 23,813 |
The income and expenses as noted above put the CAP rate at 6%. That is lower then the market in general but it good for a premium property that with some good management and a little bit of creative work can generate much more income or be multi-functional property, one that replaces a condo for instance.
If your have some interest in this property please don’t hesitate to call us with any questions or for a financial analysis or some of the ideas regarding its use.
« Phoenix Investment Properties: Small Multifamily or Single Family Homes | Home | Phoenix Small Multifamily: Where’s The Value Is Hidden »
-
Categories
-
Recent Posts
Archives
Comments
Hi Artur:
I teach a couple of large introductory real estate courses and I am having my students analyze a fourplex during the last part of the semester. I like your website and downloaded the financial info on the 16th Street fourplex. Please send the detailed financial info on the Arcadia fourplex. Thanks.
Karl
If your a real estate investor student, this would be a great property to look at and decide if it would make a wise investment.