2 Fourplexes in 85018 Area of Phoenix For Sale

(visit the website www.GlenrosaApartments.com for more details and financial data)

2 very well maintained fourplexes are available for sale.  Unlike most of the inventory out there these are fully functioning businesses not just shells in need of repair and new customers:  there is value in that.

Rarely do such nice fourplexes come on the market in the prime living area and rental areas in the valley:  these are located in Arcadia one of the most revered and in-demand neighborhoods by valley residents.  Why?  It’s a combination of many characteristics:neighborhood quality, affordability, and convenience to work and school have consistently been top priorities for most people and they are present here.

From quick access to major freeways: SR-143, Loop 202, I-51 to a large employment base, to some of the better schools in the valley, to shopping and dining.  Then there is plenty to do for leisure at the Phoenix Mountains Preserve to start.

It’s a hip and trendy neighborhood where older homes are being remodeled and others rebuilt into beautiful homes.  This neighborhood has never really gone down and it’s still moving ahead in desirability.  There is lots of money going into the homes and the neighborhood associations are fairly adamant about keeping the area nice: all these are characteristics which not only owners like but tenants.  Everyone wants to live in a nice neighborhood.

There are two fourplexes on 2 separate lots which allows for easy residential financing with a 25% down-payment, but an owner occupant can buy with as little as 3.5% down with FHA financing.

Over the last few years the property has been slowly upgraded and remodeled including a new roof in 2004, many new A/C units and interior remodels.

It has very little in deferred maintenance and on-going maintenance issues.  The desert landscaping is nice, easy and inexpensive to maintain.

Let’s take a look at an APOD(annual property operating data)

Rental Income    $62,400

Other Income     $1,080 (laundry)

GSI                    $63,480

Vacancy             ($1,872+$624)

Gross Operating Income $60,984

Expenses

Landscaping        $2,136

Janitorial             $225

Maintenance        $199

Repairs               $860

Taxes                 $4,322

Water                 $4,072

Electricity           $500

Total Expenses   ($12,314)

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