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3643 E Glenrosa Ave - MF-4 Plex - Seller Finance Option

2,802 SF Flex Condo Unit Offered at $1,500,000 in Phoenix, AZ 85018

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Investment Highlights

Arcadia lite location. Private street very quiet. Has storage room that can be converted to washer/dryer revenue for guests.

Executive Summary

Drive by welcome but no disturbing guests.

Property Facts

Price	$1,500,000	Building Class	C
Unit Size	2,802 SF	Floors	1
No. Units	1	Typical Floor Size	2,970 SF
Total Building Size	2,970 SF	Year Built	1959
Property Type	Multifamily (Condo)	Lot Size	0.28 AC
Property Subtype	Apartment Multifamily Dormitory	Parking Ratio	1.35/1,000 SF
Sale Type	Investment

Price	$1,500,000
Unit Size	2,802 SF
No. Units	1
Total Building Size	2,970 SF
Property Type	Multifamily (Condo)
Property Subtype	Apartment Multifamily Dormitory
Sale Type	Investment
Building Class	C
Floors	1
Typical Floor Size	2,970 SF
Year Built	1959
Lot Size	0.28 AC
Parking Ratio	1.35/1,000 SF

1 Unit Available

Unit 1,2,3,4

Unit Size	2,802 SF	Sale Type	Investment
Price	$1,500,000	Cap Rate	6.40%
Price Per SF	$535.33	NOI	$96,000
Condo Use	Flex	No. Parking Spaces	4

Unit Size	2,802 SF
Price	$1,500,000
Price Per SF	$535.33
Condo Use	Flex
Sale Type	Investment
Cap Rate	6.40%
NOI	$96,000
No. Parking Spaces	4

Description

This four apartment multi-family unit has 5 bedrooms and 5 full bathrooms. Unit 1, 2 and 3 are all single bedrooms and 1 full bathroom. Unit 4 is a 2 bedroom and 2 full bathroom unit. Units were upgraded in 2019 to condition they are now. 4 or 5 parking spots in back covered, side and courtyard shared. Well maintained due to the airbnb business model that has been very successful ratings 4.8 range.

Sale Notes

Open for seller financing options that allow the ability to bridge later to a cash out refinance DSCR loan. 10% down 5% interest only, 15% down 4% interest only, 20% down 3.5% interest only. NOI is $96K/YR. This is a lease with corporate tenant doing Airbnb arbitrage. They cover all expenses. Corporate tenant is open to adjust the lease if new owner would like to do it themselves after the deal is closed. This investment is turn key revenue with tenant which manages and pays for everything. No vacancy, pays every month on time, no property mgmt required, no maintenance, no dealing with utilities, no head aches just easy cash flowing investment.