18227 N 40TH Place, Phoenix, AZ 85032
$899,000
Property Type:
Multiple Dwellings
Status:
Active
Current Price:
$899,000
Last Modified:
5/13/2025
Description
Rare offering in a quiet North Central PHX neighborhood. Very hard to find $225/SF. Minutes to Paradise Valley Village, Desert Ridge & Scottsdale. No HOA. Huge units! Three 2 bed/1 bath units (950 sf /-) paired with a 3 bed/2 bath unit (1150 sf /-). 4000 total sf. 11,975 sf lot. R-3 zoning. 20 year local owner has self-managed. Rents are very low at $1000/$850/$850 (2 bed units) & $1450 (3 bed unit). $49,800/yr +$1200 seller-owned w/d units/late/pet/misc = $51,000 gross/yr. 5 CAP +/-. $1500/unit or more rents are viable. 100% occupied with all month-to-month leases. Several long-term tenants with no recent rent increases. This complex has great bones with some upgrades. Two units had kitchen/bath/lighting/painting upgrades in 2022. Newer HVAC/WH in 1 unit. Value-add opportunity.
More Information MLS# 6865522
Contract Info
Current Price: $899,000
List Price: $899,000
Status: Active
List Date: 2025-05-12
Ownership: Fee Simple
Location Tax Legal
House Number: 18227
Compass: N
Street Name: 40TH
St Suffix: Place
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85032
Zip4: 1453
Country: US
County Code: Maricopa
Subdivision: GENTLE ACRES
Assessor Number: 215-15-099
Tax Year: 2024
General Property Description
Lot Size Dimensions: 11975 sf
Year Built: 1980
Uncvrd Parking Spcs: 8
Total # of Units: 4
# of Buildings: 2
Zoning: R-3
Flood Zone: No
Elementary School District: Paradise Valley Unified District
High School District: Paradise Valley Unified District
Remarks Misc
Cross Street: Union Hills & Hwy 51
Directions: 1/2 mile east of the 51 and just south of Union Hills Dr.
Geo Lat: 33.652634
Geo Lon: -111.99482
Status Change Info
Status Change Date: 2025-05-13
Legal Info
Township: 4N
Range: 4E
Section: 31
Lot Number: 9
Income Expenses
Gross Annual Sch Inc: 49800
Net Operating Income: 45000
Showing Notification Methods
Showing Service: Aligned Showings
2 Bedroom Units
# 2 Bedroom Units: 3
Avg Rent: 900
Avg SqFt: 950
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1450
Avg SqFt: 1150
# Baths: 1
Property Features
Project Type: Four Plex
Construction: Slump Block
Const - Finish: Painted; Other (See Remarks)
Roofing: Built-Up; Other
Floors: Vinyl; Ceramic Tile; Other
Sale Includes: Building(s) Only; Land & Building; Laundry Equipment
Community Features: See Remarks
Exterior Amenities: Desert Landscaping; Other (See Remarks)
Interior Amenities: Fire/Smoke Alarm(s)
Appliances Included: See Remarks
Heating: Individual; Heat Pump; See Remarks
Cooling: Electric; Heat Pump; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS; Individual Meter
Gas: None
Parking Features: >1 Space Per Unit; Assigned; Free
Owner Pays: Water; Other; See Remarks
Tenant Pays: Electricity
Source of Fincl Data: Owner; Projected Proforma; Other (See Remarks)
Showing Notification Methods: Text
Lockbox Type: See Private Remarks; None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Cash; Conventional; Other (See Remarks)
Environmental: None
Listing Office: Better Homes & Gardens Real Estate SJ Fowler
Last Updated: May - 13 - 2025
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