481 N COLORADO Street, Chandler, AZ 85225
$396,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$396,000
Last Modified:
5/24/2025
Description
Chandler DUPLEX! TWO detached homes on ONE lot! This is the best CASH COW in the entire Valley! Projected 9% CAP rate! The 3 bed 2 bath home in the front does need some work! The 2 bed 1 bath home in the back (accessible from street behind the home) is in good shape & ready to go! Both units have their own fenced yard, separate entrances (one from the street in the front, the other the road in the back). Literally two separate homes on one lot! Property is located in the #1 school district in the state, short walk to Chandler High & is just blocks from popular Downtown Chandler with lots of dining, entertainment & shops! Located just a few miles from both 101 & 202 freeway to provide easy access to Phoenix/Scottsdale/ASU etc. Pro forma rents are likely lower than what it could receive.
More Information MLS# 6860519
Contract Info
Current Price: $396,000
Sold Price: $396,000
Status: Closed
List Date: 2025-05-02
Ownership: Fee Simple
Location Tax Legal
House Number: 481
Compass: N
Street Name: COLORADO
St Suffix: Street
City/Town Code: Chandler
State/Province: AZ
Zip Code: 85225
Zip4: 4950
Country: US
County Code: Maricopa
Subdivision: GREATER CHANDLER ADD BLK 8 & 9
Assessor Number: 302-64-106
Tax Year: 2024
General Property Description
Lot Size Dimensions: 150 x 50
Year Built: 1951
Uncvrd Parking Spcs: 4
Total # of Units: 2
# of Buildings: 2
Zoning: MF-1
Elementary School District: Chandler Unified District #80
High School District: Chandler Unified District #80
Elementary School: Galveston Elementary School
Jr. High School: Willis Junior High School
High School: Chandler High School
Remarks Misc
Cross Street: Arizona Avenue and Chandler BLVD
Directions: N to Erie, E to Colorado, N to home. To access the other home in the back you can just drive around the corner to the wide alley that serves as the street for the back unit.
Geo Lat: 33.311199
Geo Lon: -111.838487
Status Change Info
Status Change Date: 2025-05-24
Off Market Date: 2025-05-13
Under Contract Date: 2025-05-06
Close of Escrow Date: 2025-05-23
Sold Price: $396,000
Legal Info
Township: 1S
Range: 5E
Section: 27
Lot Number: 3
Income Expenses
Gross Annual Sch Inc: 42000
Net Operating Income: 38359
Showing Notification Methods
Showing Service: Aligned Showings
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 1500
Avg SqFt: 720
# Baths: 1
3 Bedrooms Units
# 3 Bedroom Units: 1
Avg Rent: 1900
Avg SqFt: 1128
# Baths: 175
Sold Info
Loan Type: Cash
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: Duplex
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Vinyl; Ceramic Tile
Sale Includes: Land & Building
Community Features: See Remarks
Appliances Included: Free-Standing Gas Oven; Built-In Range; W/D Hookup
Heating: Natural Gas
Cooling: Ceiling Fan(s); Heat Pump
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: SW Gas
Parking Features: >1 Space Per Unit; RV Access/Parking
Owner Pays: Water; Gas; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Projected Proforma
Lockbox Type: Supra
Existing 1st Loan: Conventional
New Financing: Cash
Environmental: None
Listing Office: RE/MAX Solutions
Last Updated: May - 24 - 2025
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