1819 N 40th St Phoenix, AZ 85008

Listing details for 1819 N 40th St, Phoenix, AZ 85008 : 10-units available for sale as a package (bulk condos), inside Papago Springs Condominium located in Phoenix. Located on N 40th Street, north of McDowell Road, and south of Thomas Road, near the Loop 202 & SR-51 Freeways, Phoenix Mountains, Camelback Corridor, Arcadia, Arizona State University, shopping, dining, and public transportation. Property is being sold ''As-Is.'' For the investor: This property offers the rare opportunity to acquire 2-bedroom condos (fully rehabbed in 2007 for conversion) with immediate opportunity to increase rents. Projected gross potential rent of $81,000, less 10% vacancy of $8,100 per year, added income of $1,500, equals $74,400 adjusted gross income. After expenses of $35,859, the pro forma net operating income is $38,541. This is a 8.96% CAP RATE.