2115 W Devonshire Ave Phoenix, AZ 85015

Listing details for 2115 W Devonshire Ave, Phoenix, AZ 85015 : GREAT INVESTMENT OPPORTUNITY w/4 Fourplexes - 2115, 2123, 2131 & 2139 W. Devonshire Ave - 16-Units total to be sold as a package deal. All units are 2 beds, 1 bath - 708sqft each. Three total storage units that can easily be converted into a coin operated laundry mat or vending machine store for extra income. Two of the storage units are attached to buildings 2115 & 2131 and one detached behind building 2139. The property is 100% occupied Offering Memorandum available upon request. Drive by only, please do not disturb the tenants!!! This sale includes four separate buildings at 2115 W. Devonshire Ave (APN 154-20-055); 2123 W. Devonshire Ave (APN 154-29-056); 2131 W. Devonshire (APN 154-29-057); & 2139 W. Devonshire Ave (APN 154-20-058). 16 total units that are adjacent & contiguous. Must be sold as a package only. These are all zoned R-3 MF Medium Density. 2115 W is a slightly bigger lot w/ 12,528 SF (.29 acres). The other three lots are each 11,518 SF (.26 acres). Combined the total lot size is around 1.07 acres & close to 50,000 SF. The buildings are fenced at street level & set back nicely from the street creating a nice sense of community. Behind the buildings is open land offering views to the northeast as the Grand canal runs behind the properties (properties are in the FEMA floodplain zone). Phase 2 of the "Grand CanalScape" project to create a bicycle/pedestrian friendly pathway is in process. The City of Phoenix has committed major funds to develop a long-term safe, convenient route along the banks from the I-17 east to 40th St. The central location of these units is ideal. Just a few blocks west to the I-17, a bit over 1 mile to Light Rail, & a short drive to GCU. Highly gentrifying area of C. Phoenix that offers urban appeal to today's typical renter. All of the units are identical with 2 bedrooms/1 bathroom with a total of 708 SF +/-. Very desirable unit mix in this market w/ a high long-term rental potential. All units are on month-to-month leases. Owner has raised rents across the board to $612/month, effective 2/1/18. However, rents in the immediate rental sub-market show $.92-$1/SF. Based on the new rental rate, 2018 projects out to a 7 CAP +/-, but with market rents this is a healthy 8+ CAP opportunity. Note that the expenses are estimated. An on-site caretaker resides in one unit. Buyer to complete & rely on own due diligence regarding the property. The complex offers many amenities including storage units, individual unit entrances, low maintenance exteriors/easy tile floor interiors for turnovers, & more! Many upgrades over the last few years including some roofs, some HVAC units, & other capital improvements. Perfect opportunity to buy a well-operated complex without significant deferred maintenance, raise rents to market, & achieve a CAP & cash-on-cash return that is difficult to match in this market. Offering Memorandum available upon request. Drive by only, please do not disturb the tenants.