Price Reduction - Eco Friendly - Seller Financing
Address
3636 E VERDE Lane, Phoenix, AZ
Price
$ 2,195,000
Property Attributes
  • MLS#6591677
  • TypeMulti-Family
  • CountyMARICOPA
  • CityPhoenix
  • NeighborhoodOAKSHIRE
  • Zip85018
  • StyleMultiple Dwellings
  • Year Built1955
  • Taxes$ 2622
  • Price$ 2,195,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
Data Source:
Arizona Regional MLS (ARMLSN)
Property Description

SELLER CARRYBACK! 3636 E Verde Phoenix is a charming and well-maintained 9-unit apartment building located in the sought-after neighborhood of Arcadia Lite in Phoenix, Arizona. This property offers a fantastic opportunity for both investors and tenants alike with its recent renovations and appealing amenities. One of the most significant updates to the property is the installation of new pipes, which ensures a reliable plumbing system for all the units. Additionally, a newer roof has been put in place, providing enhanced protection against the elements and reducing maintenance costs for the foreseeable future. The building's appeal is further enhanced by the inclusion of dual-pane windows in each unit. These windows not only improve energy efficiency but also minimize noise pollution, These windows not only improve energy efficiency but also minimize noise pollution, allowing tenants to enjoy a peaceful and comfortable living experience. Moreover, with the electric masts being raised, residents can benefit from a more reliable electrical supply, ensuring uninterrupted power to all units. The exterior of the property has not been overlooked in the renovations. New landscaping has been added, creating an inviting and visually appealing environment for the residents. Tenants can take advantage of well-maintained space to relax, socialize, or simply enjoy the outdoors. All nine units are currently fully occupied, indicating a strong demand for housing in this desirable location. This presents an excellent opportunity for the property owner to increase rental rates gradually, contributing to enhanced profitability and return on investment. For the convenience of the residents, the property boasts an on-site laundry room, making laundry chores a breeze. This amenity is highly valued by tenants, making it an attractive feature for prospective renters as well. Moreover, for additional income potential, the property offers a garage rental option. Tenants have the option to rent garages for extra storage space or to park their vehicles securely, providing an added incentive to choose this property as their home. Arcadia Lite is a popular neighborhood known for its unique blend of urban convenience and suburban charm. Residents of this area enjoy easy access to a variety of dining, shopping, and entertainment options, making it an enticing location for potential tenants. In conclusion, 3636 E Verde Phoenix is a well-maintained, fully occupied 9-unit apartment building with numerous attractive features, including new pipes, a newer roof, dual-pane windows, raised electric masts, new landscaping, on-site laundry facilities, and the option for garage rentals. Situated in the desirable Arcadia Lite neighborhood, this property offers excellent potential for rental income growth, making it an appealing investment opportunity in the Phoenix real estate market. Buyer to verify all facts and figures.

Price History
8/14/2023 Listed $3,495,000
10/6/2023 16% - $2,950,000
11/2/2023 4% - $2,850,000
12/10/2023 13% - $2,495,000
4/11/2024 13% - $2,195,000

General Features

Additional Parcels Y/N No
Attached Garage No
Cap Rate 5.85
Carport Y/N No
City Phoenix
Community Features No Pool
Construction Materials Painted, Stucco, Block, Frame - Wood
Cooling Individual, Heat Pump, Ceiling Fan(s)
County Maricopa
Days on Market 229
Directions From 36th Street go east to 37th Street. Turn North to Verde. Property sits on the North East corner.
Disclosures Other (See Remarks), Seller Prop Disc Stm, APOD/Backup Avaible, Sch of Personal Prop
Electric APS, Individual Meter
Electric Expense 1092.0
Elementary School District Creighton Elementary District
Fuel Expense 425.0
Garage Y/N Yes
Gross Income 154753.8
Heating Individual, Heat Pump
High School District Phoenix Union High School District
Insurance Expense 3124.0
Lease Considered Y/N No
Lease Renewal Y/N No
Lot Size Square Feet 0.0
Maintenanceexpense 2700.0
Mobilehomeremainsyn No
Net Operating Income 128423.0
New_sp_Financing_co_Conventional5 True
Occupancy Description Tenant
Open Parking Spaces 4.0
Operating Expense 26223.0
Ownerpays Gas, Trash Collection, Water, Sewer, Landscaping
Ownership Fee Simple
Percent Ownership Fee Simple
Property Type Multiple Dwellings
Rent Control Y/N No
Roof Composition
Senior Community No
Sewer Sewer-In & Connected, Public Sewer
Standard Status Active
Status Active
Street Name VERDE
Subdivision Name OAKSHIRE
Tax Annual Amount 2622.0
Tax Lot 8
Tax Year 2023
Tenant Pays Electricity, Cable TV
Total Units 9
Township 2N
View Y/N No
Virtual Tour https://tours.arizonarealtours.com/2166218?idx=1
Water Sewer Expense 2680.0
Year Built 1955
Zoning M-M

Interior Features

Air Conditioning Y/N Yes
Electric On Property Y/N No
Flooring Carpet, Ceramic Tile
Heating Y/N Yes
Street Suffix Lane

Exterior Features

@odata.id https://replication.sparkapi.com/Version/2/Reso/OData/Property('20230803124219520609000000')
Covered Spaces 8.0
Crops Included Y/N No
Irrigation Water Rights Y/N No
Lot Dimensions irr
Lot Size Acres 0.0
Lot Size Area 0.0
Number of Buildings 3
Open Parking Y/N No
Parking Features Free, Add'l Parking Avail, >1 Space Per Unit, Street Parking, Common
Road Surface Type Asphalt, Curb(s) & Gutter(s), Sidewalk(s)
Spa No
Total Parking 12.0
Water Source City Franchise, Master Meter

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 85018

Price
AVG $3.21M
$2.2M
Taxes
AVG $3,708
$2,622
Visits
AVG 171
35
Data Provided by Inside Real Estate®
Year Built
AVG 1979
1955

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