$2,525,000
$2,750,000
8.2%For more information regarding the value of a property, please contact us for a free consultation.
SOLD DATE : 05/21/2021
Key Details
Sold Price $2,525,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Foothill Acres Lots 33-48 & 58-59
MLS Listing ID 6204522
Sold Date 05/21/21
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Year Built 1977
Annual Tax Amount $2,556
Tax Year 2020
Lot Dimensions Unk
Property Description
Westmere is a low density, garden style community of 25 units in North Phoenix. Constructed in 1976,the community is comprised of 24 one and two bedroom units and a converted laundry room. Average unit size is 602 SF. Roofs were recently redone and a majority of the rooftop ACs are new. Some interior units have been upgraded. The property is individually metered for electricity and water. Westmere represents a great value add opportunity for a new owner through continued unit upgrade/conversion and lease burn-off/increases. (seven of the units have been converted from 1-bed units to 2-beds.) Unit conversions bring an approximate $200 per unit increase. A new owner can further enhance the asset by converting eight more units into 2-beds, adding backyards and converting the... ...and converting the laundry room back into a rental unit. This North Phoenix neighborhood is a high demand area situated close to the Phoenix core and is fast evolving with new development andapartment upgrades. Westmere represents a great value, both on a price per unit and price per square foot basis. Buyer to verify zoning, unit counts, and all facts regarding conversion.
Location
State AZ
County Maricopa
Community Foothill Acres Lots 33-48 & 58-59
Zoning R-4
Direction North on 13th Avenue to property
Interior
Heating Individual, Electric
Cooling Individual, Heat Pump
Flooring Concrete
Appliance FS OvenRange, Refrigerator
Exterior
Community Features No Pool
Waterfront No
Roof Type Built-Up
Total Parking Spaces 54
Building
Sewer Public Sewer
Water City Franchise
Schools
School District Glendale Union High School District
Others
Senior Community No
Tax ID 158-33-026-A
Acceptable Financing No Carry, Conventional, 1031 Exchange
Listing Terms No Carry, Conventional, 1031 Exchange
Financing Cash
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