Investment Summary
Sandstone Condominiums is a low density, single story, garden style condo community located in the highly sought after 85018 area code. The property offers several potential options for investors by 100% of the ownership of the community. It has been previously been approved for 15 luxury townhomes, It can be updated and sold off individually , or can be updated for a light value add. The community is comprised of 10 1 bed/1 bath 676SF units, 1 junior 1 bed/1 bath 468SF unit, and one 2 bed/1 bath 1008SF casita. All units have in suite laundry & under roof parking next to each unit. The community offers a private pool and a large greenbelt with several large shade trees. Roof was replaced within the last year. Seller will consider carry or wrap financing with 40% or more down.
Offering
Price: $3,650,000
Cap Rate: 3.36%
No. Unit: 12
Building Size: 15,728 SQ FT
Year Built: 1960
APN: 127-24-089
Financial Summary
| Gross Rental Income | $161,268 |
| Effective Gross Income | $151,654.08 |
| Total Expenses | $25,281 |
| Net Operating Income | $122,728 |
Unit Mix
| Description | No. Units | Avg. Rent | SQ. FT. |
| 1 Bed 1 Bath | 11 | $1,099 | 640 |
| 2 Bed 1 Bath | 1 | $1,350 | 1,008 |
3426 N 38th St Phoenix Arizona 85705
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