3123 W ALMERIA Road - Phoenix - Arizona

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The Property The property at 3121-3123 W Almeria Rd in Phoenix, AZ, zip code 85009, is a two-building residential complex situated on a 13,260 square feet plot of land. Zoned as R-4, it encompasses a total area of 4,416 square feet. The parcel number associated with this property is 108-26-108-C-D Comprising eight apartment units, this building offers a mix of one-bedroom accommodations. Recent rent studies suggest that the current rental rates can be increased, potentially reaching $1,260 per unit. Therefore, the property holds promising income potential and presents an attractive investment opportunity for prospective buyers. Notably, there is an application pending for the only vacant unit, with a proposed rent of $1,379. Additionally, the property generates additional income through the implementation of a RUBS (Ratio Utility Billing System). The seller has recently conducted maintenance work on the building, including repiping, which is advantageous for a new owner as it reduces the likelihood of future maintenance expenses. Moreover, the roof has been tuned and is covered by a warranty. Both repairs were performed by licensed contractors. Other notable features of the property include ceramic flooring throughout the units and small backyards accompanying each dwelling, providing additional appeal for potential tenants. Regarding the terms of purchase, the seller may consider offering financing through a seller carry option. This entails a 30 percent down payment, interest-only payments at a rate of 5 percent, and a loan term of five years.