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Buy&Hold (Multifamily): (33 UNITS) 2402 W DEVONSHIRE AVE, PHOENIX AZ 85015 + $7,200,000

MULTIFAMILY INVESTMENT OPPORTUNITY







Price

$7,200,000


Exceptional Investment Opportunity: 33-Unit Apartment Complex For Sale - Oasis on Devonshire


Location: 2402 W Devonshire Ave, Phoenix, AZ 85015


Asking Price: $7,200,000


Contact: Submit offers to investments@promiselandrealtyllc.com



Property Overview:


Introducing Oasis on Devonshire, a prime multi-family asset in Phoenix, AZ, featuring 33 well-maintained units. This is a rare opportunity to acquire a stable income-generating property with a strong operating history and significant upside potential.


Financials:

  • Gross Income: $557,341

  • Net Operating Income (NOI): $435,229.45

  • Total Expenses: $122,112.23

  • Cap Rate: 6.04%

Loan Details:

  • Monthly P&I Payment: $15,502

  • Current Loan Balance: $3,181,055 (as of March 19, 2024)

  • Interest Rate: 3.71%

  • Loan Maturity Date: April 2028

  • Monthly Impounds (Taxes & Insurance): $1,411

Loan Assumption Details:The existing financing can be assumed under the following terms:

  • Review/Processing Fee: $2,500

  • 1% UPB Fee

  • Assumption Timeline: 60-70 days Additional details including required diligence and application process are available upon request.

Additional Information:One unit is currently undergoing renovations; timing for viewings to be confirmed. For further details or to schedule a site visit, please contact us directly.

This compelling investment opportunity combines favorable financing terms, strong operational metrics, and a strategic location in one of Phoenix's desirable neighborhoods. Act now to leverage the growth potential of this exceptional property.


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"AMERICA'S #1 SOURCE FOR OFF MARKET PROPERTIES"





PROMISE LAND REALTY, LLC


All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.

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