Buy&Hold (Multifamily): (33 UNITS) 2402 W DEVONSHIRE AVE, PHOENIX AZ 85015 + UNAVAILABLE
- Promise Land Realty
- Apr 15, 2024
- 2 min read
Updated: Jun 2, 2024
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 Photos & Financials: https://drive.google.com/drive/folders/1SKUs8rk3XzvjJO5nFTLz05RsLy4g5aTh?usp=share_link
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.
Property Map
"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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