2134 W Washington St

Phoenix, AZ

Multi-family for Sale - $650,000


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Agent Info

NameMichael Finch

Property Info

CIMLS #918010
Location2134 W Washington St
Phoenix AZ 85009
Last UpdatedJanuary 13th, 2018
TypeMulti-family
Price$650,000

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Property Description

Dragon Fly offers an investor in place cash flow with room to grow. The current owner has invested time & money in fostering a community here and the rents show. Very rare to achieve Cap Rates at or above 8% in today's market.

Dragon Fly has a charming historic feel in a trending neighborhood close to all the activity in Downtown Phoenix and walking distance to the recently approved light rail extension that will being heading west along Van Buren St. Property has low expenses and easy to manage. Current owner self manages property to maintain higher bottom line cash flow.

This community was constructed in 1926, rehabbed, and stabilized as recently as 2014. The unit mix consists of 3 two bedroom units, 8 one bedroom units, 1 studio unit. Construction is of red brick, painted wood/brick exterior, and tab shingle roofs. Desert landscaping throughout and mature palm trees. The property is individually metered for electricity and owner pays water ,sewer, & trash. The 12 units sit on nearly a half acre of land. The area is trending with many recent improvements to existing homes along Washington St in the immediate area.

Location Description:

This private 12 unit community is located at 2134 W Washington St in Downtown Phoenix. The property is situated less than a mile from the State Capital building and two miles from the burgeoning Downtown Phoenix Core, which is home to ASU’s Downtown campus(+12,000 Students), the College of Nursing and Healthcare Innovation, School of Criminology, the Walter Cronkite School of Journalism, and soon to be School of Law, which recently finished construction. Over $4 Billion dollars has been invested in the downtown/central Phoenix area in the last few years. Biotech, Cancer Center, & a number of Medial Use campuses and schools have relocated in the Downtown Core bring thousands of jobs.

The Subject Community is Ideally located near the major highways, public transportation, and a short distance from Phoenix Sky Harbor Airport (8th busiest in the country). Nearly 68,000 workers commute to the Downtown area daily for employment and as recent as 2013, the Phoenix Metro Light Rail received approval to extend west on Van Buren St, past the State

Capital building , which is a couple minute walk from the subject property.

Highlights:

>> Strong In Place Cash Flow

>> +8.5% Cap Rate if Self Managed

>> 5 Minute Bike Ride to Center of Downtown Phoenix

>> New Light Rail Extension to be Walking Distance from Property

>> Red Brick Construction with Historic Feel

>> New Paved Parking in Back

>> Interior & Exterior Upgrades

* Email for additional photos


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