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Key Details
Sold Price $8,400,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 6203064
Sold Date 05/30/21
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Year Built 1983
Annual Tax Amount $18,406
Tax Year 2020
Lot Dimensions 3.16 acres
Property Description
This is a top-quality, low-risk asset, situated in a very strong rental submarket - and it also has significant upside potential. RENTS ARE WAY BELOW MARKET. Property is located in Youngtown, adjacent to the retirement haven of Sun City. As a result, Sun Valley tends to cater to an older, stable resident profile, which has allowed the property to develop a long history of consistently high occupancy, with very low tenant turnover.
The exterior of property is in excellent condition. However, the apartment interiors are still quite basic, especially the ones that have had long-term tenants living there - but that creates an enormous opportunity for the Buyer.
Note: a total of 59 of the 71 units are currently on month-to-month leases, so rents can potentially be moved up very quickly.
Location
State AZ
County Maricopa
Zoning C-1
Direction South of Grand Avenue on 113th Avenue for 1/2 mile
Interior
Heating Individual, Heat Pump, Electric
Cooling Individual, Electric
Flooring Concrete
Appliance Disposal, FS OvenRange, Refrigerator
Exterior
Parking Features Common
Community Features Barbecue, Game/Rec Room, Manager Res/Office, Pool
Roof Type Composition, Built-Up
Total Parking Spaces 90
Building
Sewer Public Sewer
Water City Franchise
New Construction No
Schools
School District Peoria Unified School District
Others
Senior Community No
Tax ID 200-85-003-V
Financing Cash
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Bought with Keller Williams Arizona Realty