1905 Village Dr, Phoenix, AZ 85023

This exceptional Phoenix fourplex, located at 1905 W Village Dr, offers a compelling value-add investment opportunity. The property consists of two buildings, each single-story, totaling 2,525 square feet of net rentable space. It features four units: three two-bedroom, one-bathroom units and one one-bedroom, one-bathroom unit. Currently boasting 100% occupancy with long-term tenants, this asset presents a stable income stream. Recent improvements include a new roof (2020, 10-year warranty), repaved parking lot (2022), and new HVAC units and water heaters (November 2024). The property sits in a desirable area within the North I-17 employment corridor, benefiting from over 95,000 jobs within a 5-mile radius. The large yard provides potential for future expansion. While the owner currently covers water and electricity for security and laundry, rents are below market and on a month-to-month basis, offering immediate upside potential. The property is zoned R-3 and is offered fee simple with an asking price of $750,000, representing $187,500 per unit. Built in 1970 and renovated in 2009, this property offers a strong pro-forma cap rate of 5.83% and a current cap rate of 5.91%, with a pro-forma NOI of $43,733. The APN is 208-07-080C.