Property Details for 8916 11Th St

Year built

1964

Property size

2,049 SF

Property type

Apartment buildings

Description

This Phoenix, Arizona property offers a fantastic investment opportunity. The existing duplex, built in 1964, features 2,049 square feet on an 8,714 square foot lot, with each unit individually metered for electricity. The asking price is $625,000, representing a $312,500 price per unit and a $305.03 price per square foot. The property boasts a 4.35% cap rate and a net operating income (NOI) of $27,164. The R-4 zoning permits the construction of a fourplex on the rear parcel, for which all necessary lot approvals, plans, and variances (requiring minor renewal) are included. Pre-application plans have been reviewed and approved by the city, and a completed site plan is available. Civil engineering plans, including grading and drainage, fireline, and private water and sewer plans are underway or complete, with minor updates needed. Building plans are in progress and will be finalized upon site plan approval. The property is located at 8916 North 11th Street, Phoenix, AZ 85020, in the desirable Sunnyslope neighborhood, offering proximity to major highways, excellent schools, and local amenities, including a park across the street. The previous outbuilding has been demolished and removed. The rear lot has a separate address (8918 N 11th St). This turnkey investment combines immediate income with significant future growth potential.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Longitude

-112.059

Latitude

33.5666