318 Washington St Chandler, AZ 85225

Property Details for 318 Washington St

Year built

1969

Property size

1,675 SF

Property type

Commercial real estate

APN

302-62-019

Description

This exceptional investment opportunity presents a charming, updated duplex located in the heart of Chandler, Arizona. Boasting a prime location within walking distance of Downtown Chandler's vibrant atmosphere and situated in a desirable historic neighborhood, this property offers significant potential for both owner-occupancy and rental income. The 1969-built, single-story building underwent a complete renovation in 2022, featuring two 2-bedroom, 1-bathroom units, each with its own laundry facilities. One unit currently commands a monthly rent of $1,950, while the second unit is ready for immediate occupancy, offering flexibility for either long-term rental or owner-use. The rear unit includes a bonus 450-square-foot room with a separate exterior entrance, ideal for a home office, workshop, or additional bedroom. Modern amenities include laminated flooring in living areas and bedrooms, tile in kitchens and bathrooms, security systems on all doors, and keyless entry pads. The property sits on a spacious 7,449-square-foot lot, providing ample space and potential for future expansion. With a total square footage of 1,675 square feet and a net rentable area of 2,125 square feet, this property offers a compelling 5.40% cap rate and a strong NOI of $34,522. The asking price is $639,900, representing a price per unit of $319,950. The property is zoned MF-1 and includes two parking spaces per unit. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a thriving Arizona market. All information is approximate; buyers are encouraged to verify details independently.