2502 N 29TH Place Phoenix, AZ 85008

RARE Rental Investment Opportunity in the heart of Camelback East & the desirable 85008 zipcode. This investment consists of 2 Single Family Detached homes along w/ a SEPARATE single story 2 Unit Duplex, all on an oversized lot/13,375 sqft. Majority of tenants do prefer Single Family detached or duplex properties such as these for greater autonomy, which allows for premium rents This is a large corner lot w/no shortage of parking on-site. See additional rental cap rates & proforma information (click on more) There is such flexibility with use of this property for multigenerational families living, office(s) for your work at home/home business, homeschooling/ or co-op areas, or as a value add fix/improve/flip even. Proximity to downtown Phx & accessibility to I-10/ the 51/and 202 Freeways along with the areas strong economic landscape and established employment opportunities supplies an endless source of your target tenants. Just another bonus is being only minutes to Sky Harbor Airport, Tempe Marketplace, and ASU. Camelback East location is close to the Biltmore/ Arcadia areas but also provides access to a growing restaurant scene dispersed across Central Phoenix and Scottsdale providing one-of-a kind dining across all cuisine types.
RENTAL Investment Information:
Seller hasn't increased rents for over a decade so great value add opportunity with the current low rental home inventory. With actual current NOI at $31K (cap rate 5.16), & legitimate $43K (cap rate 7.16) proforma based on current comparable rents w/just some cleanup/maintenance & $58K (cap rate 9.67) w/just typical basic updating/upgrades.