$3,650,000
3426 N 38TH Street, 2
Phoenix, AZ 85018
MLS# 6218704



3426 N 38TH Street, 2, Phoenix, AZ 85018
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Property Description
Sandstone Condominiums is a low density, single story, garden style condo community located in the highly sought after 85018 area code. The property offers several potential options for investors by 100% of the ownership of the community. It has been previously been approved for 15 luxury townhomes, It can be updated and sold off individually , or can be updated for a light value add. The community is comprised of 10 1 bed/1 bath 676SF units, 1 junior 1 bed/1 bath 468SF unit, and one 2 bed/1 bath 1008SF casita. All units have in suite laundry & under roof parking next to each unit. The community offers a private pool and a large greenbelt with several large shade trees. Roof was replaced within the last year. Seller will consider carry or wrap financing with 40% or more down.

Details
Maps
Contract Info
Current Price: $3,650,000
List Price: $3,650,000
Status: Active
List Date: 2021-04-08
Ownership: Fee Simple
Location, Tax & Legal
Map Code/Grid: P35
House Number: 3426
Compass: N
Street Name: 38TH
St Suffix: Street
Unit #: 2
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85018
Zip4: 5835
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 2 SANDSTONE CONDOMINIUMS MCR 021510
Subdivision: SANDSTONE CONDOMINIUMS
Assessor's Map #: 24
Assessor's Parcel #: 89
Add'l Parcels: Yes
Assessor Number: 127-24-089
Legal: LOT 2 SANDSTONE CONDOMINIUMS MCR 021510
Census Tract: 110902
Tax Municipality: Phoenix
Taxes: 327
Tax Year: 2020
Marketing Name: SANDSTONE CONDOMINIUMS
General Property Description
Apx Lot Size Range: IRR
Year Built: 1960
Uncvrd Parking Spcs: 5
Total # of Units: 12
# of Buildings: 3
Zoning: R-3
Elem School Dist #: 014 - Creighton Elementary District
High School Dist #: 210 - Phoenix Union High School District
Remarks & Misc
Cross Street: 38th St & Indian School
Directions: South to Property
Geo Lat: 33.488359
Geo Lon: -112.000177
Status Change Info
Status Change Date: 2021-04-08
Legal Info
Township: 2N
Range: 3E
Section: 25
Lot Number: 2
Income & Expenses
Annual Ins Exp: 4451
Annual Landscape Exp: 3240
Annual Maint Exp: 7200
Annual Wtr/Swr Exp: 10063
Owner Association: No
Operating Exp: 25281
Gross Annual Sch Inc: 152400
Other Income: 5573
Vacancy Allowance: 0.04
Adjusted Gross Inc: 151654.08
Net Operating Income: 122728
Pmt & Rate Info
Cap Rate: 3.36
Equity: 3650000
Showing Instructions
To Schedule Showing: Contact Via Email
ARMLS Lockbox: No
1 Bedroom Units
# 1 Bedroom Units: 12
Avg Rent: 1099
Avg SqFt: 640
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 1350
Avg SqFt: 1008
# Baths: 1
Property Features
Project Type: 5 - 12 Units
Construction: Block
Const - Finish: Painted
Roofing: Comp Shingle
Floors: Concrete; Ceramic Tile
Sale Includes: Land & Building
Community Amenities: Pool(s)
Appliances Included: F/S Oven/Range; Refrigerator; W/D Hookup
Heating: Individual
Cooling: Electric Refrigeratd; Individual
Water: City Franchise; Submetered System
Sewer: Sewer - Public
Electric: SRP
Gas: SW Gas
Parking: Attached
Roads/Streets: Asphalt
Owner Pays: See Remarks
Tenant Pays: Water; Electric; Gas
Source of Fincl Data: Projected Proforma
New Financing: Conventional; Seller May Carry; Wraparound
Reports/Disclosures: None
Environmental: None

Listing Office: S. J. Fowler Real Estate Inc.

Last Updated: April - 08 - 2021

3426 N 38TH Street, 2, Phoenix, AZ 85018 - MLS# 6218704

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Monday 19th of April 2021 09:07 AM