498 N ARIZONA Avenue $2,400,000

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    498 N ARIZONA Avenue Chandler, AZ 85225

    • 0 Beds
    • 0 Baths
    • MultiFamily
    • MLS# 6463975
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    Views: 32 Days On Site: 70

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    Property Details

    A stabilized 12 unit property with a diverse unit mix of 8 1bedroom/1bathroom units, 3 2bedroom/1bathroom units, and 1 3bedroom/2bathroom units. The property has seen extensive capital improvements in the last 30 days, including new sewer lines, new exterior stucco and paint, a freshly renovated courtyard, new windows on all units, a redone parking lot, and two units fully renovated. The remaining tenants are on Month to Month leases or have leases that will be expiring soon. Opportunity to raise rents immediately or continue interior unit renovations to achieve highest market rents in desirable submarket of Chandler.

    • General Features
      • Community Amenities No Pool
      • County Maricopa
      • Covered Parking Spcs 0.00
      • Cross Street Arizona Ave and Chandler Blvd
      • Directions Arizona Ave to Oakland Street, property is on the SW corner
      • Gas SW Gas
      • Marketing Name Chandler 12
      • New Financing 1031 Exchange,Conventional
      • Parking >1 Space Per Unit,Street Parking
      • Project Type 5 - 12 Units
      • Roofing Rolled
      • Tax Municipality Chandler
      • Taxes $3,856
      • Total Units 12.00
      • Year Built 1948
      • Zoning C-3
    • Building Features
      • Construction Block
      • Appliances Included BI Oven/Range,Dishwasher,Disposal,F/S Oven/Range,Microwave,Refrigerator,W/D Hookup,Washer/Dryer
      • Floors Ceramic Tile,Vinyl
      • Cooling Ceiling Fan(s),Electric,Individual
      • Heating Electric
      • Interior Amenities Fire/Smoke Alarm(s),Unfurnished
    • Room Features
      • # 1 Bedroom Units 8
      • 1 Bedroom Units: Avg Rent 1435.00
      • 1 Bedroom Units: Avg SqFt 513
      • 1 Bedroom Units: # Baths 1
      • # 2 Bedroom Units 3
      • 2 Bedroom Units: # Baths 1
      • 2 Bedroom Units: Avg Rent 1585.00
      • 2 Bedroom Units: Avg SqFt 850
      • # 3 Bedroom Units 1
      • 3 Bedroom Units: Avg SqFt 1150
      • 3 Bedrooms Units: # Baths 3
      • 3 Bedrooms Units: Avg Rent 1885.00
      • # 4 Bedroom Units 0
      • 4 Bedrooms Units: # Baths 0
      • 4 Bedrooms Units: Avg Rent 0.00
      • 4 Bedroom Units: Avg SqFt 0
    • Property Features
      • Efficiency Units: # Efficiency Units 0
      • Efficiency Units: # Baths 0
      • Efficiency Units: Avg SqFt 0
      • Efficiency Units: Avg Rent 0.00
      • Legal Info: Township 28
      • Tenant Pays Other (See Remarks)
      • Owner Pays Electric,Gas,Sewer,Trash Collection,Water
      • Income & Expenses: Totl Mnth Rntal Inc 15260.00
      • Income & Expenses: Net Operating Income 145000.00
      • Income & Expenses: Gross Annual Sch Inc 192000.00
      • Income & Expenses: Adjusted Gross Inc 212080.80
      • Legal Info: Range 5E
      • Legal Info: Lot Number 0
      • Total Parking Space 16.00
      • Electric APS,Master Meter
      • Sewer Sewer - Public
      • Water City Franchise
    • Schools
      • School District 080 - Chandler Unified District

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    Neighborhood

    85225 (Chandler) Demographics

    34 Median Age
    5,446 Population Density (per sq. mile)
    42% College Educated
    $66,024 Estimated Median Income
    14,996 Estimated Total Home Owners
    10,236 Estimated Total Renters
    59% / 41% Estimated Owner / Renter Divide
    3 Estimated Average Household Size
    69,790 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $375,000 Median Sales Price
    35 Homes Sold
    54 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source: Multiple Listing Service New Value: $2,400,000 -2.04%
        9/19/2022 1:12:00 AM New in Database Source: Multiple Listing Service New Value: $2,450,000

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        * This payment calculator is intended for educational and planning purposes only.
        ** Assumes 3.5% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.
        Copyright 2022 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Data last updated 11/28/2022 8:14:40 PM. The ARMLS logo indicates a property listed by a real estate brokerage other than Engel & Völkers Gilbert.

        All information should be verified by the recipient and none is guaranteed as accurate by ARMLS


        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.