Excellent investment opportunity, this Duplex is located in the highly sought after area of Tempe North (South Scottsdale), which is an up and coming, high growth area of N Tempe. Both units are 2 bedrooms,1 bath, carport with private storage areas, both have units have fenced yards. Zoning is desirable R-2! Stated rents ($1,250/mo. per unit) and current market comps are $1,300-1,600/mo. per unit, but landlord hasn’t raised rents to market value as tenants have been there over a decade, so current rents are well below market comps; buyer to verify all facts and figures. Tenants have been on a month-to-month rental basis for over a decade. Separate electric meters for each unit. Owner will consider a Seller-Carry with 30% down for 3 years. Well maintained, remodeled just over a decade ago with low E windows, Trane ACs, roof, underground cast iron plumbing replaced, and more.
2018:
– roof was completely redone.
2024 Improvements:
Aug – entire roof was recoated with Elastomeric.
Sept – new Trane AC, front unit #1.
Dec – new interior paint including cabinets, all new door hardware/hinges, bathroom hardware (Brushed Nickel), lighting, rear door. Exterior painting.
There is potential opportunity to add more sf to increase rents etc., on unit #2, buyer to verify with city of Tempe.
Multiple comps in area around 500k and this property might be better as it’s located on Weber Dr. with beautiful 3 story newer homes located across the street!
COMPS – 4 duplexes have sold in the Immediate area in the last 18 months:
1124 E TEMPE DR, Tempe, MLS #6570114, $475,000
930 E HENRY ST, Tempe, MLS# 6457594, $519,000
1019 N HAROLD ST, Tempe, MLS #6529794, $545,000
1010 E HENRY ST, Tempe, MLS #6547427, $ 599,000
LOTS of new construction and rehabs abound. Location, Location, Location: less than a mile to 202/101/Tempe Town Lake/ASU and more; just blocks to mass transit, less than 4 miles to: Phoenix Sky Harbor Airport; 2 mi to Old Town Scottsdale and more!
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