29 July, 2021
52nd ST Duplex – Easy Conversion to Quad
Wholesale Property Description:
- Each Duplex has 3 bedrooms & 2.5 baths
- Total living space: 3,626
- Lot Size: 7,801
- Built in 2007
This property was built with intended use as 4-plex. It is currently a duplex with 3 large beds and 2.5 baths per unit.
Easily converted to 2x 3 bed/1.5 bath and 2x studios for 4 units total.
Once converted, compare rents at $1600 for each of the 3/1.5’s and $800 for each of the Studios, for gross rents of $4800/mo!
Estimated ARV once converted to 4-plex:
$4800/mo Gross Rents x 12 mos x 0.7
(30% expense ratio) = $40,320 divided by 5.5% cap rate = $733,000.
Back unit currently rented just under market rent for $2000/mo; lease to Dec. 2021.
Front Unit is currently rented month-to-month at $1900
Separate stairway access already for what would be converted to studios, each unit would only require one doorway framed in to close off the studios from current space.
Bathrooms in place, dryer vents in place, water and drain available in wall for kitchenettes to be set up. Back of property has alley access, wall demoed and ready for a gate and potential secured parking in back, also lots of room in front yard for 2-3 parking spots.
Neighboring multifamily properties have approved alley access and gates in place.
Minor drywall repair needed in garages, seller was in process of repairing a water line that leaked.
Call / Text Thomas (602) 428-9049
Van Buren Street & 52nd Street
After Repair Value
5323 E Taylor St, Phoenix AZ 85008
Call / Text Thomas
Phoenix Wholesale Houses
3602 E Greenway RD Suite 105
Phoenix, AZ 85032
(602) 428-9049 www.GreatFlips.com
Thomas Lee – firstname.lastname@example.org
House is being sold as-is, and buyer is to pay all closing costs. No representations written or oral are made concerning the properties above. Price based on a cash or hard money offer and is net to seller, 7-10 day close of escrow is required. Buyers to do their own independent due diligence and take any necessary precautions to verify any and all material facts. Great Flips and its members / representatives make no guarantees concerning property condition, value, characteristics or financial benefits. Great Flips may or may not currently own the properties being marketed and may be marketing the equitable interest however great or small in the given properties (without any warranty or representation other than it is the buyer under the subject contract). Opinion of value is given as courtesy. Our opinion is just an opinion and seller makes no guarantees or warranties, express or implied, as to the value or condition of the home.
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