$519900 Price Analysis    ♡   Phoenix, AZ 85041 Unknown bed 0 bath unknown SqFt ($0/SqFt) 2.05 acre lot. Listed 2024-07-03 | Ⓧ USDA Ineligible due to property near Phoenix |
Seller says highest and best use to lot split into 3 half acre lots !
- 1602 W. Olney Ave, Phoenix, AZ, 85041 - 2-acre lot - Zoned R10 - one house per 10, 000 sqft lot - Former fire damage property - Recently been scrapped - Water meter on site - use to be on septic tank - Access to water less that 50 yards away INFORMATION FROM S ELLER: Active comps are at 1.2 - 1.7 mill for a product that is over 4, 000 sq ft with over 12k lots - 8503 S 9th dr, phoenix az, - Active at 1.3 mill Sold comp at 1.7 mill sold 2 months ago that really helps substantiate the values for larger builds that will help new build projects to price out for us - 1009 W Ardmore rd., Phoenix, AZ, 85041 - Call for Link to zoom pics (see the type of product that sold for 1.7 mill) numbers for build-out for 3 Lots 20k lots with 4000 sqft houses (type of product I think should be built) Homes are worth 1.5 mill plus for resale Cost per lt (2 payoff notes) 160k a lot X 3 = 480k (Cost for the dirt) Cost for Infrastructure at 70k per lot X 3 = 210k Build out $200 sqft X 4000 sqft = 800k x 3 houses =2.4 mill Total cost (not including holding cost) = $3, 090, 000 List all 3 new builds for 1.5 mill X 3 = $4, 500, 000 Minus commissions and closing cost 7.5% X 4.5 mill = $337, 500 (could use flat fee listing to low this expenses) Total profit: $4, 500, 000 - $3, 090, 000 - $337, 500 = $1, 072, 500 Return on Cash: $1, 072, 500 / $3, 090, 000 = 34.7% ROI (cash on cash) Holding cost: $3, 090, 000 X 10% = $463, 500k for 18-month Final ROI: $609, 000 / $3, 553, 500 = 17% Cash on cash Final ROI Some May View ROI: 19.7% (if you don't add holding cost to cash basis)
Seller says highest and best use to lot split into 3 half acre lots ! - 1602 W. Olney Ave, Phoenix, AZ, 85041 - 2-acre lot - Zoned R10 - one house per 10, 000 sqft lot - Former fire damage property - Recently been scrapped - Water meter on site - use to be on septic tank - Access to water less that 50 yards away INFORMATION FROM S ELLER: Active comps are at 1.2 - 1.7 mill for a product that is over 4, 000 sq ft with over 12k lots - 8503 S 9th dr, phoenix az, - Active at 1.3 mill Sold comp at 1.7 mill sold 2 months ago that really helps substantiate the values for larger builds that will help new build projects to price out for us - 1009 W Ardmore rd., Phoenix, AZ, 85041 - Call for Link to zoom pics (see the type of product that sold for 1.7 mill) numbers for build-out for 3 Lots 20k lots with 4000 sqft houses (type of product I think should be built) Homes are worth 1.5 mill plus for resale Cost per lt (2 payoff notes) 160k a lot X 3 = 480k (Cost for the dirt) Cost for Infrastructure at 70k per lot X 3 = 210k Build out $200 sqft X 4000 sqft = 800k x 3 houses =2.4 mill Total cost (not including holding cost) = $3, 090, 000 List all 3 new builds for 1.5 mill X 3 = $4, 500, 000 Minus commissions and closing cost 7.5% X 4.5 mill = $337, 500 (could use flat fee listing to low this expenses) Total profit: $4, 500, 000 - $3, 090, 000 - $337, 500 = $1, 072, 500 Return on Cash: $1, 072, 500 / $3, 090, 000 = 34.7% ROI (cash on cash) Holding cost: $3, 090, 000 X 10% = $463, 500k for 18-month Final ROI: $609, 000 / $3, 553, 500 = 17% Cash on cash Final ROI Some May View ROI: 19.7% (if you don't add holding cost to cash basis)
Presented by Gregory Johnson at
United Southwest Realty.
Property MLS #6726810 from ArizonaRegionalMLS
Lot Size Dimensions: 2X3
Lot Size Square Feet: 89496
Calculated Total Monthly Association Fees: 0
Map directions Map directions Map directionsSource Listing Status: Active
County: Maricopa
Tax Year: 2023
Source Property Type: Land
Parcel Number: 300-52-004-W
Postal Code Plus 4: 9521
Zoning: R-10
Source System Name: C2C
$519900
ArizonaRegionalMLS
Water Source: City Franchise
 |  |  |  |  |
 |  |  |  |  |
The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.