1602 W Olney Avenue , Phoenix, AZ 85041
Phoenix, AZ 85041
Description
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 SELLER: 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 numbers for build-out for 3 Lots 20k lots with 4000 sq ft houses (type of product I think should be built) Homes are worth 1.5 mill plus for resale Cost per lot (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 sq ft X 4000 sq ft = 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 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)
Details
| MLS# | 6726810 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Sale |
| Status | Active |
| Days On Site | 77 |
| Listing Provided By | United Southwest Realty | Gregory P Johnson |
Features
| Zoning | R-10 |
|---|---|
| Acreage | 2.05 |
Market Activity 85041
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Learn More About This Property
| State | AZ |
|---|---|
| County | Maricopa |
| City | Phoenix |
| Zip Code | 85041 |
| Area | Maricopa |
| School District | Phoenix Union High School Distri |
| Elementary School | Roosevelt Elementary District |
| Listing VS Median (in 85041) | |
Price: $519,900 low | high Med: $380,000 On Site: 77 low | high Med: 25.000000 | |
"All information should be verified by the recipient and none is guaranteed as accurate by ARMLS"