75-units available for sale as a package (bulk condos), inside Loma Bonita Condominium located in Phoenix. Located on Mountain View Road, west of the SR-51 Freeway, and east of 7th Street, near Phoenix Mountains, Camelback Corridor, John C Lincoln Hospital, Arizona Christian University, shopping, schools, and plenty of transportation options. Property is being sold ''As-Is.'' For the investor: This property offers the rare opportunity to acquire 80s vintage condos (fully rehabbed in 2007 for conversion) with a majority of the units within the HOA. Projected gross potential rent of $495,000, less 10% vacancy of $49,000 per year, added income of $90,000, equals $535,500 adjusted gross income. After expenses of $316,125, the pro forma net operating income is $219,375. This is a 7.8% CAP RATE!
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
