5038 N 18TH Avenue

Description

Fully renovated, income-producing three-unit investment property located at 5038 N 18th Avenue in Phoenix, just one block from the Valley Metro light rail. The property consists of a 899-square-foot main house and a 1,377-square-foot duplex, providing approximately 2,276 total square feet across three units. The property has undergone an extensive capital improvement and rehabilitation program, including new luxury vinyl plank flooring, modern baseboards, white vinyl windows, interior and exterior paint, remodeled kitchens with white shaker cabinets, quartz countertops and stainless-steel appliances, updated bathrooms, new plumbing fixtures, electrical upgrades, recessed lighting, ceiling fans, coded entry hardware, Wi-Fi-SEE THE SUPPLIMENT FOR MUCH MORE INFORMATION Fully renovated, income-producing three-unit investment property located at 5038 N 18th Avenue in Phoenix, just one block from the Valley Metro light rail. The property consists of a 899-square-foot main house and a 1,377-square-foot duplex, providing approximately 2,276 total square feet across three units. The property has undergone an extensive capital improvement and rehabilitation program, including new luxury vinyl plank flooring, modern baseboards, white vinyl windows, interior and exterior paint, remodeled kitchens with white shaker cabinets, quartz countertops and stainless-steel appliances, updated bathrooms, new plumbing fixtures, electrical upgrades, recessed lighting, ceiling fans, coded entry hardware, Wi-Fi-enabled thermostats, laundry improvements, exterior repairs, new landscaping rock and the addition of a third bedroom to each unit. The property will be leased to a single tenant under a new five-year nnn lease, providing the investor with predictable income and minimal ownership responsibilities. The tenant will be responsible for 100% of the property's operating expenses, including real estate taxes, property insurance, utilities, maintenance, repairs and other customary property-related expenses. Initial base rent will be $6,500 per month, or $78,000 annually. Rent will increase by $1,200 annually during each of Years 2, 3, 4 and 5, providing the following scheduled rental income: Year 1:$6,500 per month / $78,000 annually Year 2:$6,600 per month / $79,200 annually Year 3:$6,700 per month / $80,400 annually Year 4:$6,800 per month / $81,600 annually Year 5:$6,900 per month / $82,800 annually This offering provides investors with a newly renovated asset, contractual rental growth, limited landlord obligations and convenient access to public transportation, employment centers, shopping, dining and central Phoenix amenities. Once the lease is fully executed, all lease terms, rental amounts and income figures presented will reflect the final signed lease and will be 100% accurate as of the lease execution date. Buyer to verify all facts and figures. Location 5038 N 18th Avenue is centrally located in Phoenix's established Alhambra neighborhood, just south of Camelback Road. The property offers convenient access to the Camelback Road and 19th Avenue commercial corridors, Interstate 17, Central Phoenix, Midtown, Downtown Phoenix, and Grand Canyon University. A significant location advantage is the property's proximity to the Valley Metro Rail station at 19th Avenue and Camelback Road, approximately 0.2 miles away. Residents can walk to the station and access employment centers, educational institutions, sporting events, entertainment districts, Downtown Phoenix, Phoenix Sky Harbor International Airport connections, and destinations throughout the Valley Metro system. Area Amenities The surrounding neighborhood provides convenient access to grocery stores, restaurants, coffee shops, pharmacies, banks, fitness centers, medical services, schools, and other everyday necessities. The nearby Camelback Road, Bethany Home Road, 19th Avenue, and Central Avenue corridors offer a broad selection of national retailers, locally owned businesses, and neighborhood