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7309 E Belleview Street

Scottsdale, AZ 85257
  • $2,880,000
  • STATUS: Active
  • ON SITE: 42 Days
  • MLS #: 6379714
UPDATED: 26 min ago
$2,880,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1962
County:
Area:

School Ratings & Info

Description

DRIVE BY ONLY - TENANT OCCUPIED. Desert House sits in a very well-located neighborhood that is goingthrough a lot of revitalization. The property has a great unit mix of (4)1-bed / 1-bath units and (4) 2-bed / 1-bath units. Four units have beenfully renovated and include an in-suite washer/dryer. The balance ofthe units have been well-maintained and are operating well, given thestrong South Scottsdale location. An investor still has a solid value-addopportunity by renovating the 4 units that have not been as updated.Desert House provides an amazing opportunity for an investor to simplyhold onto the property as rents continue to increase or renovate therest of the units and push rents to levels warranted in the area.Given the location, there is also the possibility of running some of the units as short-term rentals, as this model has proven to be very successful in Scottsdale. There are very few properties available of this size in this submarket making this property an extremely unique investment opportunity in the heart of South Scottsdale. Desert House is a rare 8-unit value-add opportunity in the extremely popular South Scottsdale submarket. The property is located on a nice street of multiplexes that are being updated and repositioned given the amazing Scottsdale location. There are multiple, large class A developments in the immediate area adding to the overall gentrification of the South Scottsdale area. Papago Plaza is right around the corner which is a high-profile redevelopment that started construction in 2020 and will include 271 class A apartment units, a hotel, and 30,000 square feet of retail including a grocery store. SkySong, the ASU Innovation Center, is also within walking distance. The goal of SkySong is to attract cutting-edge and innovative companies and their base of knowledge workers from around the world, integrating the resources of ASU with the opportunities of the private sector. SkySong is a true epicenter of economic activity in the state of Arizona. The 42-acre mixed-use development will include more than 1.2 million square feet upon buildout. SkySong 1, 2, 3 and 4, all approximately 145,000 square foot office buildings, are near full occupancy. Both SkySong and Papago Plaza are phenomenal developments that have changed the overall dynamic of this immediate area. Desert House is also just off Scottsdale Road with a direct shot south, less than 3 miles, to Arizona State University's main campus and the Tempe Town Lake. The Tempe Marketplace is also less than 3 miles away. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, Desert House is an extremely desirable property for residents.

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© 2022 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than The Copa Team | The Maricopa Real Estate Company. Data last updated 2022-05-19T08:15:13.053.
www.findmaricopa.com/homes/127452596
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7309 E Belleview Street Scottsdale, AZ 85257

  • Price: $2,880,000
  • Status: Active
  • On Site: 42 Days
  • Updated: 26 min ago
  • MLS #: 6379714
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1962
Built
Neighborhood:
New Papago Parkway 9
County:
Maricopa
Area:
Scottsdale
School District:
048 - Scottsdale Unified District
Property Description
DRIVE BY ONLY - TENANT OCCUPIED. Desert House sits in a very well-located neighborhood that is goingthrough a lot of revitalization. The property has a great unit mix of (4)1-bed / 1-bath units and (4) 2-bed / 1-bath units. Four units have beenfully renovated and include an in-suite washer/dryer. The balance ofthe units have been well-maintained and are operating well, given thestrong South Scottsdale location. An investor still has a solid value-addopportunity by renovating the 4 units that have not been as updated.Desert House provides an amazing opportunity for an investor to simplyhold onto the property as rents continue to increase or renovate therest of the units and push rents to levels warranted in the area.Given the location, there is also the possibility of running some of the units as short-term rentals, as this model has proven to be very successful in Scottsdale. There are very few properties available of this size in this submarket making this property an extremely unique investment opportunity in the heart of South Scottsdale. Desert House is a rare 8-unit value-add opportunity in the extremely popular South Scottsdale submarket. The property is located on a nice street of multiplexes that are being updated and repositioned given the amazing Scottsdale location. There are multiple, large class A developments in the immediate area adding to the overall gentrification of the South Scottsdale area. Papago Plaza is right around the corner which is a high-profile redevelopment that started construction in 2020 and will include 271 class A apartment units, a hotel, and 30,000 square feet of retail including a grocery store. SkySong, the ASU Innovation Center, is also within walking distance. The goal of SkySong is to attract cutting-edge and innovative companies and their base of knowledge workers from around the world, integrating the resources of ASU with the opportunities of the private sector. SkySong is a true epicenter of economic activity in the state of Arizona. The 42-acre mixed-use development will include more than 1.2 million square feet upon buildout. SkySong 1, 2, 3 and 4, all approximately 145,000 square foot office buildings, are near full occupancy. Both SkySong and Papago Plaza are phenomenal developments that have changed the overall dynamic of this immediate area. Desert House is also just off Scottsdale Road with a direct shot south, less than 3 miles, to Arizona State University's main campus and the Tempe Town Lake. The Tempe Marketplace is also less than 3 miles away. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, Desert House is an extremely desirable property for residents.
Exterior Features

Construction BlockOther (See Remarks) Construction Finish Other (See Remarks)Painted Covered Parking Spaces 7.00 Lot Size Dimensions 112' X 130' Parking Other (See Remarks) Roads Asphalt Roofing Comp Shingle

Interior Features

1 Bedroom Unit Avg Sq Ft 684 1 Bedroom Unit Baths 1 2 Bedroom Unit Avg Sq Ft 800 2 Bedroom Units Baths 1 3 Bedroom Unit Avg Sq Ft 0 3 Bedroom Unit Baths 0 4 Bedroom Unit Avg Sq Ft 0 4 Bedroom Unit Baths 0 Appliances Included F/S Oven/RangeOther (See Remarks)Refrigerator Cooling IndividualOther Efficiency Unit Avg Sq Ft 0 Efficiency Unit Baths 0 Floors Other Heating CentralOther

Property Features

1 Bedroom Unit Avg Rent 1512.50 1 Bedroom Units 4 2 Bedroom Unit Avg Rent 1725.00 2 Bedroom Units 4 3 Bedroom Unit Avg Rent 0.00 3 Bedroom Units 0 4 Bedroom Unit Avg Rent 0.00 4 Bedroom Units 0 Adjusted Gross Inc 168683.00 Annual Ownr Asoc Fee 0.00 Community Amenities No Pool Cross Street Scottsdale & Mcdowell Rd Efficiency Unit Avg Rent 0.00 Efficiency Units 0 Electric Srp Gas Other (See Remarks) Gross Annual Sch Inc 169500.00 Hoa YN No Net Operating Income 137912.00 New Financing 1031 ExchangeConventionalOther (See Remarks) Operating Exp 1674.00 Other Income 4400.00 Owner Pays LandscapingSewerTrash CollectionWater Project Type 5 - 12 Units Sale Includes Land & Building Sewer Sewer - Public Source Of Financial Data Projected Proforma Tax Municipality Scottsdale Taxes 1674.00 Tenant Pays ElectricOther (See Remarks) Vacancy Allowance 0.03 Water City Franchise Zoning R5

Listing provided by Abi Multifamily: (602) 714-1400.


© 2022 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than The Copa Team | The Maricopa Real Estate Company. Data last updated 2022-05-19T08:15:13.053.
 
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The Copa Team | The Maricopa Real Estate Company
21300 N John Wayne Pkwy, Ste 101
Maricopa AZ, 85139-8964