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1602 W OLNEY Avenue -, Phoenix, AZ 85041

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For Sale

$519,900

2.05 acres

Estimated Payment

$      /mo. †

APR for 30 years

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  • Other Residential
    Property type

  • 2 acres
    Lot size

Explore this Property

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 - 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 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 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)
MLS# 6726810

Courtesy Of GREG JOHNSON

(480) 941-5114

Property Features

  • Architecture Style
    Other
  • Lot Size
    2.05 Acres
  • Roof Type
    Unknown

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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