1602 W OLNEY Avenue #- Active Save Request In-Person Tour Request Virtual Tour
Phoenix,AZ 85041
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 6726810
HOA Y/N No
Annual Tax Amount $6,961
Tax Year 2023
Lot Size 2.055 Acres
Acres 2.05
Lot Dimensions 2X3
Source Arizona Regional Multiple Listing Service (ARMLS)
Property 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)
Location
State AZ
County Maricopa
Zoning R-10
Exterior
Fence None
Building
Sewer Septic Tank
Water City Franchise
New Construction No
Schools
School District Phoenix Union High School District
Others
Senior Community No
Tax ID 300-52-004-W