$ 519,900
1602 W OLNEY Avenue #- Phoenix, AZ 85041
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$ 519,900
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Active
1602 W OLNEY Avenue #- Phoenix, AZ 85041
2.05 Acres Lot
UPDATED:
09/02/2024 02:30 AM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 6726810
HOA Y/N No
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Annual Tax Amount $6,961
Tax Year 2023
Lot Size 2.055 Acres
Acres 2.05
Lot Dimensions 2X3
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)
- 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
Waterfront No
Building
Sewer Septic Tank
Water City Franchise
New Construction Yes
Schools
School District Phoenix Union High School District
Others
Senior Community No
Tax ID 300-52-004-W
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Listed by United Southwest Realty