$2,500,000
Phoenix, AZ 85032
MLS# 6770068
1 / 62
Property Description
This property presents a compelling investment opportunity with its attractive unit mix, desirable location, and potential for additional income through owner-operated facilities. It is a well-positioned, income-generating asset. There are opportunities to even increase current rental income for further value. This property is a prudent choice for investors looking to expand, diversify or start their portfolio. It offers a stable and reliable income stream. The property is 100% occupied and all units were remodeled. There are five-2 beds/1-bath, one-3 beds/1 bath, and eleven-3 beds /2 bath units. All are equipped with their own washer/dryer. The property is located in a Prime location with nearby amenities and great transportation access.
Details
Maps
Contract Info
Ownership: Condominium
Current Price: $2,500,000
List Price: $2,500,000
Status: Active
List Date: 2024-10-09
Location, Tax & Legal
Unit #: 17units
Assessor's Map #: 7
Legal Description (Abbrev): LOT 111 MOUNTAIN SPRINGS TERRACE CONDOMINIUM MCR 033448
Assessor's Parcel #: 44
Add'l Parcels: Yes
Tax Municipality: Phoenix
Taxes: 3960
Legal: To be provided in Escrow
Marketing Name: 17 condos @ Mt Springs
House Number: 18202
Street Name: Cave Creek
St Suffix: Road
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85032
Zip4: 1067
County Code: Maricopa
Subdivision: MOUNTAIN SPRINGS TERRACE CONDOMINIUM
Assessor Number: 214-07-044
Tax Year: 2024
General Property Description
# of Buildings: 2
Uncvrd Parking Spcs: 0
Lot Size Dimensions: unknown
Flood Zone: TBD
Total # of Units: 17
Elementary School District: Paradise Valley Unified District
High School District: Paradise Valley Unified District
Elementary School: Echo Mountain Primary School
Jr. High School: Vista Verde Middle School
High School: North Canyon High School
Year Built: 1983
Zoning: R5
Project Type
13 - 24 Units: 1
Other Type
Packaged Offering: 1
Other (See Remarks): 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Built-Up: 1
Floors
Vinyl: 1
Sale Includes
Other (See Remarks): 1
Income & Expenses
Annual Ins Exp: 7200
Annual Maint Exp: 6000
Annual Mgmt Exp: 9000
Owner Association: Yes
Annual Ownr Asoc Fee: 76500
Operating Exp: 102660
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 296400
Total Monthly Rental Income: 24700
Pmt & Rate Info
Cap Rate: 7.75
Equity: 2500000
Down Payment %: 20
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: Aligned Showings
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
See Private Remarks: 1
Community Features
Pool: 1
Manager Res/Office: 1
Barbecue: 1
Heating
Electric: 1
Individual: 1
Cooling
Ceiling Fan(s): 1
Central Air: 1
Electric: 1
Exterior Amenities
Landscape Water System: 1
Desert Landscaping: 1
Cable TV Available: 1
Security Guard: 1
Security Light(s): 1
Interior Features
Fire/Smoke Alarm(s): 1
Vertical Blinds: 1
Mini Blinds: 1
Breakfast Bar: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Dishwasher: 1
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Washer/Dryer: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Carport: 1
1 Space/Unit: 1
>1 Space Per Unit: 1
Other: 1
Electric
APS: 1
Gas
None: 1
Owner Pays
Sewer: 1
Trash Collection: 1
New Financing
Cash: 1
Owner May Carry: 1
1031 Exchange: 1
Special
Accept Backups (CLO): 1
Existing 1st Loan
Private: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
# 1 Bedroom Units: 5
Avg Rent: 1273
Avg SqFt: 836
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 12
Avg Rent: 1528
Avg SqFt: 836
# Baths: 2
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Cross Street: Cave Creek & Union Hills
Directions: South on Cave Creek to Michigan Ave. Complex will be on the Right.
Geo Lat: 33.651769
Geo Lon: -112.031815
Legal Info
Lot Number: 17 condos
Income Expenses
Gross Annual Sch Inc: 296400
Net Operating Income: 193740
Property Features
Project Type: 13 - 24 Units
Other Type: Packaged Offering; Other (See Remarks)
Construction: Wood Frame
Const - Finish: Painted; Stucco
Roofing: Built-Up
Floors: Vinyl
Sale Includes: Other (See Remarks)
Community Features: Pool; Manager Res/Office; Barbecue
Exterior Amenities: Landscape Water System; Desert Landscaping; Cable TV Available; Security Guard; Security Light(s)
Interior Features: Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds; Breakfast Bar
Appliances Included: Built-In Range; Refrigerator; Dishwasher; Microwave; Washer/Dryer
Heating: Individual
Cooling: Ceiling Fan(s); Electric; Central Air
Water Source: City Franchise
Sewer: Sewer - Public
Electric: APS
Gas: None
Parking Features: Carport; 1 Space/Unit; >1 Space Per Unit; Other
Road Surface Type: Asphalt
Owner Pays: Trash Collection
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Special: Accept Backups (CLO)
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: See Private Remarks
Existing 1st Loan: Private
New Financing: Cash; Owner May Carry; 1031 Exchange
Environmental: None
Supplements
Some bedroom counts includes a den (2 beds = 1 bedroom + den and 3 beds = 2 bedrooms + den). The den can function as a bedroom but doesn't have a window.
Listing Office: Coldwell Banker Realty
Last Updated: January - 23 - 2026
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