18227 N 40th Place, Phoenix, AZ 85032
- $850,000
- Sold Price
- $850,000
- List Price
- $859,900
- Closing Date
- Sep 19, 2025
- Days on Market
- 120
- Status
- CLOSED
- MLS#
- 6865522
- City
- Phoenix
- Subdivision
- Gentle Acres
- Year Built
- 1980
Property Description
This closed with seller financing (25% down, 6.5% interest; with a 10 year amortization/term). Near Paradise Valley Village, Desert Ridge & Scottsdale. No HOA. Huge units! Three 2 bed/1 bath units (950 sf /-) paired with a 3 bed/2 bath unit (1150 sf /-). 4000 total sf. 11,975 sf lot. R-3 zoning. 20+ year owner has self-managed. Rents are very low at $1000/$850/$850 (2 bed units) & $1450 (3 bed unit). $49,800/yr +$1200 seller-owned w/d units/late/pet/misc = $51,000 gross/yr. $1500/rent for 2 bedroom is viable. 100% occupied with all month-to-month leases. All long-term tenants. No recent rent increases. Two units had kitchen/bath/lighting/etc upgrades in 2022. Newer HVAC/WH. Value-add opportunity.
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Additional Information
- School District
- Paradise Valley Unified District
- Community Features
- See Remarks
- Construction
- Painted, Slump Block
- Cooling
- Electric, Heat Pump, Individual
- Electric
- APS, Individual Meter
- Flooring
- Other, Ceramic Tile, Vinyl
- Heating
- See Remarks, Individual, Heat Pump, Electric
- New Financing
- Owner May Carry, Other (See Remarks), Conventional
- Parking Features
- Free, Assigned, >1 Space Per Unit
- Roofing
- Other, Built-Up
- Sewer
- Public Sewer
- Subdivision
- Gentle Acres
- Taxes
- $1,796
- Tax Year
- 2024
- Units
- 4
- Water
- City Franchise
- Zoning
- R-3
Courtesy of Better Homes & Gardens Real Estate SJ Fowler. 480-649-3536 Selling Office: DPR Realty LLC.
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