The Cottages on Heatherbrae, a Triplex - Success CRE - Commercial Real Estate

The Cottages on Heatherbrae, a Triplex

  • $1,350,000
Featured For Sale
7832 East Heatherbrae Avenue, Scottsdale, AZ, USA
  • Multi-Family
  • Property Type
  • 2,858
  • ft²
  • 1959
  • Year Built
  • Michelle Pauley, Brandon Fugal
  • Agent Name
  • 4.68%
  • Cap Rate
Featured For Sale

The Cottages on Heatherbrae, a Triplex

7832 East Heatherbrae Avenue, Scottsdale, AZ, USA
  • $1,350,000

Description

Marketing Description

This is not the “value-add” property you’re looking for- that job has already been done on this property! Instead, this is a fantastic “buy-it and leave it” opportunity for busy professionals who need to decrease their tax liability while increasing their real estate portfolio. Scottsdale has consistently been one of the favorite “buys” for multi-family investors because of the draw the area has for young professionals, vacationers, celebrities and business development. This property currently has a consistent income stream with very low operating costs, all due to the master tenants’ leases that are in place. Currently operating through an arbitrage as a Short-Term Vacation Rental, this property is essentially maintenance free with the tenant paying all utilities, and repairs under $300.

Please do not disturb tenant- they won’t know anything about the property since they’re vacationers- No tours until accepted contract.

*100% occupied until December with month to month lease after that

*Great opportunity for a STR owner operator as the annualized income off of the three units is $97,300.

*Recently remodeled

*Tenant pays utilities and all repairs under $300.

Investment Highlights

Nestled in the heart of Scottsdale, this triplex is in the middle of all the action. This property is ideally located. Just a short distance to the bustling center of Old Town Scottsdale, Arts District, Fashion Square, or Scottsdale Waterfront, Hayden Walking Path, Scottsdale Bike path, and several parks and outdoor venues.

Desert landscaping surrounds this classic brick exterior mid century triplex. Enter past the front gate into the community courtyard located west of the three units. This property also features a secluded yards for each unit so that all windows have a view of either courtyard or secluded yard.

Thoughtfully renovated in 2020 and 2021 this property is features clean lines and bright paint, shaker style cabinets, engineered stone countertops, stainless steel kitchen appliances. This property stays true to its mid-century design appointments and as such, each of the units on this property feels spacious because of the thoughtful layout and storage features.

Current Layout of property has a gravel front yard and non-permitted street parking is amply available. On site parking could easily be added by new owner after close of escrow.

Details

Updated on January 19, 2024 at 10:25 am
  • Price: $1,350,000
  • Property Size: 2,858 ft²
  • Year Built: 1959
  • Property Type: Multi-Family
  • Property Status: For Sale
  • Agent Name: Michelle Pauley, Brandon Fugal
  • Investment Type: Core
  • Pro-Forma Cap Rate: 7.21%
  • Pro-Forma NOI: 97300
  • Buildings: 1
  • Zoning: M-H-R-5
  • APN: 173-56-007
  • Class: C
  • Cap Rate: 4.68%
  • NOI: 63218
  • Units: 3
  • Year Renovated: 2021
  • Stories: 1
  • Broker Co-Op: YES
  • Price/Unit: 450000

Features

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Michelle Pauley, MBA, Member IBBA
  • Michelle Pauley, MBA, Member IBBA