$3,895,000
Phoenix, AZ 85021
MLS# 7004263
1 / 15
Property Description
The Mojave is a 27-unit, garden-style multifamily community located in Phoenix, AZ. Originally constructed in 1986 and extensively renovated in 2022, current and previous ownership has invested over $680,000 in capex into the property including a full interior renovation package on all 27 units (all with washer/dryer), new roof, asphalt replacement, upgraded landscaping, exterior painting and fencing, more. Even with significant capital improvements made over the past 5 years, new ownership can capture immediate upside by replacing the grass area with artificial turf, which will generate an estimated $5,000 to $10,000 in annual expense savings. This is a compelling opportunity for investors seeing a true turnkey, cash flowing asset with additional upside potential.
Details
Contract Info
Ownership: Fee Simple
Current Price: $3,895,000
List Price: $3,895,000
Status: Active
List Date: 2026-03-26
Location, Tax & Legal
Assessor's Map #: 19
Legal Description (Abbrev): LOT 2 TERRA BELLA MCR 102212
Assessor's Parcel #: 141
Add'l Parcels: No
Tax Municipality: Phoenix
Census Tract: 106002
Taxes: 5371
Legal: LOT 2 TERRA BELLA MCR 102212
Marketing Name: Mojave
House Number: 2020
Compass: W
Street Name: ORANGEWOOD
St Suffix: Avenue
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85021
Zip4: 7870
County Code: Maricopa
Subdivision: TERRA BELLA
Assessor Number: 157-19-141
Tax Year: 2025
General Property Description
# of Buildings: 1
Uncvrd Parking Spcs: 27
Lot Size Dimensions: 12,458
Total # of Units: 27
High School District: Glendale Union High School District
Year Built: 1986
Zoning: R-4
Legal Info
Range: 2E
Section: 1
Township: 2N
Lot Number: 2
Project Type
25 - 50 Units: 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Roofing
Composition: 1
Floors
Vinyl: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 4704
Annual Ins Exp: 7568
Annual Landscape Exp: 4725
Annual Legal & Acctg: 1190
Annual Maint Exp: 12150
Annual Mgmt Exp: 15753
Annual Trash Exp: 1942
Annual Wtr/Swr Exp: 10679
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 64082
Other Income: 24570
Vacancy Allowance: 0.05
Adjusted Gross Inc: 320083.5
Pmt & Rate Info
Cap Rate: 6
Equity: 3895000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Text: 1
Phone Call: 1
Lockbox Type
See Private Remarks: 1
Community Features
Pool: 1
Heating
Electric: 1
Individual: 1
Cooling
Individual: 1
Exterior Amenities
Landscape Water System: 1
Fenced: 1
Separate Storage: 1
Security Light(s): 1
Tenant Pays
Electricity: 1
Appliances Included
Disposal: 1
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Washer/Dryer: 1
Road Access Type
City Street: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Projected Proforma: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Paved: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Water: 1
Trash Collection: 1
New Financing
Cash: 1
Conventional: 1
1031 Exchange: 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Fixed: 1
Existing 1st Loan Terms
Assume - Qualify: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
# Efficiency Units: 24
Avg Rent: 895
Avg SqFt: 407
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 2
Avg Rent: 1095
Avg SqFt: 750
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 1395
Avg SqFt: 1200
# Baths: 15
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Geo Lat: 33.546509
Geo Lon: -112.102885
Income Expenses
Gross Annual Sch Inc: 312360
Net Operating Income: 233612
Property Features
Project Type: 25 - 50 Units
Construction: Wood Frame
Const - Finish: Painted; Stucco
Roofing: Composition
Floors: Vinyl
Sale Includes: Land & Building
Community Features: Pool
Exterior Amenities: Landscape Water System; Fenced; Separate Storage; Security Light(s)
Appliances Included: Built-In Range; Refrigerator; Disposal; Microwave; Washer/Dryer
Heating: Individual
Cooling: Individual
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: SRP
Gas: None
Parking Features: 1 Space/Unit; Paved
Road Access Type: City Street
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity
Source of Fincl Data: Owner; Projected Proforma
Showing Notification Methods: Text; Phone Call
Lockbox Type: See Private Remarks
Existing 1st Loan: Other (See Rmks)
Existing 1st Loan Type: Fixed
Existing 1st Loan Terms: Assume - Qualify
New Financing: Cash; Conventional; 1031 Exchange
Environmental: None
Listing Office: Matthews Real Estate Investment Services
Last Updated: March - 26 - 2026
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