1602 W Olney Avenue
Phoenix, AZ 85041
- – beds
- – baths
- – sqft
- ~2 acre lot
- – on site
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)
Last checked:
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Last updated Sep 2, 2024
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MLS# 6726810 —
The Building
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Year Built:None
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Builder Name:None
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New Construction:No
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Construction Materials:None
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Architectural Style:None
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Roof:None
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Basement:No
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Basement:None
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Direction Faces:None
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Exterior Features:None
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Patio And Porch Features:None
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Security Features:None
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Stories Total:None
Interior
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Interior Features:None
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Living Area:None
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Furnished:None
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Rooms Total:None
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Flooring:None
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Fireplace:No
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Fireplace Features:None
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Fireplaces Total:None
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Accessibility Features:None
Room Dimensions
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Living Area Units:None
Financial & Terms
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Land Lease:No
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Home Warranty:No
The Property
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Property Type:Land
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Property Condition:None
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Zoning:R-10
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Lot Size:None
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Lot Size Area:2.05
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Lot Size Acres:2.05
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Lot Size SqFt:89496.0
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Lot Size Dimensions:2X3
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Lot Size Units:Acres
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# of Lots:1
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Parcel Number:300-52-004-W
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Additional Parcels:false
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Possible Use:Other, Single Family
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View:None
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Waterfront:No
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Fencing:None
Listing Agent
- Contact info:
- Agent phone:
- (602) 717-5115
- Office phone:
- (480) 941-5114
Taxes
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Tax Year:2023
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Tax Lot:-
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Tax Map Number:52.00
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Tax Book Number:300.00
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Tax Annual Amount:6961.0
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Tax Parcel Letter:W
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Tax Legal Description:TH PT SEC 7 T1S R3E DAF COM CENT SD SEC 7 TH W 885.01F TH N 25F TO POB TH CONT N 317.85F TH E 282.35
Beds
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Bedrooms Possible:None
Baths
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Full Baths:None
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Half Baths:None
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Partial Baths:None
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Three Quarter Baths:None
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Quarter Baths:None
The Listing
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Virtual Tour URL Branded:None
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Possession:None
Heating & Cooling
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Heating:No
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Heating:None
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Cooling:No
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Cooling:None
Utilities
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Utilities:None
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Electric:Other (See Rmks)
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Sewer:Septic Tank
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Water Source:City Franchise
Appliances
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Appliances:None
Schools
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Elementary School District:Roosevelt Elementary District
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High School District:Phoenix Union High School District
The Community
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Senior Community:No
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Community Features:None
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Pool Private:No
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Spa Features:None
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Pets Allowed:None
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Association:false
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Association Amenities:None
Parking
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Garage:No
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Garage Spaces:None
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Attached Garage:No
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Carport Spaces:None
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Covered Spaces:None
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Parking Total:None
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Parking Features:None
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Open Parking Spaces:None
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Association Fee Includes:None
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Max Internet Speed
Provided by BroadbandNow®
This is the maximum advertised internet speed available for this home. Under 10 Mbps is in the slower range, and anything above 30 Mbps is considered fast. For heavier internet users, some plans allow for more than 100 Mbps.
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
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7/2/24
Jul 2, 2024
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Listed / Active | ARMLS | $519,900 | -13.4% (-1.4% / YR) |
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3/31/15
Mar 31, 2015
|
ARMLS | $600,000 |
