Premium Phoenix Triplexes and Fourplexes Sold In 2009
December 30, 2009
Not just the bad stuff is selling. Even some premium properties found new owners in 2009
|
Despite the harsh reality of the small multifamily market with simply truckloads of ugly properties full of deferred maintenance, empty, destroyed lender owned properties: there were a few premium sales.
The 4 properties below were multifamily properties equivalent to a normal home: cared for, upgraded, remodeled and in general good shape and they sold for much more then the average $23,000 per unit which is common now. The other characteristic they shared is a top location which is uncommon for most multifamily properties on the market right now.
6209 N. 12th Place sold for $390,000. a 4 plex with larger units, covered parking a great Madison Schools location and a pool. I was actually surprised at how quickly this sold. It went under contract in 10 days. The original list price was $425,000.
4138 N. 38th St. is a triplex in the Arcadia neighborhood where there are plenty of such properties, but rarely so upgraded with new cabinets, plenty of travertine and granite.
4116 N. Westview in Midtown Phoenix is a fourplex that sold for $234,000. It had many updates but retained it's ranch style character.
6845 N. 15th St. is a triplex with large yards for each unit, covered parking, Madison Schools and an overall premium location. It sold for $224,000.
In two of these cases the purchases were owner occupied.
These represent a very small number of properties sold compared to the total multifamily sales, but that is primarily due to a lack of similar inventory. For the most part, owners with good properties have no need to part with them and when they do they are often over-priced and don't sell.
 |
|
 | Small Multifamily Income Property Market In Greater Phoenix |
| How are triplexes and fourplexes selling in Metro Phoenix, for how much and how many. |
| item/246685 |
|
|
| Search Phoenix Homes For Sale |
| Phoenix MLS |
| /mlswizard |
