1602 W Olney Ave, Phoenix, Arizona, United States | Residential Land For Sale at GLOBAL LISTINGS

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Residential Land For Sale

$519,900

1602 W Olney Ave
Phoenix, Arizona, United States

Listed By: Realtyww Info

Listed On: 09/07/2024

Listing ID: GL11311422 View More Details

Description

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)

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Listed by: Gregory Johnson