Phoenix Real Estate Inventory
The real Estate Inventory update for Multiple Dwellings in the metropolitan area of Phoenix shows (according to ARMLS): total active listings of 278 units and 85 Pending Sales.
The active listings by number of units include the following:
61 total Duplexes
33 total Triplexes, and
102 total Fourplexes.
5 to 12 60
13 to 24 10
25 to 49 9
50 to 99 3
Search Results: 492 Properties
A quick overview on the multiple dwellings in the metropolitan area of Phoenix shows:
Listings between 5 to 12 units had a price range of $607 to $1,483,000. The highest cap rate is 8.15 % for a listing in the City of Glendale with 3 buildings, 18 total units, built in 1987, and include a community pool.
Listings between 13 to 24 units had a price range of $607 to $1,483,000. The highest cap rate is 8.15 % for a listing in the City of Glendale with 3 buildings, 18 total units, built in 1987, and include a community pool.
Listings between 25 to 49 units had a price range of $710 to $6,650,000. The cap rate was above 8% for only two of the listings; with every other listing at 6% or less.
Listings between 50 to 99 units had a price range of $2,200,000 to $3,500,000. Two of the properties are in the City of Mesa, and one is in the City of Phoenix. They are built in years ranging from 1960 to 1986. All three listing have a cap rate that ranges between 6.5% and 6.7%.
The only listing over 100 units had a price of $5,850,000 and had a total of 144 units. It was built in 1981 and according to ARMLS, the cap rate is 6.56%.
There were 263 sold and 87 pending listings that were under contract/closed within the last six months.
When thinking about buying a property, the best advice is to analyze what other properties are available in the area which you are looking. It is very advisable to talk to locals in the area and people in the neighborhood to get a good sense of how people view the location. They can give you hints on small, yet vital, information such as which side of a street is considered more desirable, how the neighborhood is growing/developing and the trend of the area.
If you are considering an Investment property, these six tips will help make sure that you do not get cheated when buying it. They can make the difference between capitalizing on a great property that has a high return on investment and unknowingly purchasing a lemon.
• Find The Right Property At The Right Price
• Figure Out The Cash Flow
• Look For A Good Property Manager
• Take Equity From Another Property
• Comprehend Both The Market And Dynamics When Buying.
After reviewing all of this information, it is my personal and professional opinion that the Multiple Dwelling listings for sale in April are great opportunities that should be taken advantage of now before the possibility of the owners increasing the rent. The only negative trend would be the new construction that is currently underway or being planned because that gives additional options to potential buyers/renters.
If you drive down metropolitan Phoenix near the Central Corridor, you will notice the new construction, recent revitalization efforts and infill projects that are helping turn this area around and increase property values. Infill land has better prices, tax reductions and incentives for the investors.
It is a great time now to invest in a Multiple Dwelling listing as shown by the April statistics.