3823 N 23RD Drive, Phoenix, AZ 85015 (MLS# 6951570)

Description

Words can't fully capture the value of this impeccably maintained four-plex, where pride of ownership is evident throughout. Ideally situated in a highly desirable rental community, this property offers both stability and long-term upside for any investor. Each of the four units features a 2-bedroom, 1-bath layout with 926 square feet, providing comfortable and functional living spaces that remain in high demand. Three units are currently occupied, delivering immediate cash flow, while Unit #4 is vacant and available to show. Each unit includes French doors leading to a spacious front deck or patio area, creating a welcoming indoor-outdoor feel. The downstairs units enjoy private fenced yards, a rare amenity that enhances tenant appeal.

Supplements: The property is secured with gated access and offers a large parking lot with ten total spaces. Recent updates include a new roof in 2019, new exterior paint completed in 2022, and new smoke detectors, fire extinguishers, and mini blinds installed throughout all units. This is an exceptional opportunity to acquire a well-cared-for investment property in a prime location with strong rental demand. Please do not disturb tenants. Unit #4 is vacant and easy to show.

Contract Info

Ownership: Fee Simple Current Price: $949,990 List Price: $949,990 Status: Active List Date: 2025-11-25

Location, Tax & Legal

Assessor's Map #: 4 Legal Description (Abbrev): LOT 31 GERARDO PARK LOTS 1-10 MCR 004023 Assessor's Parcel #: 21 Add'l Parcels: No Tax Municipality: Phoenix Census Tract: 117000 Taxes: 2322 Legal: LOT 31 GERARDO PARK LOTS 1-10 MCR 004023 Marketing Name: N 23rd House Number: 3823 Compass: N Street Name: 23RD St Suffix: Drive City/Town Code: Phoenix State/Province: AZ Zip Code: 85015 Zip4: 5371 County Code: Maricopa Subdivision: GERARDO PARK LOTS 1-10 Assessor Number: 110-04-021 Tax Year: 2025

General Property Description

# of Buildings: 1 Uncvrd Parking Spcs: 10 Lot Size Dimensions: IRR Total # of Units: 4 Elementary School District: Alhambra Elementary District High School District: Phoenix Union High School District Year Built: 1985 Zoning: Multi

Legal Info

Range: 2E Section: 25 Township: 2N Lot Number: 31

Project Type

Four Plex: 1

Construction

Wood Frame: 1

Const - Finish

Stucco: 1

Roofing

Composition: 1

Floors

Ceramic Tile: 1

Sale Includes

Land & Building: 1

Income & Expenses

Annual Elec Exp: 420 Annual Gas Exp: 0 Annual Ins Exp: 1643 Annual Land Lse Exp: 0 Annual Landscape Exp: 1200 Annual Legal & Acctg: 0 Annual Maint Exp: 0 Annual Mgmt Exp: 0 Annual Trash Exp: 0 Annual Wtr/Swr Exp: 2280 Owner Association: No Annual Ownr Asoc Fee: 0 Annual PAD Fee: 0 Annual Rplcmnt Rsrvs: 0 Annual Other Expense: 0 Operating Exp: 7865 Other Income: 0 Vacancy Allowance: 0.05 Adjusted Gross Inc: 39656.8 Total Monthly Rental Income: 3685

Pmt & Rate Info

Cap Rate: 3.81 Down Payment: 0 Equity: 949990 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0 Assessment Balance: 0

Showing Notification Methods

Showing Service: Aligned Showings Text: 1 Phone Call: 1

Lockbox Type

Combo: 1

Community Features

No Pool: 1

Heating

Heat Pump: 1 Electric: 1

Cooling

Electric: 1 Heat Pump: 1

Exterior Amenities

Desert Landscaping: 1 Fenced: 1 Curb(s) & Gutter(s): 1 Sidewalk(s): 1 Patio/Balcony: 1 Security Light(s): 1

Interior Features

Unfurnished: 1 Fire/Smoke Alarm(s): 1 Fire Sprinklers: 1

Tenant Pays

Electricity: 1 Cable TV: 1

Appliances Included

Dishwasher: 1 Disposal: 1 Refrigerator: 1 Free-Standing Range: 1

Road Surface Type

Asphalt: 1

Source of Fincl Data

Owner: 1

Water Source

City Franchise: 1

Sewer

Sewer - Public: 1

Parking Features

Free: 1 >1 Space Per Unit: 1 Paved: 1

Electric

SRP: 1

Gas

None: 1

Owner Pays

Water: 1 Sewer: 1 Electric: 1 Trash Collection: 1

New Financing

Cash: 1 VA: 1 Conventional: 1 No Carry: 1 1031 Exchange: 1

Existing 1st Loan

Conventional: 1

Existing 1st Loan Type

Fixed: 1

Existing 1st Loan Terms

Not Applicable: 1

Existing 2nd Loan

Treat as Free&Clear: 1

Existing 2nd Loan Type

Not Applicable: 1

Existing 2nd Loan Terms

Not Applicable: 1

Existing 3rd Loan

Treat as Free&Clear: 1

Existing 3rd Loan Type

Not Applicable: 1

Reports/Disclosures

None: 1

Existing 3rd Loan Terms

Not Applicable: 1

Environmental

None: 1

Existing Othr Ln Trm

Not Applicable: 1

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

2 Bedroom Units

# 2 Bedroom Units: 4 Avg Rent: 1230 Avg SqFt: 926 # Baths: 1

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Remarks Misc

Cross Street: Indian School & 23rd Ave. Geo Lat: 33.491754 Geo Lon: -112.109563

Income Expenses

Gross Annual Sch Inc: 41744 Net Operating Income: 36201

Property Features

Project Type: Four Plex Construction: Wood Frame Const - Finish: Stucco Roofing: Composition Floors: Ceramic Tile Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Desert Landscaping; Fenced; Curb(s) & Gutter(s); Sidewalk(s); Patio/Balcony; Security Light(s) Interior Features: Unfurnished; Fire/Smoke Alarm(s); Fire Sprinklers Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Disposal Heating: Heat Pump Cooling: Electric; Heat Pump Water Source: City Franchise Sewer: Sewer - Public Electric: SRP Gas: None Parking Features: >1 Space Per Unit; Free; Paved Road Surface Type: Asphalt Owner Pays: Water; Electric; Trash Collection Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner Showing Notification Methods: Text; Phone Call Lockbox Type: Combo Existing 1st Loan: Conventional Existing 1st Loan Type: Fixed Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Treat as Free&Clear Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Treat as Free&Clear Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Cash; VA; Conventional; No Carry; 1031 Exchange Environmental: None