75-units available for sale as a package (bulk condos), inside Loma Bonita Condominium located in Phoenix. Located on Mountain View Road, west of the SR-51 Freeway, and east of 7th Street, near Phoenix Mountains, Camelback Corridor, John C Lincoln Hospital, Arizona Christian University, shopping, schools, and plenty of transportation options. Property is being sold ''As-Is.'' For the investor: This property offers the rare opportunity to acquire 80s vintage condos (fully rehabbed in 2007 for conversion) with a majority of the units within the HOA. Projected gross potential rent of $495,000, less 10% vacancy of $49,000 per year, added income of $90,000, equals $535,500 adjusted gross income. After expenses of $316,125, the pro forma net operating income is $219,375. This is a 7.8% CAP RATE!
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