New construction 4 plex built and sold Phoenix

[Rylan Lacey]

Hi Biggerpockets,

Just wanted to share a project that I recently completed/sold and go over some numbers about the project.

Bought the lot in 2019 for $58,000 in south Phoenix (7th street and dobbins) and put 50% down and borrowed the rest from a private lender

Built the 4 plex for $400k ($100k per unit) 

Asked $750k on the sales price, got $800k with multiple offers in the first week

Each unit is 2 bed 1 bath, 750 sq ft and rents between $1,350-$1,450. Sold around a 6% cap rate so the buyer got a great deal on a new build with warranties and I made a profit I was happy with

I have an 18 unit project going in south Phoenix as well and will update on that project in the coming months.