18202 Cave Creek Road 17units, Phoenix, AZ 85032 (MLS# 6770068)

18202 Cave Creek Road 17units, Phoenix, AZ 85032

$2,125,000

Property Type: Multiple Dwellings Bedrooms: 29 Baths: 29 Status: Active

Current Price: $2,125,000 Last Modified: 8/12/2026

Overview

Description

17-UNIT VALUE-ADD WORKFORCE HOUSING PORTFOLIO | $2,125,000 | Approx. $125,000 Per Unit. Not every investor is the right buyer for this portfolio and that's exactly the point. This 17-unit workforce housing portfolio consists of individually deeded condominium units within Mountain Springs Terrace and is being offered as a single investment opportunity. The portfolio includes eleven 2-bedroom plus den/2-bath units, five 1-bedroom plus den/1-bath units, and one 3-bedroom/1-bath unit. (The den functions as a bedroom but does not have a window.) Offered at $2,125,000 approximately $125,000 per unit this is a value-add opportunity designed for investors who understand cash flow, operational improvements and long-term appreciation rather than turnkey perfection. The projected income profile

Supplements: offers the type of risk-adjusted return experienced investors often seek in workforce housing assets, recognizing that stronger returns typically accompany opportunities requiring active ownership and thoughtful management. This is an unwarrantable condominium community, making conventional residential financing challenging. The ideal purchaser wil ... (Read more)

Listing Details MLS# 6770068

Location, Tax & Legal

House Number: 18202
Street Name: Cave Creek
St Suffix: Road
City/Town Code: Phoenix
State/Province: AZ
Zip Code: 85032
Zip4: 1067
Country: US
County Code: Maricopa
Subdivision: MOUNTAIN SPRINGS TERRACE CONDOMINIUM
Assessor Number: 214-07-044
Tax Year: 2024
Unit #: 17units
Assessor's Map #: 7
Legal Description (Abbrev): LOT 111 MOUNTAIN SPRINGS TERRACE CONDOMINIUM MCR 033448
Assessor's Parcel #: 44
Add'l Parcels: Yes
Tax Municipality: Phoenix
Taxes: 3960
Legal: To be provided in Escrow
Marketing Name: 17 condos @ Mt Springs

Contract Info

Ownership: Condominium

General Property Description

Lot Size Dimensions: unknown
Year Built: 1983
Total # of Units: 17
# of Buildings: 2
Zoning: R5
Flood Zone: TBD
Elementary School District: Paradise Valley Unified District
High School District: Paradise Valley Unified District
Elementary School: Echo Mountain Primary School
Jr. High School: Vista Verde Middle School
High School: North Canyon High School
Uncvrd Parking Spcs: 0

Remarks Misc

Cross Street: Cave Creek & Union Hills
Directions: South on Cave Creek to Michigan Ave. Complex will be on the Right.

Legal Info

Lot Number: 17 condos

1 Bedroom Units

# 1 Bedroom Units: 5
Avg Rent: 1273
Avg SqFt: 836
# Baths: Yes

More Information

2 Bedroom Units

# 2 Bedroom Units: 12
Avg Rent: 1528
Avg SqFt: 836
# Baths: 2

Structure

Bedrooms Total: 29
Bathrooms Total: 29

Income Expenses

Gross Annual Sch Inc: 296400
Net Operating Income: 193740

Showing Notification Methods

Showing Service: Aligned Showings
Text: Yes
Email: Yes
Phone Call: Yes

Project Type

13 - 24 Units: Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Other Type

Packaged Offering: Yes
Other (See Remarks): Yes

Construction

Wood Frame: Yes

Const - Finish

Painted: Yes
Stucco: Yes

Roofing

Built-Up: Yes

Floors

Vinyl: Yes

Sale Includes

Other (See Remarks): Yes

Income & Expenses

Annual Ins Exp: 7200
Annual Maint Exp: 6000
Annual Mgmt Exp: 9000
Owner Association: Yes
Annual Ownr Asoc Fee: 76500
Operating Exp: 102660
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 296400
Total Monthly Rental Income: 24700

Pmt & Rate Info

Cap Rate: 9.12
Equity: 2125000
Down Payment %: 20
Monthly Payments: 0
Total Owed: 0

Lockbox Type

See Private Remarks: Yes

Community Features

Pool: Yes
Manager Res/Office: Yes
Barbecue: Yes

Heating

Electric: Yes
Individual: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes
Electric: Yes

Exterior Amenities

Landscape Water System: Yes
Desert Landscaping: Yes
Cable TV Available: Yes
Security Guard: Yes
Security Light(s): Yes

Interior Features

Fire/Smoke Alarm(s): Yes
Vertical Blinds: Yes
Mini Blinds: Yes
Breakfast Bar: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Dishwasher: Yes
Microwave: Yes
Refrigerator: Yes
Built-In Range: Yes
Washer/Dryer: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes

Parking Features

Carport: Yes
1 Space/Unit: Yes
>1 Space Per Unit: Yes
Other: Yes

Electric

APS: Yes

Gas

None: Yes

Owner Pays

Sewer: Yes
Trash Collection: Yes

New Financing

Cash: Yes
Owner May Carry: Yes
1031 Exchange: Yes

Special

Accept Backups (CLO): Yes

Existing 1st Loan

Private: Yes

Reports/Disclosures

None: Yes

Environmental

None: Yes

Property Features

Project Type: 13 - 24 Units Other Type: Packaged Offering; Other (See Remarks) Construction: Wood Frame Const - Finish: Painted; Stucco Roofing: Built-Up Floors: Vinyl Sale Includes: Other (See Remarks) Community Features: Pool; Manager Res/Office; Barbecue Exterior Amenities: Landscape Water System; Desert Landscaping; Cable TV Available; Security Guard; Security Light(s) Interior Features: Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds; Breakfast Bar Appliances Included: Built-In Range; Refrigerator; Dishwasher; Microwave; Washer/Dryer Heating: Individual Cooling: Ceiling Fan(s); Electric; Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: APS Gas: None Parking Features: Carport; 1 Space/Unit; >1 Space Per Unit; Other Road Surface Type: Asphalt Owner Pays: Trash Collection Tenant Pays: Electricity; Cable TV Source of Fincl Data: Owner Special: Accept Backups (CLO) Showing Notification Methods: Text; Email; Phone Call Lockbox Type: See Private Remarks Existing 1st Loan: Private New Financing: Cash; Owner May Carry; 1031 Exchange Environmental: None

Listing Office: Coldwell Banker Realty

Last Updated: August - 12 - 2026