1845 E ILLINI Street, Phoenix, AZ 85040

$499,000
Property Type: Multiple Dwellings Bedrooms: 5 Baths: 3 Status: Closed
Current Price: $499,000 List Date: 6/11/2026 Last Modified: 11/11/2026

Overview

Description

LIVE FOR LESS THAN HALF PRICE! Why rent when your tenant can help pay for your home? This outstanding 2025-built duplex offers the opportunity to live in one unit while approximately $2100/month rent from the other can offset more than half your housing payment. Well-maintained and in excellent condition, each unit features wood-look tile, Samsung stainless appliances, 42'' espresso cabinetry, 2'' wood blinds, and modern finishes. Reliable tenants pay their own electric. Ample on-site parking. Also an excellent investor opportunity with approximately $34,000 annual income and an attractive 7% CAP rate. FHA, VA, conventional, cash, or 1031 buyers welcome.

Listing Details MLS# 7040008

Location, Tax & Legal

House Number
1845
Compass
E
Street Name
ILLINI
St Suffix
Street
City/Town Code
Phoenix
State/Province
AZ
Zip Code
85040
Country
US
County Code
Maricopa
Subdivision
PROGRESS PLACE
Assessor Number
122-32-090
Tax Year
2026

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
7353 SF
Year Built
2025
Uncvrd Parking Spcs
2
Total # of Units
2
# of Buildings
Yes
Zoning
R3
Elementary School District
Roosevelt Elementary District
High School District
Phoenix Union High School District
Elementary School
Percy L Julian School
Jr. High School
Percy L Julian School
High School
South Mountain High School

Remarks Misc

Cross Street
BROADWAY AT 24 ST

Status Change Info

Off Market Date
2026-11-11
Under Contract Date
2026-10-19
Close of Escrow Date
2026-11-10

Legal Info

Lot Number
14

More Information

2 Bedroom Units

# 2 Bedroom Units
Yes
Avg Rent
1600
Avg SqFt
1150
# Baths
Yes

3 Bedrooms Units

# 3 Bedroom Units
Yes
Avg Rent
2100
Avg SqFt
1450
# Baths
2

Structure

Bedrooms Total
5
Bathrooms Total
3

Income Expenses

Gross Annual Sch Inc
44400
Net Operating Income
35673

Showing Notification Methods

Showing Service
Aligned Showings

Sold Info

Loan Type
VA
Loan Years
30
Payment Type
Fixed
Closing Cost Split
Seller Assist - A
Buyer Concession $/%
$
Seller Concession to Buyer
3
Seller Concession $/%
%

Property Features

Project Type: Duplex Construction: Wood Frame Const - Finish: Stucco Roofing: Composition Floors: Tile; Carpet Sale Includes: Land & Building Community Features: No Pool Exterior Amenities: Cable TV Available; Patio/Balcony Interior Features: Mini Blinds; Drapes; Breakfast Bar Appliances Included: Built-In Electric Oven; Built-In Range; Refrigerator; Dishwasher; Disposal; Microwave; W/D Hookup Cooling: Ceiling Fan(s); Heat Pump; Individual; Central Air Water Source: City Franchise Sewer: Sewer - Public Electric: SRP; Individual Meter Gas: None Parking Features: Carport; >1 Space Per Unit; Add'l Parking Avail; Attached Carport Road Access Type: City Street Road Surface Type: Asphalt Road Responsibility: City Maintained Road Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Landscaping Source of Fincl Data: Owner Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Treat as Free&Clear New Financing: Cash; Conventional; 1031 Exchange Environmental: None
IDX
Listing Office: RE/MAX Excalibur
Office Phone: 480-355-3500
Office Email: Sindy@AzGreatHomes.com
Last Updated: November - 11 - 2026
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