Residential Income in Phoenix

$3,300,000

1229 35TH, 85008, Phoenix, AZ

Residential Income for sale in Phoenix, 1229 35TH, 85008

1229 35TH, 85008, Phoenix, AZ

$3,300,000

28Bed
14Bath
Type: Residential Income

Description

A 14-unit apartment community in one of Phoenix's most accessible central locations. Every unit is a two-bedroom one-bath residence, and 12 units have been remodeled recently. The major building systems have also been updated: all air conditioners and water heaters were replaced within the past five years. That gives a new owner a well-maintained asset with limited near-term capital needs to step into a turn key business. The property also has clear, built-in upside. Current rents are about 10-15% below market, so an owner can increase income through rent adjustments. Most tenants are on a month-to-month lease, which lets a buyer move rents to market on their own timeline. The residents are long-term, which points to stable occupancy and a community people choose to stay in. Eight units h have their own washer and dryers and the rest of units use onsite community laundry. The property also includes vacant land with room for an additional fourplex. That gives an investor a path to grow the unit count from 14 to 18 and boost long-term returns through new construction. The location is just south of McDowell Road with quick access to the Loop 202 Red Mountain Freeway. Residents are minutes from Phoenix Sky Harbor International Airport, Downtown Phoenix, and Papago Park. Grocery shopping, schools, and major employment centers are all close by.

Agent Information

Location

1229 35TH, 85008, Phoenix, AZ

Data

Object TypeResidential Income
Purchase Price$3,300,000
Living Space0 m²
Plot SizeN/A
Bathrooms14
Construction Year1987
ConditionNot specified
RoomsN/A

Energy Information

Heating TypeElectric
Primary Energy SourceN/A
Construction Year1987
Energy CertificateN/A
Final Energy DemandN/A
Certificate Valid UntilN/A
Energy Efficiency ClassN/A

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