Residences at Fairmount 1017-1031 E Fairmount Ave 8 Unit Apartment Building $2,100,000 ($262,500/Unit) 6.03% Cap Rate Phoenix, AZ 85014

1017-1031 E Fairmount Ave presents a rare opportunity to acquire an 8-unit boutique apartment community in a highly desirable Phoenix location. Built in 1966 and meticulously maintained, the property totals approximately ±6,559 square feet with an average unit size of ±820 SF, offering an attractive and efficient mix of larger one- and two-bedroom floor plans. The unit mix consists of (3) 1x1 units, (3) 2x1 units, and (2) 2x1.5 units, catering to a wide tenant demographic seeking functional layouts with modern finishes. The property is currently achieving average rents of $1,528, producing a 6.03% current cap rate and a 6.28% cash-on-cash return, offering immediate in-place yield with additional upside through continued interior upgrades.
Privately owned, managed, and operated, the asset clearly reflects strong pride of ownership. Six of the eight units have been renovated with thoughtful, durable improvements including luxury vinyl plank flooring, quartz countertops, workstation-style extra-wide sinks, mini range hoods, updated light fixtures, and refreshed bathrooms featuring new tubs, tile backsplash, and modern vanities. All units offer in-suite washer/dryer or dedicated W/D access, a highly sought-after amenity in this submarket.
The exterior setting distinguishes the property from typical 1960s construction. With abundant citrus trees, mature greenery, large private front and back yards, three private garages, and two covered carport spaces, the community feels more like a boutique apartment enclave than a traditional multifamily property. The lush landscaping and intimate scale create a private, residential atmosphere that enhances tenant appeal and retention. 1017-1031 E Fairmount Ave offers investors a stabilized, cash-flowing boutique asset with tangible pride of ownership, quality renovations, and a unique residential feel that positions it competitively within the Phoenix multifamily market.

David Harrington
Matthews Real Estate Investment Services, Inc
License # CO701910000, BR715518000 (AZ)
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251
(866) 889-0550