Mountainside 10644 N 15th Way 12 Unit Apartment Building $2,331,132 ($194,261/Unit) 6% Cap Rate Phoenix, AZ 85020

CBRE is pleased to announce the exclusive offering of Mountainside Apartments, a compelling investment opportunity located at 10644 N 15th Way in Central Phoenix. This property, built in 1983, features well-designed one-bedroom (550 sq ft) and two-bedroom (700 sq ft) floorplans, individually metered for electric and equipped with individual HVAC units and pitched roofs. Positioned just west of the Phoenix Mountain Preserve, residents enjoy exquisite views and convenient access to popular hiking trails and recreational areas, a significant lifestyle amenity that attracts a desirable tenant base.
The investment appeal of Mountainside Apartments is further amplified by Central Phoenix's robust and diversifying economic landscape. The city continues to be a magnet for job growth and population influx, driven by major investments in high-tech manufacturing, particularly the semiconductor industry with companies like TSMC and Intel, as well as significant expansion in healthcare, financial services, and education. This economic vitality translates into a strong and consistent demand for rental housing, as a growing workforce seeks residences near employment corridors. Phoenix added nearly 55,000 new jobs in 2024, attracting over 89,000 new residents, making it one of the fastest-growing cities in the U.S.
Mountainside's strategic location east of Cave Creek Road, a major thoroughfare, provides residents with easy access to Uptown Phoenix, North Phoenix, and several key employment centers. This connectivity ensures a deep pool of prospective residents, including professionals working in the expanding tech and manufacturing sectors, as well as those employed in the robust healthcare and education industries. The property's desirable location, coupled with the city's strong economic fundamentals, positions it for sustained rental demand and potential for appreciation.