Chipman Apartments 1135 E Chipman Rd 18 Unit Apartment Building $4,650,000 ($258,333/Unit) 6.10% Cap Rate Phoenix, AZ 85040

Chipman Apartments offers a newly constructed, 18-unit luxury multifamily community strategically located just minutes from Downtown Phoenix. Built in 2023, this modern asset combines high-end finishes with spacious two- and three-bedroom floor plans, delivering a turnkey investment opportunity in one of Phoenix’s fastest-growing urban corridors. The property’s design emphasizes low-maintenance operations with desert-friendly landscaping and efficient systems, reducing upkeep and operating costs for long-term stability.
Positioned in a prime infill location, Chipman Apartments provides immediate access to major employment centers, transportation corridors, and urban amenities, ensuring strong tenant demand. The community benefits from consistent occupancy, dependable rent collections, and a pro forma cap rate of 6.1%, making it an attractive option for investors seeking reliable cash flow and long-term capital appreciation.
Surrounded by a growing population and robust local fundamentals, including a 5-mile daytime population of over 425,000 and an average household income of nearly $95,000, this property is well-suited for both traditional and 1031 exchange investors. Flexible acquisition options allow buyers to purchase the entire 18-unit community or select from multiple smaller groupings, providing maximum investment versatility.