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Apex Townhomes 11830 N 28th Dr 12 Unit Apartment Building $6,900,000 ($575,000/Unit) 5.60% Cap Rate Phoenix, AZ 85029
INVESTMENT HIGHLIGHTS
- Luxurious Townhome Complex
- Lots of natural light
EXECUTIVE SUMMARY
UNDER CONSTRUCTION - PROJECTED COMPLETION JANUARY 2026!
Gated Townhome Complex, 12 4bd/3bth trilevel, 2215sf units on a 35,482sf lot. There are two buildings, each end unit benefits from additional windows and a larger balcony! Each unit is completed with the same modern and low maintenance finishes - 10' ceilings on main floor, white cabinetry, quartz countertops, 2 car tandem garage for each unit, in unit washer/dryer, stainless steel appliances! There will be a community pool in the sw corner of complex and each unit will have their own backyard with green space! There will be 13 additional parking spaces (outside of the garage space with 1 of them ADA).
26,400 net rentable area of property on nearly an acre!
Most recent appraisal at $7.7 late 2023 as finished and stabilized!
Owner would consider selling unfinished for buyer to have opportunity to finish project to their preferences. Owner may carry with substantial downpayment ($1,500,000 plus).
Gated Townhome Complex, 12 4bd/3bth trilevel, 2215sf units on a 35,482sf lot. There are two buildings, each end unit benefits from additional windows and a larger balcony! Each unit is completed with the same modern and low maintenance finishes - 10' ceilings on main floor, white cabinetry, quartz countertops, 2 car tandem garage for each unit, in unit washer/dryer, stainless steel appliances! There will be a community pool in the sw corner of complex and each unit will have their own backyard with green space! There will be 13 additional parking spaces (outside of the garage space with 1 of them ADA).
26,400 net rentable area of property on nearly an acre!
Most recent appraisal at $7.7 late 2023 as finished and stabilized!
Owner would consider selling unfinished for buyer to have opportunity to finish project to their preferences. Owner may carry with substantial downpayment ($1,500,000 plus).
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$489,600
|
$18.55
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$24,480
|
$0.93
|
| Effective Gross Income |
$465,120
|
$17.62
|
| Taxes |
$42,000
|
$1.59
|
| Operating Expenses |
$44,300
|
$1.68
|
| Total Expenses |
$86,300
|
$3.27
|
| Net Operating Income |
$378,820
|
$14.35
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $489,600 |
| Annual Per SF | $18.55 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $24,480 |
| Annual Per SF | $0.93 |
| Effective Gross Income | |
|---|---|
| Annual | $465,120 |
| Annual Per SF | $17.62 |
| Taxes | |
|---|---|
| Annual | $42,000 |
| Annual Per SF | $1.59 |
| Operating Expenses | |
|---|---|
| Annual | $44,300 |
| Annual Per SF | $1.68 |
| Total Expenses | |
|---|---|
| Annual | $86,300 |
| Annual Per SF | $3.27 |
| Net Operating Income | |
|---|---|
| Annual | $378,820 |
| Annual Per SF | $14.35 |
PROPERTY FACTS
| Price | $6,900,000 | Apartment Style | Townhome |
| Price Per Unit | $575,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.82 AC |
| Cap Rate | 5.60% | Building Size | 26,400 SF |
| Gross Rent Multiplier | 15.73 | Average Occupancy | 0% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | Parking Ratio | 0.08/1,000 SF |
| Zoning | C1 - [C-1] Commercial And Neighborhood Retail | ||
| Price | $6,900,000 |
| Price Per Unit | $575,000 |
| Sale Type | Investment |
| Cap Rate | 5.60% |
| Gross Rent Multiplier | 15.73 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Lot Size | 0.82 AC |
| Building Size | 26,400 SF |
| Average Occupancy | 0% |
| No. Stories | 3 |
| Year Built | 2024 |
| Parking Ratio | 0.08/1,000 SF |
| Zoning | C1 - [C-1] Commercial And Neighborhood Retail |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Views
- Den
- Dining Room
- Double Pane Windows
- Family Room
- Handrails
SITE AMENITIES
- Controlled Access
- Courtyard
- Gated
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 4+3 | 12 | $3,400 | 2,215 |
1 1
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 149-63-720 | Total Assessment | $192,759 |
| Land Assessment | $0 | Annual Taxes | $42,000 ($1.59/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
149-63-720
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$192,759
Annual Taxes
$42,000 ($1.59/SF)
Tax Year
2025
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Apex Townhomes | 11830 N 28th Dr
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