Willetta Apartments 1412 N 35th St 28 Unit Apartment Building $5,360,000 ($191,429/Unit) 5.75% Cap Rate Phoenix, AZ 85008

CBRE is pleased to announce the exclusive offering of Willetta Apartments, a majority two-bedroom multifamily community located at 1412 North 35th Street in Central Phoenix. The property features well-designed floor plans consisting of a studio (500 sq ft) one-bedroom floor plans (660 sq ft) and two-bedroom floor plans (781sq ft) and is individually metered for electricity and equipped with individual HVAC units and pitched roofs.
Willetta Apartments enjoys a highly desirable location, strategically positioned south of McDowell Road, north of the South Mountain Freeway, and west of Arizona State Route 143. This provides unparalleled access to major transportation arteries, including a quick 8-minute commute to Sky Harbor Airport, as well as easy access to downtown Phoenix, Tempe, and the East Valley. The subject property is just down the street from two elementary schools; Gateway Elementary School with an enrollment of 600 students, double the state average and Papago Elementary School, both part of the Creighton School District rated an A+ School of Excellence by the Arizona Education Foundation.
This prime location places residents in close proximity to major employment hubs, benefiting from the region's robust economic growth. Fueled by significant investments in high-tech manufacturing, particularly the semiconductor industry with companies like TSMC and Intel, and expansion in healthcare, financial services, and education, Central Phoenix is experiencing a surge in job creation and population growth. This dynamic economic environment translates into consistent demand for rental housing, making Willetta a highly attractive investment.
A significant advantage of Willetta Apartments is that 25 of the 28 units already have in-suite washer and dryers and are in classic condition which both proves out the business plan of adding washer and dryers and provides significant upside potential for the next owner to enhance the property through interior renovations. Current ownership has improved the property by replacing the roof, upgrading the electric panels for all units, and have redone the majority of the interior piping. There is also the ability to convert the studio unit into a larger unit by expanding into the adjoining common washer/dryer area.
Willetta Apartments presents a compelling investment opportunity, offering both a strong, stabilized income stream and the potential for significant value enhancement through strategic improvements.
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