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Oasis on Grand 1501 Grand Ave 60 Unit Apartment Building $7,259,000 ($120,983/Unit) 6.36% Cap Rate Phoenix, AZ 85007
Executive Summary
*This property is also offered for sale as part of the following portfolio:
PHOENIX:
1711 W Bell Rd
1501 Grand Ave
1780 W Missouri Ave
TUCSON:
4098 E 29th St
4141 E 29th St
314 Benson Hwy
1025 E Benson Hwy
5251 S Julian Dr
Keller Williams Arizona Realty is pleased to exclusively offer for sale Oasis on Grand, an Affordable Multifamily community ideally positioned along the revitalized Grand Avenue corridor, minutes from Downtown Phoenix and with immediate access to Interstates 10 and 17. The property benefits from its location within one of Phoenix's fastest-growing urban neighborhoods, surrounded by significant new residential development, major employment centers, Arizona State University's Downtown Campus, and an expanding collection of restaurants, galleries, and entertainment venues.
Built in 1958, the stabilized and updated property consists of 21 studio and 39 one-bedroom apartment homes, along with two ground-floor retail storefronts. One of the retail spaces is occupied by Grand ArtHaus, an artist-run collective that operates as a shared studio and creative co-working space, further enhancing the property's connection to the vibrant Grand Avenue Arts District.
This is an Affordable property with 43 units rent-restricted under LURA with the City of Phoenix.
PHOENIX:
1711 W Bell Rd
1501 Grand Ave
1780 W Missouri Ave
TUCSON:
4098 E 29th St
4141 E 29th St
314 Benson Hwy
1025 E Benson Hwy
5251 S Julian Dr
Keller Williams Arizona Realty is pleased to exclusively offer for sale Oasis on Grand, an Affordable Multifamily community ideally positioned along the revitalized Grand Avenue corridor, minutes from Downtown Phoenix and with immediate access to Interstates 10 and 17. The property benefits from its location within one of Phoenix's fastest-growing urban neighborhoods, surrounded by significant new residential development, major employment centers, Arizona State University's Downtown Campus, and an expanding collection of restaurants, galleries, and entertainment venues.
Built in 1958, the stabilized and updated property consists of 21 studio and 39 one-bedroom apartment homes, along with two ground-floor retail storefronts. One of the retail spaces is occupied by Grand ArtHaus, an artist-run collective that operates as a shared studio and creative co-working space, further enhancing the property's connection to the vibrant Grand Avenue Arts District.
This is an Affordable property with 43 units rent-restricted under LURA with the City of Phoenix.
Property Facts
| Price | $7,259,000 | Apartment Style | Low-Rise |
| Price Per Unit | $120,983 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.12 AC |
| Cap Rate | 6.36% | Building Size | 42,438 SF |
| Gross Rent Multiplier | 11.6 | Average Occupancy | 100% |
| No. Units | 60 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2013 |
| Property Subtype | Apartment | ||
| Zoning | C-G | ||
| Price | $7,259,000 |
| Price Per Unit | $120,983 |
| Sale Type | Investment |
| Cap Rate | 6.36% |
| Gross Rent Multiplier | 11.6 |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.12 AC |
| Building Size | 42,438 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2013 |
| Zoning | C-G |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Kitchen
- Wheelchair Accessible (Rooms)
Site Amenities
- Business Center
- Courtyard
- Laundry Facilities
- On-Site Retail
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 20 | - | 322 |
| 1+1 | 40 | - | 644 - 714 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $5,787 | Total Assessment | $250,326 |
Property Taxes
Parcel Numbers
Land Assessment
$5,787
Improvements Assessment
$0
Total Assessment
$250,326
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Oasis on Grand | 1501 Grand Ave