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The Gem on Missouri 1623-1625 W Missouri Ave 29 Unit Apartment Building $4,450,000 ($153,448/Unit) 6.75% Cap Rate Phoenix, AZ 85015
Investment Highlights
- Modern Interior Finishes: The property features contemporary upgrades throughout all units.
- Gated Community: Controlled access provides enhanced security and peace of mind.
- On-Site Fitness Center: A dedicated fitness facility is available for tenant use.
- In-Unit Washer & Dryer: Every unit is equipped with its own washer and dryer for resident convenience.
- Resort-Style Amenities: Residents enjoy a pool and outdoor lounge areas for relaxation.
- Covered Parking: Ample covered parking is provided for tenant convenience.
Executive Summary
Gem on Missouri presents a compelling investment opportunity to acquire a 29-unit multifamily community in the highly desirable Midtown Phoenix submarket. Located at 1623–1625 W Missouri Ave, the property was originally constructed in 1963 and spans approximately ±22,400 square feet, with an average unit size of ±772 SF, offering efficient
and functional floor plans that appeal to a broad renter base. The property is currently achieving average rents of approximately $1,074, below market comparables averaging $1,317, representing upside of approximately $243 per unit. The asset has already undergone comprehensive interior renovations, including upgraded finishes and in-unit washer and dryer across all units, positioning this as primarily operational value-add opportunity. With projected stabilized rents of approximately $1,193, an investor can drive revenue growth through continued lease trade-outs and improved management, rather than significant capital improvements.
The offering is supported by strong submarket fundamentals, including continued population growth, proximity to major employment hubs, and access to key lifestyle
amenities throughout Midtown and Central Phoenix. Offered at $4,450,000 ($153K/unit), Gem on Missouri provides investors the ability to acquire scale in a core Phoenix location with in-place renovations, operational upside, and long-term appreciation potential.
David Harrington
License # CO701910000, BR715518000 (AZ)
Matthews Real Estate Investment Services, LLC
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251
(866) 889-0550
and functional floor plans that appeal to a broad renter base. The property is currently achieving average rents of approximately $1,074, below market comparables averaging $1,317, representing upside of approximately $243 per unit. The asset has already undergone comprehensive interior renovations, including upgraded finishes and in-unit washer and dryer across all units, positioning this as primarily operational value-add opportunity. With projected stabilized rents of approximately $1,193, an investor can drive revenue growth through continued lease trade-outs and improved management, rather than significant capital improvements.
The offering is supported by strong submarket fundamentals, including continued population growth, proximity to major employment hubs, and access to key lifestyle
amenities throughout Midtown and Central Phoenix. Offered at $4,450,000 ($153K/unit), Gem on Missouri provides investors the ability to acquire scale in a core Phoenix location with in-place renovations, operational upside, and long-term appreciation potential.
David Harrington
License # CO701910000, BR715518000 (AZ)
Matthews Real Estate Investment Services, LLC
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251
(866) 889-0550
Property Facts
| Price | $4,450,000 | Apartment Style | Garden |
| Price Per Unit | $153,448 | Building Class | C |
| Sale Type | Investment | Building Size | 22,650 SF |
| Cap Rate | 6.75% | Average Occupancy | 100% |
| No. Units | 29 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2020 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $4,450,000 |
| Price Per Unit | $153,448 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Building Size | 22,650 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2020 |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Ceiling Fans
- Stainless Steel Appliances
Site Amenities
- Courtyard
- Laundry Facilities
- Pool
- Gated
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | $1,058 | 675 |
| 2+1.5 | 6 | $1,273 | 1,000 |
| 2+2 | 2 | $1,650 | 1,000 |
| 3+1.5 | 1 | $1,695 | 1,200 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $104,844 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$104,844
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The Gem on Missouri | 1623-1625 W Missouri Ave
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