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Ocotillo Apartments & Hotel 1711 W Bell Rd 150 Unit Apartment Building $11,950,000 ($79,667/Unit) 8.58% Cap Rate Phoenix, AZ 85023
Investment Highlights
- New Pricing
- On Site Pool, Sundeck and Laundry
- Value-Add thru Continued Renovations + Build 40 Additional Units
Executive Summary
NOTE: New Pricing $11,950,000
Ocotillo Apartments & Hotel is a 150-unit (with opportunity to build 40 additional units), hotel-to-multifamily conversion, strategically located in the North Phoenix submarket, just west of Interstate 17 and near Loop 101. The property offers residents convenient access to the Deer Valley, Desert Ridge, and Norterra employment corridors, home to nearly 130,000 jobs in technology, healthcare, finance, and advanced manufacturing. The apartment conversion has received full City approval, and the property is in transition.
Originally constructed in 1982, the property consists of 126 studio residences and 24 one-bedroom/one-bath residences. Approximately 90 units have been renovated, featuring new flooring and updated kitchens and baths. Community amenities include a fenced swimming pool and sun deck, on-site laundry facilities, ample surface parking, and a dedicated leasing office.
Situated on approximately 3.73 acres, the property also offers a compelling value-add opportunity, with the potential to develop an additional 40 apartment units on the site (Buyer to verify).
Ocotillo Apartments & Hotel is a 150-unit (with opportunity to build 40 additional units), hotel-to-multifamily conversion, strategically located in the North Phoenix submarket, just west of Interstate 17 and near Loop 101. The property offers residents convenient access to the Deer Valley, Desert Ridge, and Norterra employment corridors, home to nearly 130,000 jobs in technology, healthcare, finance, and advanced manufacturing. The apartment conversion has received full City approval, and the property is in transition.
Originally constructed in 1982, the property consists of 126 studio residences and 24 one-bedroom/one-bath residences. Approximately 90 units have been renovated, featuring new flooring and updated kitchens and baths. Community amenities include a fenced swimming pool and sun deck, on-site laundry facilities, ample surface parking, and a dedicated leasing office.
Situated on approximately 3.73 acres, the property also offers a compelling value-add opportunity, with the potential to develop an additional 40 apartment units on the site (Buyer to verify).
Property Facts
| Price | $11,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $79,667 | Building Class | B |
| Sale Type | Investment | Lot Size | 3.69 AC |
| Cap Rate | 8.58% | Building Size | 65,867 SF |
| No. Units | 150 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1982/2021 |
| Property Subtype | Apartment | ||
| Zoning | C-C | ||
| Price | $11,950,000 |
| Price Per Unit | $79,667 |
| Sale Type | Investment |
| Cap Rate | 8.58% |
| No. Units | 150 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 3.69 AC |
| Building Size | 65,867 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1982/2021 |
| Zoning | C-C |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Pool
- Property Manager on Site
- Walking/Biking Trails
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 126 | - | 300 - 350 |
| 1+1 | 24 | - | 400 - 450 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 208-13-949 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $574,209 |
Property Taxes
Parcel Number
208-13-949
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$574,209
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Ocotillo Apartments & Hotel | 1711 W Bell Rd