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Ocotillo Apartments & Hotel 1711 W Bell Rd 150 Unit Apartment Building $16,500,000 ($110,000/Unit) 6.51% Cap Rate Phoenix, AZ 85023
Investment Highlights
- Additional Land to Build 40 Units
- On Site Pool, Sundeck and Laundry
- Value-Add through Continued Renovations
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
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).
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
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 | $16,500,000 | Property Subtype | Apartment |
| Price Per Unit | $110,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 3.73 AC |
| Cap Rate | 6.51% | Building Size | 65,000 SF |
| Gross Rent Multiplier | 8.8 | No. Stories | 3 |
| No. Units | 150 | Year Built/Renovated | 1982/2021 |
| Property Type | Multifamily | ||
| Zoning | C-C | ||
| Price | $16,500,000 |
| Price Per Unit | $110,000 |
| Sale Type | Investment |
| Cap Rate | 6.51% |
| Gross Rent Multiplier | 8.8 |
| No. Units | 150 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 3.73 AC |
| Building Size | 65,000 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1982/2021 |
| Zoning | C-C |
Amenities
Site Amenities
- Pool
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