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Ocotillo Apartments 1780 W Missouri Ave 173 Unit Apartment Building $22,125,000 ($127,890/Unit) 7.25% Cap Rate Phoenix, AZ 85015
Investment Highlights
- Available As Part of a 900+ Unit Portfolio
- Leasing and Additional Offices
- Large Clubhouse with Full Kitchen
- Stabilized Property with Low Vacancy
- Swimming Pool
Executive Summary
*Note, Ocotillo Apartments is available as part of a larger portfolio across Phoenix and Tucson.
Call or email for more info.
Ocotillo is a 173-unit, fully stabilized, Affordable Multifamily community located in the heart of Phoenix, less than a mile east of Interstate 17 with immediate access to downtown Phoenix, Sky Harbor International Airport, Grand Canyon University and the Northwest Valley.
Built in 1972, the property was comprehensively repositioned in 2014 with over $4 million in capital improvements — new air conditioners, energy-efficient windows, Steelcase doors, foam roofs, security gates, pool equipment, and refreshed stucco and interiors.
Comprised of spacious studio, one- and two-bedroom homes with open floor plans, ample storage, and full-size kitchens, community amenities include a large fenced pool area, two laundry rooms, an expansive clubhouse, covered parking, and a dedicated leasing office.
Mix of Affordable and Market-rate units. 118 are rent-restricted under LURA with the City of Phoenix.
Call or email for more info.
Ocotillo is a 173-unit, fully stabilized, Affordable Multifamily community located in the heart of Phoenix, less than a mile east of Interstate 17 with immediate access to downtown Phoenix, Sky Harbor International Airport, Grand Canyon University and the Northwest Valley.
Built in 1972, the property was comprehensively repositioned in 2014 with over $4 million in capital improvements — new air conditioners, energy-efficient windows, Steelcase doors, foam roofs, security gates, pool equipment, and refreshed stucco and interiors.
Comprised of spacious studio, one- and two-bedroom homes with open floor plans, ample storage, and full-size kitchens, community amenities include a large fenced pool area, two laundry rooms, an expansive clubhouse, covered parking, and a dedicated leasing office.
Mix of Affordable and Market-rate units. 118 are rent-restricted under LURA with the City of Phoenix.
Property Facts
| Price | $22,125,000 | Apartment Style | Garden |
| Price Per Unit | $127,890 | Building Class | C |
| Sale Type | Investment | Lot Size | 4.06 AC |
| Cap Rate | 7.25% | Building Size | 108,503 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 95% |
| Gross Rent Multiplier | 9.6 | No. Stories | 2 |
| No. Units | 173 | Year Built/Renovated | 1973/2014 |
| Property Type | Multifamily | Parking Ratio | 1.11/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | PAD-14 | ||
| Price | $22,125,000 |
| Price Per Unit | $127,890 |
| Sale Type | Investment |
| Cap Rate | 7.25% |
| Sale Condition | Bulk/Portfolio Sale |
| Gross Rent Multiplier | 9.6 |
| No. Units | 173 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.06 AC |
| Building Size | 108,503 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1973/2014 |
| Parking Ratio | 1.11/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | PAD-14 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Heating
- Refrigerator
- Walk-In Closets
- Deck
- Lawn
- Pantry
- Patio
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Clubhouse
- Laundry Facilities
- Picnic Area
- Pool
- Grill
- Elevator
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 62 | - | 450 |
| 1+1 | 85 | - | 650 |
| 2+1 | 26 | - | 858 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 156-35-003E | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $553,889 |
Property Taxes
Parcel Number
156-35-003E
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$553,889
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Ocotillo Apartments | 1780 W Missouri Ave