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2020 W Orangewood Ave
Phoenix, AZ 85021
Mojave Apartments · Multifamily Property For Sale
·
27 Units
Investment Highlights
- 27-Units, Built 1986, Renovated 2021/2022
- $680k in Capex Completed
- Optional Assumable Agency Loan at 78% LTV and 5.06% Interest Rate
- Fully Renovated Interiors with In-Unit Washer/Dryer
- Below Market Average Cost Basis
- Turn-Key Investment with Immediate Rental and Expense Upside
Executive Summary
Matthews™ is pleased to present The Mojave, a 27-unit, garden-style multifamily community located at 2020 W Orangewood Ave in Phoenix, AZ. Originally constructed in 1986 and extensively renovated in 2022, current and previous ownership has invested over $680,000 in capital expenditures into the property including a full interior renovation package on all 27 units, new roof, asphalt replacement, upgraded landscaping, exterior painting and fencing, more.
The interior renovations feature modern finishes designed to appeal to today’s renters, including upgraded kitchens with new shaker cabinetry and countertops, stainless steel appliances, upgraded wood-plank flooring, modern lighting and plumbing fixtures, and in-unit stackable washer/dryers. These improvements have enhanced the overall quality and appeal of the community, significantly minimizing historical vacancy, non-payment, and evictions while reducing near-term capital expenditure requirements for future ownership. Additionally, the property is thoughtfully designed around a quiet, landscaped central courtyard, creating a peaceful residential environment that enhances the tenant experience and provides a sense of privacy and community rarely found in assets of this size.
Strategically located in North Central Phoenix, the property benefits from convenient access to major transportation corridors including Interstate 17, as well as proximity to a wide array of employment, retail, and entertainment amenities. Residents enjoy close access to the Christown Spectrum shopping center, the Metrocenter redevelopment area, and numerous dining and service options along the Camelback and Northern corridors. The Mojave’s attractive unit finishes, strong submarket fundamentals, and recent
capital improvements position the property as a compelling investment opportunity within one of Phoenix’s most established and supply-constrained rental corridors. Even with the significant capital improvements made over the past five years, new ownership can capture immediate operational upside by replacing the grass area with artificial turf (approximately a $19,000 capital expenditure), which will generate an estimated $5,000 to $10,000 in annual expense savings from reduced landscaping, repairs, and water costs. The Mojave presents a compelling opportunity for investors seeking a true turnkey, cash-flowing asset with additional upside potential.
David Harrington
Matthews Real Estate Investment Services, Inc
License # CO701910000, BR715518000 (AZ)
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251
(866) 889-0550
The interior renovations feature modern finishes designed to appeal to today’s renters, including upgraded kitchens with new shaker cabinetry and countertops, stainless steel appliances, upgraded wood-plank flooring, modern lighting and plumbing fixtures, and in-unit stackable washer/dryers. These improvements have enhanced the overall quality and appeal of the community, significantly minimizing historical vacancy, non-payment, and evictions while reducing near-term capital expenditure requirements for future ownership. Additionally, the property is thoughtfully designed around a quiet, landscaped central courtyard, creating a peaceful residential environment that enhances the tenant experience and provides a sense of privacy and community rarely found in assets of this size.
Strategically located in North Central Phoenix, the property benefits from convenient access to major transportation corridors including Interstate 17, as well as proximity to a wide array of employment, retail, and entertainment amenities. Residents enjoy close access to the Christown Spectrum shopping center, the Metrocenter redevelopment area, and numerous dining and service options along the Camelback and Northern corridors. The Mojave’s attractive unit finishes, strong submarket fundamentals, and recent
capital improvements position the property as a compelling investment opportunity within one of Phoenix’s most established and supply-constrained rental corridors. Even with the significant capital improvements made over the past five years, new ownership can capture immediate operational upside by replacing the grass area with artificial turf (approximately a $19,000 capital expenditure), which will generate an estimated $5,000 to $10,000 in annual expense savings from reduced landscaping, repairs, and water costs. The Mojave presents a compelling opportunity for investors seeking a true turnkey, cash-flowing asset with additional upside potential.
David Harrington
Matthews Real Estate Investment Services, Inc
License # CO701910000, BR715518000 (AZ)
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251
(866) 889-0550
Property Facts
| Price Per Unit | $144,259 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.94 AC |
| Cap Rate | 5.02% | Building Size | 12,458 SF |
| No. Units | 27 | Average Occupancy | 93% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1986/2022 |
| Apartment Style | Low-Rise | ||
| Zoning | R-4 (Multifamily Resident | ||
| Price Per Unit | $144,259 |
| Sale Type | Investment |
| Cap Rate | 5.02% |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.94 AC |
| Building Size | 12,458 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built/Renovated | 1986/2022 |
| Zoning | R-4 (Multifamily Resident |
Amenities
Unit Amenities
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- Pool
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 24 | $895.00 | 407 - 425 |
| 1+1 | 2 | $1,095 | 750 |
| 2+2 | 1 | $1,395 | 1,200 |
Property Taxes
| Parcel Number | 157-19-141 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $42,268 |
Property Taxes
Parcel Number
157-19-141
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$42,268
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