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Michigan Avenue Homes 2051 E Michigan Ave 6 Unit Apartment Building $2,700,000 ($450,000/Unit) 7.33% Cap Rate Phoenix, AZ 85022
Investment Highlights
- These are single family homes all expenses paid for by the tenant. Water, Elect, etc
Executive Summary
2 Buildings at 2051 E. Michigan Ave,
2 Buildings at 2045 E. Michigan Ave
2 Buildings at 2041 E Michigan Ave,
Can sell 2, 4 or all 6.
These are single family homes being marketed for sale individually for $450,000 each.
A rental rate of $2750/mo for each unit is a conservative rental rate, but would list them for higher to start.
Electric and Water can be passed through to tenants, all sep metered.
NOI is listed as total GROSS Income
2 Buildings at 2045 E. Michigan Ave
2 Buildings at 2041 E Michigan Ave,
Can sell 2, 4 or all 6.
These are single family homes being marketed for sale individually for $450,000 each.
A rental rate of $2750/mo for each unit is a conservative rental rate, but would list them for higher to start.
Electric and Water can be passed through to tenants, all sep metered.
NOI is listed as total GROSS Income
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$198,000
|
$61.88
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$198,000
|
$61.88
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $198,000 |
| Annual Per SF | $61.88 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $198,000 |
| Annual Per SF | $61.88 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $2,700,000 | Property Subtype | Apartment |
| Price Per Unit | $450,000 | Apartment Style | Single-Family Home |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.33% | Lot Size | 0.16 AC |
| Sale Condition | Bulk/Portfolio Sale | Building Size | 3,200 SF |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2026 |
| Price | $2,700,000 |
| Price Per Unit | $450,000 |
| Sale Type | Investment |
| Cap Rate | 7.33% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,200 SF |
| No. Stories | 2 |
| Year Built | 2026 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Waterfront
- Trash Pickup - Curbside
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2.5 | 6 | $2,825 | 1,600 |
1 1
Fairly walkable
40/100
Very drivable
80/100
Limited public transit
20/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 214-71-154 | Improvements Assessment | $0 (2025) |
| Land Assessment | $0 (2025) | Total Assessment | $6,055 (2025) |
Property Taxes
Parcel Number
214-71-154
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$6,055 (2025)
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Michigan Avenue Homes | 2051 E Michigan Ave