2402 W Devonshire Ave
Phoenix, AZ 85015
The Oasis on Devonshire · Multifamily Property For Sale
·
33 Units
INVESTMENT HIGHLIGHTS
- Low-Density Single-Story Community with 100% Two-Bedroom Floor Plans
- Excellent Access to High-Volume Traffic Corridors
- Attractive Assumable Financing at 3.71%
- Unique Value-Add Opportunity
- 6.15% In-Place Cap Rate
EXECUTIVE SUMMARY
JLL is pleased to present The Oasis on Devonshire, a 33-unit value-add multifamily opportunity in Central Phoenix. Built in 1963 and recently re-branded/repositioned, the single-story community is made of block construction with pitched composition shingle roofs and is individually metered for electricity. Five (5) units have been renovated and 12 units have been upgraded with market-level finishes. Nineteen (19) units have in-suite washers and dryers or hookups.
The community’s core location positions the property to excellent demand drivers. The Oasis is in proximity to the Central Avenue employment corridor, minutes from Grand Canyon University, and I-17 which provides excellent access to Metro Phoenix’s entertainment and retail offerings. Strong demand drivers have increased demand for multifamily housing in the area, pushing rents and occupancy to record levels in the submarket.
The Oasis represents the rare opportunity for an investor to acquire a value-add asset in a core submarket. Continuing the market-level renovation program to the remaining classic units will allow an investor to capture an additional ±$35,000 of revenue during the first year of ownership.
The community’s core location positions the property to excellent demand drivers. The Oasis is in proximity to the Central Avenue employment corridor, minutes from Grand Canyon University, and I-17 which provides excellent access to Metro Phoenix’s entertainment and retail offerings. Strong demand drivers have increased demand for multifamily housing in the area, pushing rents and occupancy to record levels in the submarket.
The Oasis represents the rare opportunity for an investor to acquire a value-add asset in a core submarket. Continuing the market-level renovation program to the remaining classic units will allow an investor to capture an additional ±$35,000 of revenue during the first year of ownership.
PROPERTY FACTS
| Price Per Unit | $199,848 |
| Sale Type | Investment |
| Cap Rate | 6.15% |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.28 AC |
| Building Size | 29,370 SF |
| No. Stories | 1 |
| Year Built | 1963 |
| Opportunity Zone |
Yes |
| Zoning | R-3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 33 | - | 890 |
PROPERTY TAXES
| Parcel Number | 154-28-025 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $76,008 |
