Mirador Apartments 2424 E Grandview Rd 36 Unit Apartment Building $5,995,000 ($166,528/Unit) 5% Cap Rate Phoenix, AZ 85032

Mirador Apartments is a 36-unit garden-style multifamily community built in 1984 and centrally positioned in one of North Phoenix's most active growth corridors. The offering combines stabilized in-place cash flow, a clear value-add path, and attractive assumable financing, delivering meaningful day-one yield with significant long-term upside.
The unit mix consists of (3) studios, (6) one-bedroom/one-bathroom units, and (27) two-bedroom/one-bathroom units, with the heavier two-bedroom weighting catering to the steady, long-term renter demand that defines this submarket. Units are clean and rentable in current condition, allowing a new owner to execute a measured renovation strategy on natural turnover. Interior modernization, including kitchens, bathrooms, flooring, and in-unit washer/dryer additions, paired with exterior enhancements offers the most direct path to NOI growth.
Resident amenities include covered parking, an on-site laundry facility, and a community pool, and the property has already benefited from recent capital investment including a brand-new asphalt parking lot and updated landscaping.
A key feature of this offering is an assumable loan in the amount of $2,809,000 at a 4.25% fixed interest rate, amortized over 23 years, with approximately five years of term remaining through 2031. This in-place financing provides immediate accretion that will be difficult to replicate with new debt in today's rate environment.
Located minutes from the Paradise Valley Mall redevelopment, the SR-51 freeway, and major North Phoenix employment centers, Mirador Apartments represents an ideal acquisition for investors seeking durable yield, defined value-add upside, and below-market financing in a strengthening submarket.