The Clubhouse at Arcadia 2620 N 40th St 43 Unit Apartment Building $12,247,000 ($284,814/Unit) 5.75% Cap Rate Phoenix, AZ 85008

CBRE is proud to offer Clubhouse at Arcadia, a 43-unit multifamily community situated in the desirable Lower Arcadia neighborhood of central Phoenix. This property, originally built in 1951 and renovated in 2018, features spacious and well-designed units: one-bedroom apartments at 960 SF, two-bedroom two-bathroom units at 1,095 SF, and a two-bedroom one-bathroom option at 1,385 SF, averaging 1,055 SF per unit. Residents of Clubhouse at Arcadia enjoy modern interiors with individual HVAC systems, in-unit washers and dryers, dishwashers, microwaves, stainless steel appliances, stylish backsplashes, walk-in showers, quartz/granite countertops in the kitchen and bathrooms, and durable wood plank vinyl flooring. The community also offers a range of sought-after amenities, including a BBQ and picnic area, covered parking, on-site laundry facilities, a dedicated pet play area, and a refreshing swimming pool.
Clubhouse at Arcadia benefits from its prime location in Lower Arcadia, a highly sought-after neighborhood in central Phoenix. This desirable area offers a premium lifestyle, characterized by its lush, tree-lined streets and well-maintained homes, creating an atmosphere of tranquility and exclusivity. Residents of Lower Arcadia enjoy convenient access to a vibrant culinary scene, with a plethora of acclaimed restaurants and trendy cafes nearby. The neighborhood's walkability and bike-friendliness provide easy access to local shops, parks, and recreational opportunities. Moreover, Lower Arcadia boasts excellent schools and a strong sense of community, making it an ideal choice for families and anyone seeking a high quality of life in the heart of Phoenix.
Future investors will benefit from the opportunity to organically increase rental income throughout their ownership. The property's desirable location, contemporary interior finishes, and comprehensive community amenities provide a strong foundation for bringing current rents in line with market rates, ultimately enhancing the property's Net Operating Income (NOI).