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4118 N 3rd Ave 4118 N 3rd Ave 3 Unit Apartment Building $635,000 ($211,667/Unit) 5.84% Cap Rate Phoenix, AZ 85013
INVESTMENT HIGHLIGHTS
- 3 Units, Built in 1952
- Recent Extensive Exterior Remodel Including New Sewer System, Roof, & HVAC
- Unit Mix: (3) 1 Bedroom + 1 Bathroom
- Extensive Interior Remodel Completed in 2012
EXECUTIVE SUMMARY
4118 N 3rd Ave presents a unique opportunity to acquire a renovated and well-performing asset with near-term upside in a highly desirable and centralized location along the Central Avenue Corridor. This property is a 3-unit apartment community located in the Midtown Submarket of Phoenix, Arizona. Originally constructed in 1952, the property has undergone significant capital improvements over recent years, including interior updates, brand new plumbing system with 100% PEX piping, newer roof, water heaters, upgraded electrical, and added private fencing. The building consists of (3) one-bedroom, one-bathroom floor plans and a covered parking spot for each unit. Each unit is currently 100% occupied with rents slightly below market providing a great upside opportunity.
Broker of Record
David Harrington
License # CO701910000 (AZ)
Matthews Real Estate Investment Services, Inc
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251
Broker of Record
David Harrington
License # CO701910000 (AZ)
Matthews Real Estate Investment Services, Inc
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251
PROPERTY FACTS
| Price | $635,000 | Building Class | C |
| Price Per Unit | $211,667 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 1,800 SF |
| Cap Rate | 5.84% | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1952 |
| Property Subtype | Apartment | Parking Ratio | 2.78/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | R4 - R4 | ||
| Price | $635,000 |
| Price Per Unit | $211,667 |
| Sale Type | Investment |
| Cap Rate | 5.84% |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 1,800 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1952 |
| Parking Ratio | 2.78/1,000 SF |
| Zoning | R4 - R4 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
SITE AMENITIES
- Wi-Fi
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | - | 600 |
1 1
Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (77)
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4118 N 3rd Ave | 4118 N 3rd Ave
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