Escondido Apartments 6235 N 60th Ave 10 Unit Apartment Building $1,713,109 ($171,311/Unit) 6.25% Cap Rate Glendale, AZ 85301

CBRE is pleased to announce the exclusive offering of Escondido Apartments, a 10 unit block constructed multifamily community located in the dynamic submarket of Glendale, Arizona. Escondido Apartments represents an exceptional opportunity to acquire a well-kept multifamily asset in a growing submarket where the population reaches over 248,797 people in 2020. Comprised of well-designed floor plans of one-bedroom units at 700 square feet and two-bedroom units at 900 square feet and a three-bedroom unit at 1,100 square feet the property provides an attractive unit mix that appeals to renters in the area. Glendale is part of the larger Phoenix metropolitan area, which is experiencing significant population growth, consistently ranking among the highest in the nation. This influx is driven by job opportunities and a relatively affordable cost of living compared to coastal cities.
The growing population, coupled with a shortage of single-family homes, translates into a robust demand for rental properties. This is further evidenced by a strong rental market with consistent income streams for investors. Glendale has strategically diversified its industries to include advanced business services, aerospace and defense, healthcare, manufacturing, and entertainment. Major employers like Honeywell, Bechtel, Delta Dental, AAA, Coca-Cola, Conair, and Humana have a presence in Glendale.
The city is experiencing significant job creation, with a 1.74% job growth rate across various sectors. Glendale ranked ninth nationally among mid-sized cities for economic growth, with a 1% growth in employment rate and a 30% growth in median earnings from 2019 to 2023.