7019 & 7027 N 76th Ave 7019 N 76th Ave 6 Unit Apartment Building $1,135,963 ($189,327/Unit) 6.25% Cap Rate Glendale, AZ 85303

CBRE is pleased to announce the exclusive offering of 7019 & 7027 N 76th Ave, a 6 unit block constructed multifamily community located in the dynamic submarket of Glendale, Arizona. 7019 & 7027 N 76th Ave 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 a well-designed floor plan of all two-bedroom one bath units that are 900 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.