Pierce Apartments 712 E Pierce St 5 Unit Apartment Building $1,050,000 ($210,000/Unit) 5.85% Cap Rate Phoenix, AZ 85006

Nestled in the vibrant Garfield Historic District, 712 E Pierce Street presents a unique opportunity to acquire a fully furnished, 5-unit garden-style multifamily property that seamlessly blends 1930s charm with modern amenities. Comprising three distinct buildings on a single parcel, this 1931-built asset offers a diverse unit mix: one spacious two-story 2-bedroom/2-bath unit, two 2-bedroom/1-bath units, and two 1-bedroom/1-bath units.
Each unit is thoughtfully designed with a combination of wood and tile flooring, lightly renovated bathrooms, and tasteful furnishings, creating a comfortable and inviting atmosphere for tenants. Select units feature private patios, providing coveted outdoor space in an urban setting.
In 2024, the property generated approximately $135,000 in gross rental income, primarily through mid- to short-term leases. Its proximity to major medical centers, including Banner - University Medical Center and St. Joseph's Hospital, makes it particularly attractive to traveling nurses and other healthcare professionals seeking temporary housing. Additionally, the property's location near Arizona State University's Downtown Campus appeals to visiting faculty, students, and business travelers.
On-site amenities include a community laundry room and dedicated parking spaces for each unit, enhancing tenant convenience. Each unit is individually metered for electricity, allowing for straightforward utility management. The property also offers a light value-add opportunity through continued interior and exterior enhancements, presenting potential for increased revenue and property appreciation.
Situated just blocks from Roosevelt Row, Chase Field, and Footprint Center, residents enjoy easy access to a plethora of dining, entertainment, and cultural options. Local favorites such as Welcome Diner, Gallo Blanco, The Churchill, Jobot Coffee, and Pemberton PHX are within walking distance, contributing to the property's strong appeal among tenants seeking an authentic Downtown Phoenix experience. This offering represents a rare chance to own a stabilized, income-generating asset in one of Phoenix's most dynamic neighborhoods, with the added benefit of future growth potential through strategic enhancements.