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Multifamily

Eight on 23rd

4241 N 23rd Ave, Phoenix, AZ 85015

Listing Price: $1,500,000

Cap Rate
5.03%
Number of Units
8
Price/Unit
$187,500
Price/Gross SF
$240.38
Gross SF
6,240

Investment Overview

Eight on 23rd is an 8-unit apartment community located at the intersection of 23rd Avenue and Glenrosa Avenue. The well-rounded locational aspect of this property begins with its proximity to Grand Canyon University at less than a two-mile distance. In addition, Interstate 17 (I-17) placed less than half a mile from the property provides incredible ease of transportation to largely anywhere in the valley, including multiple employment corridors nearby. Innovation Employment Corridor running down Central Avenue into Downtown Phoenix and the Southwest Valley Industrial Corridor found in the southern portion of the greater west valley present ample employment opportunities within a short commute. Developed in 1985, Eight on 23rd is comprised entirely of two-bedroom floorplans, each offering 800 square feet. Future ownership will have the opportunity to renovate all eight of the classic units with interior upgrades resulting in a $200 rent premium based on rents achieved by similar properties in the area.

Investment Highlights

  • Built in 1985. All two-bedroom floorplans.
  • Two contiguous 4-plexs which are individually parceled.
  • Located immediately outside of the coveted Midtown Phoenix submarket.

Exclusively Listed By

Multifamily

Eight on 23rd

Listing Price: $1,500,000

Cap Rate
5.03%
Number of Units
8
Price/Unit
$187,500
Price/Gross SF
$240.38
Gross SF
6,240

Investment Highlights

  • Built in 1985. All two-bedroom floorplans.
  • Two contiguous 4-plexs which are individually parceled.
  • Located immediately outside of the coveted Midtown Phoenix submarket.

Investment Overview

Eight on 23rd is an 8-unit apartment community located at the intersection of 23rd Avenue and Glenrosa Avenue. The well-rounded locational aspect of this property begins with its proximity to Grand Canyon University at less than a two-mile distance. In addition, Interstate 17 (I-17) placed less than half a mile from the property provides incredible ease of transportation to largely anywhere in the valley, including multiple employment corridors nearby. Innovation Employment Corridor running down Central Avenue into Downtown Phoenix and the Southwest Valley Industrial Corridor found in the southern portion of the greater west valley present ample employment opportunities within a short commute. Developed in 1985, Eight on 23rd is comprised entirely of two-bedroom floorplans, each offering 800 square feet. Future ownership will have the opportunity to renovate all eight of the classic units with interior upgrades resulting in a $200 rent premium based on rents achieved by similar properties in the area.

Exclusively Listed By

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