Multifamily

Papago Buttes III

402 N 52nd St, Phoenix, AZ 85008

Listing Price: $10,400,000

Cap Rate
4.69%
Occupancy
100.0%
Price/Gross SF
$323.95
Gross SF
32,104

Investment Overview

On offer as the subject of this memorandum is a garden-style 52-unit apartment building in Phoenix, Arizona. Constructed in 1987, this two-story building is individually metered for electricity and features a center courtyard with a swimming pool, an on-site laundry facility, and covered parking. Phoenix-area garden-style apartment buildings constructed in the 1980s are seldom for sale due to their prescient facilitative design, capital-efficient operations and desirable curb appeal. Papago Buttes III has the added benefit of being in a location that fosters accessibility, convenience, recreation, visibility and safety. The subject of this offering has had the same owner since 1996 and provides a predictable rising revenue stream, full occupancy and ease of operation. The units at the property provide a high value option to the workforce housing demographic, which is the most underserved and rapidly expanding segment of the rental market in the Phoenix area. The property invites responsible, mature home renters who are proud to call Papago Buttes III home. Functional one-bedroom units and two-bedroom/one-bathroom units ensure that residents can have their own space without the feeling of being in a crowded community with limited social distancing opportunity. One quarter of the residents at the property have lived there for over five years, and this duration of residency is practically unheard of in the Phoenix apartment market. Papago Buttes III offers an investor a high-quality investment option in a market bereft of available opportunities.

Investment Highlights

  • 1987 Garden-Style Two-Story Apartment Community
  • Individually Metered
  • Unequaled Visibility from 202 Freeway (165K VPD)
  • Proximity to Open Space Recreational Opportunities

Exclusively Listed By

Listing Price: $10,400,000

Cap Rate
4.69%
Occupancy
100.0%
Price/Gross SF
$323.95
Gross SF
32,104

Investment Highlights

  • 1987 Garden-Style Two-Story Apartment Community
  • Individually Metered
  • Unequaled Visibility from 202 Freeway (165K VPD)
  • Proximity to Open Space Recreational Opportunities

Investment Overview

On offer as the subject of this memorandum is a garden-style 52-unit apartment building in Phoenix, Arizona. Constructed in 1987, this two-story building is individually metered for electricity and features a center courtyard with a swimming pool, an on-site laundry facility, and covered parking. Phoenix-area garden-style apartment buildings constructed in the 1980s are seldom for sale due to their prescient facilitative design, capital-efficient operations and desirable curb appeal. Papago Buttes III has the added benefit of being in a location that fosters accessibility, convenience, recreation, visibility and safety. The subject of this offering has had the same owner since 1996 and provides a predictable rising revenue stream, full occupancy and ease of operation. The units at the property provide a high value option to the workforce housing demographic, which is the most underserved and rapidly expanding segment of the rental market in the Phoenix area. The property invites responsible, mature home renters who are proud to call Papago Buttes III home. Functional one-bedroom units and two-bedroom/one-bathroom units ensure that residents can have their own space without the feeling of being in a crowded community with limited social distancing opportunity. One quarter of the residents at the property have lived there for over five years, and this duration of residency is practically unheard of in the Phoenix apartment market. Papago Buttes III offers an investor a high-quality investment option in a market bereft of available opportunities.

Exclusively Listed By

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