Large Lot Multifamily Property For Sale in Phoenix, Arizona

1346 E Mountain View Rd, Phoenix, AZ 85020

Property Highlights:

  • Low density situated on nearly one acre.
  • 100% spacious 2-bedroom floor plans.
  • New roof in 2005 and exterior paint in 2009.
  • Increasing demand for quality 2-bedroom units in sub market.
  • Property is ideal for value-add strategies.
  • Central easy highway access to 51 and 17.

Property Description:

A rare low density community of 20 units on almost one acre of land with a gated pool. All units are cookie cutter large 2-bedroom floor plans some of which have been updated. Refreshed units are experiencing strong rental increase underlining an easy value add on unit turns. Other enhancements such as private patios on lower levels and/ or a community gazebo or play ground would further enhance the communities current desirability in the sub-market and leverage rental opportunities.  Recent capital improvements include new roof in 2005 and exterior paint in 2009. Property is gated and has an on site laundry facility for additional income.

The Kelsey Marie is close to shopping, hospitals, the 101 freeway, Paradise Valley College and the 51.

Key Figures

Price$1,446,000Cap Rate6.30%
No. Units20Occupancy100%
Building Size16,222 SFNo. Stories2
Price/Unit$72,300Year Built1986
Property TypeMultifamilyLot Size39,661 SF
Property Sub-typeGarden / Low-RiseAPN / Parcel ID159-30-110
Property Use TypeInvestmentParking Ratio1.90 / 1,000 SF