Units: 3, 2-bedroom units
Building Size: Approximately 2,216 SF
Lot Size: Approximately 6,780 SF
Year Built: 1984
Zoning: R-3
Price: $560,000
Price/SF: $253
Cap Rate: 6.11% +/-
Monthly Rents: $1,511 / $1,250 / $950
Monthly Gross Rental Income: $3,711
Annual Gross Rental Income: $44,532
Property Taxes: $1,334
OPEX: $6,748.37 (Pro Forma)
Total Operating Expenses: $8,082.37 (Pro Forma)
Vacancy Allowance: $2,226.60 (Pro Forma)
NOI: $34,233.03
Location: Quiet Central Phoenix pocket near Grand Canyon University (GCU), light rail and the Camelback Road corridor
2145 W. Mariposa St. is a three-unit multifamily property built in 1984 in a quiet Central Phoenix pocket near Grand Canyon University and light rail. All three units are two-bedroom floor plans, giving the property a consistent unit mix that is straightforward to operate and compare. Two of the three units have been extensively upgraded. The third unit retains its original features and rents for $950 per month, offering additional value-add potential through future improvements and rent adjustments. The property is currently offered at a 6.11% +/- CAP rate,
The property sits in a quiet Central Phoenix pocket with convenient access to several major employment, education and transportation corridors. Grand Canyon University (GCU) is nearby, adding a major education and employment presence to the surrounding area. The property is also near Valley Metro light rail, providing access through Central Phoenix and connections to Downtown Phoenix, Midtown and other parts of the Valley. Camelback Road, 19th Avenue and Interstate 17 provide additional access throughout the Phoenix metropolitan area.
3 units.
All 2-bedroom floor plans.
1984 construction.
Two of three units extensively upgraded.
100% occupied — all three units leased
Third unit offers additional Value-add potential
$3,711 gross monthly rental income.
$44,532 annual rental income.
6.11% +/- CAP rate.
Near GCU and light rail.
2145 W. Mariposa St. offers a smaller Central Phoenix multifamily investment where much of the improvement work has already been completed.
Please do not disturb the tenants. Buyer to complete and rely on own due diligence.
Cass Stephens Commercial Broker
cstephens@ccim.net
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