Renovated Multifamily Investment
2014 W Berridge Ln Phoenix, AZ 85015
2014 W Berridge Ln, Phoenix, AZ, 85015
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For Sale
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18-unit apartment complex in Phoenix, renovated in 2023.
Property Size15,200 SF
Price / SF$295.72
Days on Market69
Property Features for 2014 W Berridge Ln
General Information
- Standard status
- Active
- Size
- 15,200 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1961
Listing Agency
HomeSmart
Listed by
Collin Corsmeier · License #AZ: SA694454000
Source
Crexi
Added: May 11 Checked: Jul 17 at 3:37 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HomeSmart
Investment Insights
Based on property information with market context.
Signature 18 Apartments, located at 2014 W. Berridge Ln in Phoenix, Arizona, is a multifamily investment property. Constructed in 1961 and renovated in 2023, the complex features 18 units with 15,200 square feet of rentable space. The average unit size is 800 square feet. The property's location offers proximity to Abrazo Hospital, Christown Spectrum Mall, and various transit options. Recent capital improvements have focused on aesthetics, efficiency, and security, including landscaping and exterior enhancements. Upgraded units include new stainless steel appliances. Facility upgrades feature roof re-sealing and pool pump improvements. A dog run has been added to enhance the community feel. The property has a 6.63% actual cap rate in 2025. This investment property offers immediate cash flow with potential for future savings and tenant satisfaction.
Key Highlights
- High Cap Rate: Attractive 6.63% cap rate projected for 2025, indicating strong immediate cash flow.
- Recent Renovations completed in 2023, enhancing aesthetics, efficiency, and security.
- Upgraded Units feature new stainless steel appliances, increasing tenant appeal.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $342.9k | $22.56 |
| − Vacancy | −$20.6k | −$1.35 |
| EGI | $322.3k | $21.21 |
| − OpEx | −$145.1k | −$9.54 |
| NOI | $177.3k | $11.66 |
15,200 SF · lease $22.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.22M – $2.95M
NOI $177,286 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.60M
$4.03M – $5.37M
NOI $322,295 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Signature 18
Apartment Complex
Apenitas Pavers and Land ...
Landscaping
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FAQs
What type of property is this?
Apartment building - 18-unit apartment complex in Phoenix, renovated in 2023.
Where is this apartment building located?
The property is located at 2014 W Berridge Ln Phoenix, AZ.
What is the asking price?
The asking price for this property is $4,495,000.
What are key features of this property?
This property features: High Cap Rate: Attractive 6.63% cap rate projected for 2025, indicating strong immediate cash flow.; Recent Renovations completed in 2023, enhancing aesthetics, efficiency, and security.; Upgraded Units feature new stainless steel appliances, increasing tenant appeal.
