3024 24Th St Phoenix, AZ 85016
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50-unit value-add opportunity, 5.5% cap rate.
Property size:
21,903 SFProperty Features for 3024 24Th St
General Information
- Property type
- Multifamily properties
- Square Feet
- 21,903 SF
- Class
- C
- Lot Size
- 43,996 SF
Building Details
- Year Built/Renovated
- 1967/2017
- Buildings
- 4
- Stories
- 2
- Units
- 50
Listing Agent: Brian Tranetzki
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional 50-unit apartment complex presents a compelling value-add investment opportunity in the vibrant Central Phoenix corridor. The property, built in 1967 and renovated in 2017, boasts 21,474 net rentable square feet across four two-story buildings situated on a 1.01-acre lot. With a current occupancy rate of 95% and a pro-forma NOI of $522,675, this asset offers significant potential for increased profitability. The property features a mix of studio and one-bedroom units, catering to a diverse renter base. Conveniently located at 3024 N 24th Street, the property benefits from high visibility on a major thoroughfare with a daily traffic count of 28,705 vehicles. Ample parking is provided with 42 spaces. The strategic location offers easy access to major freeways (SR 51 and I-10), Phoenix Sky Harbor International Airport (10-minute drive), and renowned shopping destinations like Biltmore Fashion Park. Nearby amenities include numerous restaurants, parks (Coronado, Perry, Los Olivos), grocery stores (Fry's, Sprouts, Whole Foods), and prominent medical facilities (St. Luke's Medical Center, Phoenix Children's Hospital). Educational institutions such as William T. Machan Elementary, Phoenix Christian School, Camelback High School, Arizona State University's Downtown Campus, and Grand Canyon University are also within close proximity. The property is zoned C-2, offering flexibility for future development. The asking price is $9,503,000, representing a price per square foot of $433.87. This is a rare opportunity to acquire a well-positioned multifamily asset with substantial upside potential in a thriving Phoenix neighborhood.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
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Apartment Complex
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Warren 24th St ...
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Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.0304134
- Latitude
- 33.4826792
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FAQs
What type of property is this?
Multifamily property - 50-unit value-add opportunity, 5.5% cap rate.
Where is this multifamily property located?
The property is located at 3024 24Th St Phoenix, AZ.
What is the asking price?
The asking price for this property is $9,503,000.
What are key features of this property?
This property features: $9,503,000 asking price for a value-add multifamily investment opportunity.; 50-unit apartment building with a 5.50% cap rate and $522,675 pro-forma NOI.; 95% occupancy in a 21,474 square foot building on a 1.01-acre lot in Phoenix, AZ.
