2019 Turney Ave, Unit 2025 Phoenix, AZ 85016-5538
- Apartment buildings
- 0.00 lot acres
Dec 28, 2023
Current Use by Public Records
- Apartment buildings
Property Details for 2019 Turney Ave
- Lot size
- 0.00 lot acres
- Property type
- Apartment buildings
- APN
- 163-31-043C
- APU
- 16331043C
Description
This Phoenix, Arizona multifamily investment property presents a compelling value-add opportunity. The 4-unit apartment building, constructed in 1957 and extensively renovated between 2021 and 2022, boasts 2,346 square feet of net rentable space situated on a 12,364 square foot lot. Currently operating at 100% occupancy, the property offers a pro-forma NOI of $43,503 and a pro-forma cap rate of 5.88%. Each of the four units features a private patio, a highly desirable amenity. The property includes six parking spaces and benefits from solar-powered carports and rooftop solar hot water systems, contributing to lower utility costs for tenants. The R-3 zoning permits a variety of uses. The asking price is $740,000, translating to $185,000 per unit and $315.43 per square foot. Further income potential exists through the implementation of a RUBS (renters utility billing system). This fee-simple ownership offers a strong return on investment in a desirable Phoenix neighborhood. The property's address is 2019 W Turney Ave, Phoenix, AZ 85015, and the APN is 154-30-004-C. This is a rare opportunity to acquire a well-maintained, updated multifamily property with significant upside potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $4,245,000
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Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.038
- Latitude
- 33.4999
- CBSA code
- 38060
- CBSA name
- PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA
