6536 Central Ave Phoenix, AZ 85012

Property Details for 6536 Central Ave

Year built

1957

Lot size

0.62 lot acres

Property size

6,210 SF

Property type

Commercial real estate

APN

161-27-030E

Description

This exceptional 9-unit apartment building, situated on a 0.62-acre lot in Phoenix, Arizona's desirable Uptown submarket, presents a compelling investment opportunity. The property, built in 1957, boasts a total of 6,210 square feet of net rentable space, with 20 parking spaces available for residents. The address is 6536 N Central Ave, Phoenix, AZ 85012, conveniently located near major transportation arteries like State Route 51, providing easy access to employment centers and entertainment options. The property is zoned R-3 and comprises three single-story buildings. Currently featuring a mix of one and two-bedroom floor plans averaging approximately 690 square feet, seven units offer significant potential for value enhancement through renovations, including updating appliances, countertops, cabinets, flooring, fixtures, and adding individual washer/dryer units. The property's strong financial performance is reflected in its current Net Operating Income (NOI) of $130,869, and an asking price of $2,400,000, translating to a price per square foot of $386.47 and a price per unit of $266,667. The property's proximity to major employers like Banner Health and IBM, along with the amenities of the Biltmore Employment Corridor, ensures strong tenant demand. This is a rare opportunity to acquire a well-located multifamily property with significant upside potential in a thriving Phoenix neighborhood. The property's APN is 161-27-030E.