2936 30Th St Phoenix, AZ 85016

Property Details for 2936 30Th St

Year built

1970

Lot size

0.85 lot acres

Property type

Commercial real estate

APN

119-11-089E

Description

This exceptional 31-unit apartment building in Phoenix, Arizona presents a compelling investment opportunity. Located at 2936 N 30th St, in the desirable Arcadia Lite submarket, this property offers a blend of studio, one-bedroom, and two-bedroom units, averaging 678 square feet. Built in 1970 and situated on a 0.85-acre lot, the property comprises four, two-story buildings with a total net rentable area of 21,010 square feet. The current NOI is $353,241, yielding a 5.43% cap rate, with a pro-forma NOI of $402,701 and a pro-forma cap rate of 6.20%. The asking price is $6,500,000, translating to a price per unit of $209,677.42. Significant capital improvements exceeding $1.7 million have been invested, encompassing building systems upgrades, interior and exterior renovations, and community enhancements. All units boast complete interior renovations, featuring new stainless-steel appliances, quartz countertops, cabinets, flooring, fixtures, and in-suite laundry. The property benefits from its central Phoenix location, offering convenient access to major employment hubs, including the Biltmore and Innovation Corridors, boasting over 117,000 employees and 3,300 employers. Its proximity to the 44th Street Gateway Corridor and Phoenix Sky Harbor International Airport further enhances its appeal. The property is zoned R-5 and has a Maricopa County APN of 119-11-089E. This well-maintained and upgraded property offers strong potential for future growth and income generation.