4404 Bethany Home Rd Glendale, AZ 85301

Property Details for 4404 Bethany Home Rd

Year built

1969

Lot size

2.66 lot acres

Property type

Commercial real estate

Description

This exceptional 85-unit apartment building, located at 4404 W Bethany Home Rd, Glendale, AZ 85301, presents a compelling value-add investment opportunity. The property, built in 1969, comprises seven two-story buildings on a 2.66-acre lot, totaling 61,910 net rentable square feet. Currently operating at 90% occupancy, the property boasts a pro-forma NOI of $949,606. The garden-style layout features a majority of two-bedroom units, appealing to a broad tenant base. Its strategic location near the thriving Westgate Entertainment District and Grand Canyon University offers significant upside potential. The property is master-metered with a chiller and boiler system. Many units are in classic condition, presenting an opportunity for interior upgrades such as new cabinets, countertops, stainless steel appliances, modern fixtures, and updated flooring. Exterior improvements could include fresh paint, updated pool furniture, courtyard lighting, and new signage. The proximity to Grand Canyon University, a rapidly expanding institution with significant economic impact, and the Westgate Entertainment District, a major mixed-use development, further enhances the property's investment appeal. These amenities, coupled with the potential for substantial rent increases, make this a highly attractive investment prospect. The property is currently lender-owned (REO), offering a potentially low cost basis for acquisition.