1220 Medlock Dr Phoenix, AZ 85014
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Phoenix Multifamily Investment Opportunity
Property Features for 1220 Medlock Dr
General Information
- Property type
- Multifamily properties
- Class
- C
Building Details
- Year Built
- 1961
- Buildings
- 4
- Stories
- 2
- Units
- 35
Listing Agent: Carla Magee
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional Phoenix, Arizona multifamily investment presents a compelling opportunity. Priced at $11,000,000, this Class C apartment building boasts 35 units (16 one-bedroom and 19 two-bedroom) across four, two-story buildings, totaling 18,000 net rentable square feet. Situated on a 67,518 sq ft lot in the desirable 85014 zip code, the property enjoys a 97% occupancy rate, generating a pro-forma NOI of $469,701 and a 4.27% cap rate. Each unit averages 1.37 parking spaces. Extensive renovations were completed in 2018, 2021, and 2022, resulting in modern interiors featuring quartz countertops, stainless steel appliances, and hardwood-style flooring. The property is zoned R4 and benefits from its convenient location near the Camelback Corridor and Interstate 51, providing easy access to major thoroughfares, schools, and numerous amenities including the Arizona Biltmore Resort, Biltmore Fashion Park, Camelback Mountain, Phoenix Art Museum, and Heard Museum. The surrounding neighborhood is experiencing growth, attracting young families and professionals drawn to its vibrant atmosphere and proximity to award-winning restaurants and shops. This is a strong performing asset with significant upside potential. The property's APN is 162-13-139. The price per unit is $314,285.71. This is a turnkey investment ready for immediate cash flow.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Revival Midtown
Apartment Complex
Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.0547732
- Latitude
- 33.5118623
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FAQs
What type of property is this?
Multifamily property - Phoenix Multifamily Investment Opportunity
Where is this multifamily property located?
The property is located at 1220 Medlock Dr Phoenix, AZ.
What is the asking price?
The asking price for this property is $11,000,000.
What are key features of this property?
This property features: $11,000,000 asking price for a 35-unit Class C multifamily property in Phoenix, AZ (85014).; 35 units (16 one-bedroom, 19 two-bedroom) totaling 18,000 net rentable square feet on a 67,518 sq ft lot.; 97% occupancy, generating a $469,701 pro-forma NOI and a 4.27% cap rate.
