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    3805 Monterey Way Phoenix, AZ 85018

    For Sale
    $9,600,000

    15-unit, new construction apartment building in Arcadia

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional 15-unit apartment building, completed in 2024, presents a compelling investment opportunity in Phoenix's desirable Arcadia Corridor. The property boasts seven buildings, each two stories high, encompassing a total of 27,350 net rentable square feet on a 0.96-acre lot. The meticulously designed units, averaging 1,825 square feet, feature three bedrooms and two-and-a-half bathrooms each. High-end finishes include quartz countertops, LG stainless steel appliances, custom cabinetry, and 10-foot ceilings. The property's strong performance is reflected in its $9,600,000 asking price, a $640,000 per-unit cost, a 5.38% cap rate, and a net operating income (NOI) of $516,426. The R-3 zoning allows for flexibility, and the property's location provides convenient access to premier dining, entertainment, and educational institutions. Seller financing is available, making this an attractive opportunity for investors seeking a stabilized, Class A multifamily asset in a prime Phoenix location. The property is situated at 3805 E Monterey Wy, Phoenix, AZ 85018.

    Property Features for 3805 Monterey Way

    General Information

    Property type
    Multifamily properties
    Class
    A
    Lot Size
    41,818 SF

    Building Details

    Year Built
    2024
    Buildings
    7
    Stories
    2
    Units
    15

    HighLights

    • 15 brand‑new apartment units in Phoenix's desirable Arcadia Corridor.
    • Luxury finishes including quartz countertops, LG stainless steel appliances, custom cabinetry, and 10‑foot ceilings.
    • Excellent location near premier dining and entertainment options.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.9996585
    Latitude
    33.4856984

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    FAQs

    What type of property is this?
    Multifamily property - 15-unit, new construction apartment building in Arcadia
    Where is this multifamily property located?
    The property is located at 3805 Monterey Way Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $9,600,000.
    What are key features of this property?
    This property features: 15 brand-new apartment units in Phoenix's desirable Arcadia Corridor.; Luxury finishes including quartz countertops, LG stainless steel appliances, custom cabinetry, and 10-foot ceilings.; Excellent location near premier dining and entertainment options.
    Request Owner's contact information
    3805 Monterey Way Phoenix, AZ 85018
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3805 Monterey Way Phoenix, AZ 85018
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