901 Claremont St Phoenix, AZ 85014

Property Details for 901 Claremont St

Year built

1962

Lot size

0.39 lot acres

Property type

Commercial real estate

APN

161-15-068H

Description

This exceptional 7-unit apartment building presents a compelling investment opportunity in Phoenix's desirable Uptown submarket. Located at 901 E Claremont St, this property boasts a prime location just north of the 7th Street and Bethany Home Road intersection, directly across from Madison Traditional Academy. Built in 1962, the property comprises three buildings on a 0.39-acre lot, featuring a mix of unit types including a studio, five two-bedroom townhomes, and a four-bedroom house. The total net rentable square footage is 7,365 square feet. The property benefits from its proximity to major transportation arteries, including State Route 51, providing easy access to employment centers like the Innovation and Biltmore corridors, home to numerous prominent companies. The current NOI is $105,793, with a pro-forma NOI of $121,494, resulting in a current cap rate of 6.49% and a pro-forma cap rate of 7.45%. The asking price is $1,630,000. The property is zoned R-3 and offers significant upside potential through value-add renovations. The exterior of the entire community has been upgraded, and each unit presents an opportunity for further upgrades, potentially increasing rental income by approximately $300 per month based on comparable submarket properties. This is a rare chance to acquire a well-located multifamily asset with strong potential for future growth. The property's APN is 161-15-068H.