950 Erie St Chandler, AZ 85224
- Apartment buildings
- 0.61 lot acres
Current Use by Public Records
- Bravo Apartments / Apartment Building
Property Details for 950 Erie St
- Year built
- 1984
- Lot size
- 0.61 lot acres
- Property type
- Apartment buildings
Description
This exceptional 8-unit apartment building presents a compelling value-add investment opportunity in the highly desirable Chandler, Arizona market. The property, comprised of two two-story buildings on a 0.61-acre lot, boasts 8,320 square feet of net rentable space and is currently operating at 100% occupancy. Built in 1984, the Class B property features spacious two-bedroom, one-bathroom floorplans averaging 1,040 square feet each. The well-maintained community offers attractive landscaping and presents significant potential for increased revenue through various value-add strategies. These include interior renovations to capitalize on high rental demand in the area (nearby comparables rent for over $800/unit), implementing a RUBS billback system for utilities, charging for covered parking and storage units (4 units available), and installing washers and dryers in each unit (hookups already in place). The property benefits from its location in a high-growth area with strong barriers to entry, a top-ranked school district (Chandler Unified), and proximity to major employment centers like the Price Road Employment Corridor ("Silicon Desert") and Banner Health. Chandler's robust economy, limited new construction, and high demand for rental housing create a favorable investment climate. The asking price is $2,300,000, representing a 4.21% cap rate. The property's APN is 302-51-049C & 302-51-049D. The address is 950 W Erie St, Chandler, AZ 85224. 100% occupancy is projected to continue until October 28, 2024.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chandler
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.858
- Latitude
- 33.3099
