1220 Medlock Dr Phoenix, AZ 85014
- Commercial real estate
Current Use by Public Records
- Revival Midtown / Apartment Complex
Property Details for 1220 Medlock Dr
- Year built
- 1961
- Property type
- Commercial real estate
- APN
- 162-13-139
Description
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.
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
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.0547732
- Latitude
- 33.5118623
