Property Details for 2101 Colter St

Year built

1983

Lot size

1.53 lot acres

Property type

Apartment buildings

Description

Camelback Gardens, a Phoenix, Arizona multifamily investment opportunity, presents a compelling stabilized apartment building with significant upside potential. This 26-unit complex, situated on a 1.53-acre lot at 2101 W Colter St, boasts a desirable location near Grand Canyon University, the light rail, and the Camelback Corridor. The property comprises six, two-story buildings constructed in 1983 and extensively renovated in 2019. All units are spacious two-bedroom layouts, a mix of apartments and townhomes, each featuring in-unit washers/dryers, private patios, and storage. The property's attractive features include a large pool, mature landscaping, gated access, covered parking, and individual HVAC, water heaters, and meters. The current occupancy rate stands at 96%, generating a Pro-Forma NOI of $358,502 and a 6.65% cap rate. The property is condo-mapped with individual parcels, offering potential for future individual unit sales. With a total net rentable area of 30,780 square feet, the asking price is $5,395,000, translating to $175.28 per square foot and $207,500 per unit. This well-maintained community showcases pride of ownership and presents a rare opportunity in a competitive submarket. The property's strong financials, desirable location, and unique unit mix make it an exceptional investment prospect.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Longitude

-112.104

Latitude

33.5132