2101 Colter St Phoenix, AZ 85015
- Apartment buildings
- 1.53 lot acres
Current Use by Public Records
- Camelback Gardens Apartments / Apartment Building
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.
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
- -112.104
- Latitude
- 33.5132
