3805 Monterey Way Phoenix, AZ 85018
- Apartment buildings
- 0.96 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 3805 Monterey Way
- Year built
- 2024
- Lot size
- 0.96 lot acres
- Property type
- Apartment buildings
Description
This exceptional 15-unit apartment building, completed in 2024, presents a compelling investment opportunity in Phoenix's desirable Arcadia Corridor. The property boasts seven buildings, each two stories high, encompassing a total of 27,350 net rentable square feet on a 0.96-acre lot. The meticulously designed units, averaging 1,825 square feet, feature three bedrooms and two-and-a-half bathrooms each. High-end finishes include quartz countertops, LG stainless steel appliances, custom cabinetry, and 10-foot ceilings. The property's strong performance is reflected in its $9,600,000 asking price, a $640,000 per-unit cost, a 5.38% cap rate, and a net operating income (NOI) of $516,426. The R-3 zoning allows for flexibility, and the property's location provides convenient access to premier dining, entertainment, and educational institutions. Seller financing is available, making this an attractive opportunity for investors seeking a stabilized, Class A multifamily asset in a prime Phoenix location. The property is situated at 3805 E Monterey Wy, Phoenix, AZ 85018.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112
- Latitude
- 33.4857
