7440 Cave Crk Rd Carefree, AZ 85377
- Apartment buildings
- 6,000 SF
Current Use by Public Records
- Apartment buildings
Property Details for 7440 Cave Crk Rd
- Year built
- 1963
- Property size
- 6,000 SF
- Property type
- Apartment buildings
Description
This exceptional Class A, 8-unit apartment building in Carefree, Arizona presents a compelling investment opportunity. Boasting a 5.56% cap rate and a substantial net operating income (NOI) of $150,030.20, this stabilized property offers strong returns. The 6,000 square foot complex sits on a 33,080 square foot lot and includes two buildings, each meticulously renovated in 2022. The upgrades encompass new kitchens with ample storage, custom bathrooms, vinyl plank flooring, windows, fans, fixtures, window treatments, in-unit washer/dryers, HVAC systems, and hot water heaters. A new pool and putting green enhance the property's appeal. The unit mix comprises four 2-bedroom/1-bathroom units (800 sq ft each) and four 1-bedroom/1-bathroom units (690 sq ft each), each with 1.13 parking spaces. Located across from the Sundial in downtown Carefree, this property enjoys a prime location within walking distance of shops, restaurants, bars, and hotels. Its proximity to downtown Cave Creek further enhances its desirability. The property's 100% occupancy rate underscores its strong market position. Built in 1963, this completely renovated complex offers a blend of vintage charm and modern amenities, making it an attractive investment for discerning buyers. The property's APN is 216-83-316C. Individual unit availability varies.
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
- Carefree
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.919
- Latitude
- 33.8239
