1346 Mountain View Rd Phoenix, AZ 85020

Property Details for 1346 Mountain View Rd

Year built

1986

Lot size

0.91 lot acres

Property type

Commercial real estate

Description

This exceptional 20-unit apartment building, nestled in the foothills of the Phoenix Mountain Preserve, presents a compelling investment opportunity. Built in 1986 and extensively renovated in 2020, the property boasts a desirable location in a quiet residential neighborhood, surrounded by single-family homes. The two-story, two-building complex sits on a 0.91-acre lot and offers 16,580 square feet of net rentable space, with all units featuring two bedrooms and private patios. Recent capital improvements include new vinyl wood-style flooring, two-tone paint, white shaker cabinets, modern countertops, stainless steel appliances (including dishwashers), updated bathrooms, and new blinds and lighting fixtures. Exterior enhancements include a newly installed electric gate, synthetic grass areas, resurfaced pool, new iron pool fencing, and extensive landscaping with desert rock. The property benefits from modern plumbing (copper supply lines and ABS sewers) and 100-amp electric panels, minimizing future maintenance costs. Its proximity to the $132M+ redevelopment of the former Paradise Valley Mall, the North Central Uptown & Business Corridor, and the Camelback Corridor provides strong rental demand and future appreciation potential. The property's current stabilized cap rate is 5.80%, with a pro-forma cap rate of 5.81% and a pro-forma NOI of $278,440. The asking price is $4,795,000, or $239,750 per unit, and $289.20 per square foot. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a prime Phoenix location.