1510 48Th St Phoenix, AZ 85008

Property Details for 1510 48Th St

Year built

1985

Property type

Commercial real estate

APN

125-14-003

Description

This exceptional 51-unit apartment building in Phoenix, Arizona, presents a compelling value-add investment opportunity. Located at 1510 N 48th St, in the desirable East Phoenix area, this three-building complex boasts 48,450 square feet of net rentable space, spread across three stories. Built in 1985, the property features wood-frame construction with recently installed built-up roofs and individual electric meters. All 51 units are spacious two-bedroom, two-bathroom floor plans, averaging approximately 950 square feet and including private patios. The property is zoned R4-A and has a Maricopa County APN of 125-14-003. Currently, the asking price is $10,950,000, representing a price per unit of $214,705.88. Significant revenue enhancement potential exists through a planned upgrade package including new white shaker-style cabinetry, quartz countertops, brushed nickel fixtures and hardware, stainless steel appliances, and in-suite washer/dryers, projected to increase rental income by approximately $100 per unit based on comparable properties. The property benefits from its proximity to the Biltmore-Camelback financial district and a major data center development, as well as excellent access to Loop 202 and SR 143 freeways, providing easy commutes throughout the Phoenix metropolitan area. A 3.70% fixed-rate assumable financing option is available, with a due date of 2031. This presents a rare chance to acquire a boutique multifamily asset with substantial upside potential.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Longitude

-111.9786989

Latitude

33.4638894