2019 Turney Ave, Unit 2025 Phoenix, AZ 85016-5538
- Apartment buildings
- 0.00 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 2019 Turney Ave
- Lot size
- 0.00 lot acres
- Property type
- Apartment buildings
- APN
- 163-31-043C
- APU
- 16331043C
Description
This Phoenix, Arizona multifamily investment property presents a compelling value-add opportunity. The 4-unit apartment building, constructed in 1957 and extensively renovated between 2021 and 2022, boasts 2,346 square feet of net rentable space situated on a 12,364 square foot lot. Currently operating at 100% occupancy, the property offers a pro-forma NOI of $43,503 and a pro-forma cap rate of 5.88%. Each of the four units features a private patio, a highly desirable amenity. The property includes six parking spaces and benefits from solar-powered carports and rooftop solar hot water systems, contributing to lower utility costs for tenants. The R-3 zoning permits a variety of uses. The asking price is $740,000, translating to $185,000 per unit and $315.43 per square foot. Further income potential exists through the implementation of a RUBS (renters utility billing system). This fee-simple ownership offers a strong return on investment in a desirable Phoenix neighborhood. The property's address is 2019 W Turney Ave, Phoenix, AZ 85015, and the APN is 154-30-004-C. This is a rare opportunity to acquire a well-maintained, updated multifamily property with significant upside potential.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $4,245,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $3,730,000
- 6.5%
- $3,530,000
- 7%
- $3,695,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $3,120,000
- Geo Method
- $3,425,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $3,735,000
- Retail
- $3,805,000
- Mixed-Use
- $3,650,000
- Hospitality
- $3,975,000
- Educational
- $3,045,000
- Residential Income
- $3,955,000
- Energy
- $3,315,000
- Income-Based Land
- $3,170,000
- Food Service
- $3,400,000
Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.038
- Latitude
- 33.4999
- CBSA code
- 38060
- CBSA name
- PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA
