2102 Adams St Phoenix, AZ 85009
- Residential income homes
- 7,811 SF
Current Use by Public Records
- Residential income homes
Property Details for 2102 Adams St
- Property size
- 7,811 SF
- Property type
- Residential income homes
- APN
- 109-32-072, 109-32-071, 109-32-095, 109-32-094, 109-32-093, 109-32-092
Description
This exceptional value-add multifamily investment opportunity presents a portfolio of sixteen 1-bedroom, 1-bathroom units totaling 7,811 square feet, situated on six contiguous lots encompassing 36,400 square feet. The property, located in West Downtown Phoenix at 2102 W. Adams St, 85009, consists of nine buildings, including three duplexes on Adams Street and four duplexes plus a single-family home on a nearby street. The property features ample surface parking with two spaces per unit. Nine of the sixteen units have undergone upgrades in recent years (2022-2024), with some units recently fully renovated and currently vacant, offering immediate flexibility for the new owner. The property boasts an 87.5% occupancy rate, generating a strong net operating income (NOI) of $208,650, resulting in an 8.99% cap rate. Built in 1921 and 1926, the property is zoned R3, presenting significant upside potential for adding units or subdividing the complex. The asking price is $2,320,000 ($145,000 per unit, $297.02 per square foot). Attractive seller financing is available for approximately 50% loan-to-value (LTV), with terms negotiable. Alternatively, an assumable agency debt with a 3.87% interest rate and a $1,164,000 balance (balloon payment in 2032) is available for qualified investors. This property is ideally situated near the Arizona State Capitol and benefits from new construction across the street and many owner-occupied single-family homes in the immediate vicinity. The property's multiple addresses (2102 W Adams St, 2105 W Monroe St, 2101 W Monroe St, 2108 W Adams St, 2106 W Adams St, 2110 W Adams St) reflect its unique configuration. Each unit has separate electric and gas meters, and there are four water meters. This presents a compelling opportunity for a seasoned investor seeking a high-return, value-add project with significant upside potential.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.10445880141
- Latitude
- 33.449577230527
