2520 Mclellan Blvd Phoenix, AZ 85017
- Commercial real estate
- 56,400 SF
Current Use by Public Records
- Casa Blanca Apartments / Apartment Building
Property Details for 2520 Mclellan Blvd
- Year built
- 1972
- Property size
- 56,400 SF
- Property type
- Commercial real estate
- APN
- 156-02-010D
Description
This exceptional 81-unit apartment complex, Casa Blanca Apartments, presents a compelling investment opportunity in Phoenix, Arizona. Priced at $8,995,000 ($111,000 per unit and $159 per square foot), this multifamily property boasts 56,400 net rentable square feet across eight, two-story buildings situated on a 194,709 square foot lot (APN: 156-02-010D). Built in 1972 and zoned R-5, the property enjoys a 91% occupancy rate. The unit mix includes one studio, 21 one-bedroom, 53 two-bedroom, and six three-bedroom units. A significant portion of the units are designated as affordable housing, with 64 units under the Low Income Housing Tax Credit (LIHTC) program (LIHPRHA) and 16 units under a Section 8 HAP contract extending until 2033. One conventional unit is also included. All utilities are master-metered via a boiler/chiller system. The property benefits from its strategic location along I-17, near Grand Canyon University (over 25,000 students projected for 2024-2025), providing convenient access to employment centers and entertainment in Midtown and Downtown Phoenix. Seller financing is available, making this a truly unique value-add opportunity with strong potential for future growth.
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
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.1133483
- Latitude
- 33.5341763
