2539 48Th St Phoenix, AZ 85008
- Commercial real estate
Current Use by Public Records
- Aero Phoenix Apartments / Apartment Complex
Property Details for 2539 48Th St
- Year built
- 1985
- Property type
- Commercial real estate
Description
This stabilized multifamily investment opportunity, Aero Phoenix, presents a compelling proposition for discerning investors. Located in Phoenix, Arizona, this Class B apartment complex boasts 21 units across three, two-story buildings, totaling 15,250 square feet of net rentable area. Built in 1985 and extensively renovated in 2022, the property features a mix of studio and one-bedroom units, each equipped with modern amenities including quartz countertops, shaker cabinets, stainless steel appliances, wood-style flooring, in-unit laundry, tile showers, garbage disposals, and central air conditioning and heating. Residents enjoy covered parking and a common area with a pergola and barbecue. The property currently generates a NOI of $265,746, representing a 4.83% cap rate, with a pro-forma NOI of $296,004 and a pro-forma cap rate of 5.38%. The asking price is $5,500,000, translating to $361 per square foot. Situated in a desirable location near Camelback Mountain, Papago Golf Club, Arcadia Crossing Shopping Center (including Costco and Target), and various dining options, this property benefits from strong rental demand and proximity to top-rated schools. This well-maintained complex offers a blend of modern comfort and convenient location, making it an attractive investment with significant potential for future growth. The property address is 2539 N 48th St, Phoenix, AZ 85008.
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
- -111.977854
- Latitude
- 33.4759955
