3024 24Th St Phoenix, AZ 85016

Property Details for 3024 24Th St

Year built

1967

Lot size

1.01 lot acres

Property size

21,903 SF

Property type

Commercial real estate

APN

119-17-047

Description

This exceptional 50-unit apartment complex presents a compelling value-add investment opportunity in the vibrant Central Phoenix corridor. The property, built in 1967 and renovated in 2017, boasts 21,474 net rentable square feet across four two-story buildings situated on a 1.01-acre lot. With a current occupancy rate of 95% and a pro-forma NOI of $522,675, this asset offers significant potential for increased profitability. The property features a mix of studio and one-bedroom units, catering to a diverse renter base. Conveniently located at 3024 N 24th Street, the property benefits from high visibility on a major thoroughfare with a daily traffic count of 28,705 vehicles. Ample parking is provided with 42 spaces. The strategic location offers easy access to major freeways (SR 51 and I-10), Phoenix Sky Harbor International Airport (10-minute drive), and renowned shopping destinations like Biltmore Fashion Park. Nearby amenities include numerous restaurants, parks (Coronado, Perry, Los Olivos), grocery stores (Fry's, Sprouts, Whole Foods), and prominent medical facilities (St. Luke's Medical Center, Phoenix Children's Hospital). Educational institutions such as William T. Machan Elementary, Phoenix Christian School, Camelback High School, Arizona State University's Downtown Campus, and Grand Canyon University are also within close proximity. The property is zoned C-2, offering flexibility for future development. The asking price is $9,503,000, representing a price per square foot of $433.87. This is a rare opportunity to acquire a well-positioned multifamily asset with substantial upside potential in a thriving Phoenix neighborhood.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Longitude

-112.0304134

Latitude

33.4826792