4215 Granada Dr, Eloy, AZ 85131

Property Details for 4215 Granada Dr

Year built

1973

Property type

Commercial real estate

APN

403-06-150A

Description

This 13-unit apartment building presents a compelling value-add investment opportunity in the growing city of Eloy, Arizona. Located at 4215 N Granada Dr, 85131, this property boasts 7,076 square feet of net rentable space across three single-story buildings. Built in 1973, the complex features a mix of unit sizes, including four 2-bedroom units and nine 1-bedroom units. Each unit includes security doors and tubs, and the property offers ample parking with two spaces per unit. The property also includes desirable amenities such as a fenced area, a ramadas with a BBQ, and all units are equipped with sprinklers. The current NOI is $63,297, resulting in a 6.80% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $75,950, leading to an 8.20% pro-forma cap rate. The asking price is $925,000, translating to $71,153 per unit. The property's classic Spanish construction is built of slump block. Eloy's robust economic growth, fueled by expanding manufacturing and industrial sectors including Lucid Motors, Townley Manufacturing, Republic Plastics, and Otto Industries, makes this a promising investment. All provided data is approximate

Location Insight

City

Eloy

County

Pinal

State

Arizona

Longitude

-111.620328

Latitude

32.7952081