1802 N 26th Place, Phoenix, AZ 85008

Property Description

1802 N 26th Pl is an attractive opportunity to acquire a fully occupied 10-unit multifamily asset generating an in-place cap rate of 6.33%, with additional upside through completing remaining interior & exterior renovations. Strong in-place rents and occupancy, coupled with a significant concentration of three and four-bedroom units, provide a compelling competitive advantage in a submarket with strong demand for larger floor plans. Built in 1960, the property has undergone substantial reconstruction and renovation, including five fully reconstructed units and two renovated units in 2021, while three units remain in classic condition. Recent capital improvements include new roofs, plumbing lines, electrical systems, and upgraded interiors across seven units. The favorable unit mix includes one studio, three one-bedrooms, one two-bedroom, four three-bedroom casitas, and one four-bedroom casita, providing broad tenant appeal and diversified rental demand. Select units offer private patios. All five three- and four-bedroom units have their own washer / dryer, and the remaining five units utilize on-site community laundry. Ideally positioned between Central Phoenix and the East Valley, the property is minutes from the I-10, SR-51, and Loop 202 Freeways as well as Phoenix Sky Harbor International Airport, Biltmore FashionPark, and the Camelback Corridor, offering residents convenient access to major employment, retail, dining, and entertainment destinations.