1229 N 35th Street, Phoenix, AZ 85008

Property Description

A 14-unit apartment community in one of Phoenix's most accessible central locations. Every unit is a two-bedroom one-bath residence, and 12 units have been remodeled recently. The major building systems have also been updated: all air conditioners and water heaters were replaced within the past five years. That gives a new owner a well-maintained asset with limited near-term capital needs to step into a turn key business. The property also has clear, built-in upside. Current rents are about 10-15% below market, so an owner can increase income through rent adjustments. Most tenants are on a month-to-month lease, which lets a buyer move rents to market on their own timeline. The residents are long-term, which points to stable occupancy and a community people choose to stay in. Eight units h have their own washer and dryers and the rest of units use onsite community laundry. The property also includes vacant land with room for an additional fourplex. That gives an investor a path to grow the unit count from 14 to 18 and boost long-term returns through new construction. The location is just south of McDowell Road with quick access to the Loop 202 Red Mountain Freeway. Residents are minutes from Phoenix Sky Harbor International Airport, Downtown Phoenix, and Papago Park. Grocery shopping, schools, and major employment centers are all close by.