For Sale
$1,500,000

593 White Mtn BlvdPinetop-Lakeside, AZ 85935

14-Unit Apartment Building, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
115
Exceptional investment opportunity in Pinetop-Lakeside, Arizona, presents this 14-unit apartment building, known as Pinetop Lodge. This Class A multifamily property boasts 3,385 square feet situated on a 0.562-acre lot (24,460 sq ft) at 593 E White Mountain Blvd, 85935. Built in 1963 with significant renovations completed between 2021 and 2023, the property includes two buildings, each one story, offering a mix of studio, one-bedroom, and one-bathroom units. Currently operating at 100% occupancy (as of August 16, 2024), the property generates a strong NOI of $95,889, with a pro-forma NOI of $202,808, representing a 6.39% cap rate and a pro-forma cap rate of 13.52%. Recent upgrades include a laundry room remodel with new washers and dryers, new exterior doors with electronic key code locks, a new camera and security system, and two new tankless commercial water heaters. The roof was also replaced in 2019. The asking price is $1,500,000, translating to $107,143 per unit and $443.13 per square foot. This prime location on White Mountain Blvd offers significant upside potential for various uses, including a boutique motel, short-term rentals, a group home, or assisted living. The property's strong performance and recent improvements make it an attractive investment prospect. APN: 311-28-038A.

Highlights

  • 14-unit apartment building in Pinetop-Lakeside, AZ, offering strong cash flow.
  • Class A multifamily property totaling 3,385 sq ft on a 0.56-acre lot.
  • Currently 100% occupied, generating a $95,889 NOI (pro-forma NOI $202,808).
  • Recently renovated (2021-2023) with new security system, laundry room, exterior doors, and water heaters.
  • Asking price: $1,500,000 ($107,143/unit, $443.13/sq ft); 6.39% cap rate (pro-forma 13.52%).
  • Located on White Mountain Blvd with potential for various uses, including short-term rentals or assisted living.

Property Details for 593 White Mtn Blvd

Property type
Apartment buildings
Square Feet
3,385 SF
Class
A
Year Built/Renovated
1963/2
Buildings
2
Stories
1
Units
14

Location Insight

City
Pinetop-Lakeside
County
Navajo
State
Arizona
Latitude
34.1315492
Longitude
-109.9475943
593 White Mtn Blvd, Pinetop-Lakeside, Arizona

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593 White Mtn Blvd
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