593 White Mtn Blvd Pinetop-Lakeside, AZ 85935

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.