For Sale
$4,750,000

845 2Nd AvePhoenix, AZ 85003

Historic 16-unit multifamily investment

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 16-unit apartment building, located at 845 N 2nd Ave, Phoenix, AZ 85003, presents a compelling investment opportunity in the heart of Downtown Phoenix. Built in 1916, this two-story building boasts 13,696 square feet of net rentable space, offering a price per square foot of $346.82. The property sits on a 0.31-acre lot and is zoned R-3. Currently generating a Net Operating Income (NOI) of $250,290, with a pro-forma NOI of $259,528, this asset offers a strong return on investment. The asking price is $4,750,000, translating to $296,875 per unit. Benefiting from its prime location within the Innovation Corridor, the property enjoys proximity to major employers such as Banner Health, UnitedHealth Group, and Wells Fargo, as well as the Phoenix Bioscience Core and Arizona State University's Downtown Phoenix campus. Its central location provides easy walkability to Roosevelt Row, known for its vibrant arts and culture scene. This historic building offers a blend of renovated interiors and classic charm, making it an attractive option for residents seeking a downtown lifestyle. The property's APN is 111-40-090 | 111-40-088. There are no ground lease obligations. This is a rare opportunity to acquire a well-positioned multifamily asset in a rapidly growing urban core.

Highlights

  • 16-unit apartment building in Downtown Phoenix, AZ.
  • 13,696 square feet of net rentable space on a 0.31-acre lot, zoned R-3.
  • $4,750,000 asking price ($346.82/SF, $296,875/unit).
  • Strong NOI of $250,290 (pro-forma $259,528).
  • Prime location in the Innovation Corridor, near major employers and Roosevelt Row.

Property Details for 845 2Nd Ave

Property type
Apartment buildings
Square Feet
13,696 SF
Year Built
1916
Buildings
1
Stories
2
Lot Size (sq. ft)
13,504 SF
Units
16

Location Insight

City
Phoenix
County
Maricopa
State
Arizona
Latitude
33.458506
Longitude
-112.0759026
845 2Nd Ave, Phoenix, Arizona

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845 2Nd Ave
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