For Sale
$2,320,000

2102 Adams StPhoenix, AZ 85009

16-Unit Apartment Complex, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional value-add multifamily investment opportunity presents a portfolio of sixteen 1-bedroom, 1-bathroom units totaling 7,811 square feet, situated on six contiguous lots encompassing 36,400 square feet. The property, located in West Downtown Phoenix at 2102 W. Adams St, 85009, consists of nine buildings, including three duplexes on Adams Street and four duplexes plus a single-family home on a nearby street. The property features ample surface parking with two spaces per unit. Nine of the sixteen units have undergone upgrades in recent years (2022-2024), with some units recently fully renovated and currently vacant, offering immediate flexibility for the new owner. The property boasts an 87.5% occupancy rate, generating a strong net operating income (NOI) of $208,650, resulting in an 8.99% cap rate. Built in 1921 and 1926, the property is zoned R3, presenting significant upside potential for adding units or subdividing the complex. The asking price is $2,320,000 ($145,000 per unit, $297.02 per square foot). Attractive seller financing is available for approximately 50% loan-to-value (LTV), with terms negotiable. Alternatively, an assumable agency debt with a 3.87% interest rate and a $1,164,000 balance (balloon payment in 2032) is available for qualified investors. This property is ideally situated near the Arizona State Capitol and benefits from new construction across the street and many owner-occupied single-family homes in the immediate vicinity. The property's multiple addresses (2102 W Adams St, 2105 W Monroe St, 2101 W Monroe St, 2108 W Adams St, 2106 W Adams St, 2110 W Adams St) reflect its unique configuration. Each unit has separate electric and gas meters, and there are four water meters. This presents a compelling opportunity for a seasoned investor seeking a high-return, value-add project with significant upside potential.

Highlights

  • $145,000 per unit; $297 per square foot. Highly competitive market pricing.
  • Seller financing available, or assumable agency debt at 3.87% interest with a $1,164,000 balance (balloon payment in 2032). Terms negotiable.
  • Sixteen 1-bedroom/1-bathroom units (488 sq ft each), totaling 7,811 sq ft.
  • Nine buildings on six contiguous lots (36,400 sq ft total) with ample surface parking (two spaces per unit).
  • Nine of sixteen units upgraded (2022-2024); two units recently fully renovated and vacant. 87.5% occupancy.
  • R3 zoning allows potential for unit additions or subdivision. Strong NOI of $208,650, resulting in an 8.99% cap rate.

Property Details for 2102 Adams St

Property type
Residential income homes, Apartment buildings
Square Feet
7,811 SF
Class
C
Buildings
9
Stories
1
Units
16

Location Insight

City
Phoenix
County
Maricopa
State
Arizona
Latitude
33.449577230527
Longitude
-112.10445880141
2102 Adams St, Phoenix, Arizona

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2102 Adams St
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