For Sale
$2,400,000

6536 Central AvePhoenix, AZ 85012

9-Unit Apartment Complex, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 9-unit apartment building, situated on a 0.62-acre lot in Phoenix, Arizona's desirable Uptown submarket, presents a compelling investment opportunity. The property, built in 1957, boasts a total of 6,210 square feet of net rentable space, with 20 parking spaces available for residents. The address is 6536 N Central Ave, Phoenix, AZ 85012, conveniently located near major transportation arteries like State Route 51, providing easy access to employment centers and entertainment options. The property is zoned R-3 and comprises three single-story buildings. Currently featuring a mix of one and two-bedroom floor plans averaging approximately 690 square feet, seven units offer significant potential for value enhancement through renovations, including updating appliances, countertops, cabinets, flooring, fixtures, and adding individual washer/dryer units. The property's strong financial performance is reflected in its current Net Operating Income (NOI) of $130,869, and an asking price of $2,400,000, translating to a price per square foot of $386.47 and a price per unit of $266,667. The property's proximity to major employers like Banner Health and IBM, along with the amenities of the Biltmore Employment Corridor, ensures strong tenant demand. This is a rare opportunity to acquire a well-located multifamily property with significant upside potential in a thriving Phoenix neighborhood. The property's APN is 161-27-030E.

Highlights

  • Nine-unit apartment building on a 0.62-acre lot in Phoenix's Uptown submarket.
  • 6,210 square feet of net rentable space with 20 parking spaces.
  • Located at 6536 N Central Ave, Phoenix, AZ 85012, near SR 51.
  • R-3 zoning; three single-story buildings with a mix of one- and two-bedroom units averaging 690 square feet.
  • Seven units offer value-add potential through renovations (appliances, countertops, cabinets, flooring, fixtures, washer/dryer).
  • $2,400,000 asking price; $386.47 price per square foot; $266,667 price per unit; $130,869 current NOI.

Property Details for 6536 Central Ave

Property type
Apartment buildings
Square Feet
6,210 SF
Year Built
1957
Buildings
3
Stories
1
Lot Size (sq. ft)
27,007 SF
Units
9

Location Insight

City
Phoenix
County
Maricopa
State
Arizona
Latitude
33.5321107
Longitude
-112.0748336
6536 Central Ave, Phoenix, Arizona

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6536 Central Ave
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