For Sale
$925,000

4215 Granada DrEloy, AZ 85131

13-Unit Value-Add Multifamily in Eloy, AZ

Overview

Added:
Dec 11, 2024
Days on market:
116
This 13-unit apartment building presents a compelling value-add investment opportunity in the growing city of Eloy, Arizona. Located at 4215 N Granada Dr, 85131, this property boasts 7,076 square feet of net rentable space across three single-story buildings. Built in 1973, the complex features a mix of unit sizes, including four 2-bedroom units and nine 1-bedroom units. Each unit includes security doors and tubs, and the property offers ample parking with two spaces per unit. The property also includes desirable amenities such as a fenced area, a ramadas with a BBQ, and all units are equipped with sprinklers. The current NOI is $63,297, resulting in a 6.80% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $75,950, leading to an 8.20% pro-forma cap rate. The asking price is $925,000, translating to $71,153 per unit. The property's classic Spanish construction is built of slump block. Eloy's robust economic growth, fueled by expanding manufacturing and industrial sectors including Lucid Motors, Townley Manufacturing, Republic Plastics, and Otto Industries, makes this a promising investment. All provided data is approximate

Highlights

  • 13-unit apartment building in Eloy, AZ, offering a value-add opportunity.
  • 7,076 square feet of net rentable space across three single-story buildings.
  • Unit mix: four 2-bedroom and nine 1-bedroom units; each with security doors and tubs.
  • Ample parking (two spaces per unit), fenced area, ramadas with BBQ, and sprinkler systems.
  • Current NOI: $63,297 (6.80% cap rate); Pro-forma NOI: $75,950 (8.20% cap rate).
  • Asking price: $925,000 ($71,153 per unit).

Property Details for 4215 Granada Dr

Property type
Apartment buildings
Year Built
1973
Buildings
3
Stories
1
Units
13

Location Insight

City
Eloy
County
Pinal
State
Arizona
Latitude
32.7952081
Longitude
-111.620328
4215 Granada Dr, Eloy, Arizona

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4215 Granada Dr
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