2223 Cactus Rd Phoenix, AZ 85022

This exceptional investment opportunity presents a 24-unit apartment building located at 2223 E Cactus Rd, Phoenix, AZ 85022. The property, built in 1979, consists of six two-story buildings totaling 20,832 square feet on a 1.16-acre lot. All 24 units are two-bedroom, two-bathroom apartments, each offering 868 square feet of living space. The property boasts a strong pro-forma NOI of $337,211 and a pro-forma cap rate of 6.42%, representing a significant return on investment. Currently, the property generates a NOI of $262,171. The asking price is $5,250,000, translating to $218,750 per unit and $252.02 per square foot. The property is zoned R-3 and features individually parceled fourplexes, offering future owners the flexibility to sell these units separately. Its prime location just west of 24th Street provides outstanding visibility along Cactus Road, with convenient access to State Route 51 (SR 51), major employment corridors (Deer Valley/I-17 and Kierland Corridor/Scottsdale Airpark), and popular destinations like Desert Ridge Marketplace and High Street. This property presents a compelling investment opportunity with potential for significant value appreciation through renovations and individual parcel sales. The APN is 166-26-345 through 166-26-350.