For Sale
$1,630,000

901 Claremont StPhoenix, AZ 85014

7-Unit Apartment Building, Uptown Phoenix

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 7-unit apartment building presents a compelling investment opportunity in Phoenix's desirable Uptown submarket. Located at 901 E Claremont St, this property boasts a prime location just north of the 7th Street and Bethany Home Road intersection, directly across from Madison Traditional Academy. Built in 1962, the property comprises three buildings on a 0.39-acre lot, featuring a mix of unit types including a studio, five two-bedroom townhomes, and a four-bedroom house. The total net rentable square footage is 7,365 square feet. The property benefits from its proximity to major transportation arteries, including State Route 51, providing easy access to employment centers like the Innovation and Biltmore corridors, home to numerous prominent companies. The current NOI is $105,793, with a pro-forma NOI of $121,494, resulting in a current cap rate of 6.49% and a pro-forma cap rate of 7.45%. The asking price is $1,630,000. The property is zoned R-3 and offers significant upside potential through value-add renovations. The exterior of the entire community has been upgraded, and each unit presents an opportunity for further upgrades, potentially increasing rental income by approximately $300 per month based on comparable submarket properties. This is a rare chance to acquire a well-located multifamily asset with strong potential for future growth. The property's APN is 161-15-068H.

Highlights

  • 1962-built Claremont VII comprises a studio, five two-bedroom townhomes, and a four-bedroom house, averaging ±1,052 square feet; exterior recently upgraded.
  • 100% of units offer significant value-add potential through upgrades, projected to increase rental income by approximately $300/month per unit, based on comparable submarket data.

Property Details for 901 Claremont St

Property type
Apartment buildings
Year Built
1962
Buildings
3
Stories
2
Lot Size (sq. ft)
16,988 SF
Units
7

Location Insight

City
Phoenix
County
Maricopa
State
Arizona
Latitude
33.5281136
Longitude
-112.0623592
901 Claremont St, Phoenix, Arizona

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901 Claremont St
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