2305 15Th StYuma, AZ 85365

Property Details for 2305 15Th St

Year built

1968

Property size (Sq ft)

5,440 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 7-unit apartment complex presents a compelling value-add investment opportunity in Yuma, Arizona. Located at 2305 E 15th St, this stabilized property boasts a total of 5,440 square feet across four 1-story buildings situated on a spacious 22,870 square foot lot (APN 66626007). Built in 1968 and extensively renovated in 2022, the property features brand new roofs, windows, and A/C mini-splits throughout. Currently operating at 100% occupancy (as of January 1, 2024), the property generates a strong NOI of $63,000, with a pro-forma NOI projected at $70,000, resulting in a 7.24% cap rate and a pro-forma cap rate of 8.05%. Each of the seven units is separately metered, offering individual utility control. The open-concept floor plans include comfortable kitchens, spacious living rooms, and oversized bedrooms with ample closet space. The property's convenient location near major highways, dining, entertainment, and employment centers adds to its appeal. The asking price is $870,000, translating to $160.85 per square foot and $124,285.71 per unit. This property is zoned for multi-family use and is offered as an investment property suitable for a 1031 exchange.

Location Insight

City

Yuma

County

Yuma

State

Arizona

Latitude

32.7008

Longitude

-114.594

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