950 Erie StChandler, AZ 85224

Property Details for 950 Erie St

Year built

1984

Lot size

0.61 AC

Property type

Apartment buildings

Description

This exceptional 8-unit apartment building presents a compelling value-add investment opportunity in the highly desirable Chandler, Arizona market. The property, comprised of two two-story buildings on a 0.61-acre lot, boasts 8,320 square feet of net rentable space and is currently operating at 100% occupancy. Built in 1984, the Class B property features spacious two-bedroom, one-bathroom floorplans averaging 1,040 square feet each. The well-maintained community offers attractive landscaping and presents significant potential for increased revenue through various value-add strategies. These include interior renovations to capitalize on high rental demand in the area (nearby comparables rent for over $800/unit), implementing a RUBS billback system for utilities, charging for covered parking and storage units (4 units available), and installing washers and dryers in each unit (hookups already in place). The property benefits from its location in a high-growth area with strong barriers to entry, a top-ranked school district (Chandler Unified), and proximity to major employment centers like the Price Road Employment Corridor ("Silicon Desert") and Banner Health. Chandler's robust economy, limited new construction, and high demand for rental housing create a favorable investment climate. The asking price is $2,300,000, representing a 4.21% cap rate. The property's APN is 302-51-049C & 302-51-049D. The address is 950 W Erie St, Chandler, AZ 85224. 100% occupancy is projected to continue until October 28, 2024.

Location Insight

City

Chandler

County

Maricopa

State

Arizona

Latitude

33.3099

Longitude

-111.858

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