6215 14Th StPhoenix, AZ 85014

Property Details for 6215 14Th St

Year built

1959

Property type

Apartment buildings

Description

This exceptional 3-unit apartment building presents a compelling investment opportunity in the highly desirable Uptown area of North Central Phoenix. The property, located at 6215 N 14th St, Phoenix, AZ 85014, boasts a prime location near "Restaurant Row" and a major employment corridor, ensuring strong rental demand. Built in 1959 and extensively renovated in 2022, the building comprises two 2-bedroom, 1-bathroom units and one 1-bedroom, 1-bathroom unit, currently achieving 100% occupancy. The units feature renovated interiors and exteriors, contributing to the property's strong occupancy history and consistent cash flow. The current average rent is $1,783 per month, generating a Net Operating Income (NOI) of $51,120, with a pro-forma NOI of $55,167 and a pro-forma cap rate of 5.02%. The asking price is $1,100,000, representing a price per unit of $366,667. Sitting on a 10,781 sq ft lot, the 2,412 sq ft building is zoned R-3. This stabilized investment offers a unique opportunity for an investor seeking a high-performing asset in a thriving Phoenix submarket, with easy access to amenities, employment centers, and upscale shopping destinations like the Biltmore Fashion Park and Downtown Phoenix. The property's strong financials, desirable location, and recent renovations make it an attractive proposition for discerning investors.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.5281

Longitude

-112.051

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