1822 32Nd StPhoenix, AZ 85008

Property Details for 1822 32Nd St

Year built

1981

Lot size

0.70 AC

Property size (Sq ft)

16,175 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 24-unit apartment building, located at 1822 N 32nd St, Phoenix, AZ 85008, presents a compelling investment opportunity. The property, situated on a 0.7-acre lot (APN 120-20-079), consists of two, two-story buildings totaling 16,175 square feet. Built in 1981 and extensively renovated in 2022 with $1.1 million in capital improvements, the complex boasts a mix of studio, one- and two-bedroom units, catering to a desirable tenant demographic. The recent renovations included modern interior upgrades such as quartz countertops and stainless-steel appliances, along with significant exterior enhancements including new roofing, HVAC systems, and covered parking. The property benefits from its prime location in East Phoenix, minutes from the Camelback Corridor, Biltmore, and Arcadia Lite neighborhoods, providing convenient access to over 26,000 high-paying jobs and upscale shopping at The Biltmore Fashion Park. Zoned R-4, this multifamily property offers a pro-forma cap rate of 5.00% and is currently priced at $6,100,000 ($254,166.67 per unit and $377.13 per square foot). Owner financing is available with a 4-year term and 4% interest. This meticulously upgraded property represents a strong investment with significant income potential and a forecast for sustained growth in a thriving urban market. The property's high occupancy rate further underscores its desirability and strong market position.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.4685

Longitude

-112.013

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