2019 Turney AvePhoenix, AZ 85015

Property Details for 2019 Turney Ave

Lot size

0.00 AC

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

163-31-043C

APU

16331043C

Description

This Phoenix, Arizona multifamily investment property presents a compelling value-add opportunity. The 4-unit apartment building, constructed in 1957 and extensively renovated between 2021 and 2022, boasts 2,346 square feet of net rentable space situated on a 12,364 square foot lot. Currently operating at 100% occupancy, the property offers a pro-forma NOI of $43,503 and a pro-forma cap rate of 5.88%. Each of the four units features a private patio, a highly desirable amenity. The property includes six parking spaces and benefits from solar-powered carports and rooftop solar hot water systems, contributing to lower utility costs for tenants. The R-3 zoning permits a variety of uses. The asking price is $740,000, translating to $185,000 per unit and $315.43 per square foot. Further income potential exists through the implementation of a RUBS (renters utility billing system). This fee-simple ownership offers a strong return on investment in a desirable Phoenix neighborhood. The property's address is 2019 W Turney Ave, Phoenix, AZ 85015, and the APN is 154-30-004-C. This is a rare opportunity to acquire a well-maintained, updated multifamily property with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $34,141

  6.5%

  $31,515

  7%

  $29,264

• Comparable approach

  Method

  Valuation

  Relative Method

  $23,893

  Geo Method

  $23,893

• Alternative Use

  Use

  Valuation

  Residential

  $31,515

  Hospitality

  $28,868

  Educational

  $24,017

  Medical

  $24,843

  Retail

  $37,361

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Latitude

33.4999

Longitude

-112.038

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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