Exceptional investment opportunity: This fully occupied, renovated triplex in Glendale, Arizona's historic Catlin Court district offers a compelling return. The 2,495 square foot building, constructed in 1954 and extensively renovated in 2024, boasts three units, each with updated kitchens and bathrooms. Recent improvements include new copper plumbing, upgraded electrical systems, and handicapped-accessible bathrooms and entrances. The property features new interior paint and irrigation sprinklers. The roof is in good condition. Situated on a 7,000 square foot lot (APN 147-25-132), this property benefits from an R3-5 zoning designation. The building's strong financial performance is reflected in its 100% occupancy rate, generating a Net Operating Income (NOI) of $36,294 and a 4.84% cap rate. The asking price is $750,000 ($250,000 per unit), representing a price per square foot of $300.60. The property's location within the walkable Catlin Court shopping district, near the Westgate entertainment complex, Cardinal Stadium, concert venues, and a new casino, enhances its appeal. A planned nearby condo development further strengthens the area's urban walkable environment. Originally zoned for "live-work," the property's current residential configuration provides a stable and attractive investment.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
CAP approach
CAP return
Valuation
6%
$517,334
6.5%
$477,539
7%
$443,429
Comparable approach
Method
Valuation
Relative Method
$372,735
Geo Method
$372,735
Alternative Use
Use
Valuation
Industrial / Distribution
$977,762
Retail / Commercial
$494,031
Mixed-Use / Specialty
$486,470
Hospitality / Lodging
$349,356
Institutional / Educational
$503,660
Residential Income
$589,282
Multifamily
$738,907
Automotive / Energy
$431,708
Parking / Income-Based Land
$154,708
Restaurant / Food Service
$240,638
Healthcare / Senior Housing
$504,814
Location Insight
City
Glendale
County
Maricopa
State
Arizona
Latitude
33.542
Longitude
-112.182
CBSA code
38060
CBSA name
PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA
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57Th Ave Glendale, AZ 85301
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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