498 N Arizona Ave - Apartments FOR SALE


Chandler, AZ 85225
$2,600,000 USD
480-530-3435
498 N Arizona Ave, Chandler, AZ for Sale
$2,600,000 USD
Apartments - FOR SALE
1/19
null | 6.59% Cap Rate

498 N Arizona Ave
Chandler, AZ 85225


HIGHLIGHTS

  • Multifamily Investment Opportunity in Chandler, Arizona

OVERVIEW

EXCLUSIVELY LISTED BY ORION INVESTMENT REAL ESTATE'S Jackson Everhart, Vice President - This 13-unit property in Chandler, Arizona presents an exceptional investment opportunity in a high-barrier-to-entry market. Featuring a spacious courtyard that fosters a strong sense of community, the property has undergone substantial upgrades, including improvements to plumbing, electrical systems, the roof, and the exterior. Additionally, 8 of the units have been fully renovated and now include in-unit washers and dryers. The remaining 5 units offer a value-add potential for further renovations while still generating positive cash flow. Downtown Chandler has experienced significant growth and investment over the past five years, focusing on retail, office, and hospitality sectors. This development has led to a shortage of affordable housing for the local workforce. With strong demographics, including a household income exceeding $125,000, there is a growing demand for quality housing. The property’s proximity to Chandler High School, a major educational institution, further attracts families seeking nearby accommodation. As more families move to Chandler, the need for well-maintained and affordable housing continues to rise. Considering these factors, this property offers a prime opportunity for investors seeking strong cash flow in a high demand market with substantial entry barriers. The property is notably low maintenance, requiring minimal operational costs and management time. With potential for additional renovations, it represents a unique and valuable investment prospect.

FOR SALE DETAILS

PRICE

$2,600,000 USD

PRICE/SF

$317 USD /SF

# OF UNITS

13

PRICE/UNIT

$200,000

CAP RATE

6.59%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Avenue Apartment Homes

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1948

PARKING SPACES

16

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,810 SF

ZONING

C-3, Chandler

APN/PARCEL ID

302-59-117

ASK ABOUT THIS PROPERTY

Jackson EverhartORION Investment Real EstateMore Info
480-530-3435

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Jackson EverhartORION Investment Real EstateMore Info
480-530-3435

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.