16437 N 31st St - Apartments FOR SALE


Phoenix, AZ 85032- Paradise Valley North
$12,000,000 USD
602-714-1283
16437 N 31st St, Phoenix, AZ for Sale
$12,000,000 USD
Apartments - FOR SALE
1/5
null | Request Cap Rate

16437 N 31st St
Phoenix, AZ 85032
Paradise Valley North


HIGHLIGHTS

  • 80 Total Units, Completed in 1985
  • Majority Two-Bedroom Unit Types (75%), 729 SF Weighted Average
  • Individually Metered for Electricity & Individual HVAC's / Hot Water Heaters
  • Value-Add Opportunity (Only Five Units With Washer / Dryer Hook-Ups & Appliances)
  • Long-Term Ownership Since 2017
  • Offered All Cash / New Loan or Assumption of Fannie Mae Loan, ~$6.4M Current Loan Balance, 3.04% Interest Rate, Maturing in June 2030

OVERVIEW

Aire Libre Apartments is an 80-unit garden-style apartment community located in the northeast submarket of Phoenix, AZ. Situated just off of the intersection of two major thoroughfares, 32nd Street and Bell Road, residents enjoy direct access to all areas of the Phoenix Valley by way of the Piestewa Freeway (State Route 51), the Pima Freeway (Loop 101), and the Black Canyon Freeway (Interstate 17). In addition, there are numerous dining and entertainment options in close proximity to the property, including Desert Ridge Marketplace, one of the most popular retail power centers in the Phoenix Metro with 1.2 million square feet of retail space and the Kierland Commons, an upscale lifestyle center featuring more than 70 high-end specialty stores and restaurants on 437,000 square feet in an upscale main-street format. Built in 1985, the property is constructed from wood frame and stucco. The unit mix consists of one studio unit, 19 one-bedroom / one-bath units, and 60 two-bedroom / one-bath units with a weighted 729 SF average. Each unit is individually metered for electricity and equipped with air conditioning / heating, refrigerator, garbage disposal, range / oven, vinyl wood flooring, as well as cable and high speed internet access. The community also provides its residents with a swimming pool, spa, laundry facility, children’s playground, barbecue grills and picnic area, as well as ample open and covered parking. Significant nearby employers include the Mayo Clinic, Paradise Valley Community College, Abrazo Scottsdale Campus, Deer Valley Airport / Airpark, Farmers Insurance, American Express, USAA, Discover, and PetSmart.

FOR SALE DETAILS

PRICE

$12,000,000 USD

PRICE/SF

$205 USD /SF

# OF UNITS

80

PRICE/UNIT

$150,000

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Aire Libre Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1985

PARKING SPACES

132

LAND DETAILS

LAND ACRES

3.05 AC

LAND SF

132,858 SF

ZONING

-

APN/PARCEL ID

214-31-015C,214-31-018E

ASK ABOUT THIS PROPERTY

Alon ShnitzerABI MultifamilyMore Info
602-714-1283

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Alon ShnitzerABI MultifamilyMore Info
602-714-1283

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