1942 W Berridge Ln - Apartments FOR SALE


Phoenix, AZ 85015- North Phoenix | 
$2,200,000 USD
602-714-8994
1942 W Berridge Ln, Phoenix, AZ for Sale
$2,200,000 USD
Apartments - FOR SALE
1/17
null | Request Cap Rate

1942 W Berridge Ln
Phoenix, AZ 85015
North Phoenix


HIGHLIGHTS

  • 12-Unit, Garden-Style Property, Built in 1961, Block Construction
  • 100% 2-Bedroom / 1-Bathroom Units, Approximately 900 SF Each
  • Each Unit Features Open Layouts, Stylish Finishes, & Functional Design, Upgraded Kitchens & Bathrooms, In-Unit Washer & Dryer, & Contemporary Fixtures
  • Detached Bonus Flex Space with Plumbing & Electrical
  • Each Unit Includes Private Storage Space & Is Individually Metered for Electricity
  • New Loan or Assumption of Existing Debt (5.38% Interest Rate)

OVERVIEW

ABI Multifamily is proud to present the exclusive offering of Lamego Palms, a fully renovated, turnkey 12-unit multifamily asset in the heart of vibrant Central Phoenix. This rare investment opportunity delivers immediate cash flow and substantial long-term upside in one of the city's most dynamic and accessible submarkets. Lamego Palms features spacious, thoughtfully updated 2-bedroom, 1-bathroom units, each spanning approximately 900 square feet. Every residence is outfitted with modern finishes, upgraded kitchens and bathrooms, and in-unit washers and dryers—premium amenities that elevate tenant satisfaction and support strong retention. Residents enjoy large, open floor plans, private in-home laundry, and contemporary interiors that feel like home from day one. In addition to the 12 residential units, the property features a detached bonus flex space with existing plumbing and electrical, providing additional functionality and potential upside for future ownership. The community also offers the charm and quiet of low-density, garden-style living, complemented by mature landscaping, covered parking, and refreshed communal areas—features that promote a peaceful, convenient, and connected lifestyle. Situated on a meticulously maintained 0.423-acre lot, the property showcases beautifully restored two-story buildings that exude character and quality craftsmanship. Every detail, from the landscaping to the upgraded infrastructure, reflects pride of ownership and a commitment to long-term value. Lamego Palms stands out as a truly turnkey investment—offering not just a stabilized asset, but a thoughtfully curated living environment that attracts quality tenants and fosters community. The location offers unmatched connectivity, just minutes from Christown Spectrum Mall, the Montebello/19th Ave Light Rail Station, and major employment centers including Grand Canyon University, Abrazo Central Campus, and Downtown Phoenix. Residents benefit from convenient access to shopping, dining, healthcare, education, and public transit, making Lamego Palms a highly desirable rental choice for a diverse tenant base. With all major capital improvements completed and stabilized operations in place, Lamego Palms represents a compelling opportunity for investors seeking hassle-free ownership, strong in-place income, and exposure to one of Phoenix’s most promising multifamily corridors.

FOR SALE DETAILS

PRICE

$2,200,000 USD

PRICE/SF

$204 USD /SF

# OF UNITS

12

PRICE/UNIT

$183,333

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lamego Palms

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1961

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.42 AC

LAND SF

18,295 SF

ZONING

R-4, Phoenix

APN/PARCEL ID

156-13-084A

ASK ABOUT THIS PROPERTY

Andrew ArambulaABI MultifamilyMore Info
602-714-8994

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

Andrew ArambulaABI MultifamilyMore Info
602-714-8994

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