2424 E Grandview Rd - Apartments FOR SALE


Phoenix, AZ 85032- Paradise Valley North
$5,995,000 USD
602-714-1289
2424 E Grandview Rd, Phoenix, AZ for Sale
$5,995,000 USD
Apartments - FOR SALE
1/19
null | 5% Cap Rate

2424 E Grandview Rd
Phoenix, AZ 85032
Paradise Valley North


HIGHLIGHTS

  • 36 Units, Garden Style, Built in 1984
  • (3) Studios, (6) 1-Bed / 1-Bath, & (27) 2-Bed / 1-Bath
  • Value-Add Opportunity Through Interior & Exterior Renovations
  • Assumable Financing Available
  • Covered Parking, Brand New Asphalt, On-Site Laundry Facility, & Community Pool
  • Individually Metered for Electricity

OVERVIEW

Mirador Apartments is a 36-unit garden-style multifamily community built in 1984 and centrally positioned in one of North Phoenix's most active growth corridors. The offering combines stabilized in-place cash flow, a clear value-add path, and attractive assumable financing, delivering meaningful day-one yield with significant long-term upside. The unit mix consists of (3) studios, (6) one-bedroom/one-bathroom units, and (27) two-bedroom/one-bathroom units, with the heavier two-bedroom weighting catering to the steady, long-term renter demand that defines this submarket. Units are clean and rentable in current condition, allowing a new owner to execute a measured renovation strategy on natural turnover. Interior modernization, including kitchens, bathrooms, flooring, and in-unit washer/dryer additions, paired with exterior enhancements offers the most direct path to NOI growth. Resident amenities include covered parking, an on-site laundry facility, and a community pool, and the property has already benefited from recent capital investment including a brand-new asphalt parking lot and updated landscaping. A key feature of this offering is an assumable loan in the amount of $2,809,000 at a 4.25% fixed interest rate, amortized over 23 years, with approximately five years of term remaining through 2031. This in-place financing provides immediate accretion that will be difficult to replicate with new debt in today's rate environment. Located minutes from the Paradise Valley Mall redevelopment, the SR-51 freeway, and major North Phoenix employment centers, Mirador Apartments represents an ideal acquisition for investors seeking durable yield, defined value-add upside, and below-market financing in a strengthening submarket.

FOR SALE DETAILS

PRICE

$5,995,000 USD

PRICE/SF

$251 USD /SF

# OF UNITS

36

PRICE/UNIT

$166,528

CAP RATE

5%

% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mirador Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1984

PARKING SPACES

52

LAND DETAILS

LAND ACRES

0.84 AC

LAND SF

36,590 SF

ZONING

C-2

APN/PARCEL ID

214-27-002E

ASK ABOUT THIS PROPERTY

Mitchell DrakeABI MultifamilyMore Info
602-714-1289

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

Mitchell DrakeABI MultifamilyMore Info
602-714-1289

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