3224 W Madison St - Apartments FOR SALE


Phoenix, AZ 85009- Estrella
$2,400,000 USD
602-320-8126
3224 W Madison St, Phoenix, AZ for Sale
$2,400,000 USD
Apartments - FOR SALE
1/13
null | Request Cap Rate

3224 W Madison St
Phoenix, AZ 85009
Estrella


OVERVIEW

Ideally positioned just West of Central Phoenix's largest major employment corridor, Madison Jefferson (“the property”) is a 20-unit multifamily community located near the intersection of 33rd Avenue and Jefferson Street. The property offers extremely attractive, assumable City of Phoenix financing at a below-market interest rate and high leverage, which materially lowers the cost of capital and improves investor returns. This favorable financing structure enhances short-term cash flow and yield from day one, while amplifying long-term returns as operational improvements are executed. Future ownership has the opportunity to meaningfully improve NOI through leasing, management, and market-aligned rent increases beginning immediately. Additional upside can be found through light interior and exterior improvements aimed at creating a more uniform and modernized product, improving leasing and retention efforts. Collectively, the combination of accretive in-place financing and operational upside positions Madison Jefferson as one of the highest yielding multifamily opportunities in the Phoenix market today. Completed in 1963/1964, Madison Jefferson is comprised of 20 two-bedroom (100%) floorplans, offering an average of ±580 square feet per unit. All units feature new electrical panels with a mixed level of interior renovation scopes. Updated units boast new white appliances, epoxy floors, and hard-surface countertops. Additionally, each building hosts its own laundry facility featuring property-owned coin operated washing and drying machines. Future ownership will have the opportunity to increase rents in-line with HUD's 2026 allowable rents, which is ±$700 above in-place levels.

FOR SALE DETAILS

PRICE

$2,400,000 USD

PRICE/SF

$209 USD /SF

# OF UNITS

20

PRICE/UNIT

$120,000

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Madison Jefferson

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1963

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.21 AC

LAND SF

9,065 SF

ZONING

R-5

APN/PARCEL ID

109-40-096B

ASK ABOUT THIS PROPERTY

Paul BayMarcus & MillichapMore Info
602-320-8126

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Paul BayMarcus & MillichapMore Info
602-320-8126

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