Lookout Mountain 13605 N 20th St 14 Unit Apartment Building $2,600,000 ($185,714/Unit) 5.90% Cap Rate Phoenix, AZ 85022

13605 N 20th St is comprised of 14 large two bed/one bath units with small backyards, This wonderful asset offers investors immediate upside by continuing to bring all units to proven market rents even though rents have been increased over the past 2 years, there is still room to increase them even further with the average rents currently coming in at $1250 to $1300, we know that these rents cant be increase to $1450 - $1500 range with very minimal updating needed. There is further value add through finishing the partially renovated units to better leverage unit mix, location and amenities pushing the average rents closer to $1600. The property includes covered parking for each unit, easy to maintain desert landscaping and a great corner location with a lot of visibility and traffic that allows the owner to get many new tenants from signage due to the location of the property. The laundry room could use a nice facelift. I am sure that many coin operated W/D companies would be more than happy to remodel and update the laundry room to ear the business and multi year contract. Or there is an opportunity o add W/D’s to each unit using the storage room to install hookups which will then allow you to increase the rents even further or charge a utility rub to the tenants for an in unit washer and dryer. This desirable asset is located in a strong rental demand area with easy access to infrastructure and employment in North Central Phoenix. Financial and rent roll provided upon request.
Note: the same owner is also offering 2104 Eugie Ter phoenix, AZ 85022 that is just across the street from this property. there is an opportunity for the same buyer to purchase both properties, and there can be a financial advantage to purchasing both as the owner would look at that and consider a small price adjustment if purchasing both properties, which also make a lot of sense from management standpoint to be able to manage both of these properties together.