Aero | 2539-2547 N 48th St
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Aero 2539-2547 N 48th St
21 Unit Apartment Building $5,500,000 ($261,905/Unit) 5.38% Cap Rate Phoenix, AZ 85008
Executive Summary
Matthews Real Estate Investment Services is pleased to exclusively offer Aero Phoenix, a distinctive apartment community in Arcadia. This 21-unit property, built in 1985, offers a blend of modern amenities and attractive finishes that appeal to renters seeking both style and convenience. Each unit is outfitted with quartz countertops, new shaker cabinets, stainless steel appliances, and wood-style flooring. Residents benefit from in-unit laundry with full-size washers and dryers, tile showers, garbage disposals, and central air conditioning and heating. The property also features covered parking and a common area complete with a pergola and barbecue, offering a welcoming outdoor space for relaxation and social gatherings.
The property consists of a mix of (1) studio unit at 180 square feet and (20) one-bedroom, one-bathroom units, each at 700 square feet, totaling 14,180 square feet of net rentable area. With an average current rent of $1,345 per unit, this investment presents a solid opportunity for steady cash flow in a strong rental market, offering investors an appealing balance of size, price, and rent potential.
Located in a highly desirable area, the property is close to a range of popular dining destinations such as OHSO Brewery + Distillery, Doughbird, and Lou Malnati’s Pizzeria. Residents also enjoy proximity to recreational and retail amenities like Camelback Mountain, Papago Golf Club, and Arcadia Crossing Shopping Center, home to major retailers like Costco and Target. With easy access to top-rated schools, including Ingleside Middle School and Arcadia High School, the property is well-suited for both families and professionals, making it a prime asset in an attractive market.
The property consists of a mix of (1) studio unit at 180 square feet and (20) one-bedroom, one-bathroom units, each at 700 square feet, totaling 14,180 square feet of net rentable area. With an average current rent of $1,345 per unit, this investment presents a solid opportunity for steady cash flow in a strong rental market, offering investors an appealing balance of size, price, and rent potential.
Located in a highly desirable area, the property is close to a range of popular dining destinations such as OHSO Brewery + Distillery, Doughbird, and Lou Malnati’s Pizzeria. Residents also enjoy proximity to recreational and retail amenities like Camelback Mountain, Papago Golf Club, and Arcadia Crossing Shopping Center, home to major retailers like Costco and Target. With easy access to top-rated schools, including Ingleside Middle School and Arcadia High School, the property is well-suited for both families and professionals, making it a prime asset in an attractive market.
Property Facts
Price | $5,500,000 | Building Class | B |
Price Per Unit | $261,905 | Lot Size | 0.58 AC |
Sale Type | Investment | Building Size | 15,000 SF |
Cap Rate | 5.38% | Average Occupancy | 100% |
No. Units | 21 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 1985 |
Property Subtype | Apartment | Parking Ratio | 1.35/1,000 SF |
Apartment Style | Low Rise |
Price | $5,500,000 |
Price Per Unit | $261,905 |
Sale Type | Investment |
Cap Rate | 5.38% |
No. Units | 21 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | B |
Lot Size | 0.58 AC |
Building Size | 15,000 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built | 1985 |
Parking Ratio | 1.35/1,000 SF |
Unit Amenities
- Air Conditioning
- Disposal
- Microwave
- Washer/Dryer
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
Studios | 1 | - | 250 |
1+1 | 20 | - | 750 |
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PROPERTY TAXES
Parcel Numbers | Improvements Assessment | $0 | |
Land Assessment | $0 | Total Assessment | $75,006 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$75,006
zoning
Zoning Code | R-4, Phoenix (Residential zoning district that allows for single-family detached homes) |
R-4, Phoenix (Residential zoning district that allows for single-family detached homes) |
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Aero | 2539-2547 N 48th St
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