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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.

Property Facts

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
Bike Score®
Biker's Paradise (93)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 126-17-021A
  • 126-17-021C
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)
  • Listing ID: 33401310

  • Date on Market: 10/3/2024

  • Last Updated:

  • Address: 2539-2547 N 48th St, Phoenix, AZ 85008

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